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Interim Results

27 Nov 2008 07:00

RNS Number : 0037J
MS International PLC
27 November 2008
Β 

ο»Ώ

MS INTERNATIONAL plc

Unaudited Interim Condensed

Consolidated Financial Statements

1st November, 2008

Β Β 

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

Β Β 

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.

Β 

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 Β£2.45m (2007 - Β£2.21m) on revenue of Β£27.23m (2007 - Β£25.55m). Earnings per share were 9.3p (2007 - 9.2p).

The balance sheet remains strong with net cash and short term deposits atΒ a healthyΒ Β£5.11m as we utilised some of the advanced payments that were a constituent part of the Β£10.07m of cash reported at last year end.Β 

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

Β Β 

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.Β 

This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UKΒ andΒ 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.Β 

Directors' ResponsibilitiesΒ 

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 theΒ United Kingdom's Financial Services Authority.Β 

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.Β 

Scope of ReviewΒ 

We conducted our review in accordance with International Standard on Review Engagements (UKΒ andΒ Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in theΒ 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 (UKΒ andΒ 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.Β 

ConclusionΒ 

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.Β 

Ernst & Young LLPΒ 

Leeds

27thΒ November, 2008

Β Β 

Interim consolidated income statement

26 weeks ended 1st Nov., 2008

27 weeks ended 3rd Nov., 2007

Unaudited

Unaudited

Notes

Β£000

Β£000

Products

19,218Β 

21,818Β 

Contracts

8,014Β 

3,727Β 

Β 

Β 

Β 

Β 

Revenue

6

27,232Β 

25,545Β 

Cost of sales

(20,478)

(19,485)

Β 

Β 

Β 

Β 

Gross profit

6,754Β 

6,060Β 

Selling and distribution costs

(937)

(927)

Administrative expenses

(3,727)

(3,313)

Β 

Β 

Β 

Β 

Group trading profit

6

2,090Β 

1,820Β 

Finance revenue

121Β 

142Β 

Finance costs

(4)

(18)

Other finance revenue - pension

246Β 

263Β 

Β 

Β 

Β 

Β 

Profit before taxation

2,453Β 

2,207Β 

Income tax expense

5

(772)

(584)

Β 

Β 

Β 

Β 

Profit attributable to equity holders of the parent

1,681Β 

1,623Β 

Β 

Β 

Β 

Β 

Earnings per share

- basic

9.3pΒ 

9.2p

- diluted

9.1pΒ 

9.0p

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Interim consolidated statement of recognised income and expense

26 weeks ended 1st Nov., 2008

27 weeks ended 3rd Nov., 2007

Unaudited

Unaudited

Β£000

Β£000

Actuarial (losses)/gains on defined benefit pension scheme

(3,298)

467Β 

Deferred taxation on actuarial (losses)/gains on defined pension scheme

923Β 

(140)

Currency translation differences on foreign investments

120Β 

(28)

Β 

Β 

Β 

Β 

Β 

Net (expense)/income recognised directly in equity

(2,255)

299Β 

Profit attributable to equity holders of the parent

1,681Β 

1,623Β 

Β 

Β 

Β 

Β 

Β 

Total recognised income and expense for the period attributable to equity holders of the parent

(574)

1,922Β 

Β 

Β 

Β 

Β 

Β 

Β Β 

Interim consolidated balance sheet

Notes

1st Nov., 2008

3rd May, 2008

Unaudited

Audited

ASSETS

Β£000

Β£000

Non-current assets

Property, plant and equipment

7

15,972Β 

16,101Β 

Intangible assets

134Β 

138Β 

Pension asset

8

-

1,856Β 

Β 

Β 

Β 

Β 

16,106Β 

18,095Β 

Β 

Β 

Β 

Β 

Current assets

Inventories

5,036Β 

5,104Β 

Trade and other receivables

7,679Β 

7,574Β 

Prepayments

2,323Β 

2,925Β 

Cash and short-term deposits

3

5,111Β 

10,071Β 

Β 

Β 

Β 

Β 

20,149Β 

25,674Β 

Β 

Β 

Β 

Β 

TOTAL ASSETS

36,255Β 

43,769Β 

Β 

Β 

Β 

Β 

EQUITY AND LIABILITIES

Equity

Issued capital

1,840Β 

1,845Β 

Capital redemption reserve

901Β 

896Β 

Other reserves

1,565Β 

1,565Β 

Revaluation reserve

2,969Β 

2,969Β 

Special reserve

1,629Β 

1,629Β 

Foreign reserve

89Β 

(31)

Own shares

(391)

(391)

Retained earnings

10,735Β 

12,131Β 

Β 

Β 

Β 

Β 

Total Equity

19,337Β 

20,613Β 

Β 

Β 

Β 

Β 

Non-current liabilities

Government grants

9Β 

16Β 

Deferred tax liability

1,146Β 

1,941Β 

Pension liability

8

998Β 

-

Β 

Β 

Β 

Β 

2,153Β 

1,957Β 

Β 

Β 

Β 

Β 

Current liabilities

Trade and other payables

14,250Β 

20,606Β 

Finance leases

-

4Β 

Government grants

13Β 

13Β 

Income tax payable

502Β 

576Β 

Β 

Β 

Β 

Β 

14,765Β 

21,199Β 

Β 

Β 

Β 

Β 

TOTAL EQUITY AND LIABILITIES

36,255Β 

43,769Β 

Β 

Β 

Β 

Β 

Β Β 

Interim consolidated cash flow statement

26 weeks ended 1st Nov., 2008

27 weeks ended 3rd Nov., 2007

Unaudited

Unaudited

Β£'000

Β£'000

Trading profit

2,090Β 

1,820Β 

Adjustments to reconcile trading profit to net cash in flows from operating activities

Depreciation of property plant and equipment

802Β 

645Β 

Amortisation of intangible fixed assets

51Β 

64Β 

Foreign exchange gains/(losses)

131Β 

(28)

Government grant release

(7)

(6)

Provisions utilised

-

(31)

Pension charge

-

328Β 

Share based payments

84Β 

-

Profit on sale of fixed assets

16Β 

(4)

Decrease/(increase) in inventories

417Β 

(465)

(Increase)/decrease in receivables

(105)

182Β 

Decrease/(increase) in prepayments

602Β 

(2)

Decrease in payables

(2,787)

(2,037)

(Decrease)/increase in progress payments

(3,918)

2,778Β 

Pension fund payments

(198)

(368)

Β 

Β 

Β 

Cash generated from operating activities

(2,822)

2,876Β 

Interest received

117Β 

124Β 

Taxation paid

(724)

(509)

Β 

Β 

Β 

Net cash flow from operating activities

(3,429)

2,491Β 

Cash flows from investing activities

Β 

Β 

Purchase of intangible fixed assets

(47)

-

Purchase of property, plant and equipment

(752)

(1,664)

SaleΒ of property, plant and equipment

90Β 

90Β 

Β 

Β 

Net cash used in investing activities

(709)

(1,574)

Cash flows from financing activities

Β 

Β 

Purchase of own shares

(100)

(375)

Dividend paid

(686)

(544)

Share options exercised

-

347Β 

Repayments of capital element of finance leases

(4)

(4)

Β 

Β 

Net cash flows used in financing activities

(790)

(576)

Β 

Β 

Β 

Movement in cash and cash equivalents

(4,960)

341Β 

Opening cash and cash equivalents

10,071Β 

7,608Β 

Β 

Β 

Β 

Closing cash and cash equivalents

5,111Β 

7,949Β 

Β 

Β 

Β 

Β Β 

Notes to the interim consolidated financial statements

1 Corporate information

MS INTERNATIONAL plc is a public limited company incorporated inΒ EnglandΒ andΒ 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.Β 

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

Β£'000

Β£'000

Cash at bank and in hand

3,545Β 

2,452Β 

Short term deposits

1,566Β 

7,619Β 

Β 

Β 

Β 

Β 

5,111Β 

10,071Β 

Β 

Β 

Β 

Β 

4

Dividends paid and proposed

26 weeks ended 1st Nov., 2008

27 weeks ended 3rd Nov., 2007

Unaudited

Unaudited

Β£'000

Β£'000

Declared and paid during the six month period

Dividend on ordinary shares

Final dividend for 2008 - 3.80p (2007 - 3.00p)

686Β 

544Β 

Β 

Β 

Β 

Β 

Proposed for approvalΒ 

Β 

Interim dividend for 2009 - 0.70p (2008 - 0.70p)

126Β 

128Β 

Dividends warrants will be posted on 26th January, 2009 to those members registered on the books of the Company on 2nd January, 2009.

Β 

Β 

Β 

Β 

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

Β£'000

Β£'000

Current income

Current income tax charge

699Β 

567Β 

Adjustments in respect of prior years

-

(15)

Β 

Β 

Β 

Β 

Current tax

699Β 

552Β 

Β 

Β 

Β 

Β 

Deferred income

Relating to origination and reversal of temporary differences

73Β 

145Β 

Adjustments in respect of prior years

-

(113)

Β 

Β 

Β 

Β 

Deferred tax

73Β 

32Β 

Β 

Β 

Β 

Β 

Income tax expense reported in the consolidated income statement

772Β 

584Β 

Β 

Β 

Β 

Β 

Β Β 

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

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Revenue

External

10,971Β 

7,217Β 

12,021Β 

13,002Β 

4,240Β 

5,326Β 

27,232Β 

25,545Β 

Inter-divisional

-

-

-

-

-

-

-

-

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Total revenue

10,971Β 

7,217Β 

12,021Β 

13,002Β 

4,240Β 

5,326Β 

27,232Β 

25,545Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Segment result

1,177Β 

118Β 

1,003Β 

1,236Β 

(90)

466Β 

2,090Β 

1,820Β 

Net finance revenue

363Β 

387Β 

Β 

Β 

Β 

Profit before taxation

2,453Β 

2,207Β 

Taxation

(772)

(584)

Β 

Β 

Β 

Profit for the period

1,681Β 

1,623Β 

Β 

Β 

Β 

Segmental assets

12,963Β 

14,887Β 

11,193Β 

11,853Β 

3,275Β 

3,732Β 

27,431Β 

30,472Β 

Unallocated assets

8,824Β 

9,441Β 

Β 

Β 

Β 

Total assets

36,255Β 

39,913Β 

Β 

Β 

Β 

Segmental liabilities

9,668Β 

13,139Β 

3,116Β 

4,164Β 

1,452Β 

1,898Β 

14,236Β 

19,201Β 

Unallocated liabilities

2,682Β 

2,676Β 

Β 

Β 

Β 

Total liabilities

16,918Β 

21,877Β 

Β 

Β 

Β 

Capital expenditure

116Β 

810Β 

236Β 

627Β 

76Β 

61Β 

Depreciation

136Β 

53Β 

435Β 

368Β 

93Β 

91Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

(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

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Β£000

Revenue

External

23,067Β 

20,377Β 

2,050Β 

1,944Β 

2,115Β 

3,224Β 

27,232Β 

25,545Β 

Assets

35,036Β 

37,792Β 

845Β 

1,224Β 

374Β 

897Β 

36,255Β 

39,913Β 

Liabilities

16,731Β 

21,734Β 

151Β 

130Β 

36Β 

13Β 

16,918Β 

21,877Β 

Capital expenditure

743Β 

1,658Β 

-

2Β 

9Β 

4Β 

752Β 

1,664Β 

Β Β 

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 Β£752,000 (2007 - Β£1,664,000).

Assets with a net book value of Β£74,000 were disposed of by the Group during the 26 weeks ended 1st November, 2008 (2007 - Β£86,000), resulting in a net gain on disposal of Β£16,000 (2007 - Β£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 Β£158,000 to the scheme, for life assurance premiums and other Scheme expenses. In addition, from April 2006, the employer has paid Β£80,000 per annum to the defined benefit section of the scheme. Defined contributions of Β£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 Β£1,856,000 at the beginning of the period has moved to a net pension deficit of Β£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 Β£5,419,848 at 1st November, 2008 (2007 - Β£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 Β£442,000 (2007 - Β£667,000)

Sales of goods and services Β£86,000 (2007 - Β£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 Β£9,000 (2007 - Β£8,000)

Amounts owed to joint venture Β£40,000 (2007 - Β£56,000)

The following transactions took place, during the period, between the Company and other subsidiaries in the Group.

Sales of goods and services Β£1,368,000 (2007 - Β£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

Β£'000

Β£'000

Β£'000

Β£'000

Β£'000

Β£'000

Β£'000

Β Β£'000Β 

Β Β£'000Β 

At 28th April, 2007

1,871Β 

870Β 

1,544Β 

2,942Β 

1,629Β 

(151)

(738)

8,719Β 

16,686Β 

Total recognised income and expense for the period

-

-

-

-

-

(28)

-

1,950Β 

1,922Β 

Dividend paid

-

-

-

-

-

-

-

(544)

(544)

Repurchase of shares

(20)

20Β 

-

-

-

-

-

(375)

(375)

Exercise of share options

-

-

-

-

-

-

347Β 

-

347Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

At 3rd November, 2007

1,851Β 

890Β 

1,544Β 

2,942Β 

1,629Β 

(179)

(391)

9,750Β 

18,036Β 

Total recognised income and expense for the period

-

-

-

-

-

148Β 

-

2,404Β 

2,552Β 

Dividend paid

-

-

-

-

-

-

-

(126)

(126)

Repurchase of shares

(6)

6Β 

-

-

-

-

-

(102)

(102)

Change in taxation rate

-

-

21Β 

27Β 

-

-

-

-

48Β 

Share based payments

-

-

-

-

-

-

-

205Β 

205Β 

Exercise of share options

-

-

-

-

-

-

308Β 

-

308Β 

Purchase of own shares

-

-

-

-

-

-

(308)

-

(308)

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

At 3rd May, 2008

1,845Β 

896Β 

1,565Β 

2,969Β 

1,629Β 

(31)

(391)

12,131Β 

20,613Β 

Total recognised income and expense for the period

-

-

-

-

-

120Β 

-

(694)

(574)

Dividend paid

-

-

-

-

-

-

-

(686)

(686)

Repurchase of shares

(5)

5Β 

-

-

-

-

-

(100)

(100)

Share based payments

-

-

-

-

-

-

-

84Β 

84Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

At 1st November, 2008

1,840Β 

901Β 

1,565Β 

2,969Β 

1,629Β 

89Β 

(391)

10,735Β 

19,337Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

Β 

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.

This information is provided by RNS
The company news service from the London Stock Exchange
Β 
END
Β 
Β 
IR FKAKPQBDDFDB
Date   Source Headline
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3rd Mar 20208:46 amRNSDirector/PDMR Shareholding
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1st Oct 20193:07 pmRNSDirectorate Change
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7th Aug 201912:56 pmRNSDirector/PDMR Shareholding
1st Aug 20191:42 pmRNSDirector/PDMR Shareholding
15th Jul 20191:32 pmRNSResult of AGM
25th Jun 20197:22 amRNSDirector/PDMR Shareholding
6th Jun 20197:00 amRNSFinal Results
4th Dec 20184:41 pmRNSSecond Price Monitoring Extn

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