Interim Results

MS International PLC 27 November 2006 MS INTERNATIONAL plc EXECUTIVE DIRECTORS Michael Bell Michael O'Connell David Pyle NON EXECUTIVE Roger Lane-Smith SECRETARY David Pyle REGISTERED OFFICE Balby Carr Bank Doncaster DN4 8DH PRINCIPAL OPERATING DIVISIONS Defence Forgings Petrol Station Superstructures JOINT VENTURE Global-MSI plc MS INTERNATIONAL plc Chairman's Statement I am pleased to report that we have continued to make good progress in the first half of the current year. The Group achieved a marked upgrading in performance across a range of measures during the previous year and I am delighted that we have consolidated that elevated status in the six months to 28 October 2006. A profit before taxation of Â£1.98m (2005 - Â£2.00m) was achieved on revenue of Â£22.88m (2005 - Â£23.22). Earnings per share were 8.1p (2005 - 8.1p) The three operating divisions - defence, forgings and petrol station superstructures sustained a good and stable level of performance, subject only to programme variations and the timing of their respective market demands. The balance sheet remains robust, with net cash of Â£3.24m albeit our policy of propitious and unrelenting capital investment in advancing the technological expertise of the businesses proceeds at a high level. The order book is strong and of good quality and we are positioning ourselves to make further progress, supported in the belief that there are some interesting opportunities for the Group in the markets we serve. The Board continues to view the outlook with cautious optimism. Taking these matters into account the Board has declared an interim dividend of 0.60p per share (2005 - 0.58p) Michael Bell 24 November 2006. MS INTERNATIONAL plc Basis of Preparation These interim financial statements, which have been prepared on the basis of the accounting policies set out in the Company's 2006 statutory accounts (other than the adoption of the proportionate method of accounting for the joint venture as set out below) do not constitute statutory accounts within the meaning of section 254 of the Companies Act 1985 and are unaudited. The figures for the year ended 30th April, 2006 do not constitute the Company's statutory accounts for the period but have been extracted from the statutory accounts. The auditor's report on those accounts, which have been filed with the Registrar of Companies, was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. These interim financial statements have been prepared using the proportionate method of accounting for the interest of the Group in Global-MSI plc, a jointly owned entity. The figures for the 26 weeks ended 29th October, 2005 and for the 52 weeks ended 29th April, 2006 have been restated accordingly. It is the opinion of the directors that the proportionate method of accounting, rather than the equity method, better reflects the substance and economic reality of our interest in the joint venture. As a result of the change, the balance sheet includes the Group's share of the joint venture's assets and liabilities and the income statement includes its share of the income and expenses but the restatement does not affect the previously reported figures for profit before taxation, earnings per share or equity. Consolidated Income Statement Restated Restated 26 weeks ended 26 weeks ended 52 weeks ended 28th Oct. 2006 29th Oct. 2005 29th April 2006 Â£'000 Â£'000 Â£'000 Revenue 22,878 23,216 44,435 Profit before finance and taxation 1,683 1,959 3,871 Net finance revenue 292 36 104 Profit before taxation 1,975 1,995 3,975 Taxation (633) (638) (1,478) Profit for the period attributable to equity holders 1,342 1,357 2,497 of the parent Earnings per share - basic 8.1p 8.1p 15.0p Earnings per share - diluted 7.8p 7.7p 14.3p MS INTERNATIONAL plc Statement of Recognised Income and Expense Restated Restated 26 weeks ended 26 weeks 52 weeks 28th Oct. 2006 ended 29th ended 29th Oct. 2005 April 2006 Â£'000 Â£'000 Â£'000 Actuarial (losses)/ gains on defined benefit pension scheme (970) 636 3,726 Deferred taxation on actuarial losses/gains on defined benefit 291 (191) (1,118) pension scheme Currency translation differences on foreign investments (29) 52 85 Net income recognised directly in equity (708) 497 2,693 Profit attributable to equity holders of the parent 1,342 1,357 2,497 Total recognised income and expense for the period 634 1,854 5,190 attributable to equity holders of the parent Notes 1. Taxation has been calculated at 32% (2005 - 32%) on the Group profit for the period as adjusted for taxation purposes. 2. The Board has declared an interim dividend of 0.60p per share. Dividend warrants will be posted on 26th January, 2007 to members registered on the books of the Company at 5th January, 2007 MS INTERNATIONAL plc Consolidated Balance Sheet Restated Restated As at 28th As at 29th As at 29th Oct. 2006 Oct. 2005 April 2006 Â£'000 Â£'000 Â£'000 ASSETS Non current assets Property, plant and equipment 13,011 8,750 12,368 Intangible assets 271 275 296 Deferred income tax asset - 301 - 13,282 9,326 12,664 Current assets Inventories 4,447 5,246 4,176 Trade and other receivables 6,725 8,545 8,013 Prepayments 2,706 682 1,863 Cash and cash equivalents 3,241 - 5,907 17,119 14,473 19,959 TOTAL ASSETS 30,401 23,799 32,623 EQUITY AND LIABILITIES Equity Issued capital 1,871 1,881 1,871 Capital redemption reserve 870 860 870 Other reserves 1,544 1,544 1,544 Revaluation reserve 2,942 - 2,942 Special reserve 1,629 1,629 1,629 Foreign exchange reserve (122) (126) (93) Own shares (738) (738) (738) Retained earnings 5,381 2,022 5,082 13,377 7,072 13,107 Non current liabilities Pension liability 1,883 4,337 1,171 Loans and borrowings 2 4 4 Provisions 81 146 114 Government grants 35 46 41 Deferred income tax liability 713 - 927 2,714 4,533 2,257 Current liabilities Trade and other payables 13,590 11,193 16,385 Loans and borrowings 2 67 2 Provisions 65 65 65 Government grants 13 13 13 Income tax payable 640 780 794 Cash and cash equivalents - 76 - 14,310 12,194 17,259 TOTAL EQUITY AND LIABILITIES 30,401 23,799 32,623 MS INTERNATIONAL plc Consolidated Cash Flow Statement Restated Restated 26 weeks ended 26 weeks ended 52 weeks ended 28th Oct. 2006 29th Oct. 2005 29th April 2006 Â£'000 Â£'000 Â£'000 Net Cash (Outflow)/Inflow from Operating Activities (1,057) (189) 7,005 Investing activities Purchase of intangible fixed assets (85) (8) (42) Purchase of tangible fixed assets (1,247) (842) (1,729) Sale of tangible fixed assets 89 97 115 Net Cash Used in Investing Activities (1,243) (753) (1,656) Financing activities Purchase of own shares - (60) (207) Dividends paid (364) (276) (372) Repayment of bank loan - (139) (167) Repayment of capital element of finance leases (2) (44) (81) Net Cash Flow from Financing Activities (366) (519) (827) Movement in cash and cash equivalents (2,666) (1,461) 4,522 Opening cash and cash equivalents 5,907 1,385 1,385 Closing cash and cash equivalents 3,241 (76) 5,907 MS INTERNATIONAL plc Reconciliation of Movement in Equity Issued Capital Other Revaluation Special Foreign Own Retained Total capital redemption reserves reserve reserve exchange shares earnings reserve reserve Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30th April, 2005 1,886 855 1,544 - 1,629 (178) (738) 556 5,554 Total recognised - - - - - 52 - 1,802 1,854 income and expense for the period Dividends paid - - - - - - - (276) (276) Repurchase of own (5) 5 - - - - - (60) (60) shares At 29th October, 1,881 860 1,544 - 1,629 (126) (738) 2,022 7,072 2005 Total recognised - - - - - 33 - 3,303 3,336 income and expense for the period Dividends paid - - - - - - - (96) (96) Repurchase of own (10) 10 - - - - - (147) (147) shares Revaluation of Land - - - 3,396 - - - - 3,396 and Buildings Deferred taxation on - - - (454) - - - - (454) revaluation At 29th April 2006 1,871 870 1,544 2,942 1,629 (93) (738) 5,082 13,107 Total recognised - - - - - (29) - 663 634 income and expense for the period Dividends paid - - - - - - - (364) (364) At 28th October 2006 1,871 870 1,544 2,942 1,629 (122) (738) 5,381 13,377 MS INTERNATIONAL plc Net Cash (Outflow)/Inflow from Operating Activities Restated Restated 26 weeks 26 weeks 52 weeks ended ended 28th ended 29th 29th April Oct. 2006 Oct. 2005 2006 Â£'000 Â£'000 Â£'000 Profit before finance and taxation 1,683 1,959 3,871 Adjustments to reconcile trading profit to net cash flow from operating activities Depreciation 507 615 1,250 Amortisation of intangible fixed assets 110 47 69 Foreign exchange (losses)/gains (29) 52 85 Government grant release (6) (6) (11) Provisions utilised (33) (32) (64) Pension charge 304 249 486 Loss/(profit) on sale of fixed assets 8 (4) - Decrease in inventories 823 1,356 2,323 Decrease/(increase) in receivables 1,288 (2,389) (1,857) Increase in prepayments (843) (302) (1,483) (Decrease)/increase in payables (714) 40 215 (Decrease)/increase in progress payments (3,224) (1,130) 3,991 Pension fund payments (295) (242) (486) Cash generated from operations (421) 213 8,389 Interest received/(paid) 74 (37) (38) Taxation paid (710) (365) (1,346) Net cash (outflow)/inflow from operating activities (1,057) (189) 7,005 This information is provided by RNS The company news service from the London Stock Exchange

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