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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% | 9,900.00 | 9,400.00 | 10,400.00 | 9,900.00 | 9,900.00 | 9,900.00 | 0.00 | 06:57:55 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMTVW
RNS Number : 7717C
Mountview Estates PLC
15 June 2023
Mountview Estates PLC
15 June 2023
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2023
CHIEF EXECUTIVE OFFICER'S STATEMENT
We are now living in the circumstances of double digit inflation and rising interest rates which give us very different problems to those experienced before and indeed during the Covid pandemic. At a time when companies are failing to pay dividends and even ceasing to trade mere survival must be considered to be a success.
This Company has not only survived but has maintained an increased level of dividend. Your Board recommend that the final dividend be maintained at 250 pence per share. If shareholders approve the final dividend at the Annual General Meeting on 9 August 2023 it will be payable on 14 August 2023 to shareholders on the register at 7 July 2023.
Turnover has increased by 11.5% but the cost of sales has increased substantially and with modest increases in administrative expenses and finance costs the resulting earnings per share have fallen by a mere 1.6%.
I always emphasize that making the right purchases is the most important part of the business and our financial stability has enabled us to make substantial new purchases (up from GBP12.5million to GBP52.6million). These purchases underpin the future of the Company and will ensure future profits.
The prosperity of the Company is only possible because we have a good team in place and I thank each and every one of them, from the most recent recruit to the longest standing employee, for their loyalty and endeavour.
Duncan Sinclair
15 June 2023
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Increase/ 2023 2022 (Decrease) GBP GBP % Revenue (millions) 73.6 66.0 11.5 Gross Profit (millions) 40.6 40.9 (0.7) Profit Before Tax (millions) 32.8 34.9 (6.3) Profit Before Tax excluding investment properties revaluation (millions) 32.8 34.4 (4.6) Equity Holders' Funds (millions) 390.7 393.5 (0.7) Earnings per share (pence) 678.8 689.5 (1.6) Net assets per share (GBP) 100.2 100.9 (0.7) Dividend per share (pence) 750 750 0.0
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 6 July 2023 Record date 7 July 2023 Payment date 14 August 2023
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2023
Year Year ended ended 31.03.23 31.03.22 GBP'000 GBP'000 REVENUE 73,593 66,010 Cost of sales (32,993) (25,144) GROSS PROFIT 40,600 40,866 Administrative expenses (6,592) (6,197) Gain on sale of investment properties - 53 Operating profit before changes in fair value of investment properties 34,008 34,722 (Decrease)/Increase in fair value of investment properties (36) 444 PROFIT FROM OPERATIONS 33,972 35,166 Net finance costs (1,208) (298) PROFIT BEFORE TAXATION 32,764 34,868 Taxation - current (6,233) (6,637) Taxation - deferred (66) (1,349) Taxation (6,299) (7,986) PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,465 26,882 Basic and diluted earnings per share (pence) 678.8p 689.5p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2023
As at As at 31.03.2023 31.03.2022 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Property. plant and equipment 1,493 1,546 Investment properties 25,415 25,451 26,908 26,997 CURRENT ASSETS Inventories of trading properties 422,742 393,275 Trade and other receivables 6,656 1,326 Cash at bank 776 643 430,174 395,244 TOTAL ASSETS 457,082 422,241 EQUITY AND LIABILITIES Share capital 195 195 Capital redemption reserve 55 55 Capital reserve 25 25 Other reserve 56 56 Retained earnings 390,377 393,155 390,708 393,486 NON-CURRENT LIABILITIES Long-term borrowings 56,700 19,200 Deferred tax 5,766 5,700 62,466 24,900 CURRENT LIABILITIES Bank overdrafts and short-term loans 60 - Trade and other payables 1,984 1,470 Current tax payable 1,864 2,385 3,908 3,855 TOTAL LIABILITIES 66,374 28,755 TOTAL EQUITY AND LIABILITIES 457,082 422,241
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2023
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 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 2022 195 25 55 56 393,155 393,486 Profit for the year - - - - 26,465 26,465 Dividends - - - - (29,243) (29,243) Balance as at 31 March 2023 195 25 55 56 390,377 390,708
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2023
Year Year ended ended 31.03.2023 31.03.2022 GBP'000 GBP'000 Cash flow from operating activities Operating profit 33,972 35,166 Adjustment for: Depreciation 53 60 (Gain) on disposal of investment properties - (53) Decrease/(Increase) in fair value of investment properties 36 (444) Cash flow from operations before changes in working capital 34,061 34,729 (Increase)/Decrease in inventories (29,467) 4,891 (Increase)/Decrease in receivables (5,330) 91 Increase/(Decrease) in payables 514 (672) Cash generated from operations (222) 39,039 Interest paid (1,208) (298) Income taxes paid (6,754) (8,368) Net cash (outflow)/inflow from operating activities (8,184) 30,373 Investing activities Proceeds from disposal of investment properties - 620 Net cash inflow from investing activities - 620 Cash flow from financing activities Increase/(Repayment) of borrowings 37,500 (2,349) Equity dividend paid (29,243) (28,267) Net cash inflow/(outflow) from
financing activities 8,257 (30,616) Net increase in cash and cash equivalents 73 377 Opening cash and cash equivalents 643 266 Cash and cash equivalents at the end of the year 716 643
2023 Annual General Meeting (2023 AGM)
The 2023 AGM of the Company will be held on Wednesday 9 August 2023 and details will be set out in the Notice of AGM, to be sent to shareholders on 7 July 2023.
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 2023 and 31 March 2022 but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2022 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 2023 are expected to be finalised and signed following approval by the Board of Directors and made available to shareholders in advance of the 2023 AGM and will be delivered to the Registrar of Companies following the Company's 2023 AGM on 9 August 2023.
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 at the 2023 AGM are expected to comply fully with UK-adopted international accounting standards.
Ends
This announcement contains inside information for the purpose of article 7 of the UK version of the Market Abuse Regulation No 596/2014 as it forms part of UK 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 15, 2023 02:00 ET (06:00 GMT)
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