Final Results

MS International PLC
21 June 2004


Date: Under embargo until 7.00am - Monday June 21st , 2004

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

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

                              MS INTERNATIONAL plc

                       Full Year Results to May 1st, 2004

                                   HIGHLIGHTS

                       PRE-TAX PROFITS MORE THAN DOUBLED

   •Good upturn from all three operating divisions, particularly in the
    second half


   •Turnover of £32.32m (2003 - £30.67m)


   •Pre-tax profits more than doubled to £1.38m (2003 - £0.64m)


   •Earnings per share advanced to 5.0p (2003 - 2.0p)


   •Final dividend up by 10.8% 1.33p (2003 -1.20p) per share making a total
    of 1.75p (2002-1.60p)


   •Net funds of £2.20m (2003 - £1.21m)


   •Executive Directors exercise options to purchase 1 million shares - 'a
    long-term investment'


   •Current order book is 'healthier and higher' than 12 months ago


Michael Bell, Executive Chairman, commented:

'This improvement in our performance stemmed from a closer focus and monitoring
of our cost base, which complemented the efficiencies emanating from the recent
capital investment in plant, equipment and product development.

'We are earning a notable payback from the capital investment programmes of the
past three years and propose to commit additional expenditure over the next
twelve months to strengthen our trading position and create further
opportunities for the business in the markets that we serve. '

Chairman's Statement

Results and review

For the year ending 1 May 2004, the Group lifted profit before taxation to
£1.38m (2003-£0.64m), on increased sales of £32.32m (2003-£30.67m). Earnings per
share were 5.0p (2003-2.0p).

There was a good measure of upturn in the performance of all three operating
divisions during the second part of the year, exceeding the pleasing progress
that had already been attained at the interim stage.

This improvement stemmed from a closer focus and monitoring of our cost base,
which complemented the efficiencies emanating from the recent capital investment
in plant, equipment and product development. These gains helped us to confront
and counter the negative impact imposed on our global competitiveness by a less
favourable sterling/dollar exchange rate, coupled with the escalating run on the
price of steel used in our manufacturing processes and its general tightness of
supply.

The Group's consolidated net funds advanced to £2.20m (2003-£1.21m).

On 30 April 2004, I, together with my two executive board directors, exercised
options to purchase a total of 1,000,000 ordinary shares in the Company at a
price of 34.9p each. It is our intention to hold theses shares as a long-term
investment.


Outlook

We are earning a notable payback from the capital investment programmes of the
past three years and propose to commit additional expenditure over the next
twelve months to strengthen our trading position and create further
opportunities for the business in the markets that we serve.

The Group, presently, has a much healthier and higher value order book than was
the case at this time last year.

The Board therefore, believes it appropriate to recommend the payment of an
increased final dividend of 1.33p per share (2003-1.20p), making a total for the
year of 1.75p (2003-1.60p).

Michael Bell
Executive Chairman
21 June 2004


Group Profit and Loss Account
For the 52 weeks ended May 1st, 2004
                                                              2004        2003
                                                             Total       Total
                                                              £000        £000

Turnover: Group and share of joint venture                  32,323      30,666
Less: Share of joint venture turnover                       (6,093)     (4,211)
----------------------------------------------------       --------   ---------
Group turnover                                              26,230      26,455
----------------------------------------------------       --------   ---------
Operating profit                                             1,092         479
Share of operating profit of joint venture                     302         193
----------------------------------------------------       --------   ---------
Profit on ordinary activities before interest                1,394         672

Interest receivable:
Group                                                           19          62
Joint venture                                                   10           8

Interest payable:
Group                                                          (48)        (99)
----------------------------------------------------       --------   ---------
Profit on ordinary activities before taxation                1,375         643

Tax on profit on ordinary activities                          (451)       (245)
----------------------------------------------------       --------   ---------
Profit on ordinary activities after taxation                   924         398

Dividends                                                     (325)       (318)
----------------------------------------------------       --------   ---------
Retained profit for the Group and its share of
joint venture                                                  599          80
----------------------------------------------------       --------   ---------

Earnings per share: basic                                      5.0p        2.0p
                    fully diluted                              4.2p        1.8p
----------------------------------------------------       --------   ---------

Group Statement of Total Recognised Gains and Losses

                                                              2004        2003
                                                              £000        £000

Profit for the financial period                                924         398
Translation differences on foreign currency net
investments                                                    (43)        (14)
----------------------------------------------------       --------   ---------
Total gains recognised since last annual report                881         384
----------------------------------------------------       --------   ---------

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 1st,, 2004 or May 3rd, 2003 but is
derived from those accounts. Statutory accounts for 2003 have been delivered to
the Registrar of Companies, and those for 2004 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 basic earnings per share is calculated by dividing the profit after taxation
of £924,000 by the weighted average number of 18,634,558 Ordinary shares in
issue in the year.

The fully diluted earnings per share is calculated by dividing the profit after
taxation of £924,000 by the weighted average number of 21,745,898 Ordinary
shares, which takes account of the dilutive effect of shares under option.

Copies of this announcement are available from the Company's 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 3rd, 2004 to members on the books
of the Company at August 6th, 2004.


Balance Sheet
At May 1st, 2004
                                                                   Group
                                                            2004          2003
                                                            £000          £000
Assets employed
----------------------------------------------------      --------      -------

Fixed assets

Intangible assets                                            280           251
Tangible assets                                            7,995         8,039
Investment in joint venture:
    Share of gross assets                                  2,361         1,456
    Share of gross liabilities                            (1,745)         (894)
Investment in own shares                                     738           731
----------------------------------------------------      --------      -------
                                                           9,629         9,583
----------------------------------------------------      --------      -------
Current assets
Stocks                                                     4,143         3,298
Debtors                                                    6,554         4,381
Group pension scheme prepayment
- due after more than one year                             6,368         6,558
Cash at bank and in hand                                   2,919         2,468
----------------------------------------------------      --------      -------

                                                          19,984        16,705
Creditors - amounts falling due within one year           12,544         9,011
----------------------------------------------------      --------      -------
Net current assets                                         7,440         7,694
----------------------------------------------------      --------      -------
Total assets less current liabilities                     17,069        17,277

Creditors - amounts falling due after more than
one year                                                     245           624

Provisions for liabilities and charges                     2,925         2,956
----------------------------------------------------      --------      -------

Total assets less liabilities                             13,899        13,697
----------------------------------------------------      --------      -------

Capital and reserves
Called up share capital                                    2,096         2,195
Capital redemption reserve                                   645           546
Revaluation reserve                                        1,853         1,853
Other reserves                                             3,959         4,136
Special reserve                                            1,629         1,629
Profit and loss account                                    3,717         3,338
----------------------------------------------------      --------      -------

Equity shareholders' funds                                13,899        13,697
----------------------------------------------------      --------      -------

Group Cash Flow Statement
For the 52 weeks ended May 1st, 2004
                                            2004          2004     2003    2003
                                            £000          £000     £000    £000

Operating profit                           1,092                    479
Depreciation charge                          818                    669
Foreign exchange gains                       (22)                     -
RSA grant release                            (13)                   (17)
(Increase)/decrease in stocks             (1,104)                 1,207
(Increase)/decrease in debtors            (1,981)                   106
Increase/(decrease) in creditors           1,844                   (511)
Increase/(decrease) in progress payments   1,892                 (1,308)
Increase in provisions                        77                     65
Provisions utilitised                        (65)                  (114)
----------------------------------       --------                -------
Cash flow from operating activities                      2,538              576

Dividends received from joint venture                      125               51

Interest paid                                              (35)             (61)

Taxation                                                  (136)            (644)

Purchase of tangible fixed assets           (688)                  (887)
Purchase of intangible fixed assets          (29)                  (251)
Sale of tangible fixed assets                 13                      6
Shares purchased by ESOT                    (356)                     -
Share options exercised                      349                     28
----------------------------------        -------                -------

Capital expenditure and financial
investment                                                (711)          (1,104)

Dividends paid                                            (341)            (313)
--------------------------------------------------------------------------------
Cash inflow/(outflow) before financing                   1,440           (1,495)
--------------------------------------------------------------------------------
Cash inflow/(outflow) before financing                   1,440           (1,495)

Financing
Purchase of own shares                      (354)                  (290)
New grants received                            -                    100
Decrease in short term bank loans              -                   (952)
(Decrease)/increase in long term bank
loans                                       (334)                   500
Repayments of capital element of finance
leases and hire
purchase contracts                          (301)                  (158)
                                           ------                 ------
                                                          (989)            (800)
--------------------------------------------------------------------------------
Increase/(decrease) in cash                                451           (2,295)
--------------------------------------------------------------------------------

Reconciliation of net cash flow to movement in net funds
                                                                2004       2003
                                                                £000       £000

Increase/(decrease) in cash                                      451     (2,295)
Cash outflow from decrease in loans                                -        952
Cash outflow/(inflow) from
decrease/(increase) in long terms loans                          334       (500)
Repayments of capital element of finance
leases and hire purchase contracts                               301        158
----------------------------------------------------         --------    -------
Changes in net funds resulting from cash flow                  1,086     (1,685)

New leases                                                       (99)      (156)
----------------------------------------------------         --------    -------
Movement in net funds                                            987     (1,841)

Net funds at May 3rd, 2003                                     1,208      3,049
----------------------------------------------------         --------    -------
Net funds at May 1st, 2004                                     2,195      1,208
----------------------------------------------------         --------    -------

Analysis of net funds
                                                               Other
                                                            non-cash
                                 2003      Cash flows      movements      2004
                                 £000            £000           £000      £000
Cash at bank and in hand        2,468             451              -     2,919
Bank loans and overdrafts        (834)            334              -      (500)
Finance leases and hire
purchase contracts               (426)            301            (99)     (224)
----------------------------   --------        --------      ---------    ------
Net funds at May 1st, 2004      1,208           1,086            (99)    2,195
----------------------------   --------        --------      ---------    ------

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 May 3rd,2003      2,195           546         1,853        4,136       1,629     3,338   13,697
Profit
attributable
to members               -             -             -            -           -       924      924
Dividends                -             -             -            -           -      (325)    (325)
Foreign exchange 
adjustments in 
retranslation of 
overseas investments     -             -             -          (43)          -         -      (43)
Transfer in respect
of pension scheme        -             -             -         (134)          -       134        -
Repurchase of
shares                 (99)           99             -            -           -      (354)    (354)
-----------------    ------       ------        -------      -------     -------   -------  -------
At May 1st,
2004                 2,096           645         1,853        3,959       1,629     3,717   13,899
-----------------    ------       ------        -------      -------     -------   -------  -------




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