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Mountview Estates PLC  -  MTVW   

Half-year Report

Released 09:20 22-Nov-2018

RNS Number : 1983I
Mountview Estates PLC
22 November 2018
 

Mountview Estates P.L.C.

Interim Results

22 November 2018

 

 

MOUNTVIEW ESTATES P.L.C.

 

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

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER

2018

 

 

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2018

 

 

OUR PERFORMANCE

 

Turnover at £30.2 million down by 8.5% (2017 - £33.0m)

 

Gross profit at £18.6 million down by 10.6% (2017 - £20.8m)

 

Profit before tax at £15.9 million down by 13.6% (2017 - £18.4m)

 

Earnings per share at 329.9 pence down by 13.5% (2017 - 381.3 p)

 

Net assets per share at £92.2 up by 3.5% (2017 - £89.1)

 

 

 

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        14 February 2019

 

Record date                15 February 2019

 

Payment date              25 March 2019

 

 

 

Chief Executive Officer's Statement

 

At the Annual General Meeting held on 8 August 2018 those shareholders deemed to be independent exercised their right to reject the re-appointment of Mr Anthony Solway and the election of Mr Anthony Powell as independent non-executive directors.  At the General Meeting held in accordance with the UKLA Listing Rules on 19 November 2018, when all shareholders were entitled to vote, it was resolved to re-appoint Mr Anthony Solway and elect Mr Anthony Powell as directors of the Company.  Thus the status quo is maintained.

 

TRADING

The uncertainty surrounding Brexit of which I wrote last year will continue until 29 March 2019 at the earliest.  Whilst the Company conducts its business entirely within the borders of the United Kingdom, it cannot escape the overall effect of these uncertainties.  During the six months ended 30 September 2018 fewer of our properties have come vacant and sales take longer to complete during uncertain times. 

 

Consequently it is no surprise that the figures of Our Performance on the previous page are all down with the exception of a modest increase in net assets per share.  We have continued to make good purchases during the six months ended 30 September 2018 and with low gearing the Company remains financially sound. 

 

INTERIM DIVIDEND

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2019 and is payable on 25 March 2019 to shareholders on the Register of Members as at 15 February 2019.

 

OUTLOOK

With continuing good purchases and sound finances the Company is well placed to take advantage when the economy settles down and the Brexit uncertainties have been banished.

 

 

 

D.M. SINCLAIR

Chief Executive Officer

22 November 2018

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2018

 

 


Half year ended 30.09.2018

£000

Half year

ended

30.09.2017

£000

Year

ended

31.03.2018

£000









Revenue

30,166

33,027

70,272





Cost of Sales

(11,592)

(12,257)

(26,915)





Gross Profit

18,574

20,770

43,357





Administrative expenses                                                      

(2,112)

(2,141)

(5,507)

 

 




Gain on sale of investment properties

   -

-

145





Operating profit before changes in




fair value of investment properties

16,462

18,629

37,995





(Decrease) in fair value of investment properties

-

-

(376)

 




Profit from operations

16,462

18,629

37,619

 

Net finance costs

(566)

(270)

 

(714)





Profit before taxation

15,896

18,359

36,905

 




Taxation - current

(3,034)

(3,499)

(7,197)

Taxation - deferred

                 -

7

173

 




Taxation

(3,034)

(3,492)

(7,024)

 




Profit attributable to equity Shareholders  

12,862

14,867

29,881

 




Basic and diluted earnings per share (pence)

329.9p

381.3p

766.4p

 




 

 

 

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

 

 

 

 

 

 

 

 

 

 

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2018

 

 


Half year ended

Half year ended

Year ended


30.09.2018

30.09.2017

31.03.2018


£000

£000

£000

Assets




Non-current assets




Property, plant and equipment

1,741

1,803

1,771

Investment properties

27,825

28,741

27,825


29,566

30,544

29,596





Current assets




Inventories of trading properties

378,173

346,467

376,879

Trade and other receivables

1,726

4,119

1,859

Cash and cash equivalents

825

         1,261

5,368


380,724

351,847

384,106





 




Total assets

410,290

382,391

413,702

 




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

359,195

346,916

354,131

 

359,526

347,247

354,462

 




Non-current liabilities




Long-term borrowings

39,900

22,700

49,900

Deferred tax

4,696

4,862

4,696


44,596

27,562

54,596





Current liabilities




Bank overdrafts and loans

2,425

3,430

463

Trade and other payables 

734

692

1,843

Current tax payable

3,009

3,460

2,338


6,168

7,582

4,644

 




 




Total liabilities

50,764

35,144

59,240

 




Total equity and liabilities

410,290

382,391

413,702

 

 

 

 

 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2018

 

 



Half year

Half year

Year



ended

ended

ended



30.09.2018

30.09.2017

31.03.2018



£000

£000

£000

Cash flows from operating activities










Profit from operations


16,462

18,629

37,619

Adjustment for:





Depreciation


30

32

66

 

(Gain) on sale of investment properties


-

-

(145)

Decrease in fair value of investment properties

          

  

-

 

-

 

376






Operating cash flows before movement in working capital


16,492

18,661

37,916











(Increase)/Decrease in inventories


(1,294)

913

(29,499)

Decrease/(Increase) in receivables


133

(2,506)

(246)

(Decrease) in payables


(1,109)

(1,259)

(108)






Cash generated from operations


14,222

15,809

8,063

 





Interest paid


(566)

(270)

(714)

Income taxes paid


(2,363)

(5,293)

(10,110)






Net cash inflow /(outflow)from operating activities


11,293

10,246

(2,761)

Investing activities





Proceeds from disposal of investment properties


-

-

685

Purchase of property, plant and equipment


-

-

(4)






Net cash inflow from investing activities


-

-

681

 





Cash flows from financing activities





 





(Repayment)/Increase in borrowings


(9,875)

(6,867)

20,483

Equity dividend paid


(7,798)

(3,899)

(11,698)






Net cash (outflow)/inflow from financing activities


(17,673)

(10,766)

8,785

 





Net (decrease)/increase in cash and cash equivalents


(6,380)

(520)

6,705

 





Opening cash and cash equivalents


5,368

               (1,337)

(1,337)






Cash and cash equivalents at end of period


(1,012)

(1,857)

5,368

 

 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the half year ended 30 September 2018

 

 

 


Half year

Half year

Year


ended

ended

ended


30.09.2018

30.09.2017

31.03.2018


£000

£000

£000









Shareholders' funds as at the beginning of the period 

354,462

 

336,279

336,279





Profit for the period

12,862

14,867

29,881





Dividends

(7,798)

(3,899)

(11,698)





Shareholders' funds at the end of the period

359,526

347,247

354,462

 

 

Notes to the Half Year Report

 

Basis of preparation

 

These condensed interim financial statements have 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 condensed interim financial statements should be read in conjunction with the annual statements for the year ended 31 March 2018 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 2018.

 

The Directors have reviewed the current and projected financial position of the Group and are satisfied that the Group has adequate resources to cover current liabilities. Therefore the Directors continue to adopt the going concern basis in preparing the half year report.

 

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.

 

 

Status of the interim financial information

 

These condensed consolidated interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Group's published financial statements for the year ended 31 March 2018 have been reported on by the Group's auditors and filed with the Registrar of Companies. The report of the auditors 2018 was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

 

The consolidated interim financial statements were approved by the Board of Directors on 19 November 2018. The preparation of the interim financial information requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.

 

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

 


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Half-year Report - RNS