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Share Name Share Symbol Market Type Share ISIN Share Description
Mountview Estates 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
  +150.00p +1.52% 10,050.00p 9,700.00p 10,400.00p 9,750.00p 9,700.00p 9,750.00p 37 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 70.3 36.9 766.4 13.1 391.85

Mountview Estates PLC Half-year Report

23/11/2017 7:00am

UK Regulatory (RNS & others)


Mountview Estates (LSE:MTVW)
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2 Years : From Dec 2016 to Dec 2018

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RNS Number : 2851X

Mountview Estates PLC

23 November 2017

Mountview Estates P.L.C.

Interim Results

23 November 2017

MOUNTVIEW ESTATES P.L.C.

("Mountview" or "the Group" or "the Company")

UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER

2017

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2017

OUR PERFORMANCE

Turnover at GBP33.0 million down by 2.9% (2016 - GBP34.0m)

Gross profit at GBP20.8 million down by 13.7% (2016- GBP24.1m)

Profit before tax at GBP18.4 million down by 15.2% (2016 - GBP21.7m)

Earnings per share at 381.3 pence down by 14.7% (2016 - 446.9p)

Net assets per share at GBP89.1up by 6.8% (2016 - GBP83.4)

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        15 February 2018 
   Record date                16 February 2018 
   Payment date              26 March 2018 

Chief Executive Officer's Statement

At the Annual General Meeting held on 9 August 2017 those shareholders deemed to be independent exercised their right to reject the re-election of Mrs. M. L. Jarvis as an independent non-executive director. At the General Meeting held in accordance with the UKLA Listing Rules on 13 November 2017, when all shareholders were entitled to vote, it was resolved to re-appoint Mrs. M. L. Jarvis as a director of the Company. Thus the balance and stability of the Board is maintained.

TRADING

I have written before of the uncertainties overshadowing the economic situation and until the bureaucrats in Brussels agree to meaningful negotiations with our government those uncertainties will remain. Whilst this Company conducts its business entirely within the borders of the United Kingdom it cannot isolate itself from the macroeconomic situation. It is against this background that, with the exception of net assets per share, the figures of Our Performance on the previous page are down. The Company remains financially sound with low gearing and has made good purchases during the six months ended 30 September 2017.

INTERIM DIVID

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2018 and is payable on 26 March 2018 to shareholders on the Register of Members as at 16 February 2018.

OUTLOOK

Since 30 September 2017 the Company has completed the purchase of more than 50 properties in the London area investing over GBP25 million. As purchasing the right properties is the most important part of our business I believe that we have reasons for optimism.

D.M. SINCLAIR

Chief Executive Officer

23 November 2017

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2017

 
                                 Half year     Half year          Year 
                                     ended         ended         ended 
                                30.09.2017    30.09.2016    31.03.2017 
                                    GBP000        GBP000        GBP000 
 
 
 Revenue                            33,027        34,047        78,232 
 
 Cost of Sales                    (12,257)       (9,908)      (26,176) 
 
 Gross Profit                       20,770        24,139        52,056 
 
 Administrative expenses           (2,141)       (1,930)       (5,231) 
 
 
 Operating profit before 
  changes in 
 fair value of investment 
  properties                        18,629        22,209        46,825 
 
 (Decrease) in fair value 
  of investment properties               -             -       (1,020) 
 
 Profit from operations             18,629        22,209        45,805 
 Net finance costs                   (270)         (482)         (819) 
 
 Profit before taxation             18,359        21,727        44,986 
 
 Taxation - current                (3,499)       (4,356)       (9,234) 
 Taxation - deferred                     7            54           473 
 
 Taxation                          (3,492)       (4,302)       (8,761) 
 
 Profit attributable to 
  equity Shareholders               14,867        17,425        36,225 
 
 Basic and diluted earnings                                      929.1 
  per share (pence)                 381.3p        446.9p             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 2017

 
                                      Half year          Half         Year 
                                         ended           year        ended 
                                                        ended 
                                      30.09.2017   30.09.2016   31.03.2017 
                                          GBP000       GBP000       GBP000 
 Assets 
 Non-current assets 
 Property, plant and equipment             1,803        1,878        1,833 
 Investment properties                    28,741       29,698       28,741 
                                          30,544       31,576       30,574 
 
 Current assets 
 Inventories of trading 
  properties                             346,467      338,921      347,380 
 Trade and other receivables               4,119        1,559        1,613 
 Cash and cash equivalents                 1,261          675          825 
                                         351,847      341,155      349,818 
 
 
 Total assets                            382,391      372,731      380,392 
 
 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                       346,916      324,947      335,948 
                                         347,247      325,278      336,279 
 
 Non-current liabilities 
 Long-term borrowings                     22,700       35,600       29,000 
 Deferred tax                              4,862        5,287        4,869 
                                          27,562       40,887       33,869 
 
 Current liabilities 
 Bank overdrafts and loans                 3,430        1,467        3,042 
 Trade and other payables                    692          415        1,951 
 Current tax payable                       3,460        4,684        5,251 
                                           7,582        6,566       10,244 
 
 
 Total liabilities                        35,144       47,453       44,113 
 
 Total equity and liabilities            382,391      372,731      380,392 
 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2017

 
                                       Half year    Half year                 Year 
                                           ended        ended                ended 
                                      30.09.2017   30.09.2016           31.03.2017 
                                          GBP000       GBP000               GBP000 
 Cash flows from operating 
  activities 
 
 Profit from operations                   18,629       22,209               45,805 
 Adjustment for: 
 Depreciation                                 32           34                   79 
 Decrease in fair 
  value of investment 
  properties                                   -            -                1,020 
 
 Operating cash flows 
  before movement                         18,661       22,243               46,904 
 in working capital 
 
 Decrease/(Increase) 
  in inventories                             913      (4,813)             (13,272) 
 (Increase)/Decrease 
  in receivables                         (2,506)          161                  107 
 (Decrease) in payables                  (1,259)      (1,999)              (1,049) 
 
 Cash generated from 
  operations                              15,809       15,592               32,690 
 
 Interest paid                             (270)        (482)                (819) 
 Income taxes paid                       (5,293)      (5,147)              (9,458) 
 
 Net cash inflow from 
  operating activities                    10,246        9,963               22,413 
 Investing activities 
 Capital expenditure 
  on investment properties                     -        (250)                (312) 
 Purchase of property, 
  plant and equipment                          -          (2)                  (1) 
 
 Net cash (outflow) 
  from investing activities                    -        (252)                (313) 
 
 Cash flows from financing 
  activities 
 
 Repayment of borrowings                 (6,867)      (4,100)              (9,820) 
 Equity dividend paid                    (3,899)      (3,899)             (11,698) 
 
 Net cash (outflow) 
  from financing activities             (10,766)      (7,999)             (21,518) 
 
 Net (decrease)/increase 
  in cash and cash 
  equivalents                              (520)        1,712                  582 
 
 Opening cash and 
  cash equivalents                       (1,337)      (1,919)              (1,919) 
 
 Cash and cash equivalents 
  at end of period                       (1,857)        (207)              (1,337) 
 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the half year ended 30 September 2017

 
                                Half         Half         Year 
                                year         year 
                               ended        ended        ended 
                          30.09.2017   30.09.2016   31.03.2017 
                              GBP000       GBP000       GBP000 
 
 
 Shareholders' funds 
  as at the beginning 
  of the period              336,279      311,752      311,752 
 
 Profit for the period        14,867       17,425       36,225 
 
 Dividends                   (3,899)      (3,899)     (11,698) 
 
 Shareholders' funds 
  at the end of the 
  period                     347,247      325,278      336,279 
 

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 financial statements for the year ended 31 March 2017 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 2017.

The Group's published financial statements for the year ended 31 March 2017 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 Advisor)   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 LLFFDLFLFFID

(END) Dow Jones Newswires

November 23, 2017 02:00 ET (07:00 GMT)

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