TIDMMTVW
RNS Number : 3923U
Mountview Estates PLC
23 November 2023
Mountview Estates P.L.C.
Half Year Report
23 November 2023
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2023
Mountview is pleased to announce its unaudited interim results
for the six months ended 30 September 2023.
OUR PERFORMANCE
Turnover at GBP39.2 million up by 5.5% (2022 - GBP37.2m)
Gross profit at GBP24.2 million up by 13.9% (2022 -
GBP21.3m)
Profit before tax at GBP19.9 million up by 9.3% (2022 -
GBP18.2m)
Earnings per share at 382.7 pence up by 1.1% (2022 - 378.4p)
Net assets per share at GBP101.5 down by 0.7% (2022 -
GBP102.2)
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 250p per share are as
follows:
Ex-dividend date - 15 February 2024
Record date - 16 February 2024
Payment date - 25 March 2024
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 9 August 2023 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 20 November 2023, 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
Despite the economic difficulties being suffered throughout the
country the Company's gross profit for the six months ended 30
September 2023 has increased by 13.9% and profit before tax by
9.3%. The rise of over 30% in corporation tax from 19% to 25% is
the main, if not only, reason that earnings per share have risen
only by 1.1%.
Our purchasing activity has remained strong during these six
months and our financial strength should enable us to continue to
take advantage of good purchasing opportunities.
With a staff of less than thirty we are a tiny company but the
increased taxation and the ever expanding regulatory and
administrative burden imposed by various authorities is
disproportionate to a company of this size. We will not abandon our
financial prudence, but I am determined that we shall protect our
staff from the worst economic misfortunes. Many of our staff have
been loyal to the Company for many years and they deserve our
loyalty.
INTERIM DIVID
In March 2022 and March 2023 the Company paid an exceptional
interim dividend totalling 500p per share but it would not be
possible to continue at this level without compromising the
Company's financial prudence. At this time last year I advised that
it would be prudent to only anticipate an interim dividend payable
in March 2024 at the increased basic rate of 250p per share.
The Company has continued to make good purchases which are the
future of the Company and so an interim dividend of 250p per share
is the prudent option and still represents a good return on your
investment.
This dividend is payable on 25 March 2024 to shareholders on the
Register of Members as at 16 February 2024.
OUTLOOK
We live in difficult times, but I believe that this Company will
continue to prosper and can continue to care for its staff and its
shareholders.
D.M. Sinclair
Chief Executive Officer
23 November 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2023
Half year Half year Year
ended 30.09.2023 ended ended
GBP000 30.09.2022 31.03.2023
GBP000 GBP000
Revenue 39,236 37,192 73,593
Cost of Sales (15,007) (15,912) (32,993)
Gross Profit 24,229 21,280 40,600
Administrative expenses (2,718) (2,734) (6,592)
Operating profit before changes
in
fair value of investment properties 21,511 18,546 34,008
(Decrease) in fair value of
investment properties - - (36)
Profit from operations 21,511 18,546 33,972
Net finance costs (1,609) (336) (1,208)
Profit before taxation 19,902 18,210 32,764
Taxation - current (4,982) (3,455) (6,233)
Taxation - deferred - - (66)
Taxation (4,982) (3,455) (6,299)
Profit attributable to equity
shareholders and total comprehensive
income 14,920 14,755 26,465
Basic and diluted earnings
per share (pence) 382.7p 378.4p 678.8p
All items within the consolidated statement of comprehensive
income relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2023
Half year Half year Year ended
ended ended
30.09.2023 30.09.2022 31.03.2023
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,464 1,517 1,493
Investment properties 25,415 25,451 25,415
26,879 26,968 26,908
Current assets
Inventories of trading properties 442,231 406,812 422,742
Trade and other receivables 2,593 1,684 6,656
Cash and cash equivalents 1,908 1,628 776
446,732 410,124 430,174
Total assets 473,611 437,092 457,082
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 395,550 398,163 390,377
395,881 398,494 390,708
Non-current liabilities
Long-term borrowings 66,200 28,700 56,700
Deferred tax 5,766 5,700 5,766
71,966 34,400 62,466
Current liabilities
Bank overdrafts and other short
term loans - - 60
Trade and other payables 841 889 1,984
Current tax payable 4,923 3,309 1,864
5,764 4,198 3,908
Total liabilities 77,730 38,598 66,374
473,611 437,092 457,082
CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2023
Half year Half year Year
ended ended ended
30.09.2023 30.09.2022 31.03.2023
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 21,511 18,546 33,972
Adjustment for:
Depreciation 29 29 53
Decrease in fair value of
investment properties - - 36
Operating cash flows before
movement in working capital 21,540 18,575 34,061
(Increase) in inventories (19,489) (13,537) (29,467)
Decrease/(Increase) in receivables 4,063 (358) (5,330)
(Decrease)/Increase in payables (1,143) (581) 514
Cash generated from operations 4,971 4,099 (222)
Interest paid (1,609) (336) (1,208)
Income taxes paid (1,923) (2,531) (6,754)
Net cash Inflow/(Outflow)
from operating activities 1,439 1,232 (8,184)
Cash flows from financing
activities
Increase of borrowings 9,500 9,500 37,500
Equity dividend paid (9,747) (9,747) (29,243)
Net cash (Outflow)/Inflow
from financing activities (247) (247) 8,257
Net Increase in cash and
cash equivalents 1,192 985 73
Opening cash and cash equivalents 716 643 643
Cash and cash equivalents
at end of period 1,908 1,628 716
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2023
Half Half Year
year year
ended ended ended
30.09.2023 30.09.2022 31.03.2023
GBP000 GBP000 GBP000
Shareholders' funds
as at the beginning
of the period 390,708 393,486 393,486
Profit for the period 14,920 14,755 26,465
Dividends (9,747) (9,747) (28,243)
Shareholders' funds
at the end of the period 395,881 398,494 390,708
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 in accordance with UK
adopted International Accounting Standard 34 (IAS 34) "Interim
Financial Reporting". The condensed consolidated interim financial
statements should be read in conjunction with the annual financial
statements for the year ended 31 March 2023 which have been
prepared in accordance with UK adopted International Accounting
Standards.
The accounting policies used are consistent with those contained
in the Group's last Annual Report and Accounts for the year ended
31 March 2023.
The Directors have reviewed the current and projected financial
position of the Group and are satisfied that the Group has adequate
resources to cover all liabilities becoming payable for the
foreseeable future. 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
made up to the reporting date.
Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Control is recognised when the Group is exposed to, or has
rights to, variable returns from its investment in the entity and
has the ability to affect these returns through its power over the
relevant activities of the entity.
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 inter-company transactions balances and
unrealised gains on transactions between Group companies 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 2023
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 2023. 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 inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain .
Ends
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END
IR PPGCGGUPWPGP
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