MS International (LSE:MSI) reported largely steady interim results for the six months to 31 October 2025, with profit before tax of £8.47 million on revenue of £55.81 million, marginally lower year on year. On a like-for-like basis, excluding derivative impacts, profit before tax increased to £9.28 million, while cash balances improved to £35.73 million, reinforcing the group’s financial resilience.
The company described 2025 as a pivotal year following its strategic decision to refocus on the Defence and Security division and to explore the sale of its Forgings and Petrol Station Superstructures and Branding businesses. This repositioning has been accompanied by changes to the board, bringing in a younger and more internationally experienced leadership team, and by a strengthened operational footprint across the US and Europe.
Within Defence and Security, MS International secured a further annual contract from the US Navy for its MSI-DS 30mm naval weapon system. The group also expanded its support and maintenance facilities in the US and Poland and enhanced its US business development capabilities, positioning the division for growth across both naval and land-based defence markets.
The Forgings division continues to face softer near-term demand in the UK and US amid trade and policy uncertainty. However, the business has begun deliveries to Mitsubishi Logisnext America and is actively quoting for additional major lift-truck OEM programmes, pointing to a potentially meaningful growth pipeline in the US over the medium term.
Meanwhile, the Petrol Station Superstructures and Branding operations, now successfully combined, continue to trade strongly. Demand is being driven by large-scale fuel forecourt transformation projects and the evolution of multi-purpose fuel hubs incorporating EV charging and food-to-go offers. In response, the group plans to expand manufacturing capacity to capture rising demand from major retail customers.
Overall, MS International’s outlook is supported by solid financial performance and recent strategic progress, particularly within Defence and Security. However, technical indicators point to bearish share price momentum, and ongoing cash flow demands present potential risks. While valuation appears reasonable, it is not sufficient on its own to fully offset these technical and operational uncertainties.
More about MS International
MS International is a UK-based engineering group operating across Defence and Security, Forgings, and Petrol Station Superstructures and Branding. The company supplies naval and land weapon systems, industrial forgings and components, and designs and manufactures forecourt infrastructure solutions, serving defence customers in the UK, US and Europe alongside major fuel retailers investing in modern, multi-purpose fuel hubs.
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