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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 : 1272I
Mountview Estates PLC
15 June 2017
Embargoed 07.00a.m. 15 June 2017
Final Results
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2017
CHIEF EXECUTIVE OFFICER'S STATEMENT
When I was writing this statement last year we had suffered the immediate effects of the 3% increase in stamp duty and were continuing to suffer the on-going effects of it. We had also suffered the uncertainties of the referendum campaign and were now being warned about the possible effects of "Brexit". Whilst some of the trade figures have been encouraging since the "Brexit" vote, we have since had the uncertainties generated by a general election campaign. The general election result has done nothing to inspire the confidence that we all crave.
With continuing uncertainties in the macro-economic situation we must rely upon our own sound strategies to ensure further prosperity for the Company. We keep our gearing low and are thus able to take advantage of good purchasing opportunities when they occur. We have made more purchases in the financial year ended 31 March 2017 compared with the previous year and with strong sales revenue since 1 October 2016 we have come close to matching the outstanding results of year ended 31 March 2016.
With these very sound results we are able to maintain the total dividends for the year at 300 pence per share which are still more than three times covered. The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2017 will be payable on 14 August 2017 to shareholders on the Register of Members as at 14 July 2017.
Many of my staff have shown outstanding loyalty and have played major roles in bringing the Company to its present position of great strength. I respect also those who have brought their talents to the Company more recently. Together they make a wonderful team and I believe that we can look forward to the future with confidence.
Duncan Sinclair
15 June 2017
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Hot Features
Premium
2017 2016 (Decease)/Increase
GBP GBP %
Revenue (millions) 78.2 79.8 (2.0)
Gross Profit (millions) 52.1 53.0 (1.7)
Profit Before Tax
(millions) 45.0 48.4 (7.0)
Profit Before Tax
excluding investment
properties revaluation
(millions) 46.0 46.9 (1.9)
Equity Holders' Funds
(millions) 336.3 311.8 7.9
Earnings per share
(pence) 929.1 992.9 (6.4)
Net assets per share
(GBP) 86.25 79.9 7.9
Dividend per share
(pence) 300 300 -
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 100 pence per share are as follows:
Ex-dividend 13 July 2017 date Record date 14 July 2017 Payment date 14 August 2017
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2017
Year Year
ended ended
31.03.2017 31.03.2016
GBP'000 GBP'000
REVENUE 78,232 79,765
Cost of sales (26,176) (26,751)
GROSS PROFIT 52,056 53,014
Administrative expenses (5,231) (5,148)
Gain on sale of investment
properties 0 197
Operating profit before changes
in
fair value of investment properties 46,825 48,063
(Decrease)/Increase in fair
value of investment properties (1,020) 1,504
PROFIT FROM OPERATIONS 45,805 49,567
Net finance costs (819) (1,179)
PROFIT BEFORE TAXATION 44,986 48,388
Taxation - current (9,234) (9,593)
Taxation - deferred 473 (83)
Taxation (8,761) (9,676)
PROFIT ATTRIBUTABLE TO EQUITY
SHAREHOLDERS 36,225 38,712
Basic and diluted earnings
per share (pence) 929.1p 992.9p
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2017
As at As at
31.03.2017 31.03.2016
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment 1,833 1,911
Investment properties 28,741 29,448
30,574 31,359
CURRENT ASSETS
Inventories of trading
properties 347,380 334,108
Trade and other receivables 1,613 1,720
Cash at bank 825 1,706
349,818 337,534
TOTAL ASSETS 380,392 368,893
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption
reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 335,948 311,421
336,279 311,752
NON-CURRENT LIABILITIES
Long-term borrowings 29,000 39,700
Deferred tax 4,869 5,342
33,869 45,042
CURRENT LIABILITIES
Bank overdrafts and
short-term loans 3,042 3,625
Trade and other payables 1,951 3,000
Current tax payable 5,251 5,474
10,244 12,099
TOTAL LIABILITIES 44,113 57,141
TOTAL EQUITY AND LIABILITIES 380,392 368,893
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2017
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
2015 195 25 55 56 287,330 287,661
Profit for
the year 38,712 38,712
Dividends (14,621) (14,621)
Balance as
at 31 March
2016 195 25 55 56 311,421 311,752
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
2016 195 25 55 56 311,421 311,752
Profit for
the year 36,225 36,225
Dividends (11,698) (11,698)
Balance as
at 31 March
2017 195 25 55 56 335,948 336,279
MOUNTVIEW ESTATES P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2017
Year Year
ended ended
31.03.2017 31.03.2016
GBP'000 GBP'000
Cash flow from operating activities
Operating profit 45,805 49,567
Adjustment for:
Depreciation 79 113
Gain on disposal of investment
properties - (197)
Decrease/(Increase) in fair
value of investment properties 1,020 (1,504)
Cash flow from operations before
changes in working capital 46,904 47,979
(Increase) in inventories (13,272) (11,088)
Decrease in receivables 107 228
(Decrease)/Increase in payables (1,049) 657
Cash generated from operations 32,690 37,776
Interest paid (819) (1,179)
Income taxes paid (9,458) (5,693)
Net cash inflow from operating
activities 22,413 30,904
Investing activities
Proceeds from disposal of investment
properties - 1,700
Capital expenditure on investment
properties (312) (48)
Purchase of property, plant
and equipment (1) (16)
Net cash (outflow)/inflow from
investing activities (313) 1,636
Cash flow from financing activities
Repayment of borrowings (9,820) (20,725)
Equity dividend paid (11,698) (14,621)
Net cash (outflow) from financing
activities (21,518) (35,346)
Net increase/(decrease)/ in
cash and cash equivalents 582 (2,806)
Opening cash and cash equivalents (1,919) 887
Cash and cash equivalents at
the end of the year (1,337) (1,919)
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 2017 and 31 March 2016, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2016 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 2017 are expected to be finalised and signed following approval by the Board of Directors and delivered to the Registrar of Companies following the Company's Annual General Meeting on 9 August 2017.
2. Basis of Preparation
The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2017 AGM are expected to comply fully with IFRS.
ENDS
For further information, please contact:
SPARK Advisory Partners www.sparkadvisorypartners.com Limited (Financial Adviser) Miriam Greenwood 020 3368 3553 Mark Brady 020 3368 3551
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DBGDLDDBBGRS
(END) Dow Jones Newswires
June 15, 2017 02:00 ET (06:00 GMT)
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