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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% | 9,600.00 | 9,250.00 | 9,950.00 | 327 | 08:00:02 |
| 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 2021 to Apr 2024
TIDMMTVW
RNS Number : 1724C
Mountview Estates PLC
17 June 2021
Mountview Estates PLC
17 June 2021
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2021
CHIEF EXECUTIVE OFFICER'S STATEMENT
I finished this statement last year by saying "I look forward to writing this statement in more normal times next year". It is now "next year" and whilst some of the post-Brexit problems have been solved and the wonderful vaccination programme is letting us live in less fear of Covid-19, nevertheless the escape and recovery from the Covid-19 constraints and the damage they did to the economy will be with us for some time.
We have not had to furlough any staff nor have we made anyone redundant and our only benefit from any government action has been the stamp duty holiday. As such we may be considered lucky and we are not in a business that has been closed down to protect us from the pandemic, but I believe that we have made our own luck at least in part. There has always been at least one accountant at the helm of this business and the years of financial prudence have ensured that we always operate within our means and we have been able to weather the bureaucratic delays caused by the pandemic.
All our performance indicators show an upward trend, in particular Profit before Tax and Earnings per Share show increases of 9.2%, and we feel able to recommend an increase of 12.5% in the Final Dividend from 200 pence to 225 pence per share subject to shareholder approval at the Annual General Meeting on 11 August 2021.
We made good purchases during the year ended 31 March 2021 and have continued to do so since, and I am confident that we will continue to source good opportunities. We only increase the dividend when we are confident of maintaining that increase and, indeed, we look forward to being able to increase the dividend further.
The Final Dividend, if approved at the Annual General Meeting, will be payable on 16 August 2021 to shareholders on the register at 9 July 2021.
Duncan Sinclair
17 June 2021
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Hot Features
Premium
2021 2020 Increase
GBP GBP %
Revenue (millions) 65.7 64.9 1.2
Gross Profit (millions) 43.2 41.4 4.3
Profit Before Tax
(millions) 38.1 34.9 9.2
Profit Before Tax
excluding investment
properties revaluation
(millions) 36.7 35.9 2.2
Equity Holders'
Funds (millions) 394.9 379.6 4.0
Earnings per share
(pence) 792.3 725.7 9.2
Net assets per
share (GBP) 101.3 97.4 4.0
Dividend per share
(pence) 425 400 6.3
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 225 pence per share are as follows:
Ex-dividend date 8 July 2021 Record date 9 July 2021 Payment date 16 August 2021
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2021
Year Year
ended ended
31.03.2021 31.03.2020
GBP'000 GBP'000
REVENUE 65,730 64,873
Cost of sales (22,508) (23,519)
GROSS PROFIT 43,222 41,354
Administrative expenses (5,865) (5,630)
Gain on sale of investment properties - 1,174
Operating profit before changes in
fair value of investment properties 37,357 36,898
Increase/(Decrease) in fair value of
investment properties 1,452 (969)
PROFIT FROM OPERATIONS 38,809 35,929
Net finance costs (675) (988)
PROFIT BEFORE TAXATION 38,134 34,941
Taxation - current (6,966) (7,320)
Taxation - deferred (275) 675
Taxation (7,241) (6,645)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 30,893 28,296
Basic and diluted earnings per share
(pence) 792.3p 725.7p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2021
As at As at
31.03.2021 31.03.2020
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1,606 1,670
Investment properties 25,574 24,122
27,180 25,792
CURRENT ASSETS
Inventories of trading properties 398,166 392,069
Trade and other receivables 1,417 3,676
Cash at bank 597 3,553
400,180 399,298
TOTAL ASSETS 427,360 425,090
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 394,540 379,243
394,871 379,574
NON-CURRENT LIABILITIES
Long-term borrowings 20,600 31,100
Deferred tax 4,351 4,076
24,951 35,176
CURRENT LIABILITIES
Bank overdrafts and short-term
loans 1,280 2,060
Trade and other payables 2,142 4,830
Current tax payable 4,116 3,450
7,538 10,340
TOTAL LIABILITIES 32,489 45,516
TOTAL EQUITY AND LIABILITIES 427,360 425,090
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2021
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
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
2020 195 25 55 56 379,243 379,574
Profit for
the year - - - - 30,893 30,893
Dividends - - - - (15,596) (15,596)
Balance as
at 31 March
2021 195 25 55 56 394,540 394,871
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2021
Year Year
ended ended
31.03.2021 31.03.2020
GBP'000 GBP'000
Cash flow from operating activities
Operating profit 38,809 35,929
Adjustment for:
Depreciation 64 64
(Gain) on disposal of investment
properties - (1,174)
(Increase)/Decrease in fair value
of investment properties (1,452) 969
Cash flow from operations before
changes in working capital 37,421 35,788
(Increase)/Decrease in inventories (6,097) 315
Decrease/(Increase) in receivables 2,259 (1,761)
(Decrease)/Increase in payables (2,688) 2,018
Cash generated from operations 30,895 36,360
Interest paid (675) (988)
Income taxes paid (6,300) (7,035)
Net cash inflow from operating
activities 23,920 28,337
Investing activities
Proceeds from disposal of investment
properties - 4,195
Purchase of property, plant and
equipment - (24)
Net cash inflow from investing
activities - 4,171
Cash flow from financing activities
(Repayment) of borrowings (10,116) (16,835)
Equity dividend paid (15,596) (15,596) Net cash (outflow) from financing activities (25,712) (32,431) Net (Decrease)/Increase in cash and cash equivalents (1,792) 77 Opening cash and cash equivalents 2,058 1,981 Cash and cash equivalents at the end of the year 266 2,058
2021 Annual General Meeting (AGM)
The 2021 AGM of the Company will be held on Wednesday 11 August 2021 and details will be set out in the Notice of AGM as to the location and format of the meeting.
In accordance with the UK Government's roadmap to ease COVID-19 restrictions across England currently it is expected that it will be possible to offer an in-person meeting. However, the health and wellbeing of our shareholders, employees and our Directors remains the Board's primary concern. It is essential to remain vigilant notwithstanding the ongoing UK vaccination programme, particularly with the spread of new variants of the coronavirus in the UK and other parts of the world. Therefore shareholders should consider whether it is appropriate to attend in person at the AGM. Details of the AGM will be included in the Notice of AGM set out in the 2020/21 Annual Report and Accounts that will be sent to shareholders at a date to be announced in due course.
There is also the possibility that arrangements for the AGM will have to be adapted to respond to the UK Government guidelines on short notice. Shareholders will be updated closer to the AGM on whether or not attendance is permitted via the issuance of a Regulatory News Service announcement and on the Company's website.
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 2021 and 31 March 2020, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2020 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 2021 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 11 August 2021 ("2021 AGM").
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 2021 AGM are expected to comply fully with IFRS.
Ends
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
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
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END
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(END) Dow Jones Newswires
June 17, 2021 02:00 ET (06:00 GMT)
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