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MS International PLC on Tuesday lifted its payout on a surge in profit, helped by a double-digit increase in revenue.
The defence equipment manufacturer based in Doncaster, Yorkshire in England posted a pretax profit of £6.0 million for the year ended on April 30, jumping from £1.6 million a year ago. Revenue increased by 21% to £74.5 million from £61.5 million.
MS International explained the rise in profit and revenue is a result of the company's ‘considerable’ progress across its four divisions.
In its Defence division, the company delivered its first seven of eight No MSI-DS30mm naval weapon systems to the US Navy.
Chair Michael Bell said: ‘The group has made a strong recovery post the many constraints imposed by Covid. This, I believe, demonstrates the tangible benefits of operating an optimistic, long-term investment and support strategy, that we practice daily, to support and encourage the respective management teams that directly oversee the operations of our diverse businesses.’
MS International declared a final dividend of 7.5 pence per share compared to 6.5 pence a year ago, representing a 15% rise. This raises the total dividend for the year to 9.25 pence per share, up 12% from 8.25 pence in the previous year.
‘We believe that we have placed each of our businesses in a strong and exciting position within the markets which we serve. Close monitoring of performance and further support in the development of new products and services will, no doubt, bring further rewards,’ MS said.
MS International shares were 5.5% higher at 292.24 pence each in London on Tuesday morning.
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