AGM Statement
MS International plc provided an update at its Annual General Meeting, confirming that the sale process for its 'Petrol Station Superstructures and Branding' business is ongoing with a hope for an announcement soon, after which interest in the 'Forgings' business will be addressed. The company also announced a new contract from a NATO country for its 'Defence and Security' division, with deliveries commencing late 2027. Despite positive long-term prospects and an encouraging pipeline, the company noted potential delays in defence order placements due to political considerations surrounding increased defence budgets.
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MS INTERNATIONAL plc is holding its Annual General Meeting today at 11.00am at which Michael O'Connell, Group CEO, will provide the following statement:
"As has recently become customary at our AGM, I will provide shareholders with a short trading update.
Six weeks ago in our full year results, our then Chairman, Michael Bell, brought shareholders up to date with our progress on the potential sale of the recently merged 'Petrol Station Superstructures and Branding' business. Michael said that he hoped that an announcement would be made before the end of the summer. I can confirm that this is still our hope. Once this process is complete, we will address the interest that has been expressed in our 'Forgings' business.
Turning to 'Defence and Security', shareholders will have seen the recent announcement of a new contract, from a NATO country. Delivery of the contract will begin towards the end of 2027.
Looking further ahead, our medium to long term prospects remain better than at any time in the Company's history. I should, however, remind shareholders that accounting rules on revenue recognition mean that revenue is recognised as and when control of goods or services transfers to the customer, which is often when the goods leave our factory.
We have an encouraging pipeline but timing is everything in the defence industry and as previously discussed we have seen delays in placing defence orders. We have never witnessed such positive tailwinds, however, every potential customer has to navigate the political considerations associated with increasing defence budgets. We will, no doubt, hear more about this in the UK in the Chancellor's budget at the end of October.
I thank shareholders for their support."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.