TIDMMTVW
RNS Number : 6291G
Mountview Estates PLC
26 November 2020
Mountview Estates P.L.C.
Interim Results
26 November 2020
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2020
Mountview is pleased to announce its unaudited interim results
for the six months ended 30 September 2020.
OUR PERFORMANCE
Turnover at GBP22.5 million down by 24.7% (2019 - GBP29.9m)
Gross profit at GBP16.0 million down by 16.2% (2019 -
GBP19.1m)
Profit before tax at GBP13.5 million down by 22.4% (2019 -
GBP17.4m)
Earnings per share at 280.4 pence down by 22.4% (2019 -
361.1p)
Net assets per share at GBP98.2 up by 2.6% (2019 - GBP95.7)
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 18 February 2021
Record date 19 February 2021
Payment date 29 March 2021
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 12 August 2020 those
shareholders deemed to be independent exercised their right to
reject the re-election of Mr Anthony Powell and Ms Mhairi Archibald
as independent Non-Executive Directors. At the General Meeting held
in accordance with the Listing Rules of the Financial Conduct
Authority on 23 November 2020, when all shareholders were entitled
to vote, it was resolved to re-elect Mr Anthony Powell and Ms
Mhairi Archibald as Directors of the Company. Thus the status quo
is maintained.
TRADING
Brexit is nearly with us so it is probably appropriate that my
next comments on this subject are made next July when we can
consider the effects of whatever takes place from the beginning of
January 2021.
It is Covid-19 which dominates everything worldwide and has
influenced the figures that we are able to present in this Half
Year Report. I am happy that I can repeat that we have not had to
furlough any staff or reduce staff numbers in any other way and
that I remain confident that our years of financial prudence will
enable us to continue to conduct the business successfully and to
maintain our dividend payments.
The first lockdown started shortly before the beginning of our
financial year and had the effect of delaying the procedures that
are necessary to bring a vacant property to market. This delay was
about a month or six weeks and is commensurate with our fall in
turnover. In so far as we have all become accustomed to coping with
the present circumstances I am hopeful that the delays may even
lessen as time goes on.
We have already made substantial purchases this year and our
financial stability puts us in position to make further purchases
if the opportunities arise.
INTERIM DIVID
The interim dividend is maintained at 200p per share in respect
of the year ending 31 March 2021 and is payable on 29 March 2021 to
shareholders on the Register of Members as at 19 February 2021.
OUTLOOK
It is good purchases that will contribute so much to the future
prosperity of the Company and it is in difficult times that our
financial prudence gives us the ability to take advantage of
exceptional opportunities that may arise.
D.M. SINCLAIR
Chief Executive Officer
26 November 2020
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2020
Half year Half year Year
ended ended ended
30.09.2020 30.09.2019 31.03.2020
GBP000 GBP000 GBP000
Revenue 22,450 29,921 64,873
Cost of Sales (6,477) (10,821) (23,519)
Gross Profit 15,973 19,100 41,354
Administrative expenses (2,168) (2,247) (5,630)
Gain on sale of investment
properties - 1,174 1,174
Operating profit before changes
in
fair value of investment properties 13,805 18,027 36,898
Decrease in fair value of investment
properties - - (969)
Profit from operations 13,805 18,027 35,929
Net finance costs (319) (590) (988)
Profit before taxation 13,486 17,437 34,941
Taxation - current (2,555) (3,854) (7,320)
Taxation - deferred - 495 675
Taxation (2,555) (3,359) (6,645)
Profit attributable to equity
Shareholders 10,931 14,078 28,296
Basic and diluted earnings
per share (pence) 280.4p 361.1p 725.7p
All items within the consolidated income statement relate to
continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2020
Half year Half year Year ended
ended ended
30.09.2020 30.09.2019 31.03.2020
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,638 1,700 1,670
Investment properties 24,122 25,091 24,122
25,760 26,791 25,792
Current assets
Inventories of trading properties 409,295 392,454 392,069
Trade and other receivables 1,825 2,032 3,676
Cash and cash equivalents 608 639 3,553
411,728 395,125 399,298
Total assets 437,488 421,916 425,090
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 382,376 372,823 379,243
382,707 373,154 379,574
Non-current liabilities
Long-term borrowings 44,700 38,700 31,100
Deferred tax 4,076 4,256 4,076
48,776 42,956 35,176
Current liabilities
Bank overdrafts and other short
term loans 3,011 1,255 2,060
Trade and other payables 528 783 4,830
Current tax payable 2,466 3,768 3,450
6,005 5,806 10,340
Total liabilities 54,781 48,762 45,516
Total equity and liabilities 437,488 421,916 425,090
GROUP CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2020
Half year Half year Year
ended ended ended
30.09.2020 30.09.2019 31.03.2020
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 13,805 18,027 35,929
Adjustment for:
Depreciation 32 38 64
(Gain) on sale of investment
properties - (1,174) (1,174)
Decrease in fair value
of investment properties - - 969
Operating cash flows
before movement in working
capital 13,837 16,891 35,788
(Increase)/Decrease in
inventories (17,226) (70) 315
Decrease/(Increase) in
receivables 1,851 (117) (1,761)
(Decrease)/Increase in
payables (4,302) (2,029) 2,018
Cash generated from operations (5,840) 14,675 36,360
Interest paid (319) (590) (988)
Income taxes paid (3,539) (3,251) (7,035)
Net cash (Outflow)/Inflow
from operating activities (9,698) 10,834 28,337
Investing activities
Proceeds from disposal
of investment properties - 4,195 4,195
Purchase of property,
plant and equipment - (28) (24)
Net cash inflow from
investing activities - 4,167 4,171
Cash flows from financing
activities
Increase/(Repayment)
of borrowings 13,381 (8,545) (16,835)
Equity dividend paid (7,798) (7,798) (15,596)
Net cash Inflow/(Outflow)
from financing activities 5,583 (16,343) (32,431)
Net (Decrease)/Increase
in cash and cash equivalents (4,115) (1,342) 77
Opening cash and cash
equivalents 2,058 1,981 1,981
Cash and cash equivalents
at end of period (2,057) 639 2,058
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
for the half year ended 30 September 2020
Half Half Year
year year
ended ended ended
30.09.2020 30.09.2019 31.03.2020
GBP000 GBP000 GBP000
Shareholders' funds as
at the beginning of the
period 379,574 366,874 366,874
Profit for the period 10,931 14,078 28,296
Dividends (7,798) (7,798) (15,596)
Shareholders' funds at
the end of the period 382,707 373,154 379,574
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 2020 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 2020.
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 2020
have been reported on by the Group's auditors and filed with the
Registrar of Companies. The report of the auditors 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 23 November 2020. 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 Adviser)
www.sparkadvisorypartners.com
Mark Brady 0203 368 3551
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END
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