REG - Mountview Estates. - Preliminary Results: year ended 31 March 2023
15/06/2023 07:00
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RNS Number : 7717C Mountview Estates PLC 15 June 2023
Mountview Estates PLC
15 June 2023
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2023
CHIEF EXECUTIVE OFFICER'S STATEMENT
We are now living in the circumstances of double digit inflation and rising
interest rates which give us very different problems to those experienced
before and indeed during the Covid pandemic. At a time when companies are
failing to pay dividends and even ceasing to trade mere survival must be
considered to be a success.
This Company has not only survived but has maintained an increased level of
dividend. Your Board recommend that the final dividend be maintained at 250
pence per share. If shareholders approve the final dividend at the Annual
General Meeting on 9 August 2023 it will be payable on 14 August 2023 to
shareholders on the register at 7 July 2023.
Turnover has increased by 11.5% but the cost of sales has increased
substantially and with modest increases in administrative expenses and finance
costs the resulting earnings per share have fallen by a mere 1.6%.
I always emphasize that making the right purchases is the most important part
of the business and our financial stability has enabled us to make substantial
new purchases (up from £12.5million to £52.6million). These purchases
underpin the future of the Company and will ensure future profits.
The prosperity of the Company is only possible because we have a good team in
place and I thank each and every one of them, from the most recent recruit to
the longest standing employee, for their loyalty and endeavour.
Duncan Sinclair
15 June 2023
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2023 2022 Increase/
(Decrease)
£ £ %
Revenue (millions) 73.6 66.0 11.5
Gross Profit (millions) 40.6 40.9 (0.7)
Profit Before Tax (millions) 32.8 34.9 (6.3)
Profit Before Tax excluding investment properties revaluation (millions) 32.8 34.4 (4.6)
Equity Holders' Funds (millions) 390.7 393.5 (0.7)
Earnings per share (pence) 678.8 689.5 (1.6)
Net assets per share (£) 100.2 100.9 (0.7)
Dividend per share (pence) 750 750 0.0
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 6 July 2023
Record date 7 July 2023
Payment date 14 August 2023
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
Year Year
ended ended
31.03.23 31.03.22
£'000 £'000
REVENUE 73,593 66,010
Cost of sales (32,993) (25,144)
GROSS PROFIT 40,600 40,866
Administrative expenses (6,592) (6,197)
Gain on sale of investment properties - 53
Operating profit before changes in 34,008 34,722
fair value of investment properties
(Decrease)/Increase in fair value of investment properties (36) 444
PROFIT FROM OPERATIONS 33,972 35,166
Net finance costs (1,208) (298)
PROFIT BEFORE TAXATION 32,764 34,868
Taxation - current (6,233) (6,637)
Taxation - deferred (66) (1,349)
Taxation (6,299) (7,986)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,465 26,882
Basic and diluted earnings per share (pence) 678.8p 689.5p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2023
As at As at
31.03.2023 31.03.2022
£'000 £'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1,493 1,546
Investment properties 25,415 25,451
26,908 26,997
CURRENT ASSETS
Inventories of trading properties 422,742 393,275
Trade and other receivables 6,656 1,326
Cash at bank 776 643
430,174 395,244
TOTAL ASSETS 457,082 422,241
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 390,377 393,155
390,708 393,486
NON-CURRENT LIABILITIES
Long-term borrowings 56,700 19,200
Deferred tax 5,766 5,700
62,466 24,900
CURRENT LIABILITIES
Bank overdrafts and short-term loans 60 -
Trade and other payables 1,984 1,470
Current tax payable 1,864 2,385
3,908 3,855
TOTAL LIABILITIES 66,374 28,755
TOTAL EQUITY AND LIABILITIES 457,082 422,241
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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
Capital
Share Capital Redemption Other Retained
Capital Reserve Reserve Reserves Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 April 2022 195 25 55 56 393,155 393,486
Profit for the year - - - - 26,465 26,465
Dividends - - - - (29,243) (29,243)
Balance as at 31 March 2023 195 25 55 56 390,377 390,708
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
Year Year
ended ended
31.03.2023 31.03.2022
£'000 £'000
Cash flow from operating activities
Operating profit 33,972 35,166
Adjustment for:
Depreciation 53 60
(Gain) on disposal of investment properties - (53)
Decrease/(Increase) in fair value of investment properties 36 (444)
Cash flow from operations before changes in working capital 34,061 34,729
(Increase)/Decrease in inventories (29,467) 4,891
(Increase)/Decrease in receivables (5,330) 91
Increase/(Decrease) in payables 514 (672)
Cash generated from operations (222) 39,039
Interest paid (1,208) (298)
Income taxes paid (6,754) (8,368)
Net cash (outflow)/inflow from operating activities (8,184) 30,373
Investing activities
Proceeds from disposal of investment properties - 620
Net cash inflow from investing activities - 620
Cash flow from financing activities
Increase/(Repayment) of borrowings 37,500 (2,349)
Equity dividend paid (29,243) (28,267)
Net cash inflow/(outflow) from financing activities 8,257 (30,616)
Net increase in cash and cash equivalents 73 377
Opening cash and cash equivalents 643 266
Cash and cash equivalents at the end of the year 716 643
2023 Annual General Meeting (2023 AGM)
The 2023 AGM of the Company will be held on Wednesday 9 August 2023 and
details will be set out in the Notice of AGM, to be sent to shareholders on 7
July 2023.
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 2023 and 31 March
2022 but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2022 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 2023 are expected to be
finalised and signed following approval by the Board of Directors and made
available to shareholders in advance of the 2023 AGM and will be delivered to
the Registrar of Companies following the Company's 2023 AGM on 9 August 2023.
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 at the 2023 AGM are expected to comply
fully with UK-adopted international accounting standards.
~ Ends ~
This announcement contains inside information for the purpose of article 7 of
the UK version of the Market Abuse Regulation No 596/2014 as it forms part of
UK 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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