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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
  50.00 0.42% 11,850.00 11,500.00 12,200.00 0.00 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 64.9 34.9 725.7 16.3 462

Mountview Estates PLC Half-year Report

26/11/2020 10:45am

UK Regulatory (RNS & others)


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RNS Number : 6291G

Mountview Estates PLC

26 November 2020

Mountview Estates P.L.C.

Interim Results

26 November 2020

MOUNTVIEW ESTATES P.L.C.

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

UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER 2020

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2020.

OUR PERFORMANCE

Turnover at GBP22.5 million down by 24.7% (2019 - GBP29.9m)

Gross profit at GBP16.0 million down by 16.2% (2019 - GBP19.1m)

Profit before tax at GBP13.5 million down by 22.4% (2019 - GBP17.4m)

Earnings per share at 280.4 pence down by 22.4% (2019 - 361.1p)

Net assets per share at GBP98.2 up by 2.6% (2019 - GBP95.7)

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        18 February 2021 
   Record date                19 February 2021 
   Payment date              29 March 2021 

CHIEF EXECUTIVE OFFICER'S STATEMENT

At the Annual General Meeting held on 12 August 2020 those shareholders deemed to be independent exercised their right to reject the re-election of Mr Anthony Powell and Ms Mhairi Archibald as independent Non-Executive Directors. At the General Meeting held in accordance with the Listing Rules of the Financial Conduct Authority on 23 November 2020, when all shareholders were entitled to vote, it was resolved to re-elect Mr Anthony Powell and Ms Mhairi Archibald as Directors of the Company. Thus the status quo is maintained.

TRADING

Brexit is nearly with us so it is probably appropriate that my next comments on this subject are made next July when we can consider the effects of whatever takes place from the beginning of January 2021.

It is Covid-19 which dominates everything worldwide and has influenced the figures that we are able to present in this Half Year Report. I am happy that I can repeat that we have not had to furlough any staff or reduce staff numbers in any other way and that I remain confident that our years of financial prudence will enable us to continue to conduct the business successfully and to maintain our dividend payments.

The first lockdown started shortly before the beginning of our financial year and had the effect of delaying the procedures that are necessary to bring a vacant property to market. This delay was about a month or six weeks and is commensurate with our fall in turnover. In so far as we have all become accustomed to coping with the present circumstances I am hopeful that the delays may even lessen as time goes on.

We have already made substantial purchases this year and our financial stability puts us in position to make further purchases if the opportunities arise.

INTERIM DIVID

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2021 and is payable on 29 March 2021 to shareholders on the Register of Members as at 19 February 2021.

OUTLOOK

It is good purchases that will contribute so much to the future prosperity of the Company and it is in difficult times that our financial prudence gives us the ability to take advantage of exceptional opportunities that may arise.

D.M. SINCLAIR

Chief Executive Officer

26 November 2020

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2020

 
                                           Half year       Half year             Year 
                                               ended           ended            ended 
                                          30.09.2020      30.09.2019       31.03.2020 
                                              GBP000          GBP000           GBP000 
 
 
 Revenue                                      22,450          29,921           64,873 
 
 Cost of Sales                               (6,477)        (10,821)         (23,519) 
 
 Gross Profit                                 15,973          19,100           41,354 
 
 Administrative expenses                     (2,168)         (2,247)          (5,630) 
 
 Gain on sale of investment 
  properties                                       -           1,174            1,174 
 
 Operating profit before changes 
  in 
 fair value of investment properties          13,805          18,027           36,898 
 
 Decrease in fair value of investment 
  properties                                       -               -            (969) 
 
 Profit from operations                       13,805          18,027           35,929 
 Net finance costs                             (319)           (590)            (988) 
 
 Profit before taxation                       13,486          17,437           34,941 
 
 Taxation - current                          (2,555)         (3,854)          (7,320) 
 Taxation - deferred                               -             495              675 
 
 Taxation                                    (2,555)         (3,359)          (6,645) 
 
 Profit attributable to equity 
  Shareholders                                10,931          14,078           28,296 
 
 Basic and diluted earnings 
  per share (pence)                           280.4p          361.1p           725.7p 
 
 

All items within the consolidated income statement relate to continuing operations.

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2020

 
                                      Half year      Half year   Year ended 
                                         ended           ended 
                                      30.09.2020    30.09.2019   31.03.2020 
                                          GBP000        GBP000       GBP000 
 Assets 
 Non-current assets 
 Property, plant and equipment             1,638         1,700        1,670 
 Investment properties                    24,122        25,091       24,122 
                                          25,760        26,791       25,792 
 
 Current assets 
 Inventories of trading properties       409,295       392,454      392,069 
 Trade and other receivables               1,825         2,032        3,676 
 Cash and cash equivalents                   608           639        3,553 
                                         411,728       395,125      399,298 
 
 
 Total assets                            437,488       421,916      425,090 
 
 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                       382,376       372,823      379,243 
                                         382,707       373,154      379,574 
 
 Non-current liabilities 
 Long-term borrowings                     44,700        38,700       31,100 
 Deferred tax                              4,076         4,256        4,076 
                                          48,776        42,956       35,176 
 
 Current liabilities 
 Bank overdrafts and other short 
  term loans                               3,011         1,255        2,060 
 Trade and other payables                    528           783        4,830 
 Current tax payable                       2,466         3,768        3,450 
                                           6,005         5,806       10,340 
 
 
 Total liabilities                        54,781        48,762       45,516 
 
 Total equity and liabilities            437,488       421,916      425,090 
 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2020

 
                                           Half year    Half year              Year 
                                               ended        ended             ended 
                                          30.09.2020   30.09.2019        31.03.2020 
                                              GBP000       GBP000            GBP000 
 Cash flows from operating 
  activities 
 
 Profit from operations                       13,805       18,027            35,929 
 Adjustment for: 
 Depreciation                                     32           38                64 
 (Gain) on sale of investment 
  properties                                       -      (1,174)           (1,174) 
 Decrease in fair value 
  of investment properties                         -            -               969 
 
 Operating cash flows 
  before movement in working 
  capital                                     13,837       16,891            35,788 
 
 
 (Increase)/Decrease in 
  inventories                               (17,226)         (70)               315 
 Decrease/(Increase) in 
  receivables                                  1,851        (117)           (1,761) 
 (Decrease)/Increase in 
  payables                                   (4,302)      (2,029)             2,018 
 
 Cash generated from operations              (5,840)       14,675            36,360 
 
 Interest paid                                 (319)        (590)             (988) 
 Income taxes paid                           (3,539)      (3,251)           (7,035) 
 
 Net cash (Outflow)/Inflow 
  from operating activities                  (9,698)       10,834            28,337 
 Investing activities 
 Proceeds from disposal 
  of investment properties                         -        4,195             4,195 
 Purchase of property, 
  plant and equipment                              -         (28)              (24) 
 
 Net cash inflow from 
  investing activities                             -        4,167             4,171 
 
 
   Cash flows from financing 
   activities 
 
 Increase/(Repayment) 
  of borrowings                               13,381      (8,545)          (16,835) 
 Equity dividend paid                        (7,798)      (7,798)          (15,596) 
 
 Net cash Inflow/(Outflow) 
  from financing activities                    5,583     (16,343)          (32,431) 
 
 Net (Decrease)/Increase 
  in cash and cash equivalents               (4,115)      (1,342)                77 
 
 Opening cash and cash 
  equivalents                                  2,058        1,981             1,981 
 
 Cash and cash equivalents 
  at end of period                           (2,057)          639             2,058 
 
 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the half year ended 30 September 2020

 
                                   Half         Half         Year 
                                   year         year 
                                  ended        ended        ended 
                             30.09.2020   30.09.2019   31.03.2020 
                                 GBP000       GBP000       GBP000 
 
 
 Shareholders' funds as 
  at the beginning of the 
  period                        379,574      366,874      366,874 
 
 Profit for the period           10,931       14,078       28,296 
 
 Dividends                      (7,798)      (7,798)     (15,596) 
 
 Shareholders' funds at 
  the end of the period         382,707      373,154      379,574 
 

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 2020 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 2020.

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 2020 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.

The condensed consolidated interim financial statements were approved by the Board of Directors on 23 November 2020. 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 Adviser) www.sparkadvisorypartners.com

   Mark Brady                                                                 0203 368 3551 

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END

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November 26, 2020 05:45 ET (10:45 GMT)

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