MS International (MSI) is a UK-based, AIM-listed specialist engineering group operating across four divisions: Defence and Security, Forgings, Petrol Station Superstructures, and Corporate Branding. Each division holds a leading position in its specialist market.

MSI boasts a strong balance sheet with no debt and substantial cash reserves (£27.8m at April 2025), which, combined with healthy margins (17% pre-tax profit margin) and a record pre-tax profit of £20.1m, means it has significant capacity to invest in growth, particularly as it refocuses strategically around its dominant Defence and Security division, which now accounts for 70% of Group turnover. The intensifying international focus on defence spending, with NATO governments targeting 5% of GDP, provides a powerful structural tailwind for the business over the medium and long term.

Despite this, MSI has remained relatively overlooked by investors, with its shareholder base primarily weighted towards private investors and limited institutional coverage. We believe that, in the medium term, MSI is well-positioned to capitalise on the global defence spending upcycle and its diversified industrial base to deliver strong, sustained returns for its shareholders.