Mountview Estates PLC Half Yearly Report (9021G)

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

(MORE TO FOLLOW) Dow Jones Newswires

November 26, 2015 02:10 ET (07:10 GMT)