Full Year Results

MS International PLC
27 June 2006



Date:       Under embargo until 7.00am -  Tuesday 27th June, 2006

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 29th April, 2006


                                 HIGHLIGHTS

• All three operating divisions increased revenues and profitability
• Turnover £44.44m (2005 - £38.24m)
• Pre-tax profits £3.81m (2005 - £3.19m)
• Earnings per share 15.0p (2005 - 12.4p)
• Cash at bank £5.19m (2005 - £1.01m)
• Forward order book at record levels
• Final dividend  2.20p (2005 - 1.65p) per share making a total of 2.78p 
  (2005 - 2.15p)



Michael Bell, Executive Chairman, comments:-

'It is pleasing to report another year of good progress and growth for the
Group, reflected in higher revenues, improved profits and earnings per share,
strong cash inflow and a record forward order book'. Chairman's Statement

Results and review

It is pleasing to report another year of good progress and growth for the Group,
reflected in higher revenues, improved profits and earnings per share, strong
cash inflow and a record forward order book.

For the year ended 29 April 2006, the Group profit before taxation amounted to
£3.81m (2005-£3.19m) on sales of £44.44m (2005-£38.24m). Earnings per share were
15.0p (2005-12.4p).

The balance sheet is in good shape and in particular the Group's net cash
increased to £5.19m (2005-£1.01m). During the year the Company purchased a total
of 150,000 MS INTERNATIONAL plc shares for cancellation at a total cost of
£0.20m.

All three operating divisions - defence, forgings and petrol station forecourt
structures - lifted their respective revenues and profitability above that
achieved last year.

We maintained our commitment to investing in the business through capital
investment in contemporary manufacturing plant and equipment - in order to
preserve and further improve our competitive position in the markets we serve -
and in product research and development to enhance our sales and marketing
opportunities in line with market requirements. These comprehensive programmes
are a significant, positive feature in supporting the expansion of our business.

At the half-year stage, I reported that the defence division had been awarded a
substantial contract by the UK Ministry of Defence for upgraded naval gun
systems. I am now able to report, that in addition, we have won our first export
order for the new guns. The forgings division has gathered added momentum
through enhanced capabilities, which will enable us to take additional advantage
of some of the current buoyant global markets. The petrol station forecourt
structures division continues to build on its inherent strengths through the
provision of an enhanced quality and width of service to customers.

Outlook

Across the Group, our trading positions have strengthened markedly as a result
of our determination to constantly improve our efficiency and effectiveness. We
must, and will, continue to invest appropriately in each of our businesses to
advance the Group's performance and augment our competitiveness in the world
markets. Our order book remains strong and all three divisions - each of which
is a leading supplier in its selected international markets - are well equipped
to meet the known tasks before us.

The Board recommends the payment of a raised final dividend of 2.20p (2005-
1.65p) making a total for the year of 2.78p (2005-2.15p).


Michael Bell
27 June 2006




Group Income Statement
For the 52 weeks ended 29th April, 2006
                                                                                                       2006        2005
                                                                                                      Total       Total
                                                                                                       £000        £000

Revenue: Group and share of joint venture                                                            44,435      38,241
Less: Share of joint venture                                                                        (7,676)     (6,046)


Revenue                                                                                              36,759      32,195
Cost of sales                                                                                      (27,131)    (23,205)


Gross profit                                                                                          9,628       8,990


Distribution costs                                                                                  (1,626)     (1,224)
Administrative expenses                                                                             (4,737)     (4,923)

                                                                                                    (6,363)     (6,147)


Group trading profit                                                                                  3,265       2,843
Share of post tax profits of joint venture accounted for using the equity method                        437         270


Group operating profit                                                                                3,702       3,113

Finance revenue                                                                                           2          37
Finance costs                                                                                          (40)        (38)
Other finance revenue - pension                                                                         142          78
                                                                                                        104          77

Profit before taxation                                                                                3,806       3,190

Taxation                                                                                            (1,309)       (947)


Profit for the period attributable to equity holders of the parent                                    2,497       2,243



Earnings per share:  basic                                                                            15.0p       12.4p
diluted                                                                                               14.3p       11.5p






Statement of Recognised Income and Expense
For the 52 weeks ended 29th April, 2006                                                 Group            Company
                                                                                    2006    2005      2006    2005
                                                                                   Total   Total     Total   Total
                                                                                    £000    £000      £000    £000

Actuarial gains/(losses) on defined benefit pension scheme                         3,726   (203)     3,726   (203)
Deferred taxation on actuarial gains/losses  on defined benefit pension scheme   (1,118)      61   (1,118)      61
Currency translation differences on foreign investments                               85       7        91     (8)


Net income/(expenses) recognised directly in equity                                2,693   (135)     2,699   (150)
Profit attributable to equity holders of the parent                                2,497   2,243     2,139   2,130


Total recognised income and expense for the period attributable to equity          5,190   2,108     4,838   1,980
holders of the parent



The financial information set out above does not constitute the Company's
statutory accounts for the periods ended 29th April, 2006 or 30th April, 2005
but is derived from those accounts.  Statutory accounts for 2005 have been
delivered to the Registrar of Companies, and those for 2006 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 Group previously prepared its primary financial statements under UK
generally accepted accounting principles ('UK GAAP').  From 2006 the Group is
required to prepare its consolidated financial statements in accordance with
International Financial Reporting Standards ('IFRS') as adopted by the European
Union. For the purpose of this document the term IFRS includes International
Accounting Standards.

The basis of transition to IFRS and a reconciliation between results previously
reported under UK GAAP and the comparative information presented here was
previously published in a separate IFRS announcement in November 2005.

These results represent the first annual financial statements the Group has
prepared in accordance with its accounting policies under IFRS and the
comparatives for 2005 have been restated from UK GAAP to comply with IFRS. The
accounting policies of the Group under IFRS can also be found in the separate
IFRS announcement published in November 2005.

The earnings per share is calculated by dividing the profit after taxation of
£2,497,000 (2005 - £2,243,000) by the weighted average of 16,639,123 (2005 -
18,018,988) shares in issue in the year.

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 1st September, 2006 to members on the books
of the Company at 4th August, 2006.



Balance Sheets
At 29th April, 2006
                                                             Group                               Company
                                                         2006                2005             2006               2005
                                                        £'000               £'000            £'000              £'000
ASSETS
Non-current assets
Property, plant and equipment                          12,000               8,299           11,814              8,119
Intangible assets                                         296                 323              296                323
Investments in subsidiaries                                -                   -             6,869              6,816
Investment in joint venture                             1,017                 708               50                 50
Deferred income tax asset                                  -                  514               -                 515

                                                       13,313               9,844           19,029             15,823

Current assets
Inventories                                             3,900               5,511            2,710              4,099
Trade and other receivables                             7,138               5,030            8,435              6,284
Prepayments                                             1,838                 360            1,781                319
Cash and cash equivalents                               5,190               1,013            5,212                920

                                                       18,066              11,914           18,138             11,622

TOTAL ASSETS                                           31,379              21,758           37,167             27,445

EQUITY AND LIABILITIES
Equity
Issued capital                                          1,871               1,886            1,871              1,886
Capital redemption reserve                                870                 855              870                855
Other reserves                                          1,544               1,544            1,544              1,544
Revaluation reserve                                     2,942                  -             2,942                 -
Special reserve                                         1,629               1,629            1,629              1,629
Foreign exchange reserve                                 (93)               (178)             (56)              (147)
Own shares                                              (738)               (738)            (738)              (738)
Retained earnings                                       5,082                 556            3,802              (366)

                                                       13,107               5,554           11,864              4,663

Non-current liabilities
Defined benefit pension liability                       1,171               5,039            1,171              5,039
Loans and borrowings                                        4                   5               -                  -
Provisions                                                114                 178              114                178
Government grants                                          41                  52               41                 52
Deferred income tax liability                             927                  -               922                 -

                                                        2,257               5,274            2,248              5,269

Current liabilities
Trade and other payables                               15,262              10,145           22,322             16,934
Loans and borrowings                                        2                 249               -                 246
Provisions                                                 65                  65               65                 65
Government grants                                          13                  13               13                 13
Income tax payable                                        673                 458              655                255

                                                       16,015              10,930           23,055             17,513

TOTAL EQUITY AND LIABILITIES                           31,379              21,758           37,167             27,445







Cash Flow Statements
For the 52 weeks ended 29th April, 2006                               Group                        Company
                                                             2006                   2005         2006         2005
                                                             £000                   £000         £000         £000

Trading profit                                              3,084                  2,843        2,872        2,659
Adjustments to reconcile trading profit to net cash in
flows from operating activities
Depreciation charge                                         1,115                    879        1,054          849
Amortisation charge                                            69                     12           69           12
Diminution in value of subsidiaries                            -                      -          (97)         (15)
Foreign exchange gains/(losses)                                38                   (13)           91          (8)
RSA grant release                                            (11)                   (13)         (11)         (13)
Pension charge                                                486                    492          486          492
Decrease/(increase) in inventories                          2,336                (2,743)        2,114      (2,143)
(Increase)/decrease in receivables                        (2,108)                  1,123      (2,151)          770
(Increase)/decrease in prepayments                        (1,478)                     38      (1,462)           49
Increase/(decrease) in payables                               358                  (514)          670        (672)
Increase in progress payments                               4,036                    705        4,036          705
Increase in provisions                                         -                      48           -            48
Provisions utilised                                          (64)                  (197)         (64)        (197)
Pension fund payments                                       (486)                  (630)        (486)        (630)

Cash generated from operating activities                    7,375                  2,030        7,121        1,906

Interest (paid)/received                                     (38)                    (2)         (25)            2
Taxation paid                                             (1,046)                  (763)        (759)        (762)

Net cash flow from operating activities                     6,291                  1,265        6,337        1,146

Investing activities
Purchase of property , plant and equipment                (1,526)                (1,204)      (1,446)      (1,132)
Purchase of intangible fixed assets                          (42)                   (46)         (42)         (46)
Sale of property, plant and equipment                         106                     22           93           21

Net cash used in investing activities                     (1,462)                (1,228)      (1,395)      (1,157)

Financing activities
Purchase of own shares                                      (207)                (1,325)        (207)      (1,325)
Dividends received from joint venture                         175                    200          175          200
Dividends paid                                              (372)                  (338)        (372)        (338)
Repayment of bank loans                                     (167)                  (333)        (167)        (333)
Repayments of capital element of finance leases              (81)                  (147)         (79)        (145)

Net cash flow used in financing activities                  (652)                (1,943)        (650)      (1,941)

Movement in cash and cash equivalents                       4,177                (1,906)        4,292      (1,952)
Opening cash and cash equivalents                           1,013                  2,919          920        2,872

Closing cash and cash equivalents                           5,190                  1,013        5,212          920




Reconciliation of movement in equity

                           Capital                                        Foreign
               Issued   redemption      Other   Revaluation    Special   exchange      Own   Retained     2006      2005
              capital      reserve   reserves       reserve   reserves   reserves   Shares   earnings    Total     Total
                 £000         £000       £000          £000       £000       £000     £000       £000     £000      £000
(a)  Group

At 30th         1,886          855      1,544            -       1,629      (178)    (738)        556    5,554     5,109
April, 2005
Total              -            -          -             -          -         85        -      5,105     5,190     2,108
recognised
income
and expense
for the year
Dividends          -            -          -             -          -          -        -       (372)    (372)     (338)
paid
Repurchase       (15)          15          -             -          -          -        -       (207)    (207)   (1,325)
of shares
Revaluation        -            -          -         3,396          -          -        -          -     3,396        -
of Land and
Buildings
Deferred           -            -          -          (454)         -          -        -          -     (454)        -
taxation on
revaluation

At 29th         1,871          870      1,544         2,942      1,629       (93)    (738)      5,082   13,107     5,554
April, 2006


(b) Company

At 30th        1,886          855      1,544             -      1,629       (147)    (738)      (366)    4,663    4,346
April, 2005
Total              -            -          -             -          -         91        -      4,747     4,838    1,980
recognised
income
and expense
for the year
Dividends          -            -          -             -          -          -        -       (372)    (372)     (338)
paid
Repurchase       (15)          15          -             -          -          -        -       (207)    (207)   (1,325)
of shares
Revaluation        -            -          -         3,396          -          -        -          -     3,396        -
of Land and
Buildings
Deferred           -            -          -          (454)         -          -        -          -     (454)        -
taxation on
revaluation

At 29th         1,871          870      1,544         2,942      1,629       (56)    (738)      3,802   11,864     4,663
April, 2006




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