MS International raises dividend in 'relatively flat' first half
MS International PLC shares were in the red on Wednesday, after it claimed its best ever ‘medium to long term prospects’ but reported ‘flat’ interim results and an ‘increasingly uncertain’ climate.
The Doncaster, Yorkshire-based defence equipment manufacturer’s pretax profit was £8.5 million for the half year ended October 31, slightly down from £8.8 million the year before.
Revenue increased to £55.8 million from £54.7 million. The cost of sales decreased to £35.4 million from £36.2 million, and administrative costs rose to £9.4 million from £9.2 million.
All three of the company’s divisions ‘continued to perform well’, although Chair Michael Bell notes that ‘we are experiencing a slower current financial year, mainly owing to timing issues with defence orders’.
MS International said its board recommended a 6p per share interim dividend, up from 5p on an annual basis.
Regarding MS International’s outlook, Bell said: ‘We enter another significant calendar year for the business as we look to focus on the ’Defence and Security’ division.
‘In an increasingly uncertain world, it is difficult to predict our pace of growth, but I cannot remember a time when we have had so much interest in our products...I believe we are very well placed to benefit once this desire is converted into a firm commitment to spend.’
He added that ‘I am delighted to tell shareholders that I believe our medium to long term prospects are better than at any time in the company’s history.’
Shares in MS International were down 1.4% at 1,386.00 pence in London on Wednesday afternoon.
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