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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 | 0.51% | 9,775.00 | 9,350.00 | 10,200.00 | 958 | 16:35:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 73.59M | 26.47M | 6.7876 | 14.33 | 379.18M |
TIDMMTVW
RNS Number : 2943Q
Mountview Estates PLC
18 June 2020
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2020
CHIEF EXECUTIVE OFFICER'S STATEMENT
When I wrote this statement last year I drew attention to the fact that the British People voted to leave the European Union on 23 June 2016 but every statement that I had written since then has been conscious of the uncertainties that continue pending the conclusion of our withdrawal.
Happily on 12 December 2019 Boris Johnson was elected with a big majority that enabled us to leave the European Union on 31 January 2020 but the details of the withdrawal will not be certain until 31 December 2020.
Now added to these uncertainties are the Covid-19 constraints the effects of which I will review later in this statement. The financial year under review ended on 31 March 2020 and the lockdown was not imposed until within ten days of that date. Given the time-lag on transactions in the property business it is fair to assume that any deal that was to conclude within those few days was already under contract before the constraints were imposed.
I believe that the trading results for the year ended 31 March 2020 were not influenced by the Covid-19 pandemic and that any influence or effects should be considered as post balance sheet events.
The headline figures in respect of our financial performance for the year ended 31 March 2020 are detailed under the heading "Financial Highlights" below. Whilst Revenue has dropped by a very modest amount all the other performance indicators have shown an upward trend. Gearing has fallen from 11.3% to 7.2% and thus we are in an even stronger position to make the purchases which are essential to the future of the Company. Indeed we have made some good purchases in our new financial year.
The final dividend is maintained at 200 pence per share and is payable on 17 August 2020 subject to approval at the Annual General Meeting on 12 August 2020. This will keep the total annual dividend at 400 pence per share which is slightly more generously covered 1.75 times than it was last year.
And now I inevitably turn to "Stay Home, Protect the N.H.S., Save Lives" or as expressed more recently "Stay Alert, Control the Virus, Save Lives".
Our colleague Andrew Williams is a doctor and it would be wrong not to express our admiration for his unstinting work on the front line. Well done and thank you, Andrew!
We have had to adapt to new ways of running the office and I think that we have done so quite effectively. Those of us who can work from home do so and the office is staffed on a rota basis so that we are able to maintain social distancing and still serve our customers appropriately. Over 80% of our rents are paid directly into the bank and regulated rents are set at a modest level. Provided tenants pay their rent they have absolute security of tenure and a significant number have help from social services.
Auctions are now all conducted remotely and the auctioneers are becoming more successful at replicating the ballroom atmosphere. So far this financial year we have been happy in the auction room both in terms of sale prices achieved and the prices at which we have been able to make purchases. Nobody can pretend that life is normal but our staff are coping very well.
We have not had to furlough any staff or reduce staff numbers in any other way and 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. Whilst I thank my staff and colleagues for their hard work, loyalty and expertise in producing increased profits for the year ended 31 March 2020 I thank them also for the willingness and good humour with which they are adapting to the strange circumstances in which we are finding ourselves.
I look forward to writing this statement in more normal times next year.
Duncan Sinclair
18 June 2020
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2020 2019 (Decrease)/Increase GBP GBP % Revenue (millions) 64.9 65.4 (0.8) Gross Profit (millions) 41.4 40.8 1.5 Profit Before Tax (millions) 34.9 34.6 0.9 Profit Before Tax excluding investment properties revaluation (millions) 35.9 34.3 4.7 Equity Holders' Funds (millions) 379.6 366.9 3.5 Earnings per share (pence) 725.7 718.3 1.0 Net assets per share (GBP) 97.4 94.1 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 9 July 2020 Record date 10 July 2020 Payment date 17 August 2020
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2020
Year Year ended ended 31.03.2020 31.03.2019 GBP'000 GBP'000 REVENUE 64,873 65,428 Cost of sales (23,519) (24,627) GROSS PROFIT 41,354 40,801 Administrative expenses (5,630) (5,442) Gain on sale of investment properties 1,174 - Operating profit before changes in fair value of investment properties 36,898 35,359 (Decrease)/Increase in fair value of investment properties (969) 287 PROFIT FROM OPERATIONS 35,929 35,646 Net finance costs (988) (1,079) PROFIT BEFORE TAXATION 34,941 34,567 Taxation - current (7,320) (6,504) Taxation - deferred 675 (55) Taxation (6,645) (6,559) PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 28,296 28,008 Basic and diluted earnings per share (pence) 725.7p 718.3p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2020
As at As at 31.03.2020 31.03.2019 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Property, plant and equipment 1,670 1,710 Investment properties 24,122 28,112 25,792 29,822 CURRENT ASSETS Inventories of trading properties 392,069 392,384 Trade and other receivables 3,676 1,915 Cash at bank 3,553 1,981 399,298 396,280 TOTAL ASSETS 425,090 426,102 EQUITY AND LIABILITIES Share capital 195 195 Capital redemption reserve 55 55 Capital reserve 25 25 Other reserve 56 56 Retained earnings 379,243 366,543 379,574 366,874 NON-CURRENT LIABILITIES Long-term borrowings 31,100 47,250 Deferred tax 4,076 4,751 35,176 52,001 CURRENT LIABILITIES Bank overdrafts and short-term loans 2,060 1,250 Trade and other payables 4,830 2,812 Current tax payable 3,450 3,165 10,340 7,227 TOTAL LIABILITIES 45,516 59,228 TOTAL EQUITY AND LIABILITIES 425,090 426,102
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2020
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 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 2019 195 25 55 56 366,543 366,874 Profit for the year 28,296 28,296 Dividends (15,596) (15,596) Balance as at 31 March 2020 195 25 55 56 379,243 379,574
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2020
Year Year ended Ended 31.03.2020 31.03.2019 GBP'000 GBP'000 Cash flow from operating activities Operating profit 35,929 35,646 Adjustment for: Depreciation 64 61 (Gain) on disposal of investment (1,174) - properties Decrease/(Increase) in fair value of investment properties 969 (287) Cash flow from operations before changes in working capital 35,788 35,420 Decrease/(Increase) in inventories 315 (15,505) (Increase) in receivables (1,761) (56) Increase in payables 2,018 969 Cash generated from operations 36,360 20,828 Interest paid (988) (1,079) Income taxes paid (7,035) (5,677) Net cash inflow from operating activities 28,337 14,072 Investing activities Proceeds from disposal of investment 4,195 - properties Purchase of property, plant (24) - and equipment Net cash inflow from investing 4,171 - activities Cash flow from financing activities (Repayment) of borrowings (16,835) (1,863) Equity dividend paid (15,596) (15,596) Net cash (outflow) from financing activities (32,431) (17,459) Net Increase/(decrease) in cash and cash equivalents 77 (3,387) Opening cash and cash equivalents 1,981 5,368 Cash and cash equivalents at the end of the year 2,058 1,981
2 020 Annual General Meeting (AGM)
In light of ongoing restrictions imposed by the UK Government in response to the COVID-19 pandemic, which may continue to prohibit, amongst other things, non-essential travel and certain public gatherings, it is possible that the AGM will be a closed meeting with the minimum necessary quorum of two shareholders present in order to conduct the business of the meeting.
Shareholders will be updated closer to the AGM on whether or not attendance is permitted. Details of the AGM will be included in the Notice of AGM set out in the 2019/20 Annual Report and Accounts that will be sent to shareholders at a date to be announced in due course.
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 2020 and 31 March 2019, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2019 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 2020 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 12 August 2020.
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 2020 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 Adviser) www.sparkadvisorypartners.com
Mark Brady 020 3368 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
FR FLFIDRDIDLII
(END) Dow Jones Newswires
June 18, 2020 02:00 ET (06:00 GMT)
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