Shares in MS International PLC climbed over 10% on Tuesday as the firm announced a solid uptick in profit following a host of orders, including from the US Navy.
Pre-tax profit for the sixth months to 31 October 2023 soared to £7.72 million from £3.46 million, MS International said in a statement, with revenue jumping 36% to £57.02 million and net cash doubling to £50.05 million on account of its defence wing’s strong performance.
This included an order from the US for naval guns, contracts to maintain these and other overseas sales of the likes of land-based mobile air defence systems.
“It has been a long haul, but vision, persistence, determination and capability have resulted in success,” chairman Michael Bell commented, pointing to plans set out in the 1980s to work with the US.
Shares climbed 10.8% to 952.5p.