MS International in line with expectations

8th Aug 2011 13:18

Shares in MS International jumped today after it announced that revenue during the first three months of its financial year had been in line with expectations.The engineering firm said that its defence unit continued to prosper, buoyed by a higher value of work for output in hand during the current year compared to twelve months ago.It added that its 'forgings' and 'petrol station forecourt structures' sections were continuing to experience a notable upturn in demand, enabling better use of some previously underutilised facilities.On Monday morning the firm's shares rose 16%.Executive chairman, Michael Bell, told the annual shareholders' meeting that the company's balance sheet remained strong with net cash and short term deposits."One may recall, that in my year end statement I remarked that 'maintaining general economic momentum in the coming summer holiday period will be critical if the revival is to continue without interruption,'" he told investors."Although we are naturally cautious given the fragility of the current macro-economic, political and financial turmoil, presently we anticipate another year of progress for the Group."