REG - Mountview Estates. - Preliminary Results for year ended 31 March 2017 <Origin Href="QuoteRef">MTVW.L</Origin>

Mountview Estates P.L.C.Announcement

15/06/2017 07:06

RNS Number : 1272I
Mountview Estates PLC
15 June 2017
Embargoed 07.00a.m. 15 June 2017
Final Results
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2017
CHIEF EXECUTIVE OFFICER'S STATEMENT
When I was writing this statement last year we had suffered the immediate effects of the 3% increase in stamp duty and were continuing to suffer the on-going effects of it. We had also suffered the uncertainties of the referendum campaign and were now being warned about the possible effects of "Brexit". Whilst some of the trade figures have been encouraging since the "Brexit" vote, we have since had the uncertainties generated by a general election campaign. The general election result has done nothing to inspire the confidence that we all crave.
With continuing uncertainties in the macro-economic situation we must rely upon our own sound strategies to ensure further prosperity for the Company. We keep our gearing low and are thus able to take advantage of good purchasing opportunities when they occur. We have made more purchases in the financial year ended 31 March 2017 compared with the previous year and with strong sales revenue since 1 October 2016 we have come close to matching the outstanding results of year ended 31 March 2016.
With these very sound results we are able to maintain the total dividends for the year at 300 pence per share which are still more than three times covered. The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2017 will be payable on 14 August 2017 to shareholders on the Register of Members as at 14 July 2017.
Many of my staff have shown outstanding loyalty and have played major roles in bringing the Company to its present position of great strength. I respect also those who have brought their talents to the Company more recently. Together they make a wonderful team and I believe that we can look forward to the future with confidence.
Duncan Sinclair
15 June 2017
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2017
2016
(Decease)/Increase
%
Revenue (millions)
78.2
79.8
(2.0)
Gross Profit (millions)
52.1
53.0
(1.7)
Profit Before Tax (millions)
45.0
48.4
(7.0)
Profit Before Tax excluding investment properties revaluation (millions)
46.0
46.9
(1.9)
Equity Holders' Funds (millions)
336.3
311.8
7.9
Earnings per share (pence)
929.1
992.9
(6.4)
Net assets per share ()
86.25
79.9
7.9
Dividend per share (pence)
300
300
-
Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 100 pence per share are as follows:
Ex-dividend date
13 July 2017
Record date
14 July 2017
Payment date
14 August 2017
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
Year
Year
ended
ended
31.03.2017
31.03.2016
'000
'000


REVENUE
78,232
79,765


Cost of sales
(26,176)
(26,751)


GROSS PROFIT
52,056
53,014


Administrative expenses
(5,231)
(5,148)
Gain on sale of investment properties
0
197


Operating profit before changes in
fair value of investment properties
46,825
48,063


(Decrease)/Increase in fair value of investment properties
(1,020)
1,504


PROFIT FROM OPERATIONS
45,805
49,567


Net finance costs
(819)
(1,179)


PROFIT BEFORE TAXATION
44,986
48,388


Taxation - current
(9,234)
(9,593)
Taxation - deferred
473
(83)


Taxation
(8,761)
(9,676)


PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS
36,225
38,712


Basic and diluted earnings per share (pence)
929.1p
992.9p
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2017
As at
As at
31.03.2017
31.03.2016
'000
'000
ASSETS


NON-CURRENT ASSETS


Property, plant and equipment
1,833
1,911
Investment properties
28,741
29,448


30,574
31,359
CURRENT ASSETS


Inventories of trading properties
347,380
334,108
Trade and other receivables
1,613
1,720
Cash at bank
825
1,706


349,818
337,534


TOTAL ASSETS
380,392
368,893


EQUITY AND LIABILITIES


Share capital
195
195
Capital redemption reserve
55
55
Capital reserve
25
25
Other reserve
56
56


Retained earnings
335,948
311,421


336,279
311,752
NON-CURRENT LIABILITIES


Long-term borrowings
29,000
39,700
Deferred tax
4,869
5,342


33,869
45,042
CURRENT LIABILITIES


Bank overdrafts and short-term loans
3,042
3,625
Trade and other payables
1,951
3,000
Current tax payable
5,251
5,474


10,244
12,099


TOTAL LIABILITIES
44,113
57,141


TOTAL EQUITY AND LIABILITIES
380,392
368,893
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
Capital
Share
Capital
Redemption
Other
Retained
Capital
Reserve
Reserve
Reserves
Earnings
Total
'000
'000
'000
'000
'000
'000
Balance as at 1 April 2015
195
25
55
56
287,330
287,661






Profit for the year




38,712
38,712






Dividends




(14,621)
(14,621)






Balance as at 31 March 2016
195
25
55
56
311,421
311,752
Capital
Share
Capital
Redemption
Other
Retained
Capital
Reserve
Reserve
Reserves
Earnings
Total
'000
'000
'000
'000
'000
'000
Balance as at 1 April 2016
195
25
55
56
311,421
311,752
Profit for the year
36,225
36,225
Dividends
(11,698)
(11,698)
Balance as at 31 March 2017
195
25
55
56
335,948
336,279
MOUNTVIEW ESTATES P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
Year
Year
ended
ended
31.03.2017
31.03.2016
'000
'000
Cash flow from operating activities
Operating profit
45,805
49,567
Adjustment for:


Depreciation
79
113


Gain on disposal of investment properties
-
(197)
Decrease/(Increase) in fair value of investment properties
1,020
(1,504)
Cash flow from operations before changes in working capital
46,904
47,979


(Increase) in inventories
(13,272)
(11,088)
Decrease in receivables
107
228
(Decrease)/Increase in payables
(1,049)
657





Cash generated from operations
32,690
37,776


Interest paid
(819)
(1,179)
Income taxes paid
(9,458)
(5,693)


Net cash inflow from operating activities
22,413
30,904


Investing activities


Proceeds from disposal of investment properties
-
1,700
Capital expenditure on investment properties
(312)
(48)
Purchase of property, plant and equipment
(1)
(16)


Net cash (outflow)/inflow from investing activities
(313)
1,636


Cash flow from financing activities


Repayment of borrowings
(9,820)
(20,725)
Equity dividend paid
(11,698)
(14,621)


Net cash (outflow) from financing activities
(21,518)
(35,346)


Net increase/(decrease)/ in cash and cash equivalents
582
(2,806)
Opening cash and cash equivalents
(1,919)
887
Cash and cash equivalents at the end of the year
(1,337)
(1,919)
Notes to the Preliminary Announcement
1. Financial Information
The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2017 and 31 March 2016, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2016 have been filed with the Registrar of Companies. The auditor reported on those accounts: 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 accounts for the year ended 31 March 2017 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 Annual General Meeting on 9 August 2017.
2. Basis of Preparation
The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2017 AGM are expected to comply fully with IFRS.
~ENDS~
For further information, please contact:
SPARK Advisory Partners Limited (Financial Adviser)
www.sparkadvisorypartners.com
Miriam Greenwood
020 3368 3553
Mark Brady
020 3368 3551

This information is provided by RNS
The company news service from the London Stock Exchange
  END
FR DBGDLDDBBGRS