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Final Results

7th Jun 2017 07:00

RNS Number : 3461H

MS International PLC

07 June 2017

MS INTERNATIONAL plc

Results for the 52 weeks ended 29th April, 2017

Chairman's Statement

Results and Review

It has been a period of solid growth across much of the Group coupled with important and significant new investment to ensure we continue to take full advantage of future opportunities.

Revenue has increased across three of the Group's four divisions and it would have been all four had it not been for the rescheduling of a delivery, for a long standing international defence customer, into our 2017/18 financial year. Even so, overall revenue was up an impressive 9.2% at £53.82m for the year ended 29th April 2017 (2016 - £49.28m).

Investment across the divisions was considerable and wide ranging, reflecting our determination and commitment to optimise their future potential. This increased investment nevertheless impacted short term returns and profit before taxation amounted to £1.53m (2016 - £1.68m). Earnings per share were 9.1p (2016 - 9.6p).

The balance sheet is strong and at the year-end had net cash amounting to £15.21m (2016 - £12.76m).

'Defence division' markets generally remained testing, reflecting the many constraints placed on global defence ministries which are faced with numerous, diverse threats and yet often only have limited resources to support military procurement programmes. Hence, although programmes may be approved and planning initiated, thereafter they frequently become delayed; postponed or at worst, even cancelled. Despite such unpredictability, it is important that we continue to invest in extensive new product development as well as essential international marketing campaigns, as we seek to match the ever-changing requirements and expectations of the international market.

'Forgings division' lifted revenue by 6% as a result of strong growth in the United States and a good measure of recovery in our Brazilian operations. European markets serviced from our UK facility, remained relatively constant but were, as a result, highly competitive. The very recent production 'start-up phase' of our new superb and substantial fork-arm manufacturing property in South Carolina - a notable investment - is in process. Whilst there is still much to do and costs to complete, the facility will provide a significant capability to meet the opportunities of a changing market place.

'Petrol Station Superstructures division' produced an impressive performance, lifting revenue by some 26% over last year. Pleasingly, the number of petrol stations operating in the UK increased in 2016, the first upturn in several decades. Demand for new station builds, upgrades, plus repairs and maintenance work created a strong market for 'Global-MSI'. Clearly, we are also benefiting from having added the complimentary capabilities of station branding via 'Petrol Sign' to that of our established design, manufacture and construction of canopies and convenience stores. Our broader offering has enabled the division's marketing operations to gain added impetus. Elsewhere, in a response to a lean market for new petrol stations in Eastern Europe, our Polish operation successfully expanded into other markets and completed new station builds in twelve other countries around the world in addition to its native Poland.

'Petrol Station Branding division,' with operations in the Netherlands; Germany and the UK are all making progress. Towards the end of the period, we were at last able to commence initial work on an extensive programme to rebrand the estate of a major petrol station client in Germany. The Netherlands' operation continues to support the initiation of the German programme and the UK business also in its first year of operation, successfully winning business independently and also when teaming-up with the 'Petrol Station Superstructures Division', for those clients requiring a 'one-stop' turn-key service.

Outlook

We believe that the Group is in excellent shape and well positioned to achieve further progress following the considerable investment made across the various businesses. The order book is at a higher level than at this time last year; in particular there is a good level of orders in hand for both established and recently developed defence products. The new fork-arm facility in the United States has commenced some initial production and the prospects for our two divisions that service the petrol station market, look most promising.

All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2016 - 6.5p), making the total for the year of 8p (2016 - 8p). The final dividend is expected to be paid on 24th July 2017 to those shareholders on the register at the close of business on 23rd June 2017.

Michael Bell

6th June 2017

For any further information please contact:
MS INTERNATIONAL plc Michael Bell	Tel: 01 302 322133

Shore Capital Nomad and Broker Bidhi Bhoma/Patrick Castle	Tel: (0) 20 7408 4090

Consolidated income statement
For the 52 weeks ended 29th April, 2017
			2017	2016
Continuing operations			Total	Total
			£000	£000

Revenue			53,823	49,282
Cost of sales			(38,875)	(36,413)


Gross profit			14,948	12,869


Distribution costs			(3,654)	(3,104)
Administrative expenses			(9,523)	(7,909)

			(13,177)	(11,013)


Group operating profit			1,771	1,856

Finance revenue			33	47
Finance costs			(31)	(5)
Other finance costs - pensions			(247)	(216)
			(245)	(174)

Profit before taxation			1,526	1,682

Taxation			(28)	(98)


Profit for the period attributable to equity holders of the parent			1,498	1,584


Earnings per share: basic and diluted			9.1p	9.6p


Consolidated and company statement of comprehensive income
For the 52 weeks ended 29th April, 2017
	Group		Company
	2017	2016	2017	2016
	Total	Total	Total	Total
	£000	£000	£000	£000

Profit for the period attributable to equity holders of the parent	1,498	1,584	2,702	1,926


Exchange differences on retranslation of foreign operations	757	228	-	-


Net other comprehensive profit to be reclassified to profit or loss in subsequent periods	757	228	-	-


Remeasurement gains/(losses) on defined benefit pension scheme	95	(826)	95	(826)
Deferred taxation on remeasurement on defined benefit scheme	(16)	165	(16)	165
Change in taxation rates	(75)	(153)	(75)	(153)

Net other comprehensive income/(loss) not being reclassified to profit or loss in subsequent periods	4	(814)	4	(814)




Total comprehensive income for the period attributable to equity holders of the parent	2,259	998	2,706	1,112
	2,259	998	2,706	1,112

Consolidated and company statement of changes in equity
For the 52 weeks ended 29th April, 2017
	Issued capital	Capital redemption reserve	Other reserves	Revaluation reserve		Special reserve		Foreign exchange reserve	Treasury shares		Retained earnings		Total
	£'000	£'000	£'000	£'000		£'000		£'000	£'000		£'000		£'000

(a) Group
At 2nd May, 2015	1,840	901	2,815	4,146		1,629		(289)	(3,059)		20,316		28,299

Profit for the period	-	-	-	-		-		-	-		1,584		1,584
Other comprehensive income/(loss)	-	-	-	-		-		228	-		(814)		(586)
Total comprehensive income	-	-	-	-		-		228	-		770		998
Dividends paid	-	-	-	-		-		-	-		(1,320)		(1,320)
Change in taxation rates	-	-	-	83		-		-	-		-		83
Depreciation of buildings revaluation	-	-	-	(7)		-		-	-		7		-


At 30th April, 2016	1,840	901	2,815	4,222		1,629		(61)	(3,059)		19,773		28,060

Profit for the period	-	-	-	-		-		-	-		1,498		1,498
Other comprehensive income	-	-	-	-		-		757	-		4		761
Total comprehensive income	-	-	-	-		-		757	-		1,502		2,259
Dividends paid	-	-	-	-		-		-	-		(1,320)		(1,320)
Change in taxation rates	-	-	-	42		-		-	-		-		42
Depreciation of buildings revaluation	-	-	-	(7)		-		-	-		7		-


At 29th April, 2017	1,840	901	2,815	4,257		1,629		696	(3,059)		19,962		29,041


(b) Company
At 2nd May, 2015	1,840	901	1,565	4,240		1,629		-	(3,059)		17,554		24,670

Profit for the period	-	-	-	-		-		-	-		1,926		1,926
Other comprehensive loss	-	-	-	-		-		-	-		(814)		(814)
Total comprehensive income	-	-	-	-		-		-	-		1,112		1,112
Dividends paid	-	-	-	-		-		-	-		(1,320)		(1,320)
Change in taxation rates	-	-	-	83		-		-	-		-		83
Depreciation of buildings revaluation	-	-	-	(7)		-		-	-		7		-


At 30th April, 2016	1,840	901	1,565	4,316		1,629		-	(3,059)		17,353		24,545

Profit for the period	-	-	-	-		-		-	-		2,702		2,702
Other comprehensive loss	-	-	-	-		-		-	-		4		4
Total comprehensive income	-	-	-	-		-		-	-		2,706		2,706
Dividends paid	-	-	-	-		-		-	-		(1,320)		(1,320)
Change in taxation rates	-	-	-	41		-		-	-		-		41
Depreciation of buildings revaluation	-	-	-	(6)		-		-	-		6		-


At 29th April, 2017	1,840	901	1,565	4,351		1,629		-	(3,059)		18,745		25,972

Consolidated and company statements of financial position
At 29th April, 2017
					Group					Company
					2017		2016			2017		2016
					£'000		£'000			£'000		£'000
ASSETS
Non-current assets
Property, plant and equipment					19,099		15,955			12,653		12,869
Intangible assets					5,301		5,671			-		4
Investments in subsidiaries					-		-			14,339		14,170
Deferred income tax asset					1,272		1,376			1,272		1,376


					25,672		23,002			28,264		28,419


Current assets
Inventories					10,145		7,043			7,989		5,808
Trade and other receivables					11,393		8,996			14,566		9,655
Income tax receivable					199		118			-		-
Prepayments					943		784			824		682
Cash and cash equivalents					15,210		12,758			13,526		11,017


					37,890		29,699			36,905		27,162





TOTAL ASSETS					63,562		52,701			65,169		55,581



EQUITY AND LIABILITIES
Equity
Equity share capital					1,840		1,840			1,840		1,840
Capital redemption reserve					901		901			901		901
Other reserve					2,815		2,815			1,565		1,565
Revaluation reserve					4,257		4,222			4,351		4,316
Special reserve					1,629		1,629			1,629		1,629
Currency translation reserve					696		(61)			-		-
Treasury shares					(3,059)		(3,059)			(3,059)		(3,059)
Profit for the period					1,498		1,584			2,572		1,755
Retained earnings					18,464		18,189			16,174		15,598


TOTAL EQUITY SHAREHOLDERS' FUNDS					29,041		28,060			25,973		24,545


Non-current liabilities
Defined benefit pension liability					7,485		7,644			7,485		7,644
Deferred income tax liability					1,449		1,590			911		987


					8,934		9,234			8,396		8,631


Current liabilities
Trade and other payables					25,464		15,253			30,607		22,270
Income tax payable					123		154			193		135


					25,587		15,407			30,800		22,405





TOTAL EQUITY AND LIABILITIES					63,562		52,701			65,169		55,581

Consolidated and company cash flow statements
For the 52 weeks ended 29th April, 2017	Group		Company
	2017	2016	2017	2016
	£000	£000	£000	£000


Profit before taxation	1,526	1,682	2,544	1,880

Adjustments to reconcile profit before taxation to net cash inflow/(outflow) from operating activities
Depreciation charge	1,105	1,060	853	861
Amortisation charge	535	609	4	9
Impairment in investment in subsidiary undertaking	-	-	(155)	28
Profit on sale of fixed assets	(35)	(98)	(34)	(91)
Finance costs	245	174	228	170
Foreign exchange gains	419	83	-	-
(Increase)/decrease in inventories	(3,102)	2,394	(2,181)	1,585
(Increase)/decrease in receivables	(2,397)	840	(4,911)	(403)
Increase in prepayments	(159)	(194)	(142)	(187)
Increase/(decrease) in payables	3,126	(1,981)	1,409	(1,705)
Increase/(decrease) in progress payments	7,085	(2,479)	6,928	(2,479)
Pension fund payments	(311)	(275)	(311)	(275)


Cash generated from /(invested in) operating activities	8,037	1,815	4,232	(607)

Net interest received	2	42	19	46
Taxation (paid)/received	(242)	(134)	65	16


Net cash inflow/(outflow) from operating activities	7,797	1,723	4,316	(545)

Investing activities
Acquisition of Petrol Sign bv	-	(2,612)	-	(2,438)
Investment in Petrol Sign GmbH	-	-	-	(19)
Investment in Global MSI bv			(14)	-
Purchase of property, plant and equipment	(4,165)	(2,330)	(720)	(1,172)
Sale of property, plant and equipment	140	149	117	141


Net cash outflow from investing activities	(4,025)	(4,793)	(617)	(3,488)


Financing activities
Dividends paid	(1,320)	(1,320)	(1,320)	(1,320)
Dividend received from subsidiary	-	-	130	171


Net cash outflow from financing activities	(1,320)	(1,320)	(1,190)	(1,149)


Increase/(decrease) in cash and cash equivalents	2,452	(4,390)	2,509	(5,182)
Opening cash and cash equivalents	12,758	17,148	11,017	16,199


Closing cash and cash equivalents	15,210	12,758	13,526	11,017

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 29th April, 2017 or 30th April, 2016 but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies, and those for 2017 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 498 (2) or (3) of the Companies Act 2006.

Segment information

The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 29th April, 2017 and 30th April, 2016. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures. The Petrol Station Branding division is engaged in the design and installation of the complete appearance of petrol stations.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments.

Defence

Forgings

Petrol Station

Total

Superstructures

Branding

2017

2016

2017

2016

2017

2016

2017

2016

2017

2016

£000

Restated

Revenue

External

20,847

21,907

12,562

11,922

13,745

10,842

6,669

4,611

53,823

49,282

Total revenue

20,847

21,907

12,562

11,922

13,745

10,842

6,669

4,611

53,823

49,282

Segment result

1,822

1,950

(721)

(393)

957

262

(287)

1,771

1,856

Net finance costs

(245)

(174)

Profit before taxation

1,526

1,682

Taxation

(28)

(98)

Profit for the period

1,498

1,584

Segmental assets

30,576

24,607

5,178

5,250

8,260

9,525

5,514

3,668

49,528

43,050

Unallocated assets (see below)

14,034

9,651

Total assets

63,562

52,701

Segmental liabilities

18,333

10,411

1,905

1,378

2,572

2,458

2,644

985

25,454

15,232

Unallocated liabilities (see below)

9,067

9,409

Total liabilities

34,521

24,641

Capital expenditure

219

214

3,297

1,443

254

470

341

4,111

2,207

Depreciation

211

233

305

362

627

575

347

336

1,490

1,506

Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities.

Following the establishment of the Petrol Station Branding division, management have revised the allocation of certain costs which has led to a restatement of the prior year segment result for the divisions. The total segment result of the Group for the prior year remains unchanged.

Geographical analysis

The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 29th April, 2017 and 30th April, 2016. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers.

	Europe		North America		Rest of the World		Total
	2017	2016	2017	2016	2017	2016	2017	2016
	£000	£000	£000	£000	£000	£000	£000	£000

Revenue
External	45,599	39,238	6,072	3,935	2,152	6,109	53,823	49,282

Non-current assets	21,230	21,683	4,351	1,246	91	73	25,672	23,002
Current assets	35,911	27,544	1,213	1,483	766	672	37,890	29,699
Liabilities	29,163	22,675	4,922	1,531	436	435	34,521	24,641

Capital expenditure	992	1,261	3,149	1,069	24	-	4,165	2,330



Information about major customers							2017	2016
Revenue from major customers arising from sales reported in the Defence segment:							£000	£000
Customer 1							9,065	-
Customer 1							-	10,042

2	Employee Information		2017	2016
			Number	Number
		The average number of employees, including executive directors, during the period was:
		Production	234	237
		Technical	65	68
		Distribution	30	31
		Administration	80	59


			409	395



(a)		Staff costs	2017	2016
		Their, including executive directors, employment costs were as follows:	£000	£000
		Wages and salaries	12,764	11,558
		Social Security costs	1,355	1,227
		Other pension costs	398	412


			14,517	13,197



			2017	2016
(b)		Directors' emoluments	£000	£000
		Aggregate directors' emoluments	1,152	1,128
		Post employment benefits	31	31


			1,183	1,159

3	Taxation

	The charge for taxation comprises:	2017	2016
		£000	£000
	Current tax
	United Kingdom corporation tax	9	83
	Tax over provided in previous years	15	(82)
	Foreign corporation tax	116	150


	Group current tax	140	151


	Deferred tax
	Origination and reversal of temporary differences	(73)	(54)
	Adjustments in respect of prior years	(26)	37
	Impact of reduction in deferred tax rate to 17%	(13)	(36)


	Group deferred tax	(112)	(53)


	Tax on profit	28	98



	Tax relating to items charged or credited to other comprehensive income
	Deferred tax
	Deferred tax on remeasurement losses on pension scheme current year	16	(165)
	Impact of reduction in deferred tax rate to 17%	75	153


	Income tax in the statement of comprehensive income	91	(12)



(b)	Factors affecting the tax charge for the year

	The tax assessed for the period differs to the standard rate of corporation tax in the UK (20%) (2016 - 20%). The differences are explained below:

		2017	2016
		£000	£000

	Profit before tax	1,526	1,682


	Profit multiplied by standard rate of corporation tax of 20% (2016 - 20%)	305	336

	Expenses not deductible for tax purposes	(434)	(173)
	Adjustments in respect of overseas tax rates	181	16
	Current tax adjustment in respect of prior periods	15	(82)
	Deferred tax adjustment in respect of prior periods	(26)	37
	Impact of reduction in deferred tax rate to 17%	(13)	(36)


	Total tax charge for the period	28	98

4	Earnings per share

	The calculation of basic earnings per share is based on:

	(a) Profit for the period attributable to equity holders of the parent of £1,498,000 (2016 - £1,584,000).

	(b) 16,504,691 (2016 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.

	This represents 18,396,073 (2016 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2016 - less 1,891,392) being the weighted average number of shares both held within the ESOT 245,048 (2016 - 245,048) and purchased by the Company 1,646,334 (2016 - 1,646,334).

5	Dividends paid and proposed	2017	2016
		£000	£000
	Declared and paid during the year
	On Ordinary shares
	Final dividend for 2016 : 6.50p (2015 - 6.50p)	1,073	1,073
	Interim dividend for 2017 : 1.50p (2016 - 1.50p)	247	247


		1,320	1,320


	Proposed for approval by shareholders at the AGM
	Final dividend for 2017 : 6.50p (2016 - 6.50p)	1,073	1,073

6	Trade and other receivables
		Group		Company
		2017	2016	2017	2016
		£000	£000	£000	£000
	Trade receivables	9,631	7,744	6,792	6,578
	Retentions on contracts	1,723	1,188	1,723	1,188
	Amounts owed by subsidiary undertakings	-	-	6,036	1,874
	Other receivables	39	64	15	15


		11,393	8,996	14,566	9,655


	Gross amounts due from customers for contract work - included above	2,270	1,861	2,033	1,666


	The aggregate amount of costs incurred and recognised profits to date on contracts is £13,679,000 (2016 - £10,775,000).

	(a) Trade receivables are denominated in the following currencies
		Group		Company
		2017	2016	2017	2016
		£000	£000	£000	£000
	Sterling	6,208	6,019	6,208	6,019
	Euro	2,578	983	593	559
	US dollar	516	361	(14)	-
	Other currencies	329	381	5	-


		9,631	7,744	6,792	6,578


Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows:

Group	Total		Not past due	< 30 days	30-60 days	60-90 days	> 90 days
	£000		£000	£000	£000	£000	£000
2017	9,631		8,028	1,397	182	15	9
2016	7,744		6,026	1,424	269	9	16

As at 29th April, 2017 trade receivables at a nominal value of £84,000 (2016 - £102,000) were impaired and fully provided. Bad debts of £19,000 (2016 - £51,000) were recovered and bad debts of £17,000 (2016 - £24,000) were incurred.

Company
2017	6,792		5,623	1,139	30	-	-
2016	6,578		5,182	1,158	238	-	-

As at 29th April, 2017 trade receivables at a nominal value of £37,000 (2016 - £39,000) were impaired and fully provided. Bad debts of £6,000 (2016 - £8,000) were recovered and bad debts of £4,000 (2016 - £23,000) were incurred.

(b) Retentions on contracts are denominated in the following currencies
				Group		Company
				2017	2016	2017	2016
				£000	£000	£000	£000
Sterling				1,723	1,188	1,732	1,188
Euro				-	-	-	-
US dollar				-	-	-	-
Other currencies				-	-	-	-


				1,723	1,188	1,732	1,188


Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows:

Group		Total		Up to 6 months	6 - 12 months	12 - 18 months	18 - 24 months
		£000		£000	£000	£000	£000
2017		1,723		1,723	-	-	-
2016		1,188		1,188	-	-	-

Company

2017		1,723		1,723	-	-	-
2016		1,188		1,188	-	-	-

7	Cash and cash equivalents	Group		Company
		2017	2016	2017	2016
		£000	£000	£000	£000
	Cash at bank and in hand	9,880	7,420	13,526	5,715
	Short term deposits	5,330	5,338	-	5,302


		15,210	12,758	13,526	11,017

8	Reserves

	Share Capital
	The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares.

	Capital redemption reserve
	The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased.

	Other reserve
	This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves.

	Revaluation reserve
	The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in related deferred tax due to the change in corporation tax (18% to 17%).

	Special reserve
	The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital.

	Currency translation reserve
	The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.

	Treasury Shares
		2017	2016
		£000	£000
	Employee Share Ownership Trust	100	100
	Shares in treasury (see below)	2,959	2,959


		3,059	3,059


	During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee.

	The trust has purchased an aggregate 245,048 (2016 - 245,048) Ordinary shares, which represents 1.3% (2016 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006. The market value of the shares at 29th April, 2017 was £414,000 (2016 - £448,000). The Company has made payments of £Nil (2016 - £Nil) into the ESOT bank accounts during the period. No options over shares (2016 - Nil) have been granted during the period. Details of the outstanding share options, for Directors are included in the Directors' remuneration report.

	The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the period amounts to £5,000 (2016 - £7,000). During the period no options on shares were exercised (2016 - Nil) and no shares were purchased (2016 - Nil).

	The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury:
			£000
	11th December, 2013 1,000,000 shares from the Group's pension scheme.		1,722
	30th January, 2014 646,334 shares		1,237


			2,959

The preliminary announcement is prepared on the same basis as set out in the previous year's accounts.

The Directors confirm to the best of their knowledge that:

(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and

(b) the Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

The preliminary announcement was approved by the Board on 6th June, 2017 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.

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 available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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