MS International PLC on Wednesday said profits multiplied in the first half after Russia’s invasion of Ukraine led to a ‘more attentive audience’ from buyers of military equipment.

The Doncaster, England-based defence equipment manufacturer posted a pretax profit of £3.5 million for the first half ended October 31, multiplying from £770,000 a year ago, as revenue rose by 27% to £42.0 million from £33.2 million.

Cost of sales increased by 22% to £30.1 million from £24.6 million a year ago, as MS International continues to market its product portfolio to a ‘more attentive audience’, which reflects the ‘uneasy political state of the world’.

The company declared an interim dividend of 2.00 pence per share, up 14% from 1.75p a year ago, as earnings per share surged to 17.40p from 3.40p.

‘The group has continued to perform strongly, growing our international businesses profitably in the face of these extremely challenging times,’ Executive Director Michael Bell said.

‘We believe that we have progressed strongly and created considerable opportunities through our commitment to being bold whilst building a substantial war chest to support our continuing investment, particularly in defence. Notwithstanding, we remain vigilant, in order to react to any changing circumstances,’ Bell said.

MS International shares were up 9.9% at 380.20p each on Wednesday morning in London

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