MS INTERNATIONAL (MSI) H2 2026 earnings summary

Executive summary

• Strategic focus shifted to the 'Defence and Security' division, with continued progress in 'Forgings' and the merged 'Petrol Station Superstructures and Branding' division.

• Group revenues were £115.01m, broadly in line with last year, but profit before tax fell to £15.06m from £20.05m year-over-year.

• The balance sheet strengthened, with cash and cash equivalents rising to £46.53m from £27.78m.

• The order book at year-end was slightly lower due to delays in anticipated defence orders.

• Leadership transition: Chairman steps down after 50 years, succeeded by Anthony Wreford as Non-Executive Chairman and Michael O'Connell as Group CEO.

Financial highlights

• Revenue: £115.01m (2025: £117.50m); Gross profit: £39.53m (2025: £39.99m).

• Operating profit: £13.95m (2025: £18.72m); Profit before tax: £15.06m (2025: £20.05m).

• Net profit attributable to equity holders: £11.02m (2025: £14.53m).

• Basic EPS: 67.4p (2025: 90.0p); Diluted EPS: 65.7p (2025: 87.0p).

• Final dividend proposed: 20p per share (2025: 18p), total for year: 26p (2025: 23p).

Outlook and guidance

• Defence and Security division expects international interest in counter-drone systems to convert to orders, with facilities ready to meet demand.

• Forgings division outlook is positive, especially in the US, with new strategic customers and flexibility to supply from multiple locations.

• Petrol Station Superstructures and Branding division anticipates growth from new superstructure designs and diversification in Europe.

• Anticipated easing of market barriers and improved financial performance in the coming year.