REG - Mountview Estates. - Half-year Report <Origin Href="QuoteRef">MTVW.L</Origin>

Mountview Estates P.L.C.Announcement

23/11/2017 07:05

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)
GROUPCONSOLIDATED 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

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