Delays in placing orders and lower demand have hit Doncaster-based MS International’s defence arm, executive chairman Michael Bell told shareholders attending the company’s annual meeting.
The Balby Carr Bank group’s forgings operations and Global-MSI subsidiary, which makes forecourt superstructures for petrol stations, are trading favourably and have both increased their market share thanks to improved competitiveness and product innovations.
Mr Bell said revenue during the first three months of the current financial year had been in line with expectations.
“Defence continues to contend with the constraints imposed on defence equipment procurement that has resulted in delays in the placing of orders and lower volumes industry wide,” said Mr Bell.
“Our expectations for the year as a whole, however, remain as we anticipated, subject only to any further delays in the placing of certain orders over and above those already booked.
“The balance sheet remains robust with net cash and short term deposits.”
MS International is one of Doncaster’s most profitable companies, according to the latest Star Business/Barber Harrison & Platt Top 100 rankings of the region’s leading firms.