RNS Number : 4747N
Mountview Estates PLC
19 June 2025
Mountview Estates P.L.C.
19 June 2025
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2025
CHIEF EXECUTIVE OFFICER'S STATEMENT
It is now 88 years since Frank and Irving Sinclair, my uncle and my father, founded Mountview Estates. It obtained a full Stock Exchange listing in 1960 but control of a majority of the shareholdings remains within the Sinclair family. The original objective of enhancing the family's standard of living has served all shareholders well and the five pence shares now change hands at nearly one hundred pounds per share.
Writing this statement has often been easy as the Company has blossomed from its humble beginnings but this time some of the figures are disappointing. Whilst the law of averages works very well for us it does not guarantee a minimum number of vacant possessions. Thus with less properties sold it is quantity rather than quality that has had the greater effect on turnover. Administrative expenses have been well contained but net finance costs have increased by over 33%. Thus we must report a drop in earnings per share of 17.3%.
The quality and quantity of our purchases in recent years have put the Company in a good position going forwards and we continue to be offered further purchasing opportunities. We have always kept the Company's gearing low but with the cost of money at its present level we must be ever more conscious of this expense and it does not help us that the average sale is taking longer to complete. We believe that this Company will continue to be a sound investment and we will never do anything that would compromise its financial stability, but it is hard to believe that the government's policies can lead to a stable housing market.
The Company continues to be in a strong position and can look forward to years of profitable trading looking after its employees and shareholders alike. Our employees have received pay rises which will help to protect them against inflation and despite lower profits we believe that the final dividend should be maintained at the same level as 2024.
If this final dividend of 275 pence per share is approved at the Annual General Meeting to be held on 13 August 2025 it will be payable on 18 August 2025 to shareholders on the register at 11 July 2025.
Duncan Sinclair
19 June 2025
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2025
2024
Increase/ (Decrease)
£
£
%
Revenue (millions)
72.1
79.5
(9.3)
Gross Profit (millions)
42.2
48.4
(12.8)
Profit Before Tax (millions)
31.3
37.9
(17.4)
Equity Holders' Funds (millions)
402.7
399.6
0.8
Earnings per share (pence)
602.5
728.9
(17.3)
Net assets per share (£)
103.3
102.5
0.8
Dividend per share (pence)
525
525
0.0
Mountview Estates P.L.C. advises its shareholders that, following the issue of the preliminary results, the relevant dates in respect of the proposed final dividend payment of 275 pence per share are as follows:
Ex-dividend date
10 July 2025
Record date
11 July 2025
Payment date
18 August 2025
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Year
Year
ended
ended
31.03.25
31.03.24
£'000
£'000
REVENUE
72,132
79,472
Cost of sales
(29,954)
(31,023)
GROSS PROFIT
42,178
48,449
Administrative expenses
(6,765)
(7,006)
Gain on disposal of investment properties
885
-
Operating profit before changes in fair value of investment properties
36,298
41,443
(Decrease)/Increase in fair value of investment properties
(23)
153
PROFIT FROM OPERATIONS
36,275
41,596
Net finance costs
(4,971)
(3,710)
PROFIT BEFORE TAXATION
31,304
37,886
Taxation - current
(8,701)
(9,429)
Taxation - deferred
890
(38)
Taxation total
(7,811)
(9,467)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS
23,493
28,419
Basic and diluted earnings per share (pence)
602.5p
728.9p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2025
As at
As at
31.03.2025
31.03.2024
£'000
£'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
1,387
1,440
Investment properties
21,670
25,568
TOTAL NON-CURRENT ASSETS
23,057
27,008
CURRENT ASSETS
Inventories of trading properties
466,774
446,398
Trade and other receivables
1,566
1,479
Cash at bank
524
739
TOTAL CURRENT ASSETS
468,864
448,616
TOTAL ASSETS
491,921
475,624
EQUITY AND LIABILITIES
Share capital
195
195
Capital redemption reserve
55
55
Capital reserve
25
25
Other reserve
56
56
Retained earnings
402,324
399,301
TOTAL EQUITY
402,655
399,632
NON-CURRENT LIABILITIES
Long-term borrowings
78,700
66,500
Deferred tax
4,915
5,805
TOTAL NON-CURRENT LIABILITIES
83,615
72,305
CURRENT LIABILITIES
Bank overdrafts and short-term loans
1,402
-
Trade and other payables
1,893
2,303
Current tax payable
2,356
1,384
TOTAL CURRENT LIABILITIES
5,651
3,687
TOTAL LIABILITIES
89,266
75,992
TOTAL EQUITY AND LIABILITIES
491,921
475,624
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Capital
Share
Capital
Redemption
Other
Retained
Capital
Reserve
Reserve
Reserves
Earnings
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance as at 1 April 2023
195
25
55
56
390,377
390,708
Profit for the year
-
-
-
-
28,419
28,419
Dividends
-
-
-
-
(19,495)
(19,495)
Balance as at 31 March 2024
195
25
55
56
399,301
399,632
Capital
Share
Capital
Redemption
Other
Retained
Capital
Reserve
Reserve
Reserves
Earnings
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance as at 1 April 2024
195
25
55
56
399,301
399,632
Profit for the year
-
-
-
-
23,493
23,493
Dividends
-
-
-
-
(20,470)
(20,470)
Balance as at 31 March 2025
195
25
55
56
402,324
402,655
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Year
Year
Ended
ended
31.03.2025
31.03.2024
£'000
£'000
Cash flow from operating activities
Profit from operations
36,275
41,596
Adjustment for:
Depreciation
53
53
Gain on disposal of investment properties
(885)
-
Decrease/(Increase) in fair value of investment properties
23
(153)
Operating cash flows before movement in working capital
35,466
41,496
Increase in inventories
(20,376)
(23,656)
(Increase)/Decrease in receivables
(87)
5,177
(Decrease)/Increase in payables
(410)
319
Cash generated from operations
14,593
23,336
Interest paid
(4,971)
(3,710)
Income taxes paid
(7,729)
(9,908)
Net cash inflow from operating activities
1,893
9,718
Investing activities
Proceeds from disposal of investment properties
4,760
-
Net cash inflow from investing activities
4,760
-
Cash flow from financing activities
Increase in borrowings
12,200
9,800
Equity dividend paid
(20,470)
(19,495)
Net cash Outflow from financing activities
(8,270)
(9,695)
Net (Decrease)/Increase in cash and cash equivalents
(1,617)
23
Opening cash and cash equivalents
739
716
Cash and cash equivalents at the end of the year
(878)
739
2025 Annual General Meeting (AGM)
The 2025 AGM of the Company will be held on Wednesday 13 August 2025 and details will be set out in the Notice of AGM.
Notes to the Preliminary Announcement
1. Financial Information
The financial information presented within this document does not comprise the statutory financial statements for the financial years ended 31 March 2025 and 31 March 2024 but represents extracts from them.
The statutory financial statements for the financial year ended 31 March 2024 have been filed with the Registrar of Companies. The auditor reported on those financial statements: 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 financial statements for the year ended 31 March 2025 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 2025 AGM on 13 August 2025.
2. Basis of Preparation
The preliminary announcement has been prepared in accordance with UK-Adopted International Accounting Standards but does not contain sufficient information to comply fully with UK-Adopted International Accounting Standards. The Financial Statements to be presented at the 2025 AGM are expected to comply fully with UK-Adopted International Accounting Standards.
~ Ends ~
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.
For further information on the Company, visit: www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial Adviser) www.sparkadvisorypartners.com
Mark Brady
020 3368 3550
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