Final Results

MS International PLC
25 June 2003


Date:          Under embargo until 7.00am - Wednesday June 25th 2003


Contacts:      Michael Bell, Executive Chairman, MS lNTERNATIONAL plc
               Tel:  [phone]


               Terry Garrett, Weber Shandwick Square Mile
               Tel:  [phone]



                         MS INTERNATIONAL plc
                  Full Year Results to May 3rd, 2003


                              HIGHLIGHTS


  *    Turnover of £30.67m (2002-£35.69m)

  *    Pre-tax profits £0.64m (2002-£2.51m)

  *    Final dividend increased to 1.20p (2002-1.17p) per share making a
       total of 1.60p (2002-1.55p)

  *    Net cash of £1.63m (2002-£3.48m)




Michael Bell, Executive Chairman, commented:

'A  year  ago I commented that the Group would not remain immune  from
the deepening economic recession and clearly these results demonstrate
the  impact  on  the Group of deteriorating markets.  Nevertheless  we
have  taken  action and maintained our market share and sustained  our
underlying  margins  before the unprecedented increases  in  insurance
premium costs and pension charges.'

'Despite  the  prevailing harsh market climate the Group  is  in  good
shape.  The  cash position is strong, even after investing heavily  in
capital  expenditure and upgrading our freehold properties.   We  have
good  quality  products that are competitively  priced,  good  quality
teams  within  the operations and a Board committed to developing  the
strength of the business by exploiting the opportunities that arise.'


Chairman's Statement


Introduction


At  the interim stage I re-iterated the comments made in my last year-
end  statement  -  that our business would not remain  immune  to  the
impact  of a deepening global recession. Clearly, with a 14% reduction
in  turnover  this has proven to be the case. Yet it is pleasing  that
the  all  round  commercial strength of the Group is  enabling  us  to
withstand the prevailing global economic conditions reasonably well.


Notwithstanding  the  pressure  that  the  persistently  deteriorating
markets  have  imposed  on  our trading position,  we  have  not  only
preserved  market  share by providing consistently high  standards  of
customer service, but also sustained margin by taking prompt action to
reduce  costs within our direct control. Conversely, costs beyond  our
commercial  control,  such as an unprecedented  up-lift  in  insurance
premiums and an increased pensions charge, added an additional  burden
to our overhead costs of some £0.50m compared to last year.


Inevitably,  the  reduced level of turnover  when  combined  with  the
additional overhead burden impinged heavily on the result, and for the
period  ended May 3rd, 2003, with sales down at £30.67m (2002-£35.69m)
a profit before tax of £0.64m (2002-£2.51m) was achieved. Earnings per
share amounted to 2.0p (2002-8.1p).


The  consolidated  net  cash position of the  Group  remained  strong,
although  reduced to £1.63m (2002-£3.48m). This was after considerable
further  capital  expenditure on the upgrading  of  our  manufacturing
capabilities, development work and the programmed refurbishment of our
freehold   properties.   In  addition  the   Company   purchased   for
cancellation  MS  INTERNATIONAL plc shares that  resulted  in  a  cash
outflow of £0.29m.


Given  these  circumstances,  the overall  operating  performance  was
creditable,  despite  impeding  the  forward  momentum  of  all  three
divisions.


Operating Divisions


The  defence division achieved a good result on sales lower  than  the
record  output reported this time last year. Both the phasing and  the
value  of the order book has become more in line with that established
in recent years.


The  forgings  division with a broad exposure  to  all  three  of  the
world's principal trading areas, North America, the Euro-zone and  the
Asian-Pacific  region  did well in the harsh  trading  environment  of
plunging markets.


The  Global-MSI  performance was not dissimilar  to  that  experienced
elsewhere  around the Group. Sales were down on last year and  profits
were lower on a pro-rata basis.



Outlook


We  remain  committed to developing the strength of the  business,  by
exploiting market opportunities as they arise and generating both cash
and  profits. There is cash at the bank; we have good quality products
that  are  competitively priced in the market place, and  many  highly
competent people within the individual operations.


The  business  is  in  good shape. Cash has been  invested  wisely  in
'twenty  first century' plant and equipment, research and  development
of  products  and  technology, and in maintaining  and  upgrading  the
quality  of  the  Group's  freehold properties.  These  major  capital
programmes  are now nearing completion and we expect such  expenditure
to return to the more modest levels of earlier years.


All  matters  considered,  the  Board recommends  the  payment  of  an
increased final dividend of 1.20p (2001-1.17p) making a total for  the
year of 1.60p (2002-1.55p).




Michael Bell
Wednesday June 25th 2003




Group Profit and Loss Account
For the 53 weeks ended May 3rd, 2003
                                                        2003      2002
                                                       Total     Total
                                                        £000      £000

Turnover: Group and share of joint venture            30,666    35,687
Less: Share of joint venture turnover                 (4,211)   (5,250)
--------------------------------------------        ---------  ---------

Group turnover                                        26,455    30,437
--------------------------------------------        ---------  ---------

Operating profit                                         479     2,106
Share of operating profit of joint venture               193       405
--------------------------------------------        ---------  ---------

Profit on ordinary activities before interest            672     2,511

Interest receivable:
Group                                                     62       108
Joint venture                                              8         6

Interest payable:
Group                                                    (99)     (114)
--------------------------------------------        ---------  ---------

Profit on ordinary activities before taxation            643     2,511

Tax on profit on ordinary activities                    (245)     (818)
--------------------------------------------        ---------  ---------

Profit on ordinary activities after taxation             398     1,693


Dividends                                               (318)     (298)
--------------------------------------------        ---------  ---------

Retained profit for the Group and its share
of joint venture                                          80     1,395
--------------------------------------------        ---------  ---------

Earnings per share, basic and fully diluted              2.0p      8.1p
--------------------------------------------        ---------  ---------


Group Statement of Recognised Gains and Losses

                                                         2003     2002
                                                         £000     £000

Profit for the financial period                           398    1,693
Translation differences on foreign currency
net investments                                           (14)       2
Prior year adjustment                                       -     (463)
--------------------------------------------        ---------  ---------

Total gains recognised since last annual
report                                                    384    1,232
--------------------------------------------        ---------  ---------

Historical cost profits and losses

There is no material difference between the result as disclosed in the
profit and loss account and the result which would have been reported
had the Group prepared the accounts on an unmodified historical cost
basis.


Notes

The  financial  information set out above  does  not  constitute  the
Company's statutory accounts for the periods ended May 3rd,  2003  or
April  27th,  2002  but  is derived from those  accounts.   Statutory
accounts  for 2002 have been delivered to the Registrar of Companies,
and  those for 2003 will be delivered following the Company's  Annual
General Meeting.  The auditors have reported on those accounts: their
reports  were  unqualified  and did not  contain  a  statement  under
section 237 (2) or (3) of the Companies Act 1985.

The  earnings  per  share  is calculated dividing  the  profit  after
taxation  of £398,000 by the weighed average of 19,882,992 shares  in
issue in the year.

Copies   of  this  announcement  are  available  from  the  Companies
registered   office  at  MS  INTERNATIONAL  plc,  Balby  Carr   Bank,
Doncaster,   DN4 8DH,  England.  The full Annual Report and  Accounts
will  be posted to shareholders shortly and will be delivered to  the
Registrar  of Companies after it has been laid before the Company  in
general meeting.

Dividend warrants will be posted on September 5th, 2003 to members on
the books of the Company at August 8th, 2003.

Balance Sheets
At May 3rd, 2003
                                                           Group
                                                     2003       2002
                                                     £000       £000
Assets employed
---------------------------------------------      -------    -------

Fixed assets
Intangible assets                                     251          -
Tangible assets                                     8,039      7,671
Joint venture:
      Share of gross assets                         1,456      1,712
      Share of gross liabilities                     (894)    (1,196)

Investment in own shares                              731        759
---------------------------------------------      -------    -------

                                                    9,583      8,946
---------------------------------------------      -------    -------

Current assets
Stocks                                              3,298      2,745
Debtors                                             4,381      4,233
Group pension scheme prepayment
   - due after more than one year                   6,558      6,888
Cash at bank and in hand                            2,468      4,763
---------------------------------------------      -------    -------

                                                   16,705     18,629
Creditors - amounts falling due within one
year                                                9,011     10,547
---------------------------------------------      -------    -------

Net current assets                                  7,694      8,082
---------------------------------------------      -------    -------

Total assets less current liabilities              17,277     17,028

Creditors - amounts falling due after more
than one year                                         624        209

Provisions for liabilities and charges              2,956      3,076
---------------------------------------------      -------    -------

Total assets less liabilities                      13,697     13,743
---------------------------------------------      -------    -------

Capital and reserves
Called up share capital                             2,195      2,217
Capital redemption reserve                            546        524
Revaluation reserve                                 1,853      1,853
Other reserves                                      4,136      4,654
Special reserve                                     1,629      1,487
Profit and loss account                             3,338      3,008
---------------------------------------------      -------    -------

Equity shareholders' funds                         13,697     13,743
---------------------------------------------      -------    -------


Group Cash Flow Statement
For the 53 weeks ended May 3rd, 2003


                                      2003      2003       2002     2002
                                      £000      £000       £000     £000

Operating profit                       479                2,106
Depreciation charge                    669                  619
RSA grant release                     (17)                  (38)
Decrease/(increase) in stocks        1,207                 (614)
(Increase)/decrease in debtors        (224)               2,730
Decrease in pension scheme debtor      330                   50
(Decrease)/increase in creditors      (511)                 379
Decrease in progress payments       (1,308)              (1,367)
Increase in provisions                  65                   65
Provisions utilitised                 (114)                (180)
--------------------------------     -------              -------

Cash flow from operating
activities                                       576               3,750

Dividends received from joint
venture                                           51                 155

Interest paid                                    (61)                (11)

Taxation                                        (644)                 31

Purchase of tangible fixed assets   (1,043)              (2,077)

Purchase of intangible fixed
assets                                (251)                   -
Sale of tangible fixed assets            6                    9
Shares purchased by ESOT                 -                 (518)
--------------------------------     -------              -------

Capital expenditure and financial
investment                                    (1,288)             (2,586)

Dividends paid                                  (313)               (289)

-----------------------------------------------------------------------------------

Cash (outflow)/inflow before
financing                                     (1,679)              1,050
-----------------------------------------------------------------------------------

Cash (outflow)/inflow before
financing                                     (1,679)              1,050

Financing
Purchase of own shares                (290)                (467)
New grants received                    100                    -
(Decrease)/increase in short term
bank loans                            (952)               1,286
Increase in long term bank loans       500                    -
Repayments of capital element of
finance leases and hire purchase
contracts                             (158)                (216)
New leases                             156                  296
Share options exercised                 28                   25
                                     -------              -------

                                                (616)                924


-----------------------------------------------------------------------------------
(Decrease)/increase in cash                   (2,295)              1,974
-----------------------------------------------------------------------------------





Reconciliation of net cash flow to movement in net funds

                                                         2003      2002
                                                         £000      £000

(Decrease)/increase in cash                            (2,295)    1,974
Cash outflow/(inflow) from
decrease/(increase) in loans                              952    (1,286)
Cash (inflow) from increase in long term
loans                                                    (500)        -
Repayments of capital element of finance
leases and hire purchase contracts                        158       216
--------------------------------------------------      -------  -------

Changes in net funds resulting
from cash flow                                         (1,685)      904

New leases                                               (156)     (296)
--------------------------------------------------      -------  -------

Movement in net funds                                  (1,841)      608

Net funds at April 27th, 2002                           3,049      2,441
--------------------------------------------------      -------  -------

Net funds at May 3rd, 2003                              1,208      3,049
--------------------------------------------------      -------  -------



Analysis of net funds

                                             2003      Cash flows     2002
                                             £000            £000     £000
Cash at bank and in hand                    2,468          (2,295)   4,763

Bank loans and overdrafts                    (834)            452   (1,286)
                                           -------        -------   -------

                                            1,634          (1,843)   3,477

Finance leases and hire purchase contracts   (426)              2     (428)
                                           -------        -------   -------

Net funds at May 3rd, 2003                  1,208          (1,841)   3,049
                                           -------        -------   -------



Movement  on reserves and reconciliation of movements in shareholders'
funds
Movement in reserves are as follows:-

                               Capital                                           Profit
                      Share redemption   Revaluation       Other     Special   and loss
                    capital    reserve       reserve    reserves    reserves    account    Total

                       £000       £000          £000        £000        £000       £000     £000

At April 27th,
2002                  2,217        524         1,853       4,654       1,487      3,008   13,743
Profit
attributable to
members                   -          -             -           -           -        398      398
Dividends                 -          -             -           -           -       (318)    (318)
Foreign exchange
adjustments  in
retranslation of
overseas                  -          -             -         (14)          -          -      (14)
investments
Reallocations             -          -             -        (412)        142        270        -
Transfer in
respect of
pension
scheme                    -          -             -         (92)          -         92        -
Repurchase of
shares                  (22)        22             -           -           -       (112)    (112)

                     -------     -------      -------     -------     -------    -------  -------
At May 3rd, 2003      2,195        546         1,853       4,136       1,629      3,338   13,697
                     -------     -------      -------     -------     -------    -------  -------



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