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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mountview Estates Plc | LSE:MTVW | London | Ordinary Share | GB0006081037 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9,675.00 | 9,250.00 | 9,950.00 | 0.00 | 08:00:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 73.59M | 26.47M | 6.7876 | 14.25 | 377.23M |
From Apr 2019 to Apr 2024
TIDMMTVW
RNS Number : 9635P
Mountview Estates PLC
24 November 2016
Mountview Estates P.L.C.
Interim Results
24 November 2016
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER 2016
Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2016.
OUR PERFORMANCE
Turnover at GBP34.0 million down by 20.6% (2015 - GBP42.8m)
Gross profit at GBP24.1 million down by 14.8% (2015- GBP28.3m)
Profit before tax at GBP21.7 million down by 16.2% (2015 - GBP25.9m)
Earnings per share at 446.9 pence down by 15.8% (2015 - 531.0p)
Net assets per share at GBP83.4 up by 7.9% (2015 - GBP77.3)
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 16 February 2017 Record date 17 February 2017 Payment date 27 March 2017
Chief Executive Officer's Statement
One must admit to a degree of disappointment when profits go down, but the Company remains financially sound. With these interim results comparing favourably with those of two years ago we may consider that we have survived quite well the fiscal measures enacted by the then Chancellor of the Exchequer before 1 April 2016.
TRADING
The legislation which was to be effective from 1 April caused an acceleration of transactions in March this year. These transactions would normally have completed in our new financial year, but their early completion resulted in a drop of over 20% in the number of transactions in the six months ended 30 September 2016. Turnover is down by GBP2.9 million compared with the half year ended 30 September 2014, but Gross Profit at GBP24.1 million is exactly the same. Profit before tax and earnings per share both compare favourably with those of two years ago and net assets per share have risen by 17.5%.
INTERIM DIVID
The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2017 and is payable on 27 March 2017 to shareholders on the Register of Members as at 17 February 2017.
CURRENT TRADING
Whilst fewer acquisitions have been made during the first six months they have been of higher average value with the exception of one outstanding life tenancy acquired during the six months ended 30 September 2015. Gearing remains at a comfortably modest level.
OUTLOOK
The reduction in base rate has helped but it was more about undoing the effects of legislation which came into effect on 1 April 2016 than any perceived effects of "Brexit". With the possibility of a more balanced attitude towards property taxation we can view the Company's prospects with equanimity.
D.M. SINCLAIR
Chief Executive Officer
24 November 2016
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2016
Hot Features
Premium
Half year Half year Year
ended ended ended
30.09.2016 30.09.2015 31.03.2016
GBP000 GBP000 GBP000
Revenue 34,047 42,769 79,765
Cost of Sales (9,908) (14,448) (26,751)
Gross Profit 24,139 28,321 53,014
Administrative expenses (1,930) (2,010) (5,148)
Gain on sale of investment
properties - 197 197
Operating profit before
changes in
fair value of investment
properties 22,209 26,508 48,063
Increase in fair value
of investment properties - - 1,504
Profit from operations 22,209 26,508 49,567
Net finance costs (482) (606) (1,179)
Profit before taxation 21,727 25,902 48,388
Taxation - current (4,356) (5,400) (9,593)
Taxation - deferred 54 202 (83)
Taxation (4,302) (5,198) (9,676)
Profit attributable to
equity Shareholders 17,425 20,704 38,712
Basic and diluted earnings 992.9
per share (pence) 446.9p 531.0p p
All items within the consolidated income statement relate to continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2016
Half year Half Year
ended year ended
ended
30.09.2016 30.09.2015 31.03.2016
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,878 1,954 1,911
Investment properties 29,698 27,896 29,448
31,576 29,850 31,359
Current assets
Inventories of trading
properties 338,921 330,867 334,108
Trade and other receivables 1,559 1,760 1,720
Cash and cash equivalents 675 682 1,706
341,155 333,309 337,534
Total assets 372,731 363,159 368,893
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 324,947 301,211 311,421
325,278 301,542 311,752
Non-current liabilities
Long-term borrowings 35,600 49,600 39,700
Deferred tax 5,287 5,055 5,342
40,887 54,655 45,042
Current liabilities
Bank overdrafts and loans 1,467 991 3,625
Trade and other payables 415 628 3,000
Current tax payable 4,684 5,343 5,474
6,566 6,962 12,099
Total liabilities 47,453 61,617 57,141
Total equity and liabilities 372,731 363,159 368,893
GROUP CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2016
Half Half year Year
year
ended ended ended
30.09.2016 30.09.2015 31.03.2016
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 22,209 26,508 49,567
Adjustment for:
Depreciation 34 55 113
(Gain) on disposal of
investment properties - (197) (197)
(Increase) in fair value
of investment properties - - (1,504)
Operating cash flows before
movement 22,243 26,366 47,979
in working capital
(Increase) in inventories (4,813) (7,847) (11,088)
Decrease in receivables 161 188 228
(Decrease)/Increase in
payables (1,999) (1,715) 657
Cash generated from operations 15,592 16,992 37,776
Interest paid (482) (606) (1,179)
Income taxes paid (5,147) (1,633) (5,693)
Net cash inflow from operating
activities 9,963 14,753 30,904
Investing activities
Proceeds from disposal
of investment properties - 1,700 1,700
Capital expenditure on
investment properties (250) - (48)
Purchase of property,
plant and equipment (2) (1) (16)
Net cash inflow from investing
activities (252) 1,699 1,636
Cash flows from financing
activities
Repayment of borrowings (4,100) (10,649) (20,725)
Equity dividend paid (3,899) (6,823) (14,621)
Net cash (outflow) from
financing activities (7,999) (17,472) (35,346)
Net increase/(decrease)
in cash and cash equivalents 1,712 (1,020) (2,806) Opening cash and cash equivalents (1,919) 887 887 Cash and cash equivalents at end of period (207) (133) (1,919)
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2016
Half Half Year
year year
ended ended ended
30.09.2016 30.09.2015 31.03.2016
GBP000 GBP000 GBP000
Shareholders' funds
as at the beginning
of the period 311,752 287,661 287,661
Profit for the period 17,425 20,704 38,712
Dividends (3,899) (6,823) (14,621)
Shareholders' funds
at the end of the
period 325,278 301,542 311,752
Notes to the Half Year Report
Basis of preparation
These condensed interim financial statements are unaudited and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. This condensed consolidated interim financial information has 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 interim condensed financial statements should be read in conjunction with the annual statements for the year ended 31 March 2016 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 2016.
The Group's published financial statements for the year ended 31 March 2016 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.
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.
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 Miriam Greenwood 0203 368 3553 Mark Brady 0203 368 3551
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVFLFLVFIR
(END) Dow Jones Newswires
November 24, 2016 02:00 ET (07:00 GMT)
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