REG - Mountview Estates. - Unaudited Interim Results for 6m ended 30 Sep 2023
23/11/2023 07:00
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RNS Number : 3923U Mountview Estates PLC 23 November 2023
Mountview Estates P.L.C.
Half Year Report
23 November 2023
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2023
Mountview is pleased to announce its unaudited interim results for the six
months ended 30 September 2023.
OUR PERFORMANCE
Turnover at £39.2 million up by 5.5% (2022 - £37.2m)
Gross profit at £24.2 million up by 13.9% (2022 - £21.3m)
Profit before tax at £19.9 million up by 9.3% (2022 - £18.2m)
Earnings per share at 382.7 pence up by 1.1% (2022 - 378.4p)
Net assets per share at £101.5 down by 0.7% (2022 - £102.2)
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 250p per share are as follows:
Ex-dividend date - 15 February 2024
Record date - 16 February 2024
Payment date - 25 March 2024
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 9 August 2023 those shareholders deemed
to be independent exercised their right to reject the re-election of Mr.
Anthony Powell and Ms. Mhairi Archibald as independent non-Executive
Directors. At the General Meeting held in accordance with the Listing Rules
of the Financial Conduct Authority on 20 November 2023, when all shareholders
were entitled to vote, it was resolved to re-elect Mr. Anthony Powell and Ms.
Mhairi Archibald as Directors of the Company. Thus the status quo is
maintained.
TRADING
Despite the economic difficulties being suffered throughout the country the
Company's gross profit for the six months ended 30 September 2023 has
increased by 13.9% and profit before tax by 9.3%. The rise of over 30% in
corporation tax from 19% to 25% is the main, if not only, reason that earnings
per share have risen only by 1.1%.
Our purchasing activity has remained strong during these six months and our
financial strength should enable us to continue to take advantage of good
purchasing opportunities.
With a staff of less than thirty we are a tiny company but the increased
taxation and the ever expanding regulatory and administrative burden imposed
by various authorities is disproportionate to a company of this size. We
will not abandon our financial prudence, but I am determined that we shall
protect our staff from the worst economic misfortunes. Many of our staff
have been loyal to the Company for many years and they deserve our loyalty.
INTERIM DIVIDEND
In March 2022 and March 2023 the Company paid an exceptional interim dividend
totalling 500p per share but it would not be possible to continue at this
level without compromising the Company's financial prudence. At this time
last year I advised that it would be prudent to only anticipate an interim
dividend payable in March 2024 at the increased basic rate of 250p per share.
The Company has continued to make good purchases which are the future of the
Company and so an interim dividend of 250p per share is the prudent option and
still represents a good return on your investment.
This dividend is payable on 25 March 2024 to shareholders on the Register of
Members as at 16 February 2024.
OUTLOOK
We live in difficult times, but I believe that this Company will continue to
prosper and can continue to care for its staff and its shareholders.
D.M. Sinclair
Chief Executive Officer
23 November 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2023
Half year ended 30.09.2023 Half year Year
£000 ended ended
30.09.2022 31.03.2023
£000 £000
Revenue 39,236 37,192 73,593
Cost of Sales (15,007) (15,912) (32,993)
Gross Profit 24,229 21,280 40,600
Administrative expenses (2,718) (2,734) (6,592)
Operating profit before changes in
fair value of investment properties 21,511 18,546 34,008
(Decrease) in fair value of investment properties - - (36)
Profit from operations 21,511 18,546 33,972
Net finance costs (1,609) (336) (1,208)
Profit before taxation 19,902 18,210 32,764
Taxation - current (4,982) (3,455) (6,233)
Taxation - deferred - - (66)
Taxation (4,982) (3,455) (6,299)
Profit attributable to equity shareholders and total comprehensive income 14,920 14,755 26,465
Basic and diluted earnings per share (pence) 382.7p 378.4p 678.8p
All items within the consolidated statement of comprehensive income relate to
continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2023
Half year ended Half year ended Year ended
30.09.2023 30.09.2022 31.03.2023
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 1,464 1,517 1,493
Investment properties 25,415 25,451 25,415
26,879 26,968 26,908
Current assets
Inventories of trading properties 442,231 406,812 422,742
Trade and other receivables 2,593 1,684 6,656
Cash and cash equivalents 1,908 1,628 776
446,732 410,124 430,174
Total assets 473,611 437,092 457,082
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 395,550 398,163 390,377
395,881 398,494 390,708
Non-current liabilities
Long-term borrowings 66,200 28,700 56,700
Deferred tax 5,766 5,700 5,766
71,966 34,400 62,466
Current liabilities
Bank overdrafts and other short term loans - - 60
Trade and other payables 841 889 1,984
Current tax payable 4,923 3,309 1,864
5,764 4,198 3,908
Total liabilities 77,730 38,598 66,374
473,611 437,092 457,082
CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2023
Half year Half year Year
ended ended ended
30.09.2023 30.09.2022 31.03.2023
£000 £000 £000
Cash flows from operating activities
Profit from operations 21,511 18,546 33,972
Adjustment for:
Depreciation 29 29 53
Decrease in fair value of investment properties
- - 36
Operating cash flows before movement in working capital 21,540 18,575 34,061
(Increase) in inventories (19,489) (13,537) (29,467)
Decrease/(Increase) in receivables 4,063 (358) (5,330)
(Decrease)/Increase in payables (1,143) (581) 514
Cash generated from operations 4,971 4,099 (222)
Interest paid (1,609) (336) (1,208)
Income taxes paid (1,923) (2,531) (6,754)
Net cash Inflow/(Outflow) from operating activities 1,439 1,232 (8,184)
Cash flows from financing activities
Increase of borrowings 9,500 9,500 37,500
Equity dividend paid (9,747) (9,747) (29,243)
Net cash (Outflow)/Inflow from financing activities (247) (247) 8,257
Net Increase in cash and cash equivalents 1,192 985 73
Opening cash and cash equivalents 716 643 643
Cash and cash equivalents at end of period 1,908 1,628 716
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2023
Half year Half year Year
ended ended ended
30.09.2023 30.09.2022 31.03.2023
£000 £000 £000
Shareholders' funds as at the beginning of the period 390,708 393,486
393,486
Profit for the period 14,920 14,755 26,465
Dividends (9,747) (9,747) (28,243)
Shareholders' funds at the end of the period 395,881 398,494 390,708
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 in accordance with UK adopted International Accounting
Standard 34 (IAS 34) "Interim Financial Reporting". The condensed consolidated
interim financial statements should be read in conjunction with the annual
financial statements for the year ended 31 March 2023 which have been prepared
in accordance with UK adopted International Accounting Standards.
The accounting policies used are consistent with those contained in the
Group's last Annual Report and Accounts for the year ended 31 March 2023.
The Directors have reviewed the current and projected financial position of
the Group and are satisfied that the Group has adequate resources to cover all
liabilities becoming payable for the foreseeable future. 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 made up to the reporting date.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group.
Control is recognised when the Group is exposed to, or has rights to, variable
returns from its investment in the entity and has the ability to affect these
returns through its power over the relevant activities of the entity.
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 inter-company transactions balances and unrealised gains on
transactions between Group companies 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 2023 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.
The condensed consolidated interim financial statements were approved by the
Board of Directors on 23 November 2023. 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 (http://www.mountviewplc.co.uk/) .
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.
~ Ends ~
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