Interim Results

MS International PLC
23 November 2000


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

                    Terry Garrett, Square Mile Communications Ltd
                    Tel [phone]


                  MS International plc
          Interim Results to 28th October, 2000
                            
                            
  Profits  before interest from continuing operations
  up  by  almost a third to £0.88m (1999: £0.66m).   Good
  profitable performances from all continuing operations

  Loss making Mech Construction - structural steelwork
  contractor - closing, eliminating high risk business

  Forgings division and Global-MSI, vitally in need of
  manufacturing   space  previously  utilised   by   Mech
  Construction, move underway

  Order book at good level at £26.4m (1999: £23.0m)

  Balance sheet robust even after closure costs  with
  net cash of £1.45m at 28 October 2000

  Interim dividend increased to 0.33p per share (1999:0.30p)


Michael Bell, Chairman, commented:

'The  results of the continuing operations in  the  first
six  months clearly indicate the growing strength  of  MS
International  going forward.  This,  together  with  the
elimination  of  the  loss-making,  high  risk  business,
should  augur  well for the future.  Opportunities  exist
for  the Group and we are in a relatively strong position
to capitalise on a number of them.

'The Group order book is at a level comparable to that at
the  end  of  last  year, amounting to  £26.40m  and  the
balance   sheet   is  sufficiently  robust   even   after
withstanding  the costs associated with  the  closure  of
Mech  Construction. Cashflow in the continuing businesses
is  sound,  and we believe that we have advanced  further
our position, to achieve solid growth for the future.'


Chairman's Statement

Introduction

I  am  pleased  to report that in the six  months  to  28
October  2000, MS International plc has achieved  further
underlying progress. During the period we have,  in  line
with   our  objectives,  remained  focused  on  our  real
strengths,  closed  a heavy loss-making  subsidiary  and,
most importantly we believe, exceeded our profit and cash
targets from the continuing businesses.

With  the  support of a strong balance sheet,  the  Board
took  decisive  and  positive action  to  close  MSI-Mech
Construction, in the unreserved belief that the  business
could  not  achieve a satisfactory return in the  current
market  for  structural steel construction.  Whilst  this
has,  inevitably, short term implications on the reported
consolidated  numbers, the closure  of  this  loss-making
operation  should enhance the opportunity for the  Group,
to  attain  a more rapid upgrade in both the  amount  and
quality of future earnings.

To  amplify  the  detail  behind  the  results,  we  have
constructed our profit and loss account in a format  that
compares   the   results  of  both  the  continuing   and
discontinued businesses.

The  results from the continuing businesses emphasise the
commendable  progress  that has been  achieved  over  and
above  the  gains  of last year.  Profit before  interest
receivable  and tax has increased by almost  a  third  to
£0.88m (1999-£0.66m) on higher turnover of £15.37m (1999-
£14.52m).

Operating divisions

Over  the  past  eighteen  months,  with  an  element  of
increasing  clarity, we have confirmed the benefits  that
are   accruing  from  focusing  on  the  development  and
expansion  of selected activities within the Group.  This
is  most notable in sectors where we enjoy a high ranking
market position. In particular, the defence division  has
shown  tremendous  ability  to  adjust  to  the  enormous
reductions  in  national  defence  budgets  and  spending
policies.   Growth  has  continued  to  be  achieved   by
widening the product base, pursuing a selective marketing
policy  and  forming teaming alliances  with  appropriate
international partners.

The forgings division has created a strong global trading
position in the manufacture of fork-arms, supplying  many
of  the worlds leading manufacturers of industrial  lift-
trucks,  agricultural and construction equipment. Exports
account  for  in  excess  of 80% of  production  that  is
delivered  across  five  continents.  In  addition,   the
general  forgings business has established  a  formidable
niche  in the supply of a wide range of top specification
ferrous and non-ferrous alloy forgings for a broad  range
of discerning industries.

Global-MSI,  our joint venture company which  specialises
in  the  design, manufacture and construction  of  petrol
station  canopies  for the major oil companies  and  many
superstore retail outlets, is perceived now by  many,  to
be the undisputed leader in both the domestic and broader
European  markets.  During  the  first  half  year,   the
business  continued  to perform to  expectations,  making
good  progress,  following last years  acquisition  of  a
formidable competitor, now totally integrated.

Such  notable achievements have been accomplished,  at  a
time  of 'Euro' weakness against Sterling, a factor  that
by  comparison, has been such an overwhelmingly  negative
ingredient   for  so  much  of  Britain's   manufacturing
industry.


Mech Construction

In  my last statement, I made reference to the increasing
difficulties associated with the marked downturn  in  the
viability  of the structural steel construction industry,
a  sector  in  which the Group participated through  Mech
Construction. In recent years,  attempts to redirect this
business  into  more stable, profitable  and  lower  risk
arenas have proved disappointing.

With  the  satisfactory progress  gained  from  the  more
highly  focused areas of the Group, we believed that  the
time  was  propitious to implement an  earlier  conceived
plan to close Mech Construction. This was undoubtedly the
right move for the Group, despite the immediate burden of
providing for known and anticipated costs of the  closure
and accumulated losses, which have been aggravated lately
by the need to make a sizeable provision against possible
bad  debts.  After taking the impact of withdrawing  from
this activity into account, it leaves the total after tax
figure  for the half year showing a loss of £0.82m (1999-
£0.37m profit).

Apart  from  allowing the Group to exit a  business  area
where  we  believed strongly that an adequate return  was
unattainable, this strategy also addressed the  immediate
and  vital need to provide additional manufacturing space
to meet the longer-term requirements of both the forgings
division  and  Global-MSI.   Utilising  the  space,  used
previously   by  Mech  Construction,  will  allow   those
activities to expand within the shortest time span,  with
the  minimum amount of disruption to production,  and  at
the  lowest cost. The relocation moves are underway,  and
we   anticipate  completion  prior  to  the  end  of  the
Christmas holiday.


Outlook

The results of the continuing operations in the first six
months  clearly  indicate  the  growing  strength  of  MS
International,  going forward.  This, together  with  the
elimination  of  the  loss-making,  high  risk  business,
should  augur  well for the future.  Opportunities  exist
for the Group, and we are in a relatively strong position
to capitalise on a number of them.

The Group order book is at a level comparable to that  at
the  end  of  last  year, amounting to  £26.40m  and  the
balance   sheet  is  sufficiently  robust   even   after,
withstanding  the costs associated with  the  closure  of
Mech  Construction. Cashflow in the continuing businesses
is  sound,  and we believe that we have advanced  further
our position, to achieve solid growth for the future.

Given   the   underlying  strength  of   the   continuing
operations  amidst other salient matters, the  Board  has
declared an increased interim dividend of 0.33p per share
(1999-0.30p).



Michael Bell
23rd November 2000

Group Profit and Loss Account

 These interim financial statements which have been
prepared on the basis of the accounting policies set
out in the Company's 2000 statutory accounts do not
constitute statutory accounts within the meaning of
section 254 of the Companies Act 1985 and are unaudited.
The abridged accounts for the year ended April 29th, 
2000 are an extract from the accounts for that period
on which the auditors gave an unqualified report and 
which have been filed with the Registrar of Companies.

                                                                            
                                  26 weeks         26 weeks         26 weeks
                                ended Oct.       ended Oct.       ended Oct.
                                 28th,2000        28th,2000        28th,2000
                                Continuing     Discontinued            Total
                                     £'000            £'000            £'000
                                                                            
Turnover : Group and share           
of joint venture                    15,367            2,468           17,835
Less : Share of joint         
       venture turnover             (2,960)               -           (2,960)
___________________________    _____________    _____________     ___________ 
                                                                         
Group turnover                      12,407            2,468           14,875
___________________________    _____________    _____________     ___________ 
                                                                         
Operating profit/(loss)                
before exceptional items               784             (792)              (8)
Bad debt                                 -             (731)            (731)
___________________________    _____________    _____________     ___________
Group operating profit/(loss)          784           (1,523)            (739)
Share of operating profit of           
joint venture                           83                -               83
                               ______________   _____________     ____________
                                       867           (1,523)            (656)
                                                                            
Exceptional items :                                                         
    Group                                8             (220)            (212)
    Joint venture                        1                -                1
    Goodwill previously                 
    written off to reserves              -             (218)            (218)
___________________________      ___________       __________     ____________
                                                                          
Profit/(loss) on ordinary               
activities before interest              876          (1,961)          (1,085)
__________________________       ___________      ____________                
                                                        
Interest receivable :                                                       
Group                                                                    229
Joint venture                                                              -
Interest payable :                                                          
Group                                                                   (203)
Joint venture                                                             (9)
_________________________                                           __________
                                                                           
(Loss) on ordinary                                                    (1,068)
activities before taxation
                                                                            
Taxation on (loss) on                                                    245
ordinary activities
_________________________                                          __________ 
(Loss) for the financial                                                
period                                                                  (823)
                                                                   ___________
       
Dividends : Interim payable                                              (77)
            Final payable                                                  -  
            Receivable  by ESOT                                            9
                                                                   ___________
                                                                          
                                                                         (68)
_________________________                                          ___________
                                                                          
(Loss) for the period                                                   (891)
_________________________                                          ___________
                                                                           
(Loss) per share                                                        (4.0)p
_________________________                                          ___________

Group Statement of Recognised Gains and Losses

                                                                       £'000
                                                                            
Loss for the financial period                                           (823)
Translation differences on foreign                                      
currency net investments                                                   9
                                                                              
                                                                   ___________
Total losses recognised in the period                                   (814)
                                                                   ___________
                            


Group Profit and Loss Account - Continued
                                                                             
                               26 weeks      26 weeks    26 weeks    52 weeks
                              ended Oct     ended Oct   ended Oct ended April
                              30th,1999     30th,1999   30th,1999  29th, 2000
                             Continuing  Discontinued       Total             
                                  £'000         £'000       £'000       £'000
                                                                             
Turnover : Group and share        
of joint venture                 14,521         2,022      16,543      32,235
Less : Share of joint      
       venture turnover          (1,784)            -      (1,784)     (3,797)
__________________________    __________   ___________  __________  __________
                                                                            
Group turnover                   12,737        2,022       14,759      28,438
_________________________     __________   ___________  __________  __________
                                                                             
                                                                             
Operating profit/(loss)             
before exceptional items            615         (100)         515       1,212
Bad debt                              -            -            -           -
_________________________      ___________  __________  __________  __________
Group operating                     
profit/(loss)                       615         (100)         515       1,212
Share of operating profit of         
joint venture                        42            -           42          10
                              ____________  __________  ____________ _________
                                    657         (100)         557       1,222
                                                                             
Exceptional items :                                                          
    Group                             -            -           -            5
    Joint venture                     3            -           3            3
    Goodwill previously               
    written off to reserves           -            -           -            -
___________________________   _____________  __________  ___________  ________
                                                                            
Profit/(loss) on ordinary            
activities before interest          660         (100)         560        1,230
                              _____________  ___________                      
                                                      
Interest receivable :                                                        
Group                                                        143          126
Joint venture                                                  6            9
Interest payable :                                                           
Group                                                       (156)        (151)
Joint venture                                                  -            -
_________________________                                __________   ________
                                                                            
Profit on ordinary                                            
activities before taxation                                   553        1,214 
                                             
                                                                             
Taxation on profit on ordinary                             
activities                                                  (184)        (371)
_________________________                                ___________  ________
Profit for the financial                                     
period                                                       369          843
                                                         __________   ________
                                                                            
Dividends : Interim payable                                 (70)         (70)
            Final payable                                     -         (211)
            Receivable  by ESOT                               8           32
                                                         __________  _________
                                                                         
                                                            (62)        (249)
______________________                                   __________  _________
                                                                        
Profit for the period                                        307          594
_____________________                                    __________  _________
                                                                         
Earnings per share                                          1.6p         3.8p
____________________                                     __________  _________


Notes                                                                      
                                       26 weeks     26 weeks       26 weeks
                                     ended Oct.   ended Oct.     ended Oct.
                                     28th, 2000   28th, 2000     28th, 2000
                                     Continuing Discontinued          Total
                                           
                                                                           
1. Exceptional items comprise :          £'000         £'000          £'000
                                                                           
   Closure costs                             -          (220)          (220)
   Profit on sale of tangible             
   fixed assets                              9             -              9
                                     ___________    __________     __________ 
                                             9          (220)          (211)
                                     ___________    __________     __________


2. Tax on loss on ordinary activities has been calculated at 30% (1999 - 30%)
on the group loss for the period as adjusted for taxation
purposes, and includes a charge of £26,000 in respect of the joint venture.

3. Dividend warrants will be posted on February 2nd, 2001 to members
registered on the books of the Company at January 8th, 2001.



Group Balance Sheet
                                                                           
                                                                           
                                           At             At              At
                                     Oct.28th,      Oct.30th,     April 29th,
                                         2000           1999            2000
                                        £'000          £'000           £'000
                                                                  
Assets employed                                                   
Fixed assets                            6,234          6,289           6,358
Investment in joint venture :                                     
   Share of gross assets                2,419          1,484           1,587
   Share of gross liabilities          (1,967)        (1,077)         (1,184)
Investment in own shares                  598            598             598
_____________________________    ______________  _____________  ______________
                                        7,284          7,294           7,359
____________________________     ______________  _____________  ______________
                                                                  
Current assets                                                    
Stocks                                  3,163          3,807           3,870
Debtors                                 6,120          6,580           5,717
Group pension scheme prepayment -                                 
due after more than one  year           6,990          6,990           6,990
Cash at bank and in hand                1,453          1,927           3,165
____________________________    ________________  _____________  ____________
                                       17,726         19,304          19,742
Creditors - amounts falling due                                   
within one year
Bank loans and overdrafts                   -            845             691
Other                                   8,808          9,134           9,538
___________________________    _________________  ______________  ___________ 
                                                                
Net current assets                      8,918          9,325           9,513
___________________________    _________________  _____________   ___________ 
                                                               
Total assets less current            
liabilities                            16,202         16,619          16,872
                                                                  
Creditors - amounts falling due                                   
after more than one year
Other                                      80             67              78
Provisions for liabilities and       
charges                                 2,612          2,665           2,612
___________________________    _________________   ____________   ___________ 
                                                                
Total assets less liabilities          13,510         13,887          14,182
__________________________     _________________   ____________   ___________ 
                                                               
Capital and Reserves                                              
Called up share capital                 2,343          2,343           2,343
Capital redemption reserve                398            398             398
Revaluation reserve                     2,368          2,368           2,368
Other reserves                          4,720          4,711           4,719
Special reserve                         1,487          1,487           1,487
Profit and loss account                 2,194          2,580           2,867
__________________________    __________________   ___________    ___________ 
                                                               
Equity shareholders' funds             13,510         13,887          14,182
__________________________    __________________   ____________   ___________ 
                                                                
Notes:                                                                 £'000
(1) Movement in profit and loss                                   
    account is as follows :
      At Oct 30th, 1999                                                2,580
      Profit attributable to                                      
      members 26 weeks ended  April
      29th, 2000                                                         474
      Dividends                                                         (187)
                                                                   ___________
      At  April 29th,2000                                              2,867
      Loss attributable to                                        
      members 26 weeks ended  Oct 
      28th,2000                                                         (823)
      Goodwill adjustment                                                218
      Dividends                                                          (68)
                                                                    _________
      At Oct 28th, 2000                                                2,194
                                                                    _________ 
                                                                

Group Cash Flow Statement
                                                                           
                                                                           
                                      26 weeks      26 weeks       52 weeks
                                         ended         ended          ended
                                     Oct.28th,     Oct.30th,     April 29th,
                                          2000          1999           2000
                                         £'000         £'000          £'000
                                                                           
Operating (loss)/profit                   (739)          515          1,212
Depreciation charge                        288           272            533
Foreign exchange gains/(losses)              1            (4)             4
RSA grant release                          (18)          (19)           (38)
Decrease in stocks                         277         1,659          2,212
(Increase)/decrease in debtors            (398)         (178)           674
Increase/(decrease) in creditors           547        (1,490)        (1,081)
(Decrease)/increase in progress         
payments                                  (638)          315           (274)
Increase in provisions                       -             -            119
Provisions utilised                          -             -           (151)
_______________________________      ___________   ____________  ____________ 
                                                                         
Cash flow from operating                  
activities                                (680)        1,070          3,210
                                                                          
Dividends received from joint           
venture                                      -             -             51
                                                                           
Interest received/(paid)                     9          (13)             26
                                                                           
Taxation                                   (47)         (45)           (417)
                                     ____________   __________      _________ 
                                                                    
Purchase of tangible fixed               
assets                                    (176)        (133)           (469)
Sale of tangible fixed assets               20            -              11
Loans repaid by joint venture                -            -             (75)
                                    ______________  ___________     _________ 
                                                                       
Capital expenditure and         
financial investment                      (156)        (133)           (533)
                                                                           
Dividends paid                            (186)        (197)           (268)
___________________________         ______________  ____________   ___________
                                                                          
Cash flow before financing              (1,060)         682            2,069
                                                                           
Financing                                                                  
Purchase of own shares                       -       (1,032)          (1,032)
Long term bank loans repaid               (111)        (166)            (111)
New finance leases undertaken               65           62               94
Repayments of capital element of                                         
finance leases and
hire purchase contracts                    (26)         (48)             (75)
__________________________          ______________  ____________    __________
                                                                         
                                          (72)       (1,184)          (1,124)
                                    ______________  ____________    __________
                                      
(Decrease)/increase in cash            (1,132)         (502)             945
___________________________         ______________  ____________   ___________
                                                                          
                                                                           
                                                                           
Reconciliation of Net Cash Flow                                           
to Movement in Net Funds
                                                                           
                                         £'000          £'000          £'000
                                                                           
(Decrease)/increase in cash             (1,132)          (502)           945
Cash outflow from decrease in              
loans                                      111            166            111
Repayments of capital element of                                           
finance leases and
hire purchase contracts                     26             48             75
_______________________________      _____________   ___________    __________
                                                                         
Changes in net funds resulting            
from cash flow                            (995)          (288)          1,131
New finance leases and hire          
purchase contracts                         (65)           (62)           (94)
______________________________      ______________   ____________   __________
                                                                          
Movement in net funds                   (1,060)          (350)          1,037
                                                                           
Net funds at April 29th, 2000            2,365          1,328           1,328
_____________________________        ____________   ____________    _________ 
                                                                         
                                                                           
Net funds at Oct. 28th, 2000             1,305            978           2,365
_____________________________        ____________   ____________    __________