Interim Results

MS International PLC 27 November 2003 Date: Under embargo until 7.00am - Thursday 27th November,2003 Contacts: Michael Bell, Executive Chairman, MS lNTERNATIONAL plc Tel: 01302 322133 Terry Garrett, Weber Shandwick Square Mile Tel: 0207 067 0700 MS INTERNATIONAL plc Interim Results to 1st November, 2003 Chairman's Statement It is pleasing to report that the Company returned to a profitable trading position for the first six months of this financial year. The pre-tax outcome for the first half, ending 1 November 2003, showed a £0.55m swing into profit from the previous six months to 3 May 2003 on turnover that was just £1.25m higher, reversing a disappointing trend that occurred in last year's weaker second half performance. Accordingly, the Group earned a profit before tax of £0.35m (2002- £0.84m), after an additional pension charge of£0.18m, on sales of £15.21m (2002-£16.71m). Earnings per share were 1.1p (2002-3.0p). Despite the improvement on the previous six months, the overall sales performance reflects the continuing subdued level of activity experienced in many of the markets served by the Group. The exception being the petrol station forecourt construction market, which was very buoyant for Global-MSI as the operation readily seized the opportunity to take advantage of its broadened construction capabilities to produce a very good result. A number of the Group's major capital expenditure programmes are nearing completion although, in the short term, notable development costs in both the defence and forgings divisions will continue. Such investments, whilst costly in implementation, are timely and important to the growth of our business, the maintenance of our competitive trading position and the longer term prosperity of the Group. These costs and the buying in of almost one million MS INTERNATIONAL plc shares for cancellation, left the Group's net borrowings at £0.07m. The Group is well placed to take advantage of any upturn in world trading conditions and the Board recommends the payment of an increased interim dividend of 0.42p per share (2002-0.40p). Michael Bell Executive Chairman 27 November 2003 MS INTERNATIONAL plc 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 2003 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 3rd May, 2003 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 27 weeks 53 weeks ended 1st ended 2nd ended 3rd Nov,2003 Nov,2002 May,2003 £'000 £'000 £'000 Turnover: Group and share of joint venture 15,209 16,707 30,666 Less: Share of joint venture turnover (2,856) (2,141) (4,211) ----------------------------------------- --------- --------- --------- Group turnover 12,353 14,566 26,455 ----------------------------------------- --------- --------- --------- Operating profit 69 777 479 Share of operating profit of joint venture 285 80 193 ----------------------------------------- --------- --------- --------- Profit on ordinary activities before interest 354 857 672 Interest receivable: Group 32 53 62 Joint venture 2 4 8 Interest payable: Group (41) (71) (99) ----------------------------------------- --------- --------- --------- Profit on ordinary activities before taxation 347 843 643 Taxation on profit on ordinary activities (132) (252) (245) ----------------------------------------- --------- --------- --------- Profit for the financial period 215 591 398 --------- --------- --------- Dividends: Interim payable (75) (88) (88) Final payable - - (238) Receivable by ESOT - 8 8 --------- --------- --------- (75) (80) (318) ----------------------------------------- --------- --------- --------- Profit for the period 140 511 80 ----------------------------------------- --------- --------- --------- Earnings per share 1.1p 3.0p 2.0p ----------------------------------------- --------- --------- --------- Group Statement of Recognised Gains and Losses £'000 Profit for the financial period 215 Translation differences on foreign currency net investments 14 ----------- Total gains recognised in the period 229 ----------- Notes 1.Taxation on profit on ordinary activities has been calculated at 35% (2002 - 30%) on the Group profit for the period as adjusted for taxation purposes, and includes a charge of£81,000 in respect of the joint venture. 2.Dividend warrants will be posted on 30th January, 2004 to members registered on the books of the Company at 5th January 2004. MS INTERNATIONAL plc Group Balance Sheet At At At 1st Nov, 2nd Nov, 3rd May, 2003 2002 2003 £'000 £'000 £'000 Assets employed Intangible assets 251 - 251 Fixed assets 8,066 8,013 8,039 Investment in joint venture: Share of gross assets 2,217 1,682 1,456 Share of gross liabilities (1,474) (1,127) (894) Investment in own shares 1,088 731 731 -------------------------------------- -------- -------- -------- 10,148 9,299 9,583 -------------------------------------- -------- -------- -------- Current assets Stocks 3,772 4,114 3,298 Debtors 4,977 5,024 4,381 Group pension scheme prepayment - due after more than one year 6,378 6,813 6,558 Cash at bank and in hand 610 1,817 2,468 -------------------------------------- -------- -------- -------- 15,737 17,768 16,705 Creditors - amounts falling due within one year Bank loans and overdrafts 349 1,132 334 Other 8,623 7,950 8,677 -------------------------------------- -------- -------- -------- Net current assets 6,765 8,686 7,694 -------------------------------------- -------- -------- -------- Total assets less current liabilities 16,913 17,985 17,277 Creditors - amounts falling due after more than one year Bank loans and overdrafts 333 667 500 Other 127 104 124 Provisions for liabilities and charges 2,956 3,076 2,956 -------------------------------------- -------- -------- -------- Total assets less liabilities 13,497 14,138 13,697 -------------------------------------- -------- -------- -------- Capital and Reserves Called up share capital 2,096 2,195 2,195 Capital redemption reserve 645 546 546 Revaluation reserve 1,853 1,853 1,853 Other reserves 3,970 4,650 4,136 Special reserve 1,629 1,487 1,629 Profit and loss account 3,304 3,407 3,338 -------------------------------------- -------- -------- -------- Equity shareholders' funds 13,497 14,138 13,697 -------------------------------------- -------- -------- -------- Notes: £'000 (1) Movement in profit and loss account is as follows : At 2nd Nov, 2002 3,407 Loss attributable to members 27 weeks ended 3rd May, 2003 (193) Reallocations 270 Transfer in respect of pension scheme 92 Dividends (238) -------- At 3rd May, 2003 3,338 Purchase of own shares (354) Profit attributable to members 26 weeks ended 1st Nov, 2003 215 Transfer in respect of pension scheme 180 Dividends (75) -------- At 1st Nov, 2003 3,304 -------- (2) During the period the Company redeemed 998,000 of its own Ordinary shares at market prices as follows: Date Number of Price paid shares purchased per share 1st October, 2003 910,000 35.5p 13th October, 2003 88,000 35.5p MS INTERNATIONAL plc Group Cash Flow Statement 26 weeks 27 weeks 53 weeks ended ended ended 1st Nov, 2nd Nov, 3rd May, 2003 2002 2003 £'000 £'000 £'000 Operating profit 69 777 479 Depreciation charge 395 304 669 Foreign exchange gains/(losses) 14 (1) - RSA grant release (6) (10) (17) (Increase)/decrease in stocks (241) 487 1,207 Increase in debtors (600) (711) (224) Decrease in pension scheme debtor 180 - 330 Increase/(decrease) in creditors 154 (708) (511) Decrease in progress payments (250) (2,432) (1,308) Increase in provisions 33 33 65 Provisions utilised (33) (33) (114) ----------------------------------- -------- -------- -------- Cash flow from operating activities (285) (2,294) 576 Dividends received from joint venture 25 20 51 Interest paid (2) (24) (61) Taxation (79) - (644) -------- -------- -------- Purchase of tangible fixed assets (422) (653) (1,043) Purchase of intangible fixed assets - - (251) Sale of tangible fixed assets - 7 6 Shares purchased by ESOT (357) - - -------- -------- -------- Capital expenditure and financial investment (779) (646) (1,288) Dividends paid (238) (259) (313) ----------------------------------- -------- -------- -------- Cash flow before financing (1,358) (3,203) (1,679) Financing Purchase of own shares (354) (291) (290) Grants received - 100 100 Decrease in short term bank loans - (154) (952) (Decrease)/increase in new long term bank loans (152) 667 500 New leases 99 - 156 Repayments of capital element of finance leases and hire purchase contracts (93) (93) (158) Share options exercised - 28 28 ----------------------------------- -------- -------- -------- (500) 257 (616) ----------------------------------- -------- -------- -------- Decrease in cash (1,858) (2,946) (2,295) ----------------------------------- -------- -------- -------- Reconciliation of net cash flow to movement in net (borrowings)/funds £'000 £'000 £'000 Decrease in cash (1,858) (2,946) (2,295) Cash outflow from decrease in loans - 154 952 Cash outflow/(inflow) from decrease/(increase) in long term bank loans 152 (667) (500) Repayments of capital element of finance leases and hire purchase contracts 93 93 158 ----------------------------------- -------- -------- -------- Changes in net borrowings resulting from cash flow (1,613) (3,366) (1,685) New finance leases and hire purchase contracts (99) - (156) ----------------------------------- -------- -------- -------- Movement in net borrowings (1,712) (3,366) (1,841) Net funds at 3rd May, 2003 1,208 3,049 3,049 ----------------------------------- -------- -------- -------- Net (borrowings)/funds at 1st Nov, 2003 (504) (317) 1,208 ----------------------------------- -------- -------- -------- Analysis of net (borrowings)/funds 1st Nov 2003 Cash flows 3rd May, 2003 £'000 £'000 £'000 Cash at bank and in hand 610 (1,858) 2,468 Bank loans and overdrafts (682) 152 (834) -------- -------- -------- (72) (1,706) 1,634 Finance leases and hire purchase contracts (432) (6) (426) -------- -------- -------- Net (borrowings)/funds at 1st Nov,2003 (504) (1,712) 1,208 -------- -------- -------- This information is provided by RNS The company news service from the London Stock Exchange

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