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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 200.00 | 2.08% | 9,800.00 | 9,400.00 | 10,200.00 | 47 | 16:35:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 73.59M | 26.47M | 6.7876 | 14.14 | 374.31M |
From Apr 2019 to Apr 2024
TIDMMTVW
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
Hot Features
Premium
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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