Highlights

  • MS International’s H1 FY26 revenue rose 2% to GBP 55.81m, driven by defence and petrol station projects.
  • Operating profit declined 2.2% to GBP 7.84m in H1 FY26.
  • Net profit after tax fell by 2.2% to GBP 6.27m in H1 FY26.
  • Gross margin expanded to 36.6%, marking the third consecutive half-year of margin growth
  • Board proposes higher interim dividend of GBX 6, reflecting confidence in long-term growth amid favourable product demand.

MS International PLC (LSE:MSI), a UK-listed company on the FTSE AIM 100 Index, focuses on the design, manufacturing, construction, and maintenance of a diverse range of engineered products and structures. This report presents the stock’s key recommendation rationale, along with the final conclusion and investment recommendation.

Financial Performance

In H1 FY26, MS International PLC recorded revenue of GBP 55.81 million, marking a 2.0% increase compared to GBP 54.71 million in H1 FY25. The growth was primarily driven by robust defence orders and higher activity in petrol station projects.

Operating profit declined by 2.2% year-on-year to GBP 7.84 million in H1 FY26 from GBP 8.02 million in H1 FY25. This decrease was attributed to derivative losses, which offset gains from underlying operational performance and improved gross margins.

Profit after taxation stood at GBP 6.27 million in H1 FY26, down 2.2% from GBP 6.44 million in H1 FY25. Despite the impact of derivative losses on operating profit, net profit was supported by lower tax expenses and enhanced operational efficiency.

Key financial metrics further highlighted the company’s performance improvements. Gross margin expanded to 36.6% in H1 FY26, up from 33.9% in H1 FY25, marking the third consecutive half-year of margin growth. Liquidity also strengthened, with the current ratio improving to 1.46x in H1 FY26 from 0.89x in H1 FY25, reflecting enhanced short-term financial stability.

Company Outlook

For H2 FY26, the company maintains a positive outlook despite short-term uncertainties in defence spending schedules. Favourable product demand has been observed, positioning the business well for long-term growth as global commitments are expected to convert into confirmed orders. Reflecting this confidence, the Board has proposed an increased interim dividend of GBX 6, rewarding shareholders.

Top 10 Shareholders

The top 10 shareholders collectively own about ~44.58% of the company's total shares. Wyloo Consolidated Investments Pty. Ltd. and BlackRock Institutional Trust Company, N.A. hold a maximum stake in the company at ~18.13% and ~5.50%, respectively.

Stock Information

MSI has declined by ~2.32% over the last week , while declining approximately ~20.50% over the last three months. The stock has a 52-week high and 52-week low of GBX 1740.00 and GBX 840.00, respectively and is currently trading below the average of 52-week high-low level.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 24 February 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.