MS International, the listed Doncaster-based manufacturer, has posted a profit before tax increase to £4.04 million on revenue of £68.09 million for the year ending 28 April 2018.
Unveiling its full-year accounts, the company attributed the growth to its buoyant export market for its defence business.
Its defence division has made a good start towards a recovery in revenue and certainly in profitably as a result of a buoyant export market, although the domestic market remains restrained and subdued.
Export sales at defence accounted for the major component of the division’s revenue, primarily in response to numerous new product offerings, the accumulating benefit of considerable investment in research and development over recent years and our success in demonstrating continually enhanced customer service and support.
The domestic market, by comparison, has remained constrained by the UK’s tight budget controls which result in inevitable delays to programmes and, in consequence, a market that lacks any reasonable element of clarity.
Further, its forgings business increased revenue and is breaking even at the trading level while losses, incurred as a consequence of developing the new manufacturing facility in the United States, are again reduced.
Forgings experienced a significant increase in revenue over the previous year, partly reflecting the first phase of full production from our new facility in the United States. Our plants in the UK and Brazil continue to hold good market positions, reflecting a total commitment to enhancing efficient production, product quality and customer service.
Both its Petrol Station Superstructures and Petrol Station Branding divisions both traded in a significantly changing international market, though they are at quite differing phases within this process of change.
Chairman Michael Bell said: “We perceive that, with a sustained measure of prudence, we are continuing to move the business forward on an upward trajectory and are well positioned to support and develop opportunities for the Group.
“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 (2017-8p).
“The final dividend is expected to be paid on 24th July 2018 to those shareholders on the register at the close of business on 22nd June 2018.”