REG - Mountview Estates. - Half-year Report

Mountview Estates P.L.C.Announcement

21/11/2019 07:05

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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