Defence cuts hit MS International

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MS International pre-tax profits have fallen by 40 per cent to £5.01 million, on sales down by just over 2.5 per cent at £54.49 million, in the 12 months to April 27.

The Doncaster company, which operates in the defence and forgings sectors and makes petrol station superstructures, said it had sustained its revenues and achieved what it describes as a “robust profit margin.”

Chairman Michael Bell said MSI had cut jobs and costs in its defence division in the face of budget cuts in domestic and export markets, which had led to delays and deferrals of prospective orders.

Low customer activity and continuing lack of confidence in any real and sustainable upturn in growth had hit international markets for its forgings division.

However, the Balby Carr Bank group’s petrol station superstructures division once again successfully raised both revenue and profit, buoyed by a good mix of new station developments and upgrades to existing forecourts.

MSI is recommending maintaining its total dividend at 8.0p.