REG - Mountview Estates. - Preliminary Results - year ended 31 March 2021

Mountview Estates P.L.C.Announcement

17/06/2021 07:05

RNS Number : 1724C
  
Mountview Estates PLC
  
17 June 2021
  
 

Mountview Estates PLC
17 June 2021
 
MOUNTVIEW ESTATES P.L.C.
 
Preliminary Results for the year ended 31 March 2021
 
 
CHIEF EXECUTIVE OFFICER'S STATEMENT
 
I finished this statement last year by saying "I look forward to writing this statement in more normal times next year".  It is now "next year" and whilst some of the post-Brexit problems have been solved and the wonderful vaccination programme is letting us live in less fear of Covid-19, nevertheless the escape and recovery from the Covid-19 constraints and the damage they did to the economy will be with us for some time.
 
We have not had to furlough any staff nor have we made anyone redundant and our only benefit from any government action has been the stamp duty holiday.  As such we may be considered lucky and we are not in a business that has been closed down to protect us from the pandemic, but I believe that we have made our own luck at least in part.  There has always been at least one accountant at the helm of this business and the years of financial prudence have ensured that we always operate within our means and we have been able to weather the bureaucratic delays caused by the pandemic.
 
All our performance indicators show an upward trend, in particular Profit before Tax and Earnings per Share show increases of 9.2%, and we feel able to recommend an increase of 12.5% in the Final Dividend from 200 pence to 225 pence per share subject to shareholder approval at the Annual General Meeting on 11 August 2021.
 
We made good purchases during the year ended 31 March 2021 and have continued to do so since, and I am confident that we will continue to source good opportunities.  We only increase the dividend when we are confident of maintaining that increase and, indeed, we look forward to being able to increase the dividend further.
 
The Final Dividend, if approved at the Annual General Meeting, will be payable on 16 August 2021 to shareholders on the register at 9 July 2021.
 
Duncan Sinclair
17 June 2021
 
 
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
 




 


 


 


 
   2021


 


 
2020


 


 
Increase




 


 


 


£


 


£


 


%




 


 


 


 


 


 


 


 




Revenue (millions)


 


 


65.7


         


64.9


 


1.2
 




 


 


 


 


 


 


 


 




Gross Profit (millions)


 


 


43.2


 


41.4


 


4.3




 


 


 


 


 


 


 


 




Profit Before Tax (millions)


 


 


38.1


 


34.9


 


9.2




 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 




Profit Before Tax excluding investment properties revaluation (millions)


 


 


36.7


 


35.9


 


2.2




 


 


 


 


 


 


 


 




Equity Holders' Funds (millions)


 


 


394.9


 


379.6


 


4.0




 


 


 


 


 


 


 


 




Earnings per share (pence)


 


 


792.3


 


725.7


 


9.2




 


 


 


 


 


 


 


 




Net assets per share (£)


 


 


101.3


  


97.4


 


4.0




 


 


 


 


 


 


 


 




Dividend per share (pence)


 


 


425


 


400


 


6.3




 


 


 


 


 


 


 


 




 
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 225 pence per share are as follows:




Ex-dividend date
 


 8 July 2021




Record date


 9 July 2021
 




Payment date


16 August 2021




 
 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
  




 


Year


 


Year




 


ended


 


ended




 


      31.03.2021


 


31.03.2020




 


£'000


 


£'000




 


 


 


 




REVENUE


65,730


 


64,873




 


 


 


 




Cost of sales


(22,508)


 


(23,519)




 


 


 


 




GROSS PROFIT


43,222


 


41,354




 


 


 


 




Administrative expenses


(5,865)


 


(5,630)




Gain on sale of investment properties


-


 


1,174




 


 


 


 




Operating profit before changes in
fair value of investment properties


37,357


 


36,898




 


 


 


 




Increase/(Decrease) in fair value of investment properties


1,452


 


(969)




 


 


 


 




PROFIT FROM OPERATIONS


38,809


 


35,929




 


 


 


 




Net finance costs


(675)


 


(988)




 


 


 


 




PROFIT BEFORE TAXATION


38,134


 


34,941




 


 


 


 




Taxation - current


(6,966)


 


(7,320)




Taxation - deferred


(275)


 


675




 


 


 


 




Taxation


(7,241)


 


(6,645)




 


 


 


 




PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS


30,893


 


28,296




 


 


 


 




Basic and diluted earnings per share (pence)


792.3p


 


725.7p




 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 
FOR THE YEAR ENDED 31 MARCH 2021




 


 


As at


As at




 


 


31.03.2021


31.03.2020




 


 


£'000


£'000




ASSETS


 


 


 




NON-CURRENT ASSETS


 


 


 




 Property. plant and equipment


 


1,606


1,670




Investment properties


 


25,574


24,122




 


 


 


 




 


 


27,180


25,792




CURRENT ASSETS


 


 


 




Inventories of trading properties


 


398,166


392,069




Trade and other receivables


 


1,417


3,676




Cash at bank


 


597


3,553




 


 


 


 




 


 


400,180


399,298




 


 


 


 




TOTAL ASSETS


 


427,360


425,090




 


 


 


 




EQUITY AND LIABILITIES


 


 


 




Share capital


 


195


195




Capital redemption reserve


 


55


55




Capital reserve


 


25


25




Other reserve


 


56


56




Retained earnings


 


394,540


379,243




 


 


 


 




 


 


394,871


379,574




 


 


 


 




NON-CURRENT LIABILITIES


 


 


 




Long-term borrowings


 


  20,600


31,100




Deferred tax


 


4,351


  4,076




 


 


 


 




 


 


24,951


35,176




 


 


 


 




CURRENT LIABILITIES


 


 


 




Bank overdrafts and short-term loans


 


1,280


2,060




Trade and other payables


 


2,142


4,830




Current tax payable


 


4,116


3,450




 


 


 


 




 


 


7,538


10,340




 


 


 


 




TOTAL LIABILITIES


 


32,489


45,516




 


 


 


 




TOTAL EQUITY AND LIABILITIES


 


427,360


425,090




 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
 
 




 


 


 


Capital


 


 


 




 


Share


Capital


Redemption


Other


Retained


 




 


Capital


Reserve


Reserve


Reserves


Earnings


Total




 


£'000


£'000


£'000


£'000


£'000


£'000




 


 


 


 


 


 


 




 


 


 


 


 


 


 




Balance as at 1 April 2019


195


25


55


56


366,543


366,874




 


 


 


 


 


 


 




Profit for the year


- 


- 


- 


- 


28,296


28,296




 


 


 


 


 


 


 




Dividends


- 


- 


- 


- 


(15,596)


(15,596)




 


 


 


 


 


 


 




Balance as at 31 March 2020


195


25


55


56


379,243


379,574




 


 


 


 


 


 


 




 
 




 


 


 


Capital


 


 


 




 


Share


Capital


Redemption


Other


Retained


 




 


Capital


Reserve


Reserve


Reserves


Earnings


Total




 


£'000


£'000


£'000


£'000


£'000


£'000




 


 


 


 


 


 


 




 


 


 


 


 


 


 




Balance as at 1 April 2020


195


25


55


56


379,243


379,574




 


 


 


 


 


 


 




Profit for the year


- 


- 


- 


- 


30,893


30,893




 


 


 


 


 


 


 




Dividends


- 


- 


- 


  - 


(15,596)


(15,596)




 


 


 


 


 


 


 




Balance as at 31 March 2021


195


25


55


56


394,540


394,871




 


 


 


 


 


 


 




 
 
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021




  


 


 


Year


 


Year




 


 


 


ended


 


ended




 


 


 


31.03.2021


 


31.03.2020




 


 


 


£'000


 


£'000




Cash flow from operating activities


 


 


 


 


 




 


 


 


 


 


 




Operating profit  


 


 


38,809


 


35,929




Adjustment for:


 


 


 


 


 




Depreciation


 


 


64


 


64




 


 


 


 


 


 




(Gain) on disposal of investment properties


 


 


-


 


(1,174)




(Increase)/Decrease in fair value of investment properties


 


 


(1,452)


 


969
 




Cash flow from operations before changes in working capital 


 


 


37,421


 


35,788




 


 


 


 


 


 




(Increase)/Decrease in inventories


 


 


(6,097)


 


315




Decrease/(Increase) in receivables


 


 


2,259


 


(1,761)




(Decrease)/Increase in payables


 


 


(2,688)


 


2,018




Cash generated from operations


 


 


30,895


 


36,360




 


 


 


 


 


 




Interest paid


 


 


(675)


 


(988)




Income taxes paid


 


 


(6,300)


 


(7,035)




 


 


 


 


 


 




Net cash inflow from operating activities


 


 


23,920


 


28,337




 


 


 


 


 


 




Investing activities


 


 


 


 


 




Proceeds from disposal of investment properties


 


 


-


 


4,195




Purchase of property, plant and equipment


 


 


-


 


(24)




 


 


 


 


 


 




Net cash inflow from investing activities


 


 


-


 


4,171




 


 


 


 


 


 




Cash flow from financing activities


 


 


 


 


 




(Repayment) of borrowings


 


 


(10,116)


 


(16,835)




Equity dividend paid


 


 


(15,596)


 


(15,596)




 


 


 


 


 


 




Net cash (outflow) from financing activities


 


 


(25,712)


 


(32,431)




 


 


 


 


 


 




Net (Decrease)/Increase in cash and cash equivalents


 


 


(1,792)


 


77




 


 


 


 


 


 




Opening cash and cash equivalents
 


 


 


2,058


 


               1,981




Cash and cash equivalents at the end of the year


 


 


266


 


2,058




 
 
2021 Annual General Meeting (AGM) 
The 2021 AGM of the Company will be held on Wednesday 11 August 2021 and details will be set out in the Notice of AGM as to the location and format of the meeting.
 
In accordance with the UK Government's roadmap to ease COVID-19 restrictions across England currently it is expected that it will be possible to offer an in-person meeting. However, the health and wellbeing of our shareholders, employees and our Directors remains the Board's primary concern. It is essential to remain vigilant notwithstanding the ongoing UK vaccination programme, particularly with the spread of new variants of the coronavirus in the UK and other parts of the world. Therefore shareholders should consider whether it is appropriate to attend in person at the AGM. Details of the AGM will be included in the Notice of AGM set out in the 2020/21 Annual Report and Accounts that will be sent to shareholders at a date to be announced in due course.
 
There is also the possibility that arrangements for the AGM will have to be adapted to respond to the UK Government guidelines on short notice. Shareholders will be updated closer to the AGM on whether or not attendance is permitted via the issuance of a Regulatory News Service announcement and on the Company's website.
 
 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 2021 and 31 March 2020, but represents extracts from them.
 
The statutory accounts for the financial year ended 31 March 2020 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 2021 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 11 August 2021 ("2021 AGM").
 
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 2021 AGM are expected to comply fully with IFRS.
 
 ~ 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 3551




 

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