MS International AIM:MSI
- Founded
- Doncaster, England
- Incorporated
- United Kingdom
- Chief executive
- Michael O'Connell
- Employees
- 454
- Reports in
- GBP
- Companies House
- 00653735
Engineering group best known for naval gun systems supplied to navies including US Coast Guard vessels, alongside divisions making forecourt structures and branding for petrol stations and forging fork-arms for lifting equipment. Defence order momentum has transformed the group's profitability.
Read straight from the annual reports
1,560p at close on 2 Oct 2026 · 12 reported years, 2015–2026
| Line | FY201505/15 | FY201604/16 | FY201704/17 | FY201804/18 | FY201904/19 | FY202004/20 | FY202104/21 | FY202204/22 | FY202304/23 | FY202404/24 | FY202504/25 | FY202604/26 | FY2027unreported |
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| Adjusted operating profit | — | — | — | — | — | — | — | — | — | — | |||
| Exceptional items | — | — | — | — | — | — | — | — | — | — | |||
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Record Defence and Security export sales - Naval weapons systems for US Navy and first deliveries to German Navy, VSHORAD counter-drone orders from Middle East
'It was a record year for export sales, particularly Naval weapons systems for the United States and the first deliveries of Naval weapons systems for the German Navy'
page 4Forgings recovery in H2 after H1 overstocking by lift-truck manufacturers (low-priced Chinese fork-arms)
'Following a slow first half...the second half has shown a real recovery. Our ability to deliver a la carte products quickly is becoming increasingly attractive'
page 4Mix shift toward higher-value Defence and Security division (70% of turnover)
PBT margin rose to 17% (2024: 14%)
page 9Long-term contract clauses passing raw material price increases to customers
'With regards to customers under long-term contracts, such contracts include a clause to allow for raw materials price increases to be passed to the customer where possible'
page 10£712k charge: Impairment of investment in MSI-Sign Group B.V. (Company financial statements)
page 53Defence and Security: RFP received from US Navy for another year's MSI-DS 30mm Naval Weapon Systems procurement; government reviews and delayed decisions expected to impact the current financial year, but management is 'very optimistic about the next two full financial years'
page 5Report of the directors states: 'There are no material post balance sheet events to note.'
page 84Final dividend of 18p per share proposed for FY25 (2024: 16.5p), making a total of 23p for the year (2024: 19.5p), payable ~22 August 2025 to shareholders on the register at 18 July 2025. No formal stated payout ratio policy disclosed beyond capital management note referencing dividend, buybacks or new equity as levers.
page 6Auditor: Grant Thornton UK LLP issued an unmodified (unqualified) audit opinion. Key Audit Matter: Defence and Security revenue recognition (point-in-time vs over-time judgement under IFRS 15) - no material misstatements identified. Other significant risk noted: management override of controls. Going concern basis adopted; directors' forecasts run to 31 October 2026 including severe-but-plausible reverse stress tests, all of which showed the Group remaining a going concern; no material uncertainties disclosed.
page 16- Foreign exchange - revenue, profits and net assets exposed to USD, Euro, and to a lesser extent Brazilian Real and Polish Zloty movementsp.10
- Inflationary pressures on raw material and energy prices, particularly under long-term contractsp.10
- Production capacity constraints given growing demand in Defence and Securityp.11
- Customer demand risk, driven by economic/political conditions, pricing, quality and delivery performancep.11
Read from C000878-AR-2026-website.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10), Company website (1)
FY2027Next report expected 4 Jul 2027