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Mountview Estates PLC  -  MTVW   

Half-year Report

Released 07:00 23-Nov-2017

RNS Number : 2851X
Mountview Estates PLC
23 November 2017
 

Mountview Estates P.L.C.

Interim Results

23 November 2017

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

("Mountview" or "the Group" or "the Company")

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER

2017

 

 

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2017

 

 

OUR PERFORMANCE

 

Turnover at £33.0 million down by 2.9% (2016 - £34.0m)

 

Gross profit at £20.8 million down by 13.7% (2016- £24.1m)

 

Profit before tax at £18.4 million down by 15.2% (2016 - £21.7m)

 

Earnings per share at 381.3 pence down by 14.7% (2016 - 446.9p)

 

Net assets per share at £89.1up by 6.8% (2016 - £83.4)

 

 

 

DIVIDEND INFORMATION

 

 

Mountview Estates P.L.C. advises its shareholders that, following the issue of the interim results, the relevant dates in respect of the interim dividend payment of 200p per share are as follows:

 

 

Ex-dividend date        15 February 2018

 

Record date                16 February 2018

 

Payment date              26 March 2018

 

 

 

Chief Executive Officer's Statement

 

At the Annual General Meeting held on 9 August 2017 those shareholders deemed to be independent exercised their right to reject the re-election of Mrs. M. L. Jarvis as an independent non-executive director.  At the General Meeting held in accordance with the UKLA Listing Rules on 13 November 2017, when all shareholders were entitled to vote, it was resolved to re-appoint Mrs. M. L. Jarvis as a director of the Company.  Thus the balance and stability of the Board is maintained.

 

TRADING

I have written before of the uncertainties overshadowing the economic situation and until the bureaucrats in Brussels agree to meaningful negotiations with our government those uncertainties will remain.  Whilst this Company conducts its business entirely within the borders of the United Kingdom it cannot isolate itself from the macroeconomic situation.  It is against this background that, with the exception of net assets per share, the figures of Our Performance on the previous page are down.  The Company remains financially sound with low gearing and has made good purchases during the six months ended 30 September 2017.

 

INTERIM DIVIDEND

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2018 and is payable on 26 March 2018 to shareholders on the Register of Members as at 16 February 2018.

 

OUTLOOK

Since 30 September 2017 the Company has completed the purchase of more than 50 properties in the London area investing over £25 million.  As purchasing the right properties is the most important part of our business I believe that we have reasons for optimism.

 

 

 

 

D.M. SINCLAIR

Chief Executive Officer

23 November 2017

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2017

 

 


Half year ended 30.09.2017

£000

Half year

ended

30.09.2016

£000

Year

ended

31.03.2017

£000









Revenue

33,027

34,047

78,232





Cost of Sales

(12,257)

(9,908)

(26,176)





Gross Profit

20,770

24,139

52,056





Administrative expenses                                                      

(2,141)

(1,930)

(5,231)









Operating profit before changes in




fair value of investment properties

18,629

22,209

46,825





(Decrease) in fair value of investment properties

-

-

(1,020)

 




Profit from operations

18,629

22,209

45,805

Net finance costs

(270)

(482)

 

(819)





Profit before taxation

18,359

21,727

44,986

 




Taxation - current

(3,499)

(4,356)

(9,234)

Taxation - deferred

7

54

473

 




Taxation

(3,492)

(4,302)

(8,761)

 




Profit attributable to equity Shareholders  

14,867

17,425

36,225

 




Basic and diluted earnings per share (pence)

381.3p

446.9p

929.1 p

 




 

 

 

All items within the consolidated income statement relate to continuing operations.

 

 

 

 

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2017

 

 


Half year ended

Half year ended

Year ended


30.09.2017

30.09.2016

31.03.2017


£000

£000

£000

Assets




Non-current assets




Property, plant and equipment

1,803

1,878

1,833

Investment properties

28,741

29,698

28,741


30,544

31,576

30,574





Current assets




Inventories of trading properties

346,467

338,921

347,380

Trade and other receivables

4,119

1,559

1,613

Cash and cash equivalents

1,261

675

825


351,847

341,155

349,818





 




Total assets

382,391

372,731

380,392

 




Equity and liabilities




 




Capital and reserves attributable




to equity holders of the Company 




 




Share capital

195

195

195

Capital redemption reserve

55

55

55

Capital reserve

25

25

25

Other reserves

56

56

56

Retained earnings

346,916

324,947

335,948

 

347,247

325,278

336,279

 




Non-current liabilities




Long-term borrowings

22,700

35,600

29,000

Deferred tax

4,862

5,287

4,869


27,562

40,887

33,869





Current liabilities




Bank overdrafts and loans

3,430

1,467

3,042

Trade and other payables 

692

415

1,951

Current tax payable

3,460

4,684

5,251


7,582

6,566

10,244

 




 




Total liabilities

35,144

47,453

44,113

 




Total equity and liabilities

382,391

372,731

380,392

 

 

 

 

 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2017

 

 



Half year

Half year

Year



ended

ended

ended



30.09.2017

30.09.2016

31.03.2017



£000

£000

£000

Cash flows from operating activities










Profit from operations


18,629

22,209

45,805

Adjustment for:





Depreciation


32

34

79

Decrease in fair value of investment properties

          

  

-

 

-

 

1,020






Operating cash flows before movement


18,661

22,243

46,904

in working capital










Decrease/(Increase) in inventories


913

(4,813)

(13,272)

(Increase)/Decrease in receivables


(2,506)

161

107

(Decrease) in payables


(1,259)

(1,999)

(1,049)






Cash generated from operations


15,809

15,592

32,690

 





Interest paid


(270)

(482)

(819)

Income taxes paid


(5,293)

(5,147)

(9,458)






Net cash inflow from operating activities


10,246

9,963

22,413

Investing activities





Capital expenditure on investment properties


-

(250)

(312)

Purchase of property, plant and equipment


-

(2)

(1)






Net cash (outflow) from investing activities


-

(252)

(313)

 





Cash flows from financing activities





 





Repayment of borrowings


(6,867)

(4,100)

(9,820)

Equity dividend paid


(3,899)

(3,899)

(11,698)






Net cash (outflow) from financing activities


(10,766)

(7,999)

(21,518)

 





Net (decrease)/increase in cash and cash equivalents


(520)

1,712

582

 





Opening cash and cash equivalents


(1,337)

(1,919)

(1,919)






Cash and cash equivalents at end of period


(1,857)

(207)

(1,337)

 

 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the half year ended 30 September 2017

 

 

 


Half year

Half year

Year


ended

ended

ended


30.09.2017

30.09.2016

31.03.2017


£000

£000

£000









Shareholders' funds as at the beginning of the period 

336,279

 

311,752

311,752





Profit for the period

14,867

17,425

36,225





Dividends

(3,899)

(3,899)

(11,698)





Shareholders' funds at the end of the period

347,247

325,278

336,279

 

 

Notes to the Half Year Report

 

Basis of preparation

 

These condensed interim financial statements are unaudited and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006.  This condensed consolidated interim financial information has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and International Accounting Standard 34 (IAS 34) "Interim Financial Reporting" as adopted by the European Union.  The interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2017 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.

 

The accounting policies used are consistent with those contained in the Group's last annual report and accounts for the year ended 31 March 2017.

 

The Group's published financial statements for the year ended 31 March 2017 have been reported on by the Group's auditors and filed with the Registrar of Companies.  The report of the auditors was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

 

Basis of consolidation

 

The Group's financial statements incorporate the results of Mountview Estates P.L.C. and all of its subsidiary undertakings.  Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities.  The Group exercises control through voting rights.

 

On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition.  The purchase method has been used in consolidating the subsidiary financial statements.

 

All significant intercompany transactions and balances between Group enterprises are eliminated on consolidation within the consolidated accounts.  Consistent accounting policies have been used across the Group.

 

Availability of the Half Year Report

 

Copies of this statement are being sent to Shareholders.  Copies may be obtained from the Company's registered office or from the Company's website - www.mountviewplc.co.uk. 

 

This announcement contains information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation.

 

 

 

~ Ends ~

 

 

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 company news service from the London Stock Exchange
 
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Half-year Report - RNS