REG - Mountview Estates. - Preliminary Results: year ended 31 March 2025

Mountview Estates P.L.C.Announcement

19/06/2025 07:00

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RNS Number : 4747N  Mountview Estates PLC  19 June 2025

Mountview Estates P.L.C.

19 June 2025

 

MOUNTVIEW ESTATES P.L.C.

Preliminary Results for the year ended 31 March 2025

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

It is now 88 years since Frank and Irving Sinclair, my uncle and my father,
founded Mountview Estates.  It obtained a full Stock Exchange listing in 1960
but control of a majority of the shareholdings remains within the Sinclair
family.  The original objective of enhancing the family's standard of living
has served all shareholders well and the five pence shares now change hands at
nearly one hundred pounds per share.

Writing this statement has often been easy as the Company has blossomed from
its humble beginnings but this time some of the figures are disappointing.
Whilst the law of averages works very well for us it does not guarantee a
minimum number of vacant possessions.  Thus with less properties sold it is
quantity rather than quality that has had the greater effect on turnover.
Administrative expenses have been well contained but net finance costs have
increased by over 33%.  Thus we must report a drop in earnings per share of
17.3%.

The quality and quantity of our purchases in recent years have put the Company
in a good position going forwards and we continue to be offered further
purchasing opportunities.  We have always kept the Company's gearing low but
with the cost of money at its present level we must be ever more conscious of
this expense and it does not help us that the average sale is taking longer to
complete.  We believe that this Company will continue to be a sound
investment and we will never do anything that would compromise its financial
stability, but it is hard to believe that the government's policies can lead
to a stable housing market.

The Company continues to be in a strong position and can look forward to years
of profitable trading looking after its employees and shareholders alike.
Our employees have received pay rises which will help to protect them against
inflation and despite lower profits we believe that the final dividend should
be maintained at the same level as 2024.

If this final dividend of 275 pence per share is approved at the Annual
General Meeting to be held on 13 August 2025 it will be payable on 18 August
2025 to shareholders on the register at 11 July 2025.

 

 

Duncan Sinclair

19 June 2025

MOUNTVIEW ESTATES P.L.C.

 

FINANCIAL HIGHLIGHTS

 

                                   2025   2024   Increase/

                                                 (Decrease)
                                   £      £      %
 Revenue (millions)                72.1   79.5   (9.3)

 Gross Profit (millions)           42.2   48.4   (12.8)

 Profit Before Tax (millions)      31.3   37.9   (17.4)

 Equity Holders' Funds (millions)  402.7  399.6  0.8

 Earnings per share (pence)        602.5  728.9  (17.3)

 Net assets per share (£)          103.3  102.5  0.8

 Dividend per share (pence)        525    525    0.0

 

Mountview Estates P.L.C. advises its shareholders that, following the issue of
the preliminary results, the relevant dates in respect of the proposed final
dividend payment of 275 pence per share are as follows:

 

 Ex-dividend date  10 July 2025
 Record date       11 July 2025
 Payment date      18 August 2025

 

 

 

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

 

 

                                                             Year          Year
                                                             ended         ended

                                                             31.03.25      31.03.24
                                                             £'000         £'000

 REVENUE                                                     72,132        79,472

 Cost of sales                                               (29,954)      (31,023)

 GROSS PROFIT                                                42,178        48,449

 Administrative expenses                                     (6,765)       (7,006)
 Gain on disposal of investment properties                   885           -

 Operating profit before changes in                          36,298        41,443

 fair value of investment properties

 (Decrease)/Increase in fair value of investment properties  (23)          153

 PROFIT FROM OPERATIONS                                      36,275        41,596

 Net finance costs                                           (4,971)       (3,710)

 PROFIT BEFORE TAXATION                                      31,304        37,886

 Taxation - current                                          (8,701)       (9,429)
 Taxation - deferred                                         890           (38)

 Taxation total                                              (7,811)       (9,467)

 PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS                  23,493        28,419

 Basic and diluted earnings per share (pence)                602.5p        728.9p

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2025

                                           As at       As at
                                           31.03.2025  31.03.2024

                                           £'000       £'000
 ASSETS
 NON-CURRENT ASSETS
 Property, plant and equipment             1,387       1,440
 Investment properties                     21,670      25,568

 TOTAL NON-CURRENT ASSETS                  23,057      27,008
 CURRENT ASSETS
 Inventories of trading properties         466,774     446,398
 Trade and other receivables               1,566       1,479
 Cash at bank                              524         739

 TOTAL CURRENT ASSETS                      468,864     448,616

 TOTAL ASSETS                              491,921     475,624

 EQUITY AND LIABILITIES
 Share capital                             195         195
 Capital redemption reserve                55          55
 Capital reserve                           25          25
 Other reserve                             56          56
 Retained earnings                         402,324     399,301

 TOTAL EQUITY                              402,655     399,632

 NON-CURRENT LIABILITIES
 Long-term borrowings                      78,700      66,500
 Deferred tax                              4,915       5,805

 TOTAL NON-CURRENT LIABILITIES             83,615      72,305

 CURRENT LIABILITIES
 Bank overdrafts and short-term loans      1,402       -
 Trade and other payables                  1,893       2,303
 Current tax payable                       2,356       1,384

 TOTAL CURRENT LIABILITIES                 5,651       3,687

 TOTAL LIABILITIES                         89,266      75,992

 TOTAL EQUITY AND LIABILITIES              491,921     475,624

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

 

                                                Capital
                              Share    Capital  Redemption  Other     Retained
                              Capital  Reserve  Reserve     Reserves  Earnings  Total
                              £'000    £'000    £'000       £'000     £'000     £'000

 Balance as at 1 April 2023   195      25       55          56        390,377   390,708

 Profit for the year          -        -        -           -         28,419    28,419

 Dividends                    -        -        -           -         (19,495)  (19,495)

 Balance as at 31 March 2024  195      25       55          56        399,301   399,632

 

 

 

 

                                                Capital
                              Share    Capital  Redemption  Other     Retained
                              Capital  Reserve  Reserve     Reserves  Earnings  Total
                              £'000    £'000    £'000       £'000     £'000     £'000

 Balance as at 1 April 2024   195      25       55          56        399,301   399,632

 Profit for the year          -        -        -           -         23,493    23,493

 Dividends                    -        -        -           -         (20,470)  (20,470)

 Balance as at 31 March 2025  195      25       55          56        402,324   402,655

 

 

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

                                                             Year        Year
                                                             Ended       ended
                                                             31.03.2025  31.03.2024
                                                             £'000       £'000
 Cash flow from operating activities

 Profit from operations                                      36,275      41,596
 Adjustment for:
 Depreciation                                                53          53
 Gain on disposal of investment properties                   (885)       -

 Decrease/(Increase) in fair value of investment properties  23          (153)
 Operating cash flows before movement in working capital     35,466      41,496

 Increase in inventories                                     (20,376)    (23,656)
 (Increase)/Decrease in receivables                          (87)        5,177
 (Decrease)/Increase in payables                             (410)       319
 Cash generated from operations                              14,593      23,336

 Interest paid                                               (4,971)     (3,710)
 Income taxes paid                                           (7,729)     (9,908)

 Net cash inflow from operating activities                   1,893       9,718

 Investing activities
 Proceeds from disposal of investment properties             4,760       -

 Net cash inflow from investing activities                   4,760       -

 Cash flow from financing activities
 Increase in borrowings                                      12,200      9,800
 Equity dividend paid                                        (20,470)    (19,495)

 Net cash Outflow from financing activities                  (8,270)     (9,695)

 Net (Decrease)/Increase in cash and cash equivalents        (1,617)     23

 Opening cash and cash equivalents                           739         716

 Cash and cash equivalents at the end of the year            (878)       739

 

 

2025 Annual General Meeting (AGM)

The 2025 AGM of the Company will be held on Wednesday 13 August 2025 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 financial statements for the financial years ended 31 March 2025 and
31 March 2024 but represents extracts from them.

 

The statutory financial statements for the financial year ended 31 March 2024
have been filed with the Registrar of Companies. The auditor reported on those
financial statements: 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 financial statements for the year ended 31 March 2025 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
2025 AGM on 13 August 2025.

 

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 2025 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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