Final Results

MS International PLC
19 June 2002



Date:               Under embargo until 7.00am - Wednesday June 19th 2002


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

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


                              MS INTERNATIONAL plc
                      Full Year Results to April 27th 2002

HIGHLIGHTS

  • Pre-tax profits rose by 16% to £2.51m (2001: £2.17m)

  • Sales increased by 9% to £35.69m (2001: £32.87m)

  • Earnings per share climbed by 23% to 8.1p (2001: 6.6p)

  • 17% increase in final dividend to 1.17p (2001: 1.00p) making
    1.55p (2001: 1.33p) total per share

  • Net cash at a record £3.48m, 25% up on the comparable figure,
    (2001: £2.79m) even after considerable capital expenditure and
    the share buy back

Michael Bell, Executive Chairman, commented:

'The Group has made excellent progress. In a year when we faced global weakness
in the markets we serve we enlarged our market share and maintained the momentum
of our progress.  All the key figures on sales, margins, profits and earnings
per share are ahead of the previous year while our net cash position advanced to
record levels.'

'All divisions performed well despite the challenging markets and, indeed, we
perceive that our real successes in commercial terms have stretched beyond the
achievements that the actual numbers indicate.'

'Focusing on the strengths of the Group has resulted in delivering enhanced
shareholder value over the past two years.  We will strive to build on our
success but, given the economic background at this point, it seems prudent and
realistic to temper expectations for the coming year.'



Chairman's Statement

Introduction

In 2002 we faced up to, and overcame with remarkable success, the many
challenges that arose in the world-wide markets that we serve. In the
circumstances, it is pleasing to report that the Group maintained its forward
momentum.

We enlarged our market share during a period of global economic weakness and
achieved growth in both sales and profit margins, which resulted in a healthy
advance in pre-tax profits and earnings per share. In addition, the Group's net
cash position was at a record year-end level. Such are the clear tangible
indicators of the progress that the Group has attained.

Accordingly, for the period ended April 27th 2002, the Group's continuing
businesses produced a 16% increase in profit before tax to £2.51m (2001-£2.17m),
on sales 9% higher at £35.69m (2001-£32.87m). Earnings per share rose by 23% to
8.1p (2001-6.6p).

The consolidated net cash position of the Group advanced yet again, this time by
25% to £3.48m (2001-£2.79m). This was after considerable capital expenditure on
the upgrading of our manufacturing capabilities, development work and the
programmed refurbishment of our freehold properties. Added to that, we purchased
1,257,719 of the Company's own shares for cancellation at a cost of £0.65m.

In all, the year has produced a satisfying set of results. Furthermore, we
perceive that our real successes in commercial terms have stretched beyond the '
snap-shot' financial figures for the year.

Operating Divisions

The defence division's phased bulge in its order book provided the basis for a
record sales figure much higher than earlier years. The outcome was an excellent
performance. The order book is now returning to a more regular and sustainable
level. The growing political uncertainties in the world have led to defence
becoming more important on the international agenda, and yet individual
government budget restraints invariably lead to frustrating delays in the
placing of defence contracts.

The forgings division demonstrated increased sales levels, despite the
prevailing soft trading conditions, particularly in the United States. Whilst
steadfastly defending our market positions against competitors driven by a need
to fill under utilised capacity, there were occasions when unacceptable margins
necessitated a resolute 'walking away' from some business that had become
unattractive in the short term. The order book of this division is traditionally
short-term and makes the future somewhat difficult to predict. Nevertheless, the
division is a world leader in its chosen markets and will respond quickly to
take advantage of any upturn.

Global-MSI, our joint venture company that designs, manufactures and constructs
petrol station canopies for retailers across Europe, traded strongly, producing
an outstanding performance. Although the order book is relatively strong, it is
again short term, and when coupled with the vagaries of the oil industry offers
little in the way of certainty over a twelve month period. That said, Global-MSI
is the market leader in the industry.

Outlook

We have focused the Group on its strengths and the resulting achievements of the
past two years have successfully enhanced shareholder value. It would be very
disappointing after such progress, if the persistent weakness within our markets
continued for too long.

Nevertheless we will strive to continue building on the progress of last year
although, given the economic background at this point, it seems prudent and
realistic to temper expectations for the coming year.

All matters considered, the Board recommends the payment of a 17% increase in
the final dividend to 1.17p (2001-1.00p) making a total for the year of 1.55p
(2001-1.33p).

Michael Bell
Executive Chairman
June 19th 2002


Group Profit and Loss Account
For the 52 weeks ended April 27th, 2002


                                                      2002               2001            2001           2001
Year 2001 comparatives have been restated 
for the adoption of FRS19*                                        As restated     As restated    As restated*
                                                     Total         Continuing    Discontinued          Total
                                                      £000               £000            £000           £000

Turnover: Group and share of joint venture          35,687             32,866           2,994         35,860
Less: Share of joint venture turnover               (5,250)            (5,648)              -         (5,648)
------------------------------------------          ------             ------           -----         ------

Group turnover                                      30,437             27,218           2,994         30,212
------------------------------------------          ------             ------           -----         ------

Operating profit/(loss)                              2,106              1,948          (2,293)          (345)
Share of operating profit of joint venture             405                197               -            197

                                                     2,511              2,145          (2,293)          (148)

Exceptional items:

   Profit/(loss) on sale of tangible fixed 
   assets:
                                                          
         Group                                           -                  9             (18)            (9)
         Joint venture                                   -                  1               -              1

   (Loss) on sale/closure of businesses:

         Net assets less sale proceeds/closure 
         costs                                           -                  -            (305)          (305)
         Goodwill previously written off to 
         reserves                                        -                  -            (488)          (488)
------------------------------------------          ------             ------           -----         ------

Profit/(loss) on ordinary activities before 
interest                                             2,511              2,155          (3,104)          (949)

Interest receivable:
Group                                                  108                144               -            144
Joint venture                                            6                  1               -              1

Interest payable:
Group                                                 (114)              (130)              -           (130)
------------------------------------------          ------             ------           -----         ------

Profit/(loss) on ordinary activities 
before taxation                                      2,511              2,170          (3,104)          (934)

Tax on profit/(loss) on ordinary 
activities                                            (818)              (782)            850             68
------------------------------------------          ------             ------           -----         ------
                                                                                  
Profit on ordinary activities after 
taxation                                             1,693              1,388          (2,254)          (866)
------------------------------------------          ------             ------           -----         ------

Dividends                                             (298)                                             (292)
------------------------------------------          ------             ------           -----         ------

Retained profit/(loss) for the Group and 
its share of joint venture                           1,395                                            (1,158)
------------------------------------------          ------             ------           -----         ------

Earnings/(loss) per share - basic and 
fully diluted                                         8.1p               6.6p          (10.8p)         (4.2p)
------------------------------------------          ------             ------           -----         ------



Group Statement of Recognised Gains and Losses

                                                                         2002             2001
                                                                                  As restated*
                                                                         £000             £000
                                                                          
Profit/(loss) for the financial period                                  1,693             (866)
Translation differences on foreign currency net investments                 2              (67)
Prior year adjustment                                                    (463)               -
-----------------------------------------------------------             -----              ----

Total gains/(losses) recognised since last annual report                1,232             (933)
-----------------------------------------------------------             -----              ----


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 April 27th, 2002 or April 28th, 2001
but is derived from those accounts.  Statutory accounts for 2001 have been
delivered to the Registrar of Companies, and those for 2002 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 accounts for the year ended April 27th, 2002 include a prior year adjustment
relating to the adoption of FRS 19 ' Deferred Tax'.  The effect of the prior
year adjustment is to increase the deferred tax provision for the year ended
April 28th, 2001 by £463,000 and at April 29th, 2000 by £454,000 and to increase
the tax charge for the year ended April 28th, 2001 by £9,000.

The earning per share is calculated dividing the profit after taxation of
£1,693,000 by the weighed average of 21,040,016 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 6th, 2002 to members on the books
of the Company at August 9th, 2002



Balance Sheets
At April 27th, 2002

                                                                                                    Group
                                                                                   2002              2001
Year 2001 comparatives have been restated for the adoption of FRS 19*                        As restated*
                                                                                   £000              £000
                                                                                                                   
Assets employed

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

Fixed assets
Tangible assets                                                                   7,671             6,222
Investment in joint venture:
      Share of gross assets                                                       1,712             1,621  
      Share of gross liabilities                                                 (1,196)           (1,284)
Investment in own shares                                                            759               266
--------------------------------------------------------                         ------            ------

                                                                                  8,946             6,825
--------------------------------------------------------                         ------            ------

Current assets
Stocks                                                                            2,745             2,666
Debtors                                                                           4,233             7,041
Group pension scheme prepayment
   - due after more than one year                                                 6,888             6,938
Cash at bank and in hand                                                          4,763             2,789
--------------------------------------------------------                         ------            ------

                                                                                 18,629            19,434
Creditors - amounts falling due within one year                                  10,547             9,944
--------------------------------------------------------                         ------            ------

Net current assets                                                                8,082             9,490
--------------------------------------------------------                         ------            ------

Total assets less current liabilities                                            17,028            16,315

Creditors - amounts falling due after more than one year                            209               217

Provisions for liabilities and charges                                            3,076             3,107
--------------------------------------------------------                         ------            ------

Total assets less liabilities                                                    13,743            12,991
--------------------------------------------------------                         ------            ------

Capital and reserves
Called up share capital                                                           2,217             2,343
Capital redemption reserve                                                          524               398
Revaluation reserve                                                               1,853             1,853
Other reserves                                                                    4,654             4,652
Special reserve                                                                   1,487             1,487
Profit and loss account                                                           3,008             2,258
--------------------------------------------------------                         ------            ------

Equity shareholders' funds                                                       13,743            12,991
--------------------------------------------------------                         ------            ------



Group Cash Flow Statement
For the 52 weeks ended April 27th, 2002

                                                                                                                        
                                                                       2002        2002        2001        2001
                                                                       £000        £000        £000        £000

Operating profit/(loss)                                               2,106                    (345)
Closure costs                                                             -                    (305)
Depreciation charge                                                     619                     625
Foreign exchange gains                                                    -                     (33)
RSA grant release                                                       (38)                    (37)
(Increase)/decrease in stocks                                          (614)                  1,320
Decrease/(increase) in debtors                                        2,780                  (1,187)
Increase in creditors                                                   379                     550
Decrease in progress payments                                        (1,367)                    (25)
Increase in provisions                                                   65                     117
Provisions utilitised                                                  (180)                    (65)
----------------------------------------------------                  -----                   -----

Cash flow from operating activities                                               3,750                     615

Dividends received from joint venture                                               155                      50

Interest paid                                                                       (11)                     (8)

Taxation received/(paid)                                                             31                    (236)
Purchase of tangible fixed assets                                    (2,077)                   (556)
Sale of tangible fixed assets                                             9                      58
Shares purchased by ESOT                                               (518)                   (160)
Loan repaid by joint venture                                              -                      75

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

Capital expenditure and financial investment                                    (2,586)                    (583)

Dividends paid                                                                    (289)                    (254)
------------------------------------------------------------------------------------------------------------------------
Cash inflow/(outflow) before financing                                           1,050                     (416)
------------------------------------------------------------------------------------------------------------------------
Cash inflow/(outflow) before financing                                           1,050                     (416)

Financing
Purchase of own shares                                                (467)                      -
Increase in short term bank loans                                    1,286                       -
Repayments of capital element of finance leases 
and hire purchase contracts                                           (216)                    (83)
New leases                                                             296                     322
Share options exercised                                                 25                     492
                                                                     -----                   -----

                                                                                  924                      731
------------------------------------------------------------------------------------------------------------------------
Increase in cash                                                                1,974                      315

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


Reconciliation of net cash flow to movement in net funds
                                                                         2002           2001
                                                                         £000           £000
                    
Increase in cash                                                        1,974            315 
Increase in short term bank loans                                      (1,286)             -  
Repayments of capital element of finance leases 
 and hire purchase contracts                                              216             83 
                                                                       -------         -----
Changes in net funds resulting from cash flow                             904            398 
                         
New leases                                                               (296)          (322)
                                                                       -------         -----
Movement in net funds                                                     608             76 
                         
Net funds at April 28th, 2001                                           2,441          2,365 
                                                                       -------         -----
Net funds at April 27th, 2002                                           3,049          2,441 
                                                                       -------         -----

Analysis of net funds
                               
                               
                                        2002           Cash flows           2001
                                        £000                 £000           £000

Cash at bank and in hand               4,763                1,974          2,789 
Bank loans and overdrafts             (1,286)              (1,286)             -  
                                      ------              -------          -----
                                       3,477                  688          2,789 
Finance leases and hire
  purchase contracts                    (428)                (80)           (348)
                                      ------              -------          -----
Net funds at April 27th, 2002          3,049                  608          2,441 
                                      ------              -------          -----


Movement on reserves and reconciliation of movements in shareholders' funds
Movements 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 28th, 2001              2,343           398         1,853     4,652     1,487       2,721      13,454 
Prior year adjustment                -             -             -         -         -        (463)       (463)
                                                                                     
As restated                      2,343           398         1,853     4,652     1,487       2,258      12,991 
Profit attributable to members       -             -             -         -         -       1,693       1,693 
Dividends                            -             -             -         -         -        (298)       (298)
Foreign exchange adjustments 
in retranslation of
 overseas investments                -             -             -         2         -           -           2 
Repurchase of shares              (126)          126             -         -         -        (645)       (645)
                               -------     ---------     ---------  --------   --------   --------      ------
At April 27th, 2002              2,217           524         1,853     4,654     1,487       3,008      13,743 
                               -------     ---------     ---------  --------   --------   --------      ------



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