MS International acquires European division for £2.4m
MANUFACTURER MS International has made a European acquisition to bolster one of its divisions.
Company chairman Michael Bell admitted the firm had had a difficult start to the year, but the acquisition and securing an MoD contract worth over £12m meant he was optimistic for the future.
The firm acquired Netherlands-based Petrol Sign for €3.4m (£2.4m) from Lambooij Holdings after year-end to “enhance” the group’s petrol station superstructure offering.
Petrol Sign designs, restyles, produces and installs the complete appearance of petrol station superstructures and forecourts.
For the financial year ended 31 December 2014, Petrol Sign had unaudited revenues of €4.15m up from €3.19m in 2013.
Unaudited pretax profits of €446,000 up from €196,000 in 2013.
MSI manufactures a diverse range of parts for forklift trucks, die forgings and petrol station superstructures, with divisions in South Carolina in the US, Sao Paulo in Brazil and Krakow in Poland.
The firm, three divisions of which are based in Doncaster, released results that showed that business picked up in the second half, leading to £45.5m in revenues for the year to 2 May 2015, slightly down on last year’s total of £47.1m.
Pretax profit was down to £1.54m in comparison with £2.92m, but
Chairman Michael Bell said: “I am pleased to announce that there has been a much improved performance by the group during the second half of the year.
“The group’s current order book remains very strong. While marginally lower at year-end than that the £46m reported for 2014, it has since increased following the award of a follow-on two year contract by the UK MoD.
“Although the exact value of that contract is confidential, I can reveal that it is in excess of £12m.
“The acquisition [of Petrol Signs] will enhance our ability to offer and include branding and signage services as an option to petrol station markets and customers and will become an integral part of the groups ‘Petrol Station Superstructures’ division.”
The vendor and managing director of Petrol Sign will continue to be employed by the company as its managing director.
