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Mountview Estates PLC  -  MTVW   

Preliminary Results for year ended 31 March 2017

Released 07:00 15-Jun-2017

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

  

 

 

2017

 

2016

 

(Decease)/Increase

 

£

£

%

 

 

 

 

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 (£)

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 date

 

13 July 2017

Record date

14 July 2017

 

Payment date

14 August 2017

 

 

  

MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED INCOME STATEMENT

 

FOR THE YEAR ENDED 31 MARCH 2017

  

 

Year

Year

 

ended

ended

 

31.03.2017

31.03.2016

 

£'000

£'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 YEAR ENDED 31 MARCH 2017

 

 

As at

As at

 

31.03.2017

31.03.2016

 

£'000

£'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 YEAR ENDED 31 MARCH 2017

 

 

 

 

 

 

Capital

 

 

 

 

Share

Capital

Redemption

Other

Retained

 

 

Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'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

 

£'000

£'000

£'000

£'000

£'000

£'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 YEAR ENDED 31 MARCH 2017

 

                                        

Year

Year

 

ended

ended

 

31.03.2017

31.03.2016

 

£'000

£'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 Limited (Financial Adviser)

www.sparkadvisorypartners.com 

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
 
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Preliminary Results for year ended 31 March 2017 - RNS