REG - Mountview Estates. - Preliminary Results: year ended 31 March 2022
16/06/2022 07:00
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RNS Number : 1092P Mountview Estates PLC 16 June 2022
Mountview Estates PLC
16 June 2022
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2022
CHIEF EXECUTIVE OFFICER'S STATEMENT
After two years of Covid constrained activity it is to be hoped that our lives
may now resume more normal levels of activity. Most of those operating in
the property industry found ways of circumventing the various difficulties
presented by the last two years and may even have found methodology that
serves them better.
Our turnover for last year shows a modest increase but increases in the cost
of the properties sold and the cost of maintenance where we had previously
been unable to enter properties because of Covid have been the main
contributors to a thirteen per cent fall in Earnings per Share. Nevertheless
none of this does anything to undermine the financial stability of the Company
and your Board remain confident enough to recommend an increased final
dividend of 250 pence per share.
If shareholders approve the final dividend at the Annual General Meeting on 10
August 2022 it will be payable on 15 August 2022 to shareholders on the
register at 8 July 2022.
Mountview may be considered to have been merely in the right place at the
right time these last two years but we are a small workforce who have worked
hard, adapting as necessary, to stay in that right place. I thank my staff
and colleagues for their hard work and loyalty and believe that the future
prosperity of the Company should reward them and allow them to be protected
from the ravages that the economy may inflict upon us.
Duncan Sinclair
16 June 2022
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2022 2021 Increase/
(Decrease)
£ £ %
Revenue (millions) 66.0 65.7 0.5
Gross Profit (millions) 40.9 43.2 (5.3)
Profit Before Tax (millions) 34.9 38.1 (8.4)
Profit Before Tax excluding investment properties revaluation (millions) 34.4 36.7 (6.3)
Equity Holders' Funds (millions) 393.5 394.9 (0.4)
Earnings per share (pence) 689.5 792.3 (13.0)
Net assets per share (£) 100.9 101.3 (0.4)
Dividend per share (pence) 750 425 76.5
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 250 pence per share are as follows:
Ex-dividend date 7 July 2022
Record date 8 July 2022
Payment date 15 August 2022
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
Year Year
ended ended
31.03.2022 31.03.2021
£'000 £'000
REVENUE 66,010 65,730
Cost of sales (25,144) (22,508)
GROSS PROFIT 40,866 43,222
Administrative expenses (6,197) (5,865)
Gain on sale of investment properties 53 -
Operating profit before changes in 34,722 37,357
fair value of investment properties
Increase in fair value of investment properties 444 1,452
PROFIT FROM OPERATIONS 35,166 38,809
Net finance costs (298) (675)
PROFIT BEFORE TAXATION 34,868 38,134
Taxation - current (6,637) (6,966)
Taxation - deferred (1,349) (275)
Taxation (7,986) (7,241)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,882 30,893
Basic and diluted earnings per share (pence) 689.5p 792.3p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2022
As at As at
31.03.2022 31.03.2021
£'000 £'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1,546 1,606
Investment properties 25,451 25,574
26,997 27,180
CURRENT ASSETS
Inventories of trading properties 393,275 398,166
Trade and other receivables 1,326 1,417
Cash at bank 643 597
395,244 400,180
TOTAL ASSETS 422,241 427,360
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 393,155 394,540
393,486 394,871
NON-CURRENT LIABILITIES
Long-term borrowings 19,200 20,600
Deferred tax 5,700 4,351
24,900 24,951
CURRENT LIABILITIES
Bank overdrafts and short-term loans - 1,280
Trade and other payables 1,470 2,142
Current tax payable 2,385 4,116
3,855 7,538
TOTAL LIABILITIES 28,755 32,489
TOTAL EQUITY AND LIABILITIES 422,241 427,360
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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
Capital
Share Capital Redemption Other Retained
Capital Reserve Reserve Reserves Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 April 2021 195 25 55 56 394,540 394,871
Profit for the year - - - - 26,882 26,882
Dividends - - - - (28,267) (28,267)
Balance as at 31 March 2022 195 25 55 56 393,155 393,486
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
Year Year
ended ended
31.03.2022 31.03.2021
£'000 £'000
Cash flow from operating activities
Operating profit 35,166 38,809
Adjustment for:
Depreciation 60 64
(Gain) on disposal of investment properties (53) -
(Increase) in fair value of investment properties (444) (1,452)
Cash flow from operations before changes in working capital 34,729 37,421
Decrease/(Increase) in inventories 4,891 (6,097)
Decrease in receivables 91 2,259
(Decrease) in payables (672) (2,688)
Cash generated from operations 39,039 30,895
Interest paid (298) (675)
Income taxes paid (8,368) (6,300)
Net cash inflow from operating activities 30,373 23,920
Investing activities
Proceeds from disposal of investment properties 620 -
Net cash inflow from investing activities 620 -
Cash flow from financing activities
(Repayment) of borrowings (2,349) (10,116)
Equity dividend paid (28,267) (15,596)
Net cash (outflow) from financing activities (30,616) (25,712)
Net Increase/(Decrease) in cash and cash equivalents 377 (1,792)
Opening cash and cash equivalents 266 2,058
Cash and cash equivalents at the end of the year 643 266
2022 Annual General Meeting (AGM)
The 2022 AGM of the Company will be held on Wednesday 10 August 2022 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 accounts for the financial years ended 31 March 2022 and 31 March
2021, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2021 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 2022 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 10 August 2022 ("2022 AGM").
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 to Members at the 2022
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
(http://www.mountviewplc.co.uk/)
SPARK Advisory Partners Limited (Financial
Adviser) www.sparkadvisorypartners.com
(http://www.sparkadvisorypartners.com/)
Mark Brady 020 3368 3550
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