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Final Results

6th Jun 2019 07:00

RNS Number : 2950B

MS International PLC

06 June 2019

Chairman's Statement

Results and review

For the year ending 27th April 2019, the result on a 'like for like' basis increased by 48% to £5.99m (2018 - £4.04m) on revenue of £77.71m (2018 - 68.09m) an uplift of 14% on last year. On a similar basis, earnings per share would have been 29.0p (2018- 20.5p) an increase of 41%.

However, after a one-off £1.2m charge for 'guaranteed minimum pension equalisation' (see note 3 of the notes to the financial statements) the profit before taxation is reduced to £4.79m and earnings per share to 23.1p. Net cash was £22.89m (2018 - £15.87m) an increase of 44% on last year. The value of the Group order book at year-end was down on this time last year and there is very clear evidence, that many customers are reticent to place new orders until their perceived specific requirements become critically essential.

Reviewing the status of the varied markets we serve and responding to notable changes whether they be positive or negative is clearly an important management function and one that we always take very seriously in a thoroughly well informed, but also sensitive manner.

Fortuitously, as a Group we are very well armed, as we align to the ups and downs of the global markets we serve thanks to our diverse, profitable, international operations and a strong cash position, which supports those major product and facility developments that are in hand.

A key element in our 'Defence' business strategy has been to increase our presence significantly within the global defence market so that we can effectively counter the varied current constraints on UK MoD decisions regarding future requirements and expenditure. It is pleasing to report that once again, international sales accounted for the major component of revenue as we reap the benefits of our considerable investment in a substantial number of new products aimed specifically at the global market.

'Forgings' had a 10% uplift in revenue over the comparable period, overcoming the many challenges in international markets posed by product imported from lower cost economies. Our strategic move last year to focus on manufacturing in the United States has been exceptionally well received in a country where domestically manufactured product has considerable appeal over imported goods. This maturing investment phase is also enabling us to rationalise and re-position some of our UK production facilities, thereby better aligning our business with the notable decline of fork-lift truck production in the UK.

'Petrol Station Superstructures' enjoyed a significant upturn in activity with revenue increasing markedly compared to the period of market weakness during the previous year. Largely this is being driven by the structural transformation of traditional 'petrol filling station' sites, that were once almost exclusively selling fuel, into ones that are distinct, local convenience stores and multiple food outlets with ample car parking - that also serve fuel. This repositioning to a much broader retail offering has gathered substantial momentum across our customer base with clear benefits for the division. Furthermore, a much higher focus by management and the team on improving all round performance brought its just rewards.

'Petrol Station Branding' division maintained an admirable performance in line with that of the previous year. Here again the market is rapidly changing as the global oil companies continue to divest their estates to the numerous groups of fuel retail ownership. As a result the established branding programmes of the vendors are subject to review as the new owners determine their own priorities, fuel suppliers and schedules of requirements. Notwithstanding such significant changes, we are able to accommodate and support the priorities of these new customers without difficulty, thanks to the high reputation of our business. Pleasingly, our substantial activities across much of mainland Europe are now gaining notable traction in the UK through our fledgling operation which continues to prosper.

Outlook

This has been a creditable year of progress for the Group and we are encouraged by the good progress made across the various businesses. However, we believe that we are approaching 'very interesting times'. Despite our best endeavours in corporate product development and international marketing, there are times, such as now, when experience tells us some challenging external influences may come to bear on the business.

Nevertheless, recognising the challenges ahead of the game, is of course critical to maintain momentum. We believe that we are fully aware of such circumstances and we will do whatever is necessary to overcome any hurdles and protect at all times the Company's past and future development.

We are committed to moving the business forward and have the resilience, experience, and dedication along with a great team of people plus the financial resources to support and develop opportunities as they arise.

All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share, making the total for the year of 8.25p (2018 - 8.25p). The final dividend is expected to be paid on 25th July, 2019 to those shareholders on the register at the close of business on 21st June, 2019.

Michael Bell

5th June 2019

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

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

Consolidated income statement
For the 52 weeks ended 27th April, 2019
	2019	2018
Continuing operations	Total	Total
	£000	£000

Revenue	77,708	68,085
Cost of sales	(56,131)	(49,903)


Gross profit	21,577	18,182

Distribution costs	(3,537)	(3,383)
Administrative expenses	(11,846)	(10,546)

	(15,383)	(13,929)


	6,194	4,253

Past service pension costs	(1,198)	-


Group operating profit	4,996	4,253

Interest received	93	51
Interest paid	(116)	(82)
Other finance costs - pensions	(186)	(183)
	(209)	(214)

Profit before taxation	4,787	4,039
Taxation	(975)	(653)


Profit for the period attributable to equity holders of the parent	3,812	3,386


Earnings per share: basic and diluted	23.1p	20.5p

Consolidated statement of comprehensive income
For the 52 weeks ended 27th April, 2019
	2019	2018
	Total	Total
	£000	£000

Profit for the period attributable to equity holders of the parent	3,812	3,386


Exchange differences on retranslation of foreign operations	(242)	(175)


Net other comprehensive (loss) to be reclassified to profit or loss in subsequent periods	(242)	(175)


Remeasurement gains on defined benefit pension scheme	403	858
Deferred taxation on remeasurement on defined benefit scheme	(69)	(146)
Revaluation surplus on land and buildings	-	2,052
Deferred taxation on revaluation surplus on land and buildings	-	(254)

Net other comprehensive income not being reclassified to profit or loss in subsequent periods	334	2,510




Total comprehensive income for the period attributable to equity holders of the parent	3,904	5,721

Consolidated and company statement of changes in equity
For the 52 weeks ended 27th April, 2019
	Share capital	Capital redemption reserve	Other reserves	Revaluation reserve	Share Premium account	Currency translation reserve	Treasury shares	Retained earnings	Total shareholders' funds
	£000	£000	£000	£000	£000	£000	£000	£000	£000

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

Profit for the period	-	-	-	-	-	-	-	3,386	3,386
Other comprehensive income/loss	-	-	-	1,798	-	(175)	-	712	2,335
Total comprehensive income/loss	-	-	-	1,798	-	(175)	-	4,098	5,721
Dividends paid	-	-	-	-	-	-	-	(1,362)	(1,362)


At 28th April, 2018	1,840	901	2,815	6,055	1,629	521	(3,059)	22,698	33,400
IFRS 15 adjustment	-	-	-	-	-	-	-	(144)	(144)

Profit for the period	-	-	-	-	-	-	-	3,812	3,812
Other comprehensive income/(loss)	-	-	-	-	-	(242)	-	334	92
Total comprehensive income/(loss)	-	-	-	-	-	(242)	-	4,146	3,904
Dividends paid	-	-	-	-	-	-	-	(1,362)	(1,362)


At 27th April, 2019	1,840	901	2,815	6,055	1,629	279	(3,059)	25,338	35,798


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

Profit for the period	-	-	-	-	-	-	-	532	532
Other comprehensive income	-	-	-	1,704	-	-	-	712	2,416
Total comprehensive income	-	-	-	1,704	-	-	-	1,244	2,948
Dividends paid	-	-	-	-	-	-	-	(1,362)	(1,362)


At 28th April, 2018	1,840	901	1,565	6,055	1,629	-	(3,059)	18,627	27,558
IFRS 15 adjustment	-	-	-	-	-	-	-	(144)	(144)
Reserve transfer	-	-	6,055	(6,055)	-	-	-	-	-
Loss for the period	-	-	-	-	-	-	-	(233)	(233)
Other comprehensive income	-	-	-	-	-	-	-	334	334
Total comprehensive income	-	-	-	-	-	-	-	101	101
Dividends paid	-	-	-	-	-	-	-	(1,362)	(1,362)


At 27th April, 2019	1,840	901	7,620	-	1,629	-	(3,059)	17,222	26,153

Consolidated and company statements of financial position
At 27th April, 2019
	Group		Company
	2019	2018	2019	2018
	£000	£000	£000	£000
ASSETS
Non-current assets
Property, plant and equipment	20,426	20,766	1,265	14,043
Intangible assets	4,483	4,893	-	-
Investments in subsidiaries	-	-	15,036	15,204
Deferred income tax asset	1,156	1,092	1,241	1,092


	26,065	26,751	17,542	30,339


Current assets
Inventories	12,624	11,666	1,462	1,017
Trade and other receivables	7,044	14,617	22,489	10,003
Income tax receivable	44	114	21	-
Prepayments	1,774	1,127	299	335
Cash and cash equivalents	22,886	15,866	-	-


	44,372	43,390	24,271	11,355





TOTAL ASSETS	70,437	70,141	41,813	41,694



EQUITY AND LIABILITIES
Equity
Share capital	1,840	1,840	1,840	1,840
Capital redemption reserve	901	901	901	901
Other reserves	2,815	2,815	7,620	1,565
Revaluation reserve	6,055	6,055	-	6,055
Share premium account	1,629	1,629	1,629	1,629
Currency translation reserve	279	521	-	-
Treasury shares	(3,059)	(3,059)	(3,059)	(3,059)
Profit/(loss) for the period	3,812	3,386	(233)	531
Retained earnings	21,526	19,312	17,455	18,096


TOTAL EQUITY SHAREHOLDERS' FUNDS	35,798	33,400	26,153	27,558


Non-current liabilities
Defined benefit pension liability	6,802	6,421	6,802	6,421
Deferred income tax liability	1,567	1,625	-	1,154


	8,369	8,046	6,802	7,575


Current liabilities
Bank overdraft	-	-	582	342
Trade and other payables	25,375	28,052	8,276	6,204
Income tax payable	895	643	-	15


	26,270	28,695	8,858	6,561





TOTAL EQUITY AND LIABILITIES	70,437	70,141	41,813	41,694

Consolidated and company cash flow statements
For the 52 weeks ended 27th April, 2019	Group		Company
	2019	2018	2019	2018
	£000	£000	£000	£000


Profit/(loss) before taxation	4,787	4,039	(312)	488
Adjustments to reconcile profit before taxation to net cash inflow /(outflow) from operating activities
Past service pension costs	1,198	-	1,198	-
IFRS 15 working capital adjustment	(144)	-	(144)	-
Depreciation charge	1,318	1,266	551	708
Amortisation charge	375	507	-	-
Net increase/(reversal) of impairment in investment in subsidiary undertaking	-	-	168	(213)
Profit on sale of fixed assets	(80)	(113)	(60)	(84)
Dividends received	-	-	(690)	(360)
Finance costs	209	214	249	232
Foreign exchange losses	(460)	(74)	-	-
Increase in inventories	(958)	(1,521)	(445)	241
Decrease/(increase) in receivables	7,573	(3,224)	(1,384)	(1,530)
(Increase)/decrease in prepayments	(647)	(184)	36	489
(Decrease)/increase in payables	(1,849)	2,679	1,992	(6,281)
(Decrease)/increase in progress payments	(828)	(91)	80	213
Pension fund payments	(600)	(389)	(600)	(389)


Cash generated from/(invested in) operating activities	9,894	3,109	639	(6,486)

Net interest paid	(23)	(31)	(63)	(49)
Taxation paid	(797)	(111)	(36)	(89)


Net cash inflow/(outflow) from operating activities	9,074	2,967	540	(6,624)

Investing activities
Investment in MSI- Forks Inc	-	-	-	(652)
Dividends received from subsidiaries	-	-	690	360
Transfer of net assets to MSI-Defence Systems Ltd.	-	-	-	(5,127)
Purchase of property, plant and equipment	(891)	(1,106)	(284)	(568)
Proceeds on disposal of property, plant and equipment	199	157	176	105


Net cash (outflow)/inflow from investing activities	(692)	(949)	582	(5,882)


Financing activities
Dividends paid	(1,362)	(1,362)	(1,362)	(1,362)


Net cash outflow from financing activities	(1,362)	(1,362)	(1,362)	(1,362)


Increase/(decrease) in cash and cash equivalents	7,020	656	(240)	(13,868)
Opening cash and cash equivalents/(bank overdraft)	15,866	15,210	(342)	13,526


Closing cash and cash equivalents/(bank overdraft)	22,886	15,866	(582)	(342)

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 27th April, 2019 or 28th April, 2018 but is derived from those accounts. Statutory accounts for 2018 have been delivered to the Registrar of Companies, and those for 2019 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.

1	Segment information

	The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 27th April, 2019 and 28th April, 2018. 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. 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		Petrol Station		Total
						Superstructures		Branding
		2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
		£000	£000	£000	£000	£000	£000	£000	£000	£000	£000
	Revenue
	From external customers	26,678	21,900	15,695	14,336	15,871	12,236	19,464	19,613	77,708	68,085
	From other segments	-	-	-	-	450	199	226	142	676	341


	Segment revenue	26,678	21,900	15,695	14,336	16,321	12,435	19,690	19,755	78,384	68,426



	Segment result	2,836	2,600	(442)	(536)	2,055	17	1,745	2,172	6,194	4,253
	Past service pension costs									(1,198)	-
	Net finance costs									(209)	(214)


	Profit before taxation									4,787	4,039
	Taxation									(975)	(653)


	Profit for the period									3,812	3,386



	Segmental assets	29,942	40,801	8,988	5,272	10,787	8,845	9,291	10,005	59,008	64,923
	Unallocated assets (see below)									11,429	5,218


	Total assets									70,437	70,141


	Segmental liabilities	19,500	19,329	6,125	1,978	4,330	1,970	2,806	4,402	32,761	27,679
	Unallocated liabilities (see below)									1,878	9,062


	Total liabilities									34,639	36,741


	Capital expenditure	67	18	406	530	196	149	118	211	787	908
	Depreciation	77	154	517	480	488	628	365	365	1,447	1,627


	Unallocated assets includes certain fixed assets, (including all UK properties - see note 12(e)) intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities.

	Geographical analysis

	The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 27th April, 2019 and 28th April, 2018. 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.

	United Kingdom		Europe		Americas		Rest of the World		Total
	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
	£000	£000	£000	£000	£000	£000	£000	£000	£000	£000

Revenue
External	30,755	24,914	33,143	25,803	9,572	7,536	4,238	9,832	77,708	68,085

Non-current assets	17,637	18,322	3,832	4,203	4,596	4,226	-	-	26,065	26,751
Current assets	34,301	32,724	7,670	8,499	2,401	2,167	-	-	44,372	43,390
Liabilities	31,701	32,076	2,260	4,256	679	409	-	-	34,640	36,741

Capital expenditure	350	586	190	216	351	304	-	-	891	1,106


Information about major customers	2019	2018
Revenue from major customers arising from sales reported in the Defence segment:	£000	£000
Customer 1	10,871	-
Customer 1	-	7,137

Revenue from major customers arising from sales reported in the Petrol Station Branding segment:
Customer 1	11,905	-
Customer 1	-	14,761

2	Employee information	2019	2018
		Number	Number
	The average number of employees, including executive directors, during the period was:
	Production	264	251
	Technical	65	69
	Distribution	27	33
	Administration	91	78


		447	431



(a)	Staff costs	2019	2018
	Including executive directors, employment costs were as follows:	£000	£000
	Wages and salaries	17,609	16,029
	Social Security costs	1,934	1,850
	Other pension costs	666	637


		20,209	18,516



		2019	2018
(b)	Directors' emoluments	£000	£000
	Aggregate directors' emoluments	1,672	1,431
	Post employment benefits	47	37


		1,719	1,468

3	Past service pension costs	2019	2018
		£000	£000
	Guaranteed minimum pension equalisation adjustment.	(1,198)	-


		(1,198)	-

4(a)	Taxation

	The charge for taxation comprises:	2019	2018
		£000	£000
	Current tax
	United Kingdom corporation tax	540	-
	Adjustments in respect of previous years	(16)	33
	Foreign corporation tax	635	682


	Group current tax	1,159	715


	Deferred tax
	Origination and reversal of temporary differences	(247)	(62)
	Adjustments in respect of prior years	63	-
		-	-


	Group deferred tax	(184)	(62)


	Tax on profit	975	653



	Tax relating to items charged or credited to other comprehensive income
	Deferred tax
	Deferred tax on measurement gains on pension scheme current year	69	146
	Deferred tax on revaluation surplus on land and buildings	-	254



	Income tax in the statement of comprehensive income	69	400



(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 (19%) (2018 - 19%). The differences are explained below:

		2019	2018
		£000	£000

	Profit before tax	4,787	4,039


	Profit multiplied by standard rate of corporation tax of 19% (2018 - 19%)	910	767

	Expenses not deductible for tax purposes	(102)	(288)
	Adjustments in respect of overseas tax rates	120	141
	Current tax adjustment in respect of prior periods	(16)	33
	Deferred tax adjustment in respect of prior periods	63	-



	Total tax charge for the period	975	653



(c)	Factors affecting future tax charge
	The UK corporation tax rate will remain at 19% until it reduces to 17% in 2020. At 27th April, 2019 the rate reductions to 17% had been enacted. Deferred tax at 27th April, 2019 has therefore been provided at 17% or at a blended rate depending on when the underlying temporary differences are expected to unwind. Deferred tax in relation to intangibles recognised on the acquisition of Petrol Sign bv has been provided at 25% being the main corporation tax rate in The Netherlands.

5	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 £3,812,000 (2018 - £3,386,000).

	(b) 16,504,691 (2018 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue.

	This represents 18,396,073 (2018 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2018 - less 1,891,382) being the weighted average number of shares both held within the ESOT 245,048 (2018 - 245,048) and purchased by the Company 1,646,334 (2018 - 1,646,334).



6	Dividends paid and proposed	2019	2018
		£000	£000
	Declared and paid during the year
	On Ordinary shares
	Final dividend for 2018 : 6.50p (2017 - 6.50p)	1,073	1,073
	Interim dividend for 2019 : 1.75p (2018 - 1.75p)	289	289


		1,362	1,362


	Proposed for approval by shareholders at the AGM
	Final dividend for 2019 : 6.50p (2018 - 6.50p)	1,073	1,073

7	Trade and other receivables
		Group		Company
		2019	2018	2019	2018
		£000	£000	£000	£000
	Trade receivables	6,913	14,032	3,456	2,998
	Retentions on contracts	113	568	-	22
	Amounts owed by subsidiary undertakings	-	-	9,029	6,983
	Other receivables	18	17	4	-


		7,044	14,617	22,489	10,003




	The aggregate amount of costs incurred and recognised profits to date on contracts is £15,819,000 (2018 - £12,159,000).

	(a) Trade receivables are denominated in the following currencies
		Group		Company
		2019	2018	2019	2018
		£000	£000	£000	£000
	Sterling	3,674	7,160	2,751	2,194
	Euro	2,141	5,961	701	812
	US dollar	778	582	-	-
	Other currencies	320	329	4	(8)


		6,913	14,032	3,456	2,998

Group	Total	Not past due	< 30 days	30-60 days	60-90 days	> 90 days
	£000	£000	£000	£000	£000	£000
2019	6,913	6,245	505	148	13	2
2018	14,032	9,377	4,446	142	24	43

As at 27th April, 2019 trade receivables at a nominal value of £105,000 (2018 - £97,000) were impaired and fully provided. Bad debts of £65,000 (2018 - £15,000) were recovered and bad debts of £52,000 (2018 - £28,000) were incurred.

Company
2019	2,764	2,649	40	81	-	(6)
2018	2,998	2,172	808	17	-	1

As at 27th April, 2019 trade receivables at a nominal value of £51,000 (2018 - £32,000) were impaired and fully provided. Bad debts of £20,000 (2018 - £11,000) were recovered and bad debts of £39,000 (2018 - £6,000) were incurred.

(b) Retentions on contracts are denominated in the following currencies
			Group		Company
			2019	2018	2019	2018
			£000	£000	£000	£000
Sterling			113	568	-	22
Euro			-	-	-	-
US dollar			-	-	-	-
Other currencies			-	-	-	-


			113	568	-	22


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
2019	113	93	20	-	-
2018	568	546	22	-	-

Company

2019	-	-	-	-	-
2018	22	-	22	-	-

8	Cash and cash equivalents/bank overdraft	Group		Company
		2019	2018	2019	2018
		£000	£000	£000	£000
	Cash at bank and in hand	17,151	7,504	-	-
	Short term deposits	5,735	8,362	-	-
	Bank overdraft	-	-	(582)	(342)


		22,886	15,866	(582)	(342)

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 reserves - Company

Following the transfer of assets held at valuation by the Company, to a subsidiary company, a reserve has been created which is non distributable. This is equal to the revaluation reserve previously arising.

Additionally, it includes the non-distributable retained reserve for the revaluation reserve previously showing in the company for properties now transferred to other members of the Group.

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 the prior year for the related deferred tax due to the change in corporation tax (18% to 17%).

Share premium account

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

2019

2018

£000

Employee Share Ownership Trust

100

Shares in treasury

2,959

3,059

The preliminary announcement is prepared on the same basis as set out in the previous year's accounts apart from the adoption of new accounting standards IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers'.

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 5th June, 2019 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 which will include the Notice of AGM, 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

END

FR SSIFMIFUSEIM

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