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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mountview Estates PLC | AQSE:MTVW.GB | Aquis Stock Exchange | Ordinary Share | GB0006081037 | Ordinary Shares 5p |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9,500.00 | 9,000.00 | 10,000.00 | 9,500.00 | 9,500.00 | 9,500.00 | 0.00 | 06:58:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMTVW
RNS Number : 1092P
Mountview Estates PLC
16 June 2022
Mountview Estates PLC
16 June 2022
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2022
CHIEF EXECUTIVE OFFICER'S STATEMENT
After two years of Covid constrained activity it is to be hoped that our lives may now resume more normal levels of activity. Most of those operating in the property industry found ways of circumventing the various difficulties presented by the last two years and may even have found methodology that serves them better.
Our turnover for last year shows a modest increase but increases in the cost of the properties sold and the cost of maintenance where we had previously been unable to enter properties because of Covid have been the main contributors to a thirteen per cent fall in Earnings per Share. Nevertheless none of this does anything to undermine the financial stability of the Company and your Board remain confident enough to recommend an increased final dividend of 250 pence per share.
If shareholders approve the final dividend at the Annual General Meeting on 10 August 2022 it will be payable on 15 August 2022 to shareholders on the register at 8 July 2022.
Mountview may be considered to have been merely in the right place at the right time these last two years but we are a small workforce who have worked hard, adapting as necessary, to stay in that right place. I thank my staff and colleagues for their hard work and loyalty and believe that the future prosperity of the Company should reward them and allow them to be protected from the ravages that the economy may inflict upon us.
Duncan Sinclair
16 June 2022
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Increase/ 2022 2021 (Decrease) GBP GBP % Revenue (millions) 66.0 65.7 0.5 Gross Profit (millions) 40.9 43.2 (5.3) Profit Before Tax (millions) 34.9 38.1 (8.4) Profit Before Tax excluding investment properties revaluation (millions) 34.4 36.7 (6.3) Equity Holders' Funds (millions) 393.5 394.9 (0.4) Earnings per share (pence) 689.5 792.3 (13.0) Net assets per share (GBP) 100.9 101.3 (0.4) Dividend per share (pence) 750 425 76.5
Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 250 pence per share are as follows:
Ex-dividend date 7 July 2022 Record date 8 July 2022 Payment date 15 August 2022
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2022
Year Year ended ended 31.03.2022 31.03.2021 GBP'000 GBP'000 REVENUE 66,010 65,730 Cost of sales (25,144) (22,508) GROSS PROFIT 40,866 43,222 Administrative expenses (6,197) (5,865) Gain on sale of investment properties 53 - Operating profit before changes in fair value of investment properties 34,722 37,357 Increase in fair value of investment properties 444 1,452 PROFIT FROM OPERATIONS 35,166 38,809 Net finance costs (298) (675) PROFIT BEFORE TAXATION 34,868 38,134 Taxation - current (6,637) (6,966) Taxation - deferred (1,349) (275) Taxation (7,986) (7,241) PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,882 30,893 Basic and diluted earnings per share (pence) 689.5p 792.3p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2022
As at As at 31.03.2022 31.03.2021 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Property. plant and equipment 1,546 1,606 Investment properties 25,451 25,574 26,997 27,180 CURRENT ASSETS Inventories of trading properties 393,275 398,166 Trade and other receivables 1,326 1,417 Cash at bank 643 597 395,244 400,180 TOTAL ASSETS 422,241 427,360 EQUITY AND LIABILITIES Share capital 195 195 Capital redemption reserve 55 55 Capital reserve 25 25 Other reserve 56 56 Retained earnings 393,155 394,540 393,486 394,871 NON-CURRENT LIABILITIES Long-term borrowings 19,200 20,600 Deferred tax 5,700 4,351 24,900 24,951 CURRENT LIABILITIES Bank overdrafts and short-term loans - 1,280 Trade and other payables 1,470 2,142 Current tax payable 2,385 4,116 3,855 7,538 TOTAL LIABILITIES 28,755 32,489 TOTAL EQUITY AND LIABILITIES 422,241 427,360
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2022
Capital Share Capital Redemption Other Retained Capital Reserve Reserve Reserves Earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 April 2020 195 25 55 56 379,243 379,574 Profit for the year - - - - 30,893 30,893 Dividends - - - - (15,596) (15,596) Balance as at 31 March 2021 195 25 55 56 394,540 394,871 Capital Share Capital Redemption Other Retained Capital Reserve Reserve Reserves Earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 April 2021 195 25 55 56 394,540 394,871 Profit for the year - - - - 26,882 26,882 Dividends - - - - (28,267) (28,267) Balance as at 31 March 2022 195 25 55 56 393,155 393,486
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2022
Year Year ended ended 31.03.2022 31.03.2021 GBP'000 GBP'000 Cash flow from operating activities Operating profit 35,166 38,809 Adjustment for: Depreciation 60 64 (Gain) on disposal of investment (53) - properties (Increase) in fair value of investment properties (444) (1,452) Cash flow from operations before changes in working capital 34,729 37,421 Decrease/(Increase) in inventories 4,891 (6,097) Decrease in receivables 91 2,259 (Decrease) in payables (672) (2,688) Cash generated from operations 39,039 30,895 Interest paid (298) (675) Income taxes paid (8,368) (6,300) Net cash inflow from operating activities 30,373 23,920 Investing activities Proceeds from disposal of investment 620 - properties Net cash inflow from investing 620 - activities Cash flow from financing activities (Repayment) of borrowings (2,349) (10,116) Equity dividend paid (28,267) (15,596) Net cash (outflow) from financing activities (30,616) (25,712) Net Increase/(Decrease) in cash and cash equivalents 377 (1,792)
Opening cash and cash equivalents 266 2,058 Cash and cash equivalents at the end of the year 643 266
2022 Annual General Meeting (AGM)
The 2022 AGM of the Company will be held on Wednesday 10 August 2022 and details will be set out in the Notice of AGM.
Notes to the Preliminary Announcement
1. Financial Information
The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2022 and 31 March 2021, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2021 have been filed with the Registrar of Companies. The auditor reported on those accounts: their report was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2022 are expected to be finalised and signed following approval by the Board of Directors and delivered to the Registrar of Companies following the Company's Annual General Meeting on 10 August 2022 ("2022 AGM").
2. Basis of Preparation
The preliminary announcement has been prepared in accordance with UK-adopted international accounting standards, but does not contain sufficient information to comply fully with UK-adopted international accounting standards. The Financial Statements to be presented to Members at the 2022 AGM are expected to comply fully with UK-adopted international accounting standards.
Ends
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.
For further information on the Company, visit: www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial Adviser) www.sparkadvisorypartners.com
Mark Brady 020 3368 3550
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(END) Dow Jones Newswires
June 16, 2022 02:00 ET (06:00 GMT)
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