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MTVW Mountview Estates Plc

9,775.00
50.00 (0.51%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Mountview Estates PLC Preliminary Results - year ended 31 March 2020 (2943Q)

18/06/2020 7:00am

UK Regulatory


Mountview Estates (LSE:MTVW)
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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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