TIDMMTVW
RNS Number : 1173U
Mountview Estates PLC
21 November 2019
Mountview Estates P.L.C.
Interim Results
21 November 2019
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2019
Mountview is pleased to announce its unaudited interim results
for the six months ended 30 September 2019
OUR PERFORMANCE
Turnover at GBP29.9 million down by 1.0% (2018 - GBP30.2m)
Gross profit at GBP19.1 million up by 2.7% (2018 - GBP18.6m)
Profit before tax at GBP17.4 million up by 9.4% (2018 -
GBP15.9m)
Earnings per share at 361.1 pence up by 9.5% (2018 - 329.9p)
Net assets per share at GBP95.7 up by 3.8% (2018 - GBP92.2)
DIVID 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 20 February 2020
Record date 21 February 2020
Payment date 30 March 2020
Chief Executive Officer's Statement
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 7 August 2019 those
shareholders deemed to be independent exercised their right to
reject the re-appointments of Mr Anthony Powell and Mrs Mhairi
Jarvis as independent non-executive directors. At the General
Meeting held in accordance with the Listing Rules of the Financial
Conduct Authority on 18 November 2019, when all shareholders were
entitled to vote, it was resolved to re-appoint Mr Anthony Powell
and Mrs Mhairi Jarvis as directors of the Company. Thus the status
quo is maintained.
TRADING
The uncertainty surrounding Brexit continues and whilst the
Company is perhaps less vulnerable than most businesses to the
economics of the rest of Europe, we all need the stability of an
economy with a long term strategy.
Happily the figures of Our Performance on the previous page all
show increases and we continue to make good purchases. The Company
has low gearing and remains financially sound.
INTERIM DIVID
The interim dividend is maintained at 200p per share in respect
of the year ending 31 March 2020 and is payable on 30 March 2020 to
shareholders on the Register of Members as at 21 February 2020.
OUTLOOK
With continuing good purchases and sound financial planning the
Company is well placed to take advantage when the country's
economic strategy can be planned with greater certainty.
D.M. SINCLAIR
Chief Executive Officer
21 November 2019
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year
ended 30.09.2019 ended ended
GBP000 30.09.2018 31.03.2019
GBP000 GBP000
Revenue 29,921 30,166 65,428
Cost of Sales (10,821) (11,592) (24,627)
Gross Profit 19,100 18,574 40,801
Administrative expenses (2,247) (2,112) (5,442)
Gain on sale of investment properties 1,174 - -
Operating profit before changes
in
fair value of investment properties 18,027 16,462 35,359
Increase in fair value of investment
properties - - 287
Profit from operations 18,027 16,462 35,646
Net finance costs (590) (566) (1,079)
Profit before taxation 17,437 15,896 34,567
Taxation - current (3,854) (3,034) (6,504)
Taxation - deferred 495 - (55)
Taxation (3,359) (3,034) (6,559)
Profit attributable to equity
Shareholders 14,078 12,862 28,008
Basic and diluted earnings per
share (pence) 361.1p 329.9p 718.3p
All items within the consolidated income statement relate to
continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year ended
ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,700 1,741 1,710
Investment properties 25,091 27,825 28,112
26,791 29,566 29,822
Current assets
Inventories of trading properties 392,454 378,173 392,384
Trade and other receivables 2,032 1,726 1,915
Cash and cash equivalents 639 825 1,981
395,125 380,724 396,280
Total assets 421,916 410,290 426,102
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 372,823 359,195 366,543
373,154 359,526 366,874
Non-current liabilities
Long-term borrowings 38,700 39,900 47,250
Deferred tax 4,256 4,696 4,751
42,956 44,596 52,001
Current liabilities
Bank overdrafts and other short
term loans 1,255 2,425 1,250
Trade and other payables 783 734 2,812
Current tax payable 3,768 3,009 3,165
5,806 6,168 7,227
Total liabilities 48,762 50,764 59,228
Total equity and liabilities 421,916 410,290 426,102
GROUP CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year
ended ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 18,027 16,462 35,646
Adjustment for:
Depreciation 38 30 61
(Gain) on sale of investment (1,174) - -
properties
(Increase) in fair value
of investment properties - - (287)
Operating cash flows before
movement in working capital 16,891 16,492 35,420
(Increase) in inventories (70) (1,294) (15,505)
(Increase)/Decrease in
receivables (117) 133 (56)
(Decrease)/Increase in
payables (2,029) (1,109) 969
Cash generated from operations 14,675 14,222 20,828
Interest paid (590) (566) (1,079)
Income taxes paid (3,251) (2,363) (5,677)
Net cash inflow from operating
activities 10,834 11,293 14,072
Investing activities
Proceeds from disposal 4,195 - -
of investment properties
Purchase of property, plant (28) - -
and equipment
Net cash inflow from investing 4,167 - -
activities
Cash flows from financing
activities
(Repayment) of borrowings (8,545) (9,875) (1,863)
Equity dividend paid (7,798) (7,798) (15,596)
Net cash (outflow) from
financing activities (16,343) (17,673) (17,459)
Net (decrease) in cash
and cash equivalents (1,342) (6,380) (3,387)
Opening cash and cash equivalents 1,981 5,368 5,368
Cash and cash equivalents
at end of period 639 (1,012) 1,981
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year
ended ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Shareholders' funds as
at the beginning of the
period 366,874 354,462 354,462
Profit for the period 14,078 12,862 28,008
Dividends (7,798) (7,798) (15,596)
Shareholders' funds at
the end of the period 373,154 359,526 366,874
Notes to the Half Year Report
Basis of preparation
These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and International
Accounting Standard 34 (IAS 34) "Interim Financial Reporting" as
adopted by the European Union. The condensed consolidated interim
financial statements should be read in conjunction with the annual
statements for the year ended 31 March 2019 which have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the European Union.
The accounting policies used are consistent with those contained
in the Group's last Annual Report and Accounts for the year ended
31 March 2019.
The Directors have reviewed the current and projected financial
position of the Group and are satisfied that the Group has adequate
resources to cover current liabilities. Therefore the Directors
continue to adopt the going concern basis in preparing the half
year report.
Basis of consolidation
The Group's financial statements incorporate the results of
Mountview Estates P.L.C. and all of its subsidiary undertakings.
Control is achieved where the Company has the power to govern the
financial and operating policies of an investee enterprise so as to
obtain benefits from its activities. The Group exercises control
through voting rights.
On acquisition, the identifiable assets, liabilities and
contingent liabilities of a subsidiary are measured at their fair
values at the date of acquisition. The purchase method has been
used in consolidating the subsidiary financial statements.
All significant intercompany transactions and balances between
Group enterprises are eliminated on consolidation within the
consolidated accounts. Consistent accounting policies have been
used across the Group.
Status of the interim financial information
These condensed consolidated interim financial statements are
unaudited and do not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The Group's
published financial statements for the year ended 31 March 2019
have been reported on by the Group's auditors and filed with the
Registrar of Companies. The report of the auditors 2019 was
unqualified and did not contain any statement under Section 498 of
the Companies Act 2006.
The condensed consolidated interim financial statements were
approved by the Board of Directors on 20 November 2019. The
preparation of the interim financial information requires
management to make assumptions and estimates about future events
which are uncertain, the actual outcome of which may result in a
materially different outcome from that anticipated.
Availability of the Half Year Report
Copies of this statement are being sent to Shareholders. Copies
may be obtained from the Company's registered office or from the
Company's website - www.mountviewplc.co.uk.
This announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
Ends
For further information on the Company, visit:
www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial Advisor)
www.sparkadvisorypartners.com
Miriam Greenwood 0203 368 3553
Mark Brady 0203 368 3551
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFERLFLIFIA
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