Last checked at 27 Nov 2008 07:00
| MS INTERNATIONAL plc |
| Unaudited Interim Condensed |
| Consolidated Financial Statements |
| 1st November, 2008 |
| MS INTERNATIONAL plc |
| EXECUTIVE DIRECTORS |
| Michael Bell |
| Michael O'Connell |
| David Pyle |
| NON EXECUTIVE |
| Roger Lane-Smith |
| SECRETARY |
| David Pyle |
| REGISTERED OFFICE |
| Balby Carr Bank |
| Doncaster |
| DN4 8DH |
| England |
| PRINCIPAL OPERATING DIVISIONS |
| Defence |
| Forgings |
| Petrol Station Superstructures |
Chairman's Statement
The world changed in September and brought about an unprecedented and rapid downturn in the global business climate. As events unfolded we monitored our markets especially closely and, where needed, responded swiftly to any changing circumstances. We will continue to monitor the situation very closely, until we can see how markets are evolving with greater clarity.
I am pleased therefore, to report that notwithstanding the difficult macro economic environment, we continued to make good progress for the half year ended 1st November 2008. Profit before taxation increased by 11% to £2.45m (2007 - £2.21m) on revenue of £27.23m (2007 - £25.55m). Earnings per share were 9.3p (2007 - 9.2p).
The balance sheet remains strong with net cash and short term deposits at a healthy £5.11m as we utilised some of the advanced payments that were a constituent part of the £10.07m of cash reported at last year end.
The Defence Division lifted production output significantly against the comparable period in order to meet the requirements of our national and international long term order book for naval gun systems. The upgraded and reorganised gun manufacturing facilities have come on stream to programme and in a very timely manner. The Forgings Division, which is particularly sensitive to the vagaries of a short lead-time order book, experienced a tightening in demand in the latter part of the period but responded positively and appropriately. The joint venture Petrol Station Superstructures Division endured reduced revenue throughout the majority of the six months, mainly owing to client programme delays and an accelerating weakening of the construction market.
Overall the Group's forward order book remains robust but clearly those parts of the business that operate on a short lead-time commercial basis have a much less predictable outlook and we must stay alert in order to respond speedily and effectively to the consequences of changing scenarios.
The Group has invested wisely and consistently in developing the quality and sustainability of the individual businesses. Those investments now place us in a strong position amongst our peer group to withstand the foreseeable effects of the downturn. Growth potential remains in some markets and there are some good prospects for us to do more business. In the meantime we will continue to work very hard to contain costs and maintain acceptable returns.
These factors considered the Board has declared a maintained interim dividend of 0.70p (2007 - 0.70p).
Michael Bell
27th November, 2008
| Independent Review Report to MS INTERNATIONAL plc |
| Introduction |
| We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 1 November, 2008 which comprises the Interim Consolidated Income Statement, the Interim Statement of Recognised Income and Expense, the Interim Balance Sheet, the Interim Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. |
| This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. |
| Directors' Responsibilities |
| The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. |
| As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union. |
| Our Responsibility |
| Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. |
| Scope of Review |
| We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
| Conclusion |
| Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 1 November, 2008 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. |
| Ernst & Young LLP |
| Leeds |
| 27th November, 2008 |
| Interim consolidated income statement | ||||||
| 26 weeks ended 1st Nov., 2008 | 27 weeks ended 3rd Nov., 2007 | |||||
| Unaudited | Unaudited | |||||
| Notes | £000 | £000 | ||||
| Products | 19,218 | 21,818 | ||||
| Contracts | 8,014 | 3,727 | ||||
|
|
|
|
| |||
| Revenue | 6 | 27,232 | 25,545 | |||
| Cost of sales | (20,478) | (19,485) | ||||
|
|
|
|
| |||
| Gross profit | 6,754 | 6,060 | ||||
| Selling and distribution costs | (937) | (927) | ||||
| Administrative expenses | (3,727) | (3,313) | ||||
|
|
|
|
| |||
| Group trading profit | 6 | 2,090 | 1,820 | |||
| Finance revenue | 121 | 142 | ||||
| Finance costs | (4) | (18) | ||||
| Other finance revenue - pension | 246 | 263 | ||||
|
|
|
|
| |||
| Profit before taxation | 2,453 | 2,207 | ||||
| Income tax expense | 5 | (772) | (584) | |||
|
|
|
|
| |||
| Profit attributable to equity holders of the parent | 1,681 | 1,623 | ||||
|
|
|
|
| |||
| Earnings per share | ||||||
| - basic | 9.3p | 9.2p | ||||
| - diluted | 9.1p | 9.0p | ||||
|
|
|
|
|
|
|
|
| Interim consolidated statement of recognised income and expense | ||||||
| 26 weeks ended 1st Nov., 2008 | 27 weeks ended 3rd Nov., 2007 | |||||
| Unaudited | Unaudited | |||||
| £000 | £000 | |||||
| Actuarial (losses)/gains on defined benefit pension scheme | (3,298) | 467 | ||||
| Deferred taxation on actuarial (losses)/gains on defined pension scheme | 923 | (140) | ||||
| Currency translation differences on foreign investments | 120 | (28) | ||||
|
|
|
|
|
| ||
| Net (expense)/income recognised directly in equity | (2,255) | 299 | ||||
| Profit attributable to equity holders of the parent | 1,681 | 1,623 | ||||
|
|
|
|
|
| ||
| Total recognised income and expense for the period attributable to equity holders of the parent | (574) | 1,922 | ||||
|
|
|
|
|
| ||
| Interim consolidated balance sheet | ||||||
| Notes | 1st Nov., 2008 | 3rd May, 2008 | ||||
| Unaudited | Audited | |||||
| ASSETS | £000 | £000 | ||||
| Non-current assets | ||||||
| Property, plant and equipment | 7 | 15,972 | 16,101 | |||
| Intangible assets | 134 | 138 | ||||
| Pension asset | 8 | - | 1,856 | |||
|
|
|
|
| |||
| 16,106 | 18,095 | |||||
|
|
|
|
| |||
| Current assets | ||||||
| Inventories | 5,036 | 5,104 | ||||
| Trade and other receivables | 7,679 | 7,574 | ||||
| Prepayments | 2,323 | 2,925 | ||||
| Cash and short-term deposits | 3 | 5,111 | 10,071 | |||
|
|
|
|
| |||
| 20,149 | 25,674 | |||||
|
|
|
|
| |||
| TOTAL ASSETS | 36,255 | 43,769 | ||||
|
|
|
|
| |||
| EQUITY AND LIABILITIES | ||||||
| Equity | ||||||
| Issued capital | 1,840 | 1,845 | ||||
| Capital redemption reserve | 901 | 896 | ||||
| Other reserves | 1,565 | 1,565 | ||||
| Revaluation reserve | 2,969 | 2,969 | ||||
| Special reserve | 1,629 | 1,629 | ||||
| Foreign reserve | 89 | (31) | ||||
| Own shares | (391) | (391) | ||||
| Retained earnings | 10,735 | 12,131 | ||||
|
|
|
|
| |||
| Total Equity | 19,337 | 20,613 | ||||
|
|
|
|
| |||
| Non-current liabilities | ||||||
| Government grants | 9 | 16 | ||||
| Deferred tax liability | 1,146 | 1,941 | ||||
| Pension liability | 8 | 998 | - | |||
|
|
|
|
| |||
| 2,153 | 1,957 | |||||
|
|
|
|
| |||
| Current liabilities | ||||||
| Trade and other payables | 14,250 | 20,606 | ||||
| Finance leases | - | 4 | ||||
| Government grants | 13 | 13 | ||||
| Income tax payable | 502 | 576 | ||||
|
|
|
|
| |||
| 14,765 | 21,199 | |||||
|
|
|
|
| |||
| TOTAL EQUITY AND LIABILITIES | 36,255 | 43,769 | ||||
|
|
|
|
| |||
| Interim consolidated cash flow statement | ||||
| 26 weeks ended 1st Nov., 2008 | 27 weeks ended 3rd Nov., 2007 | |||
| Unaudited | Unaudited | |||
| £'000 | £'000 | |||
| Trading profit | 2,090 | 1,820 | ||
| Adjustments to reconcile trading profit to net cash in flows from operating activities | ||||
| Depreciation of property plant and equipment | 802 | 645 | ||
| Amortisation of intangible fixed assets | 51 | 64 | ||
| Foreign exchange gains/(losses) | 131 | (28) | ||
| Government grant release | (7) | (6) | ||
| Provisions utilised | - | (31) | ||
| Pension charge | - | 328 | ||
| Share based payments | 84 | - | ||
| Profit on sale of fixed assets | 16 | (4) | ||
| Decrease/(increase) in inventories | 417 | (465) | ||
| (Increase)/decrease in receivables | (105) | 182 | ||
| Decrease/(increase) in prepayments | 602 | (2) | ||
| Decrease in payables | (2,787) | (2,037) | ||
| (Decrease)/increase in progress payments | (3,918) | 2,778 | ||
| Pension fund payments | (198) | (368) | ||
|
|
|
| ||
| Cash generated from operating activities | (2,822) | 2,876 | ||
| Interest received | 117 | 124 | ||
| Taxation paid | (724) | (509) | ||
|
|
|
| ||
| Net cash flow from operating activities | (3,429) | 2,491 | ||
| Cash flows from investing activities |
|
| ||
| Purchase of intangible fixed assets | (47) | - | ||
| Purchase of property, plant and equipment | (752) | (1,664) | ||
| Sale of property, plant and equipment | 90 | 90 | ||
|
|
| |||
| Net cash used in investing activities | (709) | (1,574) | ||
| Cash flows from financing activities |
|
| ||
| Purchase of own shares | (100) | (375) | ||
| Dividend paid | (686) | (544) | ||
| Share options exercised | - | 347 | ||
| Repayments of capital element of finance leases | (4) | (4) | ||
|
|
| |||
| Net cash flows used in financing activities | (790) | (576) | ||
|
|
| |||
|
| ||||
| Movement in cash and cash equivalents | (4,960) | 341 | ||
| Opening cash and cash equivalents | 10,071 | 7,608 | ||
|
|
| |||
|
| ||||
| Closing cash and cash equivalents | 5,111 | 7,949 | ||
|
|
|
| ||
Notes to the interim consolidated financial statements
1 Corporate information
MS INTERNATIONAL plc is a public limited company incorporated in England and Wales. The Company's ordinary shares are traded on the London Stock Exchange. The principal activities of the Company and its subsidiaries ("the Group") are described in Note 6.
The interim condensed consolidated financial statement of the Group for the twenty six weeks ended 1st November, 2008 were authorised for issue in accordance with a resolution of the directors on 26th November, 2008.
2 Basis of preparation and accounting policies
The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report which has not been audited has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
The interim financial information has been reviewed by the Group's auditors, Ernst & Young LLP, their report is included on page 3. These interim financial statements do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 3rd May, 2008.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 3rd May, 2008. The following standards, amendments and interpretations will be applied for the first time in the Group's statutory accounts for the year ended 2nd May, 2009.
- IFRS 1 and IAS 27 Amendment Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
- IFRS 2 Amendment Vesting Conditions and Cancellations
- IFRS 8 Operating Segments
- IAS 1R Presentation of Financial Statements
- IAS 23R Borrowing Costs
The figures for the year ended 3rd May, 2008 do not constitute the Group's statutory accounts for the period but have been extracted from the statutory accounts. The auditor's report on those accounts, which have been filed with the Registrar of Companies, was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985.
| 3 | Cash and cash equivalents | |||||||||
| For the purpose of the interim consolidated cash flow statement, cash and cash equivalents are comprised of the following: | ||||||||||
| 1st Nov., 2008 | 3rd May, 2008 | |||||||||
| Unaudited | Audited | |||||||||
| £'000 | £'000 | |||||||||
| Cash at bank and in hand | 3,545 | 2,452 | ||||||||
| Short term deposits | 1,566 | 7,619 | ||||||||
|
| ||||||||||
|
|
|
| ||||||||
| 5,111 | 10,071 | |||||||||
|
| ||||||||||
|
|
|
| ||||||||
| 4 | Dividends paid and proposed | |||||||||
| 26 weeks ended 1st Nov., 2008 | 27 weeks ended 3rd Nov., 2007 | |||||||||
| Unaudited | Unaudited | |||||||||
| £'000 | £'000 | |||||||||
| Declared and paid during the six month period | ||||||||||
| Dividend on ordinary shares | ||||||||||
| Final dividend for 2008 - 3.80p (2007 - 3.00p) | 686 | 544 | ||||||||
|
|
|
|
| |||||||
| Proposed for approval | ||||||||||
|
| ||||||||||
| Interim dividend for 2009 - 0.70p (2008 - 0.70p) | 126 | 128 | ||||||||
| Dividends warrants will be posted on 26th January, 2009 to those members registered on the books of the Company on 2nd January, 2009. | ||||||||||
|
|
|
| ||||||||
|
| ||||||||||
| 5 | Income tax | |||||||||
| The major components of income tax expense in the consolidated income statement are: | ||||||||||
| 26 weeks ended 1st Nov., 2008 | 27 weeks ended 3rd Nov., 2007 | |||||||||
| Unaudited | Unaudited | |||||||||
| £'000 | £'000 | |||||||||
| Current income | ||||||||||
| Current income tax charge | 699 | 567 | ||||||||
| Adjustments in respect of prior years | - | (15) | ||||||||
|
| ||||||||||
|
|
|
| ||||||||
| Current tax | 699 | 552 | ||||||||
|
| ||||||||||
|
|
|
| ||||||||
| Deferred income | ||||||||||
| Relating to origination and reversal of temporary differences | 73 | 145 | ||||||||
| Adjustments in respect of prior years | - | (113) | ||||||||
|
|
| |||||||||
|
|
| |||||||||
| Deferred tax | 73 | 32 | ||||||||
|
| ||||||||||
|
|
|
| ||||||||
| Income tax expense reported in the consolidated income statement | 772 | 584 | ||||||||
|
| ||||||||||
|
|
|
| ||||||||
| 6. | Segment information | ||||||||||||||||
| (a) | Primary reporting format - Divisional segments | ||||||||||||||||
| The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 1st November, 2008 and 3rd November, 2007. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Forecourt Structures division is engaged in the design and construction of petrol station forecourt structures. | |||||||||||||||||
| Defence | Forgings | Petrol Station | Total | ||||||||||||||
| Forecourt Structures | |||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | ||||||||||
| Unaudited | Unaudited | ||||||||||||||||
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||||||||||
| Revenue | |||||||||||||||||
| External | 10,971 | 7,217 | 12,021 | 13,002 | 4,240 | 5,326 | 27,232 | 25,545 | |||||||||
| Inter-divisional | - | - | - | - | - | - | - | - | |||||||||
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
| Total revenue | 10,971 | 7,217 | 12,021 | 13,002 | 4,240 | 5,326 | 27,232 | 25,545 | |||||||||
|
|
|
|
| ||||||||||||||
|
|
|
|
|
| |||||||||||||
| Segment result | 1,177 | 118 | 1,003 | 1,236 | (90) | 466 | 2,090 | 1,820 | |||||||||
| Net finance revenue | 363 | 387 | |||||||||||||||
|
|
|
| |||||||||||||||
| Profit before taxation | 2,453 | 2,207 | |||||||||||||||
| Taxation | (772) | (584) | |||||||||||||||
|
| |||||||||||||||||
|
|
| ||||||||||||||||
| Profit for the period | 1,681 | 1,623 | |||||||||||||||
|
|
| ||||||||||||||||
|
| |||||||||||||||||
| Segmental assets | 12,963 | 14,887 | 11,193 | 11,853 | 3,275 | 3,732 | 27,431 | 30,472 | |||||||||
| Unallocated assets | 8,824 | 9,441 | |||||||||||||||
|
| |||||||||||||||||
|
|
| ||||||||||||||||
| Total assets | 36,255 | 39,913 | |||||||||||||||
|
| |||||||||||||||||
|
|
| ||||||||||||||||
| Segmental liabilities | 9,668 | 13,139 | 3,116 | 4,164 | 1,452 | 1,898 | 14,236 | 19,201 | |||||||||
| Unallocated liabilities | 2,682 | 2,676 | |||||||||||||||
|
| |||||||||||||||||
|
|
| ||||||||||||||||
| Total liabilities | 16,918 | 21,877 | |||||||||||||||
|
|
| ||||||||||||||||
|
| |||||||||||||||||
| Capital expenditure | 116 | 810 | 236 | 627 | 76 | 61 | |||||||||||
| Depreciation | 136 | 53 | 435 | 368 | 93 | 91 | |||||||||||
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| (b) | Secondary report format - Geographical segment | ||||||||||||||||
| The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 1st November, 2008 and 3rd November, 2007. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers. | |||||||||||||||||
| Europe | North America | Rest of the World | Total | ||||||||||||||
| 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | ||||||||||
| Unaudited | Unaudited | ||||||||||||||||
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||||||||||
| Revenue | |||||||||||||||||
| External | 23,067 | 20,377 | 2,050 | 1,944 | 2,115 | 3,224 | 27,232 | 25,545 | |||||||||
| Assets | 35,036 | 37,792 | 845 | 1,224 | 374 | 897 | 36,255 | 39,913 | |||||||||
| Liabilities | 16,731 | 21,734 | 151 | 130 | 36 | 13 | 16,918 | 21,877 | |||||||||
| Capital expenditure | 743 | 1,658 | - | 2 | 9 | 4 | 752 | 1,664 | |||||||||
| 7 | Property, plant and equipment | |||||
| Acquisitions and disposals | ||||||
| During the twenty six weeks ended 1st November, 2008, the Group acquired assets with a cost of £752,000 (2007 - £1,664,000). | ||||||
| Assets with a net book value of £74,000 were disposed of by the Group during the 26 weeks ended 1st November, 2008 (2007 - £86,000), resulting in a net gain on disposal of £16,000 (2007 - £4,000). | ||||||
| 8 | Pensions plans | |||||
| The Company operates an employee defined benefit scheme called the MS International plc Retirement and Death Benefits Scheme ("the Scheme"). IAS19 requires disclosure of certain information about the Scheme as follows: | ||||||
| ● | Until 6th April, 1997, the Scheme provided defined benefits and these liabilities remain in respect of service prior to 6th April, 1997. From 6th April, 1997 the Scheme provided future service benefits on a defined contribution basis. From 1st June 2007 defined contribution future service benefits are provided by a Group Personal Pension Plan, outside the Scheme. | |||||
| ● | The last formal valuation of the Scheme was performed at 5th April, 2005 by a professionally qualified actuary. The results of a formal revaluation of the Scheme at 5th April, 2008 by a professionally qualified actuary are awaiting completion. | |||||
| ● | The employer has paid £158,000 to the scheme, for life assurance premiums and other Scheme expenses. In addition, from April 2006, the employer has paid £80,000 per annum to the defined benefit section of the scheme. Defined contributions of £163,000 have been paid to the Group Personal Pension Plan. | |||||
| ● | As a result of significant fluctuations in financial markets, the Company has updated pension assumptions as at 1st November 2008. As result the net pension surplus of £1,856,000 at the beginning of the period has moved to a net pension deficit of £998,000 principally due to falls in equity markets being partly offset by an increase in the discount rate used. | |||||
| The Company's policy for recognising actuarial gains and losses is to recognise them immediately through the Statement of Recognised Income and Expense. | ||||||
| 9 | Commitments and contingencies | |||||
| The Company is contingently liable in respect of guarantees, indemnities and performance bonds given in the ordinary course of business amounting to £5,419,848 at 1st November, 2008 (2007 - £5,404,952). | ||||||
| In the opinion of the directors, no material loss will arise in connection with the above matters. | ||||||
| The Group and certain of its subsidiary undertakings are parties to legal actions and claims which have arisen in the normal course of business. The results of actions and claims cannot be forecast with certainty, but the directors believe that they will be concluded without any material effect on the net assets of the Group. | ||||||
| 10 | Related party transactions | |||||||||||||||||||||||||||||||||||
| The following transactions took place, during the period, between the Group and Global-MSI plc, a company in which the Group holds a 50% interest. | ||||||||||||||||||||||||||||||||||||
| Purchases of goods and services £442,000 (2007 - £667,000) | ||||||||||||||||||||||||||||||||||||
| Sales of goods and services £86,000 (2007 - £510,000) | ||||||||||||||||||||||||||||||||||||
| The following balances relating to the above transactions are included in the consolidated balance sheet as at 1st November, 2008. | ||||||||||||||||||||||||||||||||||||
| Amounts owed by joint venture £9,000 (2007 - £8,000) | ||||||||||||||||||||||||||||||||||||
| Amounts owed to joint venture £40,000 (2007 - £56,000) | ||||||||||||||||||||||||||||||||||||
| The following transactions took place, during the period, between the Company and other subsidiaries in the Group. | ||||||||||||||||||||||||||||||||||||
| Sales of goods and services £1,368,000 (2007 - £1,525,000) | ||||||||||||||||||||||||||||||||||||
| Sales and purchases between related parties are made at normal market prices. Terms and conditions for transactions with subsidiaries and the joint venture are unsecured and interest free. Balances are placed on inter-company accounts with no specified credit period. | ||||||||||||||||||||||||||||||||||||
| 11 | Reconciliation of movement in equity | |||||||||||||||||||||||||||||||||||
| Issued capital | Capital redemption reserve | Other reserves | Revaluation reserve | Special reserve | Foreign exchange reserve | Treasury shares | Retained earnings | Total | ||||||||||||||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||||||||||||||||
| At 28th April, 2007 | 1,871 | 870 | 1,544 | 2,942 | 1,629 | (151) | (738) | 8,719 | 16,686 | |||||||||||||||||||||||||||
| Total recognised income and expense for the period | - | - | - | - | - | (28) | - | 1,950 | 1,922 | |||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (544) | (544) | |||||||||||||||||||||||||||
| Repurchase of shares | (20) | 20 | - | - | - | - | - | (375) | (375) | |||||||||||||||||||||||||||
| Exercise of share options | - | - | - | - | - | - | 347 | - | 347 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| At 3rd November, 2007 | 1,851 | 890 | 1,544 | 2,942 | 1,629 | (179) | (391) | 9,750 | 18,036 | |||||||||||||||||||||||||||
| Total recognised income and expense for the period | - | - | - | - | - | 148 | - | 2,404 | 2,552 | |||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (126) | (126) | |||||||||||||||||||||||||||
| Repurchase of shares | (6) | 6 | - | - | - | - | - | (102) | (102) | |||||||||||||||||||||||||||
| Change in taxation rate | - | - | 21 | 27 | - | - | - | - | 48 | |||||||||||||||||||||||||||
| Share based payments | - | - | - | - | - | - | - | 205 | 205 | |||||||||||||||||||||||||||
| Exercise of share options | - | - | - | - | - | - | 308 | - | 308 | |||||||||||||||||||||||||||
| Purchase of own shares | - | - | - | - | - | - | (308) | - | (308) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| At 3rd May, 2008 | 1,845 | 896 | 1,565 | 2,969 | 1,629 | (31) | (391) | 12,131 | 20,613 | |||||||||||||||||||||||||||
| Total recognised income and expense for the period | - | - | - | - | - | 120 | - | (694) | (574) | |||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (686) | (686) | |||||||||||||||||||||||||||
| Repurchase of shares | (5) | 5 | - | - | - | - | - | (100) | (100) | |||||||||||||||||||||||||||
| Share based payments | - | - | - | - | - | - | - | 84 | 84 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| At 1st November, 2008 | 1,840 | 901 | 1,565 | 2,969 | 1,629 | 89 | (391) | 10,735 | 19,337 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| 12 | Principal risks and uncertainties | |||||||||||||||||||||||||||||||||||
| There are a number of risks and uncertainties facing the Group in the remaining 26 weeks of the financial year. These are considered to be: | ||||||||||||||||||||||||||||||||||||
| The level of customer demand in our specific markets throughout the world. Not only does this have an obvious impact on MS INTERNATIONAL plc but also on our competitors in those markets. Levels of customer demand are also influenced by sterling exchange rates against other currencies. | ||||||||||||||||||||||||||||||||||||
| 13 | Statement of directors' responsibilities | |||||||||||||||||||||||||||||||||||
| The directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8. | ||||||||||||||||||||||||||||||||||||