TIDMMTVW
RNS Number : 9021G
Mountview Estates PLC
26 November 2015
Mountview Estates P.L.C.
Interim Results
MOUNTVIEW ESTATES P.L.C.
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER
2015
OUR PERFORMANCE
Turnover at GBP42.8 million up by 16% (2014 - GBP36.9m)
Gross profit at GBP28.3 million up by 17.4% (2014 -
GBP24.1m)
Profit before tax at GBP25.9 million up by 24.5% (2014 -
GBP20.8m)
Earnings per share at 531.0 pence up by 24.0% (2014 -
428.0p)
Net assets per share at GBP77.3 up by 8.9% (2014 - GBP71.0)
DIVIDEND INFORMATION
Mountview Estates P.L.C. advises its shareholders that,
following the issue of the interim results, the relevant dates in
respect of the interim dividend payment of 200p per share are as
follows:
Ex-dividend date 18 February 2016
Record date 19 February 2016
Payment date 29 March 2016
C.E.O.'s STATEMENT
We are delighted to report another strong start to our financial
year, with turnover, profit before taxation and net asset value all
ahead of the same period last year.
Trading
Whilst the percentage increases may not be as strong as they
were for this period last year, they compare favourably with the
increases for the last full year. Further, I must emphasise that
these are increases on top of increases and thus represent a
continuing strength in the Company's performance.
Interim Dividend
Although the details have yet to reach the Statute Book, the
Chancellor of the Exchequer has announced that from the beginning
of the next tax year, the treatment of an individual's dividend
income will be less favourable. To reduce the impact of these
changes, your Board have decided to pay the greater part of the
dividend at the interim stage. This interim dividend of 200p per
share is payable in respect of the year ending 31 March 2016 on 29
March 2016 to shareholders on the Register of Members as at 19
February 2016.
Current Trading
Acquisitions made during the first six months equate almost to
those made for the last full year and there are other purchases
already in the pipeline. The Company remains financially sound with
gearing at a modest level and trading in line with the Board's
expectations.
Outlook
The outlook for the Company is sound with financing in place to
take advantage of any good purchasing opportunities which occur. We
can never control the macro-economic situation and presently Europe
is experiencing troubled times, but we remain optimistic.
On 1 December 2015, Dr Andrew Williams joins the Board as a
Non-Executive Director. We are delighted to welcome Andrew (who is
a grandson of our co-founder, the late Frank Sinclair) to
Mountview. He is a highly respected professional and brings with
him a skill-set that will complement the Board. On 31 December
2015, Alistair Sinclair retires as a Non-Executive Director of the
Company. We would like to thank Alistair for his five years of
distinguished service and full tribute will be paid in my statement
which accompanies the full year's Report and Accounts.
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2015
Half year Half year Year
ended ended ended
30.09.2015 30.09.2014 31.03.2015
GBP000 GBP000 GBP000
Revenue 42,769 36,900 71,331
Cost of Sales (14,448) (12,794) (24,621)
Gross Profit 28,321 24,106 46,710
Administrative expenses (2,010) (2,361) (5,055)
Gain on sale of investment 197 - -
properties
Operating profit before
changes in
fair value of investment
properties 26,508 21,745 41,655
Increase in fair value
of investment properties - - 57
Profit from operations 26,508 21,745 41,712
Net finance costs (606) (959) (1,736)
Profit before taxation 25,902 20,786 39,976
Taxation - current (5,400) (4,364) (8,422)
Taxation - deferred 202 266 263
Taxation (5,198) (4,098) (8,159)
Profit attributable to
equity Shareholders 20,704 16,688 31,817
Basic and diluted earnings
per share (pence) 531.0p 428.0p 816.0p
All items within the consolidated income statement relate to
continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2015
Half year Half Year
ended year ended
ended
30.09.2015 30.09.2014 31.03.2015
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,954 2,058 2,008
Investment properties 27,896 29,342 29,399
29,850 31,400 31,407
Current assets
Inventories of trading
properties 330,867 317,651 323,020
Trade and other receivables 1,760 1,580 1,948
Cash and cash equivalents 682 467 1,625
333,309 319,698 326,593
Total assets 363,159 351,098 358,000
Equity and liabilities
Capital and reserves attributable
to equity holders of the
Company
Share capital 195 195 195
Capital redemption reserve 55 55 55
Capital reserve 25 25 25
Other reserves 56 56 56
Retained earnings 301,211 276,100 287,330
301,542 276,431 287,661
Non-current liabilities
Long-term borrowings 49,600 62,000 60,200
Deferred tax 5,055 5,255 5,259
54,655 67,255 65,459
Current liabilities
Bank overdrafts and loans 991 1,744 963
Trade and other payables 628 1,342 2,343
Current tax payable 5,343 4,326 1,574
6,962 7,412 4,880
Total liabilities 61,617 74,667 70,339
Total equity and liabilities 363,159 351,098 358,000
GROUP CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2015
Half Half year Year
year
ended ended ended
30.09.2015 30.09.2014 31.03.2015
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 26,508 21,745 41,712
Adjustment for:
Depreciation 55 66 140
(Gain) on disposal of (197) - -
investment properties
(Increase) in fair value
of investment properties - - (57)
Operating cash flows before
movement 26,366 21,811 41,795
in working capital
(Increase)/ Decrease in
inventories (7,847) 3,672 (1,697)
Decrease/(Increase) in
receivables 188 (2) (370)
(Decrease)/Increase in
payables (1,715) (662) 339
Cash generated from operations 16,992 24,819 40,067
Interest paid (606) (959) (1,736)
Income taxes paid (1,633) (4,584) (11,393)
Net cash inflow from operating
activities 14,753 19,276 26,938
Investing activities
Proceeds from disposal
of investment properties 1,700 54 54
Purchase of property,
plant and equipment (1) (8) (33)
Net cash inflow from investing
activities 1,699 46 21
Cash flows from financing
activities
Repayment of borrowings (10,649) (7,764) (10,181)
Equity dividend paid (6,823) (5,848) (9,747)
Net cash (outflow) from
financing activities (17,472) (13,612) (19,928)
Net (decrease)/increase
in cash and cash equivalents (1,020) 5,710 7,031
Opening cash and cash
equivalents 887 (6,144) (6,144)
Cash and cash equivalents
at end of period (133) (434) 887
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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