Interim Results

MS International PLC
29 November 2005



                                  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 Forecourt Structures

                                      JOINT VENTURE
                                       Global-MSI plc




Chairman's Statement

I am pleased to report that the year has started well, reflecting the continuing
strength of the markets we serve.  In addition, our commitment to investing in
the business, through both capital investment and product development
programmes, continued to serve us well and placed us in a good position to take
advantage of the many global opportunities available to us. The outcome was
escalating levels of activity that culminated in both higher revenues and
profits for the Group.

A profit before taxation of £2.00m (2004 - £1.54m) was achieved on revenue of
£19.30m (2004 - £16.41m) for the twenty-six weeks to 29 October 2005. Earnings
per share were 8.1p (2004 - 5.4p).

The three operating divisions - defence, forgings and petrol station forecourt
structures - each achieved higher revenue and enhanced profitability,
highlighting the improving quality of the underlying substance and operating
performances of the individual businesses.

The cumulative value of the Group's order book has grown progressively in line
with the upturn in business activity that coincided with some superior
production processes coming on stream.

In September, the order book was enhanced significantly when the UK Ministry of
Defence (MoD) announced that it had awarded the Company a £15m contract to
up-grade a first batch of twenty-four of our in-service MSI-DS 30mm naval gun
systems. Since 2000 it has been evident that the MoD required an effective
solution to reduce the vulnerability of warships operating in littoral waters
from armed combatants approaching vessels by using small, fast civil craft.
Following three years of research and the development of a trials demonstrator,
the Royal Navy, in 2003, conducted comprehensive sea trials of the MSI solution.
The up-grade, which incorporates innovative sensor and tracking technology in a
reconfigured design, was down-selected by the MoD as the most efficient and cost
effective solution proposed, when compared to other offerings from international
competitors. Deliveries commence in 2006 and will be phased over a number of
years.

During the half year the Company purchased 50,000 MS INTERNATIONAL plc shares
for cancellation, at a total cost of £60,000. At the end of the half-year, net
borrowings amounted to £420,000.

I advised shareholders in my last annual statement that the Board was
considering a move to the AIM market. After further review the Board is of the
opinion that such a move would not necessarily provide a more appropriate option
to the main exchange and therefore we do not currently propose a change.

The Board remains cautiously optimistic that the levels of trading will continue
through the remainder of the year. These matters considered the Board has
declared an interim dividend of 0.58p per share (2004 - 0.50p).

                               
Michael Bell                                               28th November 2005


                            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 announcement restating financial information
under International Financial Reporting Standards (copies of which are available
from the Company Secretary, on request), 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, 2005 do not constitute the Company's
statutory accounts for that period but have been extracted from the statutory
accounts and then translated into International Financial Reporting Standards.

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.

Consolidated Income Statement
                                                26 weeks ended       26 weeks ended       52 weeks ended
                                                29th Oct. 2005       30th Oct. 2004      30th April 2005
                                                         £'000                £'000                £'000
Group revenue                                           19,301               16,408               32,195


Profit before interest and taxation                      1,570                1,293                2,921
Interest receivable                                          -                   35                   37
Interest payable                                           (39)                 (20)                 (38)
Share of profit of joint venture                           464                  236                  369

Profit before taxation                                   1,995                1,544                3,289

Taxation                                                  (638)                (519)              (1,046)

Profit for the period attributable to equity 
holders of the parent                                    1,357                1,025                2,243

Earnings per share - basic                                 8.1p                 5.4p                12.4p

Earnings per share - diluted                               7.7p                 5.0p                11.5p



                                                  MS INTERNATIONAL plc

Statement of Recognised Income and Expenses

                                                                  26 weeks               26 weeks          52 weeks
                                                           ended 29th Oct.             ended 30th        ended 30th
                                                                      2005              Oct. 2004        April 2005
                                                                     £'000                  £'000             £'000

Actuarial gains/(losses) on defined benefit pension                    636                     23             (203)
scheme
Deferred taxation on actuarial gains/losses on defined               (191)                    (7)                61
benefit pension scheme
Currency translation differences on foreign investments                 52                    (8)                 7
Profit attributable to equity holders of the parent                  1,357                  1,025             2,243

Total recognised income and expenses for the period                  1,854                  1,033             2,108


Notes
1.   Taxation on profit has been calculated at 32% (2004 - 34%) on the Group profit for the period as adjusted for
     taxation purposes, and includes a charge of £125,000 in respect of the joint venture (2004 - £64,000)

2.   The Board has declared an interim dividend of 0.58p per share.  Dividend warrants will be posted on 27th
     January, 2006 to members registered on the books of the Company at 6th January, 2006

3.   On the 3rd October, 2005, the Company redeemed  50,000 of its own ordinary shares at a market price of  120 1/2p



                                           MS INTERNATIONAL plc

Consolidated Balance Sheet
                                                    26 weeks ended       26 weeks ended      52 weeks ended
                                                    29th Oct. 2005       30th Oct. 2004     30th April 2005
                                                             £'000                £'000               £'000
ASSETS
Non current assets
Property, plant and equipment                                8,412                8,030               8,299
Intangible assets                                              275                  326                 323
Investment in joint venture                                  1,047                  596                 708
Deferred income tax asset                                      301                  505                 514

                                                            10,035                9,457               9,844

Current assets
Inventories                                                  4,906                5,190               5,511
Trade and other receivables                                  6,421                6,552               5,030
Prepayments                                                    609                  102                 360
Cash and cash equivalents                                        -                1,454               1,013

                                                            11,936               13,298              11,914

TOTAL ASSETS                                                21,971               22,755              21,758

EQUITY AND LIABILITIES
Equity
Issued capital                                               1,881                1,969               1,886
Capital redemption reserve                                     860                  772                 855
Revaluation reserve                                          1,544                1,544               1,544
Special reserve                                              1,629                1,629               1,629
Foreign exchange reserve                                     (126)                (185)               (178)
Own shares                                                   (738)                (738)               (738)
Retained earnings                                            2,022                  240                 556

                                                             7,072                5,231               5,554
Non current liabilities
Pension liability                                            4,337                4,787               5,039
Loans and borrowings                                             4                   42                   5
Provisions                                                     146                  243                 178
Government grants                                               46                   60                  52

                                                             4,533                5,132               5,274

Current liabilities
Trade and other payables                                     9,201               11,366              10,145
Loans and borrowings                                            67                  422                 249
Provisions                                                      65                  164                  65
Government grants                                               13                   13                  13
Income tax payable                                             600                  427                 458
Cash and cash equivalents                                      420                   -                   -

                                                            10,366               12,392              10,930

TOTAL EQUITY AND LIABILITIES                                21,971               22,755              21,758



                                                    MS INTERNATIONAL plc

Consolidated Cash Flow Statement

                                                     26 weeks ended      26 weeks ended       52 weeks ended
                                                     29th Oct. 2005      30th Oct. 2004      30th April 2005
                                                              £'000               £'000                £'000

Net Cash (Outflow)/Inflow from Operating Activities            (253)                 13                1,265
Investing activities
Dividends received from joint venture                             -                 200                  200
Purchase of intangible fixed assets                              (8)                (46)                 (46)
Purchase of tangible fixed assets                              (750)               (443)              (1,204)
Sale of tangible fixed assets                                    97                   -                   22

Net Cash Used in Investing Activities                          (661)               (289)              (1,028)
Financing activities
Purchase of own shares                                          (60)               (669)              (1,325)
Dividends paid                                                 (276)               (250)                (338)
Repayment of bank loan                                         (139)               (167)                (333)
Repayment of capital element of finance leases                  (44)               (103)                (147)

Net Cash Flow from Financing Activities                        (519)             (1,189)              (2,143)

Movement in cash and cash equivalents                        (1,433)             (1,465)              (1,906)
Opening cash and cash equivalents                             1,013               2,919                2,919

Closing cash and cash equivalents                              (420)              1,454                1,013




                                                     MS INTERNATIONAL plc

Reconciliation of Movement in Equity

                               Share       Capital    Revaluation     Foreign    Special       Own    Retained    Total
                             Capital    Redemption        reserve    exchange    reserve    Shares    Earnings
                                           reserve                    reserve

At 30th October, 2004          1,969           772          1,544       (185)      1,629     (738)         240    5,231
Profit attributable to            -             -              -           -          -         -        1,218    1,218
equity holders of the
parent
Dividends                         -             -              -           -          -         -         (88)     (88)
Actuarial losses on               -             -              -           -          -         -        (226)    (226)
deferred benefit pension
scheme
Deferred taxation on              -             -              -           -          -         -           68       68
actuarial losses
Foreign exchange                  -             -              -            7         -         -           -         7
adjustments in
retranslation of overseas
  investments
Repurchase of own shares        (83)            83             -           -          -         -        (656)    (656)

At 30th April 2005             1,886           855          1,544       (178)      1,629     (738)         556    5,554

Profit attributable to            -             -              -           -          -         -        1,357    1,357
equity holders of the
parent
Dividends                         -             -              -           -          -         -        (276)    (276)
Actuarial profits on              -             -              -           -          -         -          636      636
defined benefit pension
scheme
Deferred taxation on              -             -              -           -          -         -        (191)    (191)
actuarial profits
Foreign exchange                  -             -              -           52         -         -           -        52
adjustments in
retranslation of overseas
investments
Repurchase of own shares         (5)             5             -           -          -         -         (60)     (60)


At 29th October 2005           1,881           860          1,544       (126)      1,629     (738)       2,022    7,072



                                                     MS INTERNATIONAL plc

Net Cash (Outflow)/Inflow from Operating Activities


                                                            26 weeks ended   26 weeks ended   52 weeks ended
                                                            29th Oct. 2005   30th Oct. 2004  30th April 2005
                                                                     £'000            £'000            £'000

Profit before interest and taxation                                  1,570            1,293            2,921
Depreciation                                                           552              418              891
Amortisation of intangible fixed assets                                 47                -                -
Foreign exchange gains/(losses)                                         52              (16)             (13)
Government grant release                                                (6)              (5)             (13)
Provisions utilised                                                    (32)             (33)            (197)
Pension charge                                                         176              140              414
Profit on sale of fixed assets                                          (4)               -                -
Decrease/(increase) in inventories                                   1,433           (1,101)          (2,743)
(Increase)/decrease in receivables                                  (1,331)            (499)           1,123
(Increase)/decrease in prepayments                                    (309)             296               38
(Decrease)/increase in payables                                       (529)             560             (514)
(Decrease)/increase in progress payments                            (1,243)            (359)             705
Increase in provisions                                                   -               48               48
Pension fund payments                                                 (242)            (381)            (630)

Cash generated from operations                                         134              361            2,030
Interest (paid)/received                                               (39)              13               (2)
Taxation paid                                                         (348)            (361)            (763)

Net cash (outflow)/inflow from operating activities                   (253)              13            1,265





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