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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9,800.00 | 9,250.00 | 9,950.00 | 17 | 08:00:04 |
| 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 : 0174C
Mountview Estates PLC
13 June 2019
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2019
CHIEF EXECUTIVE OFFICER'S STATEMENT
On 23 June 2016 the British People voted to leave the European Union and every statement that I have written since then has been conscious of the uncertainties that should have been resolved by 29 March 2019. Unfortunately those uncertainties are likely to continue at least until 31 October 2019 but I must write this statement in the belief that we will continue to live in a property owning democracy.
The headline figures in respect of our financial performance for the year ended 31 March 2019 are detailed under the heading "Financial Highlights" below. There has been a further fall in the number of sales transactions completed and thus I have to report a further, but more modest, fall in the Group's profits. Whilst the number of purchases is less than last year we continue to make good purchases and it is these that secure the future prosperity of the Company. The number of regulated tenancies available for purchase diminishes each year but the number of businesses seeking to acquire these diminishes as well.
The Company's gearing remains low and we continue to scrutinise our expenses keenly whilst ensuring that we reward all our loyal staff for their hard work and expertise which is so vital to the future prosperity of the Company. Also we are comfortable in keeping the final dividend at 200 pence per share, which is payable on 12 August, and thus maintaining the total annual dividend at 400 pence per share which is more than 1.75 times covered.
It will be a happier task writing this statement when the various uncertainties have been resolved in such a way that we can again report increased profits and thus an increase in dividends. In the meantime it is, once again, my pleasure to thank my staff and colleagues for the hard work and loyalty which ensures the continuing well-being of Mountview Estates P.L.C.
Duncan Sinclair
13 June 2019
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Hot Features
Premium
2019 2018 (Decrease)/Increase
GBP GBP %
Revenue (millions) 65.4 70.3 (7.0)
Gross Profit (millions) 40.8 43.4 (6.0)
Profit Before Tax
(millions) 34.6 36.9 (6.2)
Profit Before Tax
excluding investment
properties revaluation
(millions) 34.3 37.3 (8.0)
Equity Holders'
Funds (millions) 366.9 354.5 3.5
Earnings per share
(pence) 718.3 766.4 (6.3)
Net assets per share
(GBP) 94.09 90.91 3.5
Dividend per share
(pence) 400 400
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 200 pence per share are as follows:
Ex-dividend date 4 July 2019 Record date 5 July 2019 Payment date 12 August 2019
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2019
Year Year
ended ended
31.03.2019 31.03.2018
GBP'000 GBP'000
REVENUE 65,428 70,272
Cost of sales (24,627) (26,915)
GROSS PROFIT 40,801 43,357
Administrative expenses (5,442) (5,507)
Gain on sale of investment properties - 145
Operating profit before changes in
fair value of investment properties 35,359 37,995
Increase/(Decrease) in fair value of
investment properties 287 (376)
PROFIT FROM OPERATIONS 35,646 37,619
Net finance costs (1,079) (714)
PROFIT BEFORE TAXATION 34,567 36,905
Taxation - current (6,504) (7,197)
Taxation - deferred (55) 173
Taxation (6,559) (7,024)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 28,008 29,881
Basic and diluted earnings per share
(pence) 718.3p 766.4p
.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2019
As at As at
31.03.19 31.03.2018
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1,710 1,771
Investment properties 28,112 27,825
29,822 29,596
CURRENT ASSETS
Inventories of trading
properties 392,384 376,879
Trade and other receivables 1,915 1,859
Cash at bank 1,981 5,368
396,280 384,106
TOTAL ASSETS 426,102 413,702
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 366,543 354,131
366,874 354,462
NON-CURRENT LIABILITIES
Long-term borrowings 47,250 49,900
Deferred tax 4,751 4,696
52,001 54,596
CURRENT LIABILITIES
Bank overdrafts and short-term
loans 1,250 463
Trade and other payables 2,812 1,843
Current tax payable 3,165 2,338
7,227 4,644
TOTAL LIABILITIES 59,228 59,240
TOTAL EQUITY AND LIABILITIES 426,102 413,702
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2019
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 2017 195 25 55 56 335,948 336,279
Profit for the
year 29,881 29,881
Dividends (11,698) (11,698)
Balance as at
31 March 2018 195 25 55 56 354,131 354,462
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 2018 195 25 55 56 354,131 354,462
Profit for the
year 28,008 28,008
Dividends (15,596) (15,596)
Balance as at
31 March 2019 195 25 55 56 366,543 366,874
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2019
Year Year
ended ended
31.03.2019 31.03.2018
GBP'000 GBP'000
Cash flow from operating activities
Operating profit 35,646 37,619
Adjustment for:
Depreciation 61 66
Gain on disposal of investment
properties - (145)
(Increase)/Decrease in fair
value of investment properties (287) 376
Cash flow from operations
before changes in working
capital 35,420 37,916
(Increase) in inventories (15,505) (29,499)
(Increase) in receivables (56) (246)
Increase(Decrease) in payables 969 (108)
Cash generated from operations 20,828 8,063
Interest paid (1,079) (714)
Income taxes paid (5,677) (10,110)
Net cash inflow/(outflow)
from operating activities 14,072 (2,761)
Investing activities
Proceeds from disposal of
investment properties - 685
Purchase of property, plant
and equipment - (4)
Net cash inflow from investing
activities - 681 Cash flow from financing activities (Repayment)/Increase in borrowings (1,863) 20,483 Equity dividend paid (15,596) (11,698) Net cash (outflow)/inflow from financing activities (17,459) 8,785 Net (decrease)/increase in cash and cash equivalents (3,387) 6,705 Opening cash and cash equivalents 5,368 (1,337) Cash and cash equivalents at the end of the year 1,981 5,368
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 2019 and 31 March 2018, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2018 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 2019 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 7 August 2019.
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 2019 AGM are expected to comply fully with IFRS.
Ends
This announcement contains information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation.
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
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(END) Dow Jones Newswires
June 13, 2019 02:00 ET (06:00 GMT)
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