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Highlights:
• Pre-tax profit hits a record £20.05 million on revenue of £117.5 million
• Defence and Security division receives renewed US Navy interest
• Forgings and Petrol Station Superstructures divisions positioned for growth amid shifting market dynamics

MS INTERNATIONAL PLC (LSE:MSI) has released financial results for the year ending April 2025, achieving a record pre-tax profit of £20.05 million, up from £15.71 million in the previous year, supported by increased revenue of £117.5 million.

Basic earnings per share for the year rose to 90.0p, compared to 71.0p in the prior period. Despite the positive financial performance, the company’s cash and cash equivalents declined to £27.78 million from £42.68 million, though the balance sheet remains described as 'strong'. The Group’s order book at year-end was slightly below last year’s record level, primarily due to delays in placing major defence equipment orders following shifts in military requirements and government policies.

Outlook by Division

Defence and Security:
The division continues to play a central role in the Group’s operations. A request for purchase (RFP) has recently been received from the US Navy for another year of procurement of the MSI-DS 30mm Naval Weapon Systems. Additionally, the Group is expanding its presence in the US with the establishment of a weapons support facility alongside its existing advanced fork-arms manufacturing site. However, revenue from defence contracts is recognised only when performance obligations are fulfilled, which may delay income recognition despite active production. As a result, while the current financial year may see some impact from these delays, the company expresses confidence in its performance over the next two full financial years.

Forgings:
Operating advanced manufacturing facilities across three continents, the Forgings division remains well-positioned to benefit from recent market shifts and a resurgence in demand. MS INTERNATIONAL maintains a significant international presence in this segment, serving as a leading supplier of fork-arms.

Petrol Station Superstructures:
The division retains its leadership position in both the UK and Eastern Europe. In the UK, market conditions remain favourable with a noticeable increase in planning applications for fuel station redevelopment. These trends indicate a robust pipeline of future projects. Operations in Poland, however, continue to face uncertainty due to the ongoing war in the region. A positive shift is expected once reconstruction efforts begin, which could provide significant growth opportunities for the business.

Corporate Branding:
The UK arm of the branding business is forecast to perform well in the current year, aided by numerous rebranding and maintenance projects across petrol stations. In contrast, the Netherlands operation is undergoing restructuring. Management remains optimistic that improved integration and synergies with the UK business will help return the Dutch segment to profitability within the year.