Interim Results - Pre-tax Profit Up 11%

MS International PLC
2 December 1999



               Michael Bell, MS INTERNATIONAL plc
               Tel:  [phone]

               Terry Garrett, Ludgate Communications
               Tel:   [phone]



                       MS INTERNATIONAL plc
                                 
              HALF YEAR RESULTS TO OCTOBER 30th 1999
                                 
                       FINANCIAL HIGHLIGHTS



*    Pre - tax profits increased by 11% to £0.55m (1998: £0.50m)

*    Earnings per share rose by 33% to 1.6p (1998: 1.2p)

*    Almost 4m shares bought in at a cost of £1.03m

*    Strong cash generation with net cash of £1.08m (1998: debt of
     £0.94m)

*    Interim dividend of 0.30p (1998: 0.25p), a 20% increase


Michael Bell, Chairman, commented:

'The  Group  has made a promising start to the year  with  a
further  gain  in  the  level  of  profitability  and   cash
generation.  We  have  adapted  well  to  living  with   the
persistent strengthening of Sterling.'

'Partly  as a result of the currency exchange rates, volumes
were not as strong as we might otherwise have wished, but we
remain  resolute in our commitment to margin enhancement  by
reducing costs and being highly selective in the business we
undertake.'

'Pleasingly, profits doubled at the operating level - before
taking into account our share of the profit of the joint
venture business.'
                                 
Chairman's Statement

Results

The  Group  has made a promising start to the  year  with  a
further  gain  in  the  level  of  profitability  and   cash
generation.  We  have  adapted  well  to  living  with   the
persistent  strengthening of Sterling, the effect  of  which
though has been most damaging in many of our markets. Partly
as a result of the currency exchange rates, volumes were not
as  strong as we might otherwise have wished, but we  remain
resolute in our commitment to margin enhancement by reducing
costs  and  being  highly  selective  in  the  business   we
undertake.

Despite  the subsequent 11% reduction in turnover to £16.54m
in  the six months to 30 October (1998 - £18.56m), we  still
increased the comparable level of pre-tax profit by 11 %  to
£0.55m  (1998-£0.50m restated). Earnings per share  rose  by
one  third  to 1.6p (1998-1.2p). At the end of  October  net
cash amounted to £1.08m (1998 - £0.94m of debt), even though
the  Company bought-in 3,975,000 of its own shares at a cost
of £1.03m within the period.

Pleasingly, profits doubled at the operating level -  before
taking  into  account our share of the profit of  the  joint
venture  business. Within the three divisions,  the  defence
and   forgings  divisions  both  performed  well,  with  the
forgings  division  in  particular making  a  much  improved
contribution.  The specialist steel fabrications  division's
result  however  was disappointing, with sales  considerably
lower  than the corresponding period last year. I  explained
in  my  June statement, that the major restructuring  within
the  oil industry was having a temporary detrimental  effect
on  the  order  intake  at Global-MSI plc.  Those  depressed
circumstances  continued throughout the first  half  of  the
current  year  and reduced activity levels significantly  in
our prime European market.


Outlook

We  have  recently seen signs of some positive movements  in
the  conditions  of  the  markets that  are  served  by  our
specialist steel fabrications division. Although the  market
could   have  bottomed,  it  may  be  too  presumptuous   to
anticipate  a  speedy  return  to  the  previous  levels  of
trading.  Clearly, further advancement in this sector  would
aid  the  Group's  overall performance, and  complement  the
considerable  substance  of  the  defence  business  and  an
improving forgings division.

The Group order book is currently at a similar level to that
reported  in  June,  at £23m and the balance  sheet  remains
strong.

The  Board,  whilst  seeking a balance  between  a  measured
confidence  and  an element of caution, is recommending  the
payment  of an increased interim dividend of 0.30p  (1998  -
0.25p)



Michael Bell



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   1999   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 May 1st, 1999 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     52 weeks
               ended Oct 30th ended Oct 31st ended May 1st
                          1999          1998         1999
                                 as restated
                         £'000         £'000        £'000

Turnover:  Group and
share of joint venture  16,543        18,560       35,825
Less:  Share of joint
venture turnover        (1,784)       (2,707)      (5,109)
------------------------------------------------------------
Group turnover          14,759        15,853       30,716
------------------------------------------------------------

Operating profit           515           258          813
Share of operating profit
of joint venture            42           267          374
Exceptional items:
Group                        -             3            3
Joint venture                3             2            7
------------------------------------------------------------

Profit on ordinary
activities before interest 560           530        1,197

Interest receivable:
Group                       44             -           32
Joint venture                6            12           19
Interest payable:
Group                      (57)          (38)        (131)
------------------------------------------------------------

Profit on ordinary
activities before taxation 553           504        1,117

Taxation on profit on
ordinary activities       (184)         (206)        (392)
------------------------------------------------------------
Profit for the
financial period           369           298          725

Dividends: Interim payable (70)          (69)         (69)
           Final payable     -             -         (205)
Receivable by ESOT           8             7           27

                           (62)          (62)        (247)
------------------------------------------------------------
Profit for the period      307           236          478
------------------------------------------------------------
Earnings per share         1.6           1.2          2.9
------------------------------------------------------------

The   comparative  profit  on  ordinary  activities   before
taxation  has been amended for UITF13 as amended  by  FRS14,
requiring ESOT dividends to be deducted from dividends paid.

MS INTERNATIONAL plc

Group Statement of Recognised Gains and Losses


                                                    £'000

Profit for the financial period                       369
Translation  differences on foreign currency
net investments                                        (4)
                                                ---------
Total gains recognised in the period                  365
                                                ---------

Notes

1.Exceptional  items  comprise:  £'000    £'000  £'000

  Profit on sale of tangible
   fixed assets                      3        5     10
                           ---------------------------

2.   Tax  on  profit on ordinary activities has been calculated
  at 30% (1998 - 31%) on the  group  profit   for the period as 
  adjusted  for  taxation  purposes, and  includes  a charge of 
  £12,000 in respect of the  joint venture.

3.   Dividend warrants will be posted on  February 4th, 2000 to
  members registered on the books of the Company at January 6th,
  2000.

4.   A group-wide policy to address the Year 2000 computer issues
  is now complete.  Given the complexity of the matter, it is not
  possible to guarantee that at least  some  level  of disruption 
  may not occur. The Board believes it has achieved an acceptable 
  state of  readiness and is  capable of dealing with any related 
  challenges should they arise.

MS INTERNATIONAL plc

Group Balance Sheet

                                     At        At        At
                               Oct 30th, Oct 31st,  May 1st,
                                   1999      1998      1999
                                        as restated
                                 £'000      £'000     £'000

Assets employed
Fixed assets                     6,289     6,486     6,428
Investment in joint venture:
  Share of gross assets          1,484     1,529     1,383
  Share of gross liabilities    (1,077)   (1,054)   (1,015)
Investment in own shares           598       598       598
------------------------------------------------------------
                                 7,294     7,559     7,394
------------------------------------------------------------
Current assets
Stocks                           3,807     5,001     4,530
Debtors                          6,580     7,243     6,402
Group pension scheme prepayment
  -due after more than one year  6,990     6,990     6,990
Cash at bank and in hand         1,927       236     2,447
------------------------------------------------------------
                                19,304    19,470    20,369
Creditors - amounts falling due
within one year
  Bank loans and overdrafts        845       901       918
  Other                          9,134     9,275     9,314
------------------------------------------------------------
Net current assets               9,325     9,294    10,137
------------------------------------------------------------
Total assets less current
liabilities                     16,619    16,853    17,531

Creditors - amounts falling due after more than one year
  Bank loans                         -       278       111
  Other                             67        67       139
Provisions for liabilities
and charges                      2,665     2,143     2,665
------------------------------------------------------------
Total assets less liabilities   13,887    14,365    14,616
------------------------------------------------------------

Capital and Reserves
Called up share capital          2,343     2,741     2,741
Capital redemption reserve         398         -         -
Revaluation reserve              2,368     2,368     2,368
Other reserve                    4,711     4,688     4,715
Special reserve                  1,487     1,487     1,487
Profit and loss account          2,580     3,081     3,305
------------------------------------------------------------
Equity shareholders' funds       13,887    14,365   14,616
------------------------------------------------------------

MS INTERNATIONAL plc

Notes:                                               £'000

(1)  Movement in profit and loss account is as follows:
  At  October 31st, 1998                             3,081
  Profit attributable to members 26 weeks
  ended May 1st, 1999                                  409
  Dividends                                           (185)
                                              ------------
  At  May 1st, 1999                                  3,305
  Purchase of own shares                            (1,032)
  Profit attributable to members 26 weeks
  ended October 30th, 1999                             369
  Dividends                                            (62)
                                              ------------
  At October 30th, 1999                              2,580
                                              ------------
  
(2)During the period the company redeemed 1,425,000 ordinary
  shares  at a market price of 24.5p and 2,550,000  ordinary
  shares at a market price of 26.775p
  
  
MS INTERNATIONAL plc

Group Cash Flow Statement
                         26 weeks      26 weeks     52 weeks
                            ended         ended        ended
                        Oct 30th,     Oct 31st,     May 1st,
                             1999          1998         1999
                                    as restated
                            £'000         £'000        £'000

Operating profit              515           258          813
Depreciation charge           272           290          545
Foreign exchange (losses)
/gains                         (4)           (1)          26
RSA grant release             (19)          (19)         (37)
Decrease/(increase) in
stocks                      1,659          (682)      (1,131)
(Increase)/decrease in
debtors                      (178)         (366)         511
(Decrease) in creditors    (1,490)         (277)        (465)
Increase in progress
payments                      315           269        1,815
Increase in provisions          -             -          275
Provisions utilised             -             -         (209)
------------------------------------------------------------
Cash flow from operating
activities                  1,070          (528)       2,143

Dividends received from
joint venture                   -            30          100

Interest paid                 (13)          (71)         (80)

Taxation                      (45)            -         (148)

Purchase of tangible
fixed assets                 (133)         (178)        (391)
Sale of tangible
fixed  assets                   -             5           21
Loans repaid by joint
venture                         -           150          209

Capital expenditure and
financial investment         (133)          (23)        (161)

Dividends paid               (197)         (154)        (220)
------------------------------------------------------------
Cash flow before financing    682          (746)       1,634
------------------------------------------------------------

Cash flow before financing    682          (746)       1,634

Financing
Purchase of own shares     (1,032)            -            -
Long term bank loans repaid  (166)         (139)        (364)
New finance leases undertaken  62             -            -
Repayments of capital element
of finance loans  and hire
purchase contracts            (48)          (44)         (63)
------------------------------------------------------------
                           (1,184)         (183)        (427)
------------------------------------------------------------
(Decrease)/increase in cash  (502)         (929)       1,207
------------------------------------------------------------

Reconciliation of Net Cash Flow to Movement in Net Funds

                            £'000         £'000        £'000

(Decrease)/increase in cash  (502)         (929)       1,207
Cash outflow from decrease
in loans                      166           139          364
Repayments of capital element
of finance loans  and hire
purchase contracts             48            44           63
------------------------------------------------------------
Changes in net funds
resulting from cash flow     (288)         (746)       1,634

New finance loans and hire
purchase contracts            (62)            -            -
------------------------------------------------------------
Movement in net funds        (350)         (746)       1,634

Net funds at
May 1st, 1999               1,328          (306)        (306)
------------------------------------------------------------
Net funds at
October 30th, 1999            978        (1,052)       1,328
------------------------------------------------------------