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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 | -2.04% | 9,600.00 | 9,250.00 | 9,950.00 | 17 | 16:35:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 73.59M | 26.47M | 6.7876 | 14.44 | 382.1M |
From Apr 2019 to Apr 2024
TIDMMTVW
RNS Number : 1173U
Mountview Estates PLC
21 November 2019
Mountview Estates P.L.C.
Interim Results
21 November 2019
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2019
Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2019
OUR PERFORMANCE
Turnover at GBP29.9 million down by 1.0% (2018 - GBP30.2m)
Gross profit at GBP19.1 million up by 2.7% (2018 - GBP18.6m)
Profit before tax at GBP17.4 million up by 9.4% (2018 - GBP15.9m)
Earnings per share at 361.1 pence up by 9.5% (2018 - 329.9p)
Net assets per share at GBP95.7 up by 3.8% (2018 - GBP92.2)
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 20 February 2020 Record date 21 February 2020 Payment date 30 March 2020
Chief Executive Officer's Statement
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 7 August 2019 those shareholders deemed to be independent exercised their right to reject the re-appointments of Mr Anthony Powell and Mrs Mhairi Jarvis as independent non-executive directors. At the General Meeting held in accordance with the Listing Rules of the Financial Conduct Authority on 18 November 2019, when all shareholders were entitled to vote, it was resolved to re-appoint Mr Anthony Powell and Mrs Mhairi Jarvis as directors of the Company. Thus the status quo is maintained.
TRADING
The uncertainty surrounding Brexit continues and whilst the Company is perhaps less vulnerable than most businesses to the economics of the rest of Europe, we all need the stability of an economy with a long term strategy.
Happily the figures of Our Performance on the previous page all show increases and we continue to make good purchases. The Company has low gearing and remains financially sound.
INTERIM DIVID
The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2020 and is payable on 30 March 2020 to shareholders on the Register of Members as at 21 February 2020.
OUTLOOK
With continuing good purchases and sound financial planning the Company is well placed to take advantage when the country's economic strategy can be planned with greater certainty.
D.M. SINCLAIR
Chief Executive Officer
21 November 2019
GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2019
Hot Features
Premium
Half year Half year Year
ended 30.09.2019 ended ended
GBP000 30.09.2018 31.03.2019
GBP000 GBP000
Revenue 29,921 30,166 65,428
Cost of Sales (10,821) (11,592) (24,627)
Gross Profit 19,100 18,574 40,801
Administrative expenses (2,247) (2,112) (5,442)
Gain on sale of investment properties 1,174 - -
Operating profit before changes
in
fair value of investment properties 18,027 16,462 35,359
Increase in fair value of investment
properties - - 287
Profit from operations 18,027 16,462 35,646
Net finance costs (590) (566) (1,079)
Profit before taxation 17,437 15,896 34,567
Taxation - current (3,854) (3,034) (6,504)
Taxation - deferred 495 - (55)
Taxation (3,359) (3,034) (6,559)
Profit attributable to equity
Shareholders 14,078 12,862 28,008
Basic and diluted earnings per
share (pence) 361.1p 329.9p 718.3p
All items within the consolidated income statement relate to continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year ended
ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,700 1,741 1,710
Investment properties 25,091 27,825 28,112
26,791 29,566 29,822
Current assets
Inventories of trading properties 392,454 378,173 392,384
Trade and other receivables 2,032 1,726 1,915
Cash and cash equivalents 639 825 1,981
395,125 380,724 396,280
Total assets 421,916 410,290 426,102
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 372,823 359,195 366,543
373,154 359,526 366,874
Non-current liabilities
Long-term borrowings 38,700 39,900 47,250
Deferred tax 4,256 4,696 4,751
42,956 44,596 52,001
Current liabilities
Bank overdrafts and other short
term loans 1,255 2,425 1,250
Trade and other payables 783 734 2,812
Current tax payable 3,768 3,009 3,165
5,806 6,168 7,227
Total liabilities 48,762 50,764 59,228
Total equity and liabilities 421,916 410,290 426,102
GROUP CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year
ended ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 18,027 16,462 35,646
Adjustment for:
Depreciation 38 30 61
(Gain) on sale of investment (1,174) - -
properties
(Increase) in fair value
of investment properties - - (287)
Operating cash flows before
movement in working capital 16,891 16,492 35,420
(Increase) in inventories (70) (1,294) (15,505)
(Increase)/Decrease in
receivables (117) 133 (56)
(Decrease)/Increase in
payables (2,029) (1,109) 969
Cash generated from operations 14,675 14,222 20,828
Interest paid (590) (566) (1,079)
Income taxes paid (3,251) (2,363) (5,677)
Net cash inflow from operating
activities 10,834 11,293 14,072
Investing activities
Proceeds from disposal 4,195 - -
of investment properties
Purchase of property, plant (28) - -
and equipment
Net cash inflow from investing 4,167 - -
activities
Cash flows from financing
activities
(Repayment) of borrowings (8,545) (9,875) (1,863)
Equity dividend paid (7,798) (7,798) (15,596)
Net cash (outflow) from
financing activities (16,343) (17,673) (17,459)
Net (decrease) in cash
and cash equivalents (1,342) (6,380) (3,387)
Opening cash and cash equivalents 1,981 5,368 5,368
Cash and cash equivalents
at end of period 639 (1,012) 1,981
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2019
Half year Half year Year
ended ended ended
30.09.2019 30.09.2018 31.03.2019
GBP000 GBP000 GBP000
Shareholders' funds as
at the beginning of the
period 366,874 354,462 354,462
Profit for the period 14,078 12,862 28,008
Dividends (7,798) (7,798) (15,596)
Shareholders' funds at
the end of the period 373,154 359,526 366,874
Notes to the Half Year Report
Basis of preparation
These condensed consolidated interim financial statements have 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 condensed consolidated interim financial statements should be read in conjunction with the annual statements for the year ended 31 March 2019 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 2019.
The Directors have reviewed the current and projected financial position of the Group and are satisfied that the Group has adequate resources to cover current liabilities. Therefore the Directors continue to adopt the going concern basis in preparing the half year report.
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.
Status of the interim financial information
These condensed consolidated interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Group's published financial statements for the year ended 31 March 2019 have been reported on by the Group's auditors and filed with the Registrar of Companies. The report of the auditors 2019 was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements were approved by the Board of Directors on 20 November 2019. The preparation of the interim financial information requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFERLFLIFIA
(END) Dow Jones Newswires
November 21, 2019 02:00 ET (07:00 GMT)
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