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Mountview Estates PLC   -  MTVW   

Half-year Report

Released 07:00 21-Nov-2019

RNS Number : 1173U
Mountview Estates PLC
21 November 2019
 

Mountview Estates P.L.C.

Interim Results

21 November 2019

 

 

MOUNTVIEW ESTATES P.L.C.

 

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

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER

2019

 

 

 

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2019

 

 

OUR PERFORMANCE

 

Turnover at £29.9 million down by 1.0% (2018 - £30.2m)

 

Gross profit at £19.1 million up by 2.7% (2018 - £18.6m)

 

Profit before tax at £17.4 million up by 9.4% (2018 - £15.9m)

 

Earnings per share at 361.1 pence up by 9.5% (2018 - 329.9p)

 

Net assets per share at £95.7 up by 3.8% (2018 - £92.2)

 

 

 

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        20 February 2020

 

Record date                21 February 2020

 

Payment date              30 March 2020

 

 

 

 

 

Chief Executive Officer's Statement

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

At the Annual General Meeting held on 7 August 2019 those shareholders deemed to be independent exercised their right to reject the re-appointments of Mr Anthony Powell and Mrs Mhairi Jarvis as independent non-executive directors.  At the General Meeting held in accordance with the Listing Rules of the Financial Conduct Authority on 18 November 2019, when all shareholders were entitled to vote, it was resolved to re-appoint Mr Anthony Powell and Mrs Mhairi Jarvis as directors of the Company.  Thus the status quo is maintained.

 

TRADING

The uncertainty surrounding Brexit continues and whilst the Company is perhaps less vulnerable than most businesses to the economics of the rest of Europe, we all need the stability of an economy with a long term strategy.

Happily the figures of Our Performance on the previous page all show increases and we continue to make good purchases.  The Company has low gearing and remains financially sound.

 

INTERIM DIVIDEND

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2020 and is payable on 30 March 2020 to shareholders on the Register of Members as at 21 February 2020.

 

OUTLOOK

With continuing good purchases and sound financial planning the Company is well placed to take advantage when the country's economic strategy can be planned with greater certainty.

 

 

D.M. SINCLAIR

Chief Executive Officer

21 November 2019

 

 

 

 

 

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2019

 

 

 

Half year ended 30.09.2019

£000

Half year

ended

30.09.2018

£000

Year

ended

31.03.2019

£000

 

 

 

 

 

 

 

 

Revenue

29,921

30,166

65,428

 

 

 

 

Cost of Sales

(10,821)

(11,592)

(24,627)

 

 

 

 

Gross Profit

19,100

18,574

40,801

 

 

 

 

Administrative expenses                                                      

(2,247)

(2,112)

(5,442)

 

 

 

 

 

Gain on sale of investment properties

   1,174

-

-

 

 

 

 

Operating profit before changes in

 

 

 

fair value of investment properties

18,027

16,462

35,359

 

 

 

 

Increase in fair value of investment properties

-

-

287

 

 

 

 

Profit from operations

18,027

16,462

35,646

 

Net finance costs

(590)

(566)

 

(1,079)

 

 

 

 

Profit before taxation

17,437

15,896

34,567

 

 

 

 

Taxation - current

(3,854)

(3,034)

(6,504)

Taxation - deferred

           495

                 -

             (55)

 

 

 

 

Taxation

(3,359)

(3,034)

(6,559)

 

 

 

 

Profit attributable to equity Shareholders  

14,078

12,862

28,008

 

 

 

 

Basic and diluted earnings per share (pence)

361.1p

329.9p

718.3p

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2019

 

 

 

Half year ended

Half year ended

Year ended

 

30.09.2019

30.09.2018

31.03.2019

 

£000

£000

£000

Assets

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

1,700

1,741

1,710

Investment properties

25,091

27,825

28,112

 

26,791

29,566

29,822

 

 

 

 

 

Current assets

 

 

 

Inventories of trading properties

392,454

378,173

392,384

Trade and other receivables

2,032

1,726

1,915

Cash and cash equivalents

639

            825

1,981

 

395,125

380,724

396,280

 

 

 

 

 

 

 

 

Total assets

421,916

410,290

426,102

 

 

 

 

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

372,823

359,195

366,543

 

373,154

359,526

366,874

 

 

 

 

Non-current liabilities

 

 

 

Long-term borrowings

38,700

39,900

47,250

Deferred tax

4,256

4,696

4,751

 

42,956

44,596

52,001

 

 

 

 

Current liabilities

 

 

 

Bank overdrafts and other short term loans

1,255

2,425

1,250

Trade and other payables 

783

734

2,812

Current tax payable

3,768

3,009

3,165

 

5,806

6,168

7,227

 

 

 

 

 

 

 

 

Total liabilities

48,762

50,764

59,228

 

 

 

 

Total equity and liabilities

421,916

410,290

426,102

 

 

 

 

 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2019

 

 

 

 

Half year

Half year

Year

 

 

ended

ended

ended

 

 

30.09.2019

30.09.2018

31.03.2019

 

 

£000

£000

£000

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Profit from operations

 

18,027

16,462

35,646

Adjustment for:

 

 

 

 

Depreciation

 

38

30

61

 

(Gain) on sale of investment properties

 

(1,174)

-

-

(Increase) in fair value of investment properties

          

  

-

 

-

 

(287)

 

 

 

 

 

Operating cash flows before movement in working capital

 

16,891

16,492

35,420

 

 

 

 

 

 

 

 

 

 

(Increase) in inventories

 

(70)

(1,294)

(15,505)

(Increase)/Decrease in receivables

 

(117)

133

(56)

(Decrease)/Increase  in payables

 

(2,029)

(1,109)

969

 

 

 

 

 

Cash generated from operations

 

14,675

14,222

20,828

 

 

 

 

 

Interest paid

 

(590)

(566)

(1,079)

Income taxes paid

 

(3,251)

(2,363)

(5,677)

 

 

 

 

 

Net cash inflow from operating activities

 

10,834

11,293

14,072

Investing activities

 

 

 

 

Proceeds from disposal of investment properties

 

4,195

-

-

Purchase of property, plant and equipment

 

(28)

-

-

 

 

 

 

 

Net cash inflow from investing activities

 

4,167

-

-

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

(Repayment) of borrowings

 

(8,545)

(9,875)

(1,863)

Equity dividend paid

 

(7,798)

(7,798)

(15,596)

 

 

 

 

 

Net cash (outflow) from financing activities

 

(16,343)

(17,673)

(17,459)

 

 

 

 

 

Net (decrease) in cash and cash equivalents

 

(1,342)

(6,380)

(3,387)

 

 

 

 

 

Opening cash and cash equivalents

 

1,981

5,368

5,368

 

 

 

 

 

Cash and cash equivalents at end of period

 

639

(1,012)

 1,981

 

 

 

 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

for the half year ended 30 September 2019

 

 

 

 

Half year

Half year

Year

 

ended

ended

ended

 

30.09.2019

30.09.2018

31.03.2019

 

£000

£000

£000

 

 

 

 

 

 

 

 

Shareholders' funds as at the beginning of the period 

366,874

 

354,462

354,462

 

 

 

 

Profit for the period

14,078

12,862

28,008

 

 

 

 

Dividends

(7,798)

(7,798)

(15,596)

 

 

 

 

Shareholders' funds at the end of the period

373,154

359,526

366,874

 

 

 

 

 

 

 

Notes to the Half Year Report

 

Basis of preparation

 

These condensed consolidated 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 consolidated interim financial statements should be read in conjunction with the annual statements for the year ended 31 March 2019 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 2019.

 

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 2019 have been reported on by the Group's auditors and filed with the Registrar of Companies. The report of the auditors 2019 was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

 

The condensed consolidated interim financial statements were approved by the Board of Directors on 20 November 2019. 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