REG - Mountview Estates. - Unaudited Interim Results; 6m to 30 Sept 2022
24/11/2022 07:00
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RNS Number : 4756H Mountview Estates PLC 24 November 2022
Mountview Estates P.L.C.
Half Year Report
24 November 2022
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2022
Mountview is pleased to announce its unaudited interim results for the six
months ended 30 September 2022.
OUR PERFORMANCE
Turnover at £37.2 million up by 21.2% (2021 - £30.7m)
Gross profit at £21.3 million up by 18.3% (2021- £18.0m)
Profit before tax at £18.2 million up by 16.7% (2021 - £15.6m)
Earnings per share at 378.4 pence up by 30.4% (2021 - 290.3p)
Net assets per share at £102.2 up by 0.3% (2021 - £101.9)
DIVIDEND INFORMATION
Mountview Estates P.L.C. advises its shareholders that, following the issue of
the interim results, the relevant dates in respect of the exceptional interim
dividend payment of 500p per share (which includes a special dividend of 250p
per share) are as follows:
Ex-dividend date - 16 February 2023
Record date - 17 February 2023
Payment date - 27 March 2023
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 10 August 2022 those shareholders deemed
to be independent exercised their right to reject the re-election of Mr.
Anthony Powell and Ms. Mhairi Archibald as independent non-Executive
Directors. At the General Meeting held in accordance with the Listing Rules
of the Financial Conduct Authority on 21 November 2022, when all shareholders
were entitled to vote, it was resolved to re-elect Mr. Anthony Powell and Ms.
Mhairi Archibald as Directors of the Company. Thus the status quo is
maintained.
TRADING
The vote in favour of Brexit was made nearly six and a half years ago. Boris
Johnson "got Brexit done" nearly three years ago. We have learnt to live
with Covid although it will never have just gone away. Last Thursday (17
November 2022) we were told how the Government plan to recover the vast sums
of money that bureaucratic profligacy spent in trying to help the country
through the various economic travails.
This Company did not furlough any staff, did not reduce staff numbers in any
other way and did not take any government assistance. However as a
successful company we are obliged to help repay the government's debt.
Earnings per share for the half year ended 30 September 2022 have increased by
more than 30%. Our purchasing activity has been strong during these six
months and our long standing financial prudence keeps us in position to take
advantage of further good purchasing opportunities.
We are all aware that difficult times lie ahead but the financial strength of
this Company should enable us to weather the economic storms that lie ahead
better than most. Many of our staff have been with the Company for a long
time and I am determined that we should protect them as best we can from the
ravages of inflation.
EXCEPTIONAL INTERIM DIVIDEND
Not only has the Company made almost £25million of purchases during the six
months ended 30 September 2022 but cash flow has also been very strong and I
am very happy to be able to again declare an interim dividend at the
exceptional rate of 500p per share in respect of the year ending 31 March
2023. This dividend is payable on 27 March 2023 to shareholders on the
Register of Members as at 17 February 2023. This represents an increased
interim dividend of 250p per share and a special dividend of a further 250p
per share. Please note that this will be made as one payment of 500p per
share.
The Board is confident that the Company remains in a strong position to make
further purchases and to meet all its regular outgoings including the final
dividend payable in August 2023. However it would be prudent to only
anticipate an interim dividend payable in March 2024 at the increased basic
rate of 250p per share.
OUTLOOK
We all know that times are going to be tough, but I believe that this Company
is better placed than most to survive the difficulties and indeed prosper. And
my belief is supported by these Accounts.
D.M. Sinclair
Chief Executive Officer
24 November 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2022
Half year ended 30.09.2022 Half year Year
£000 ended ended
30.09.2021 31.03.2022
£000 £000
Revenue 37,192 30,711 66,010
Cost of Sales (15,912) (12,754) (25,144)
Gross Profit 21,280 17,957 40,866
Administrative expenses (2,734) (2,205) (6,197)
Gain on sale of investment properties - 53 53
Operating profit before changes in
fair value of investment properties 18,546 15,805 34,722
Increase in fair value of investment properties - - 444
Profit from operations 18,546 15,805 35,166
Net finance costs (336) (181) (298)
Profit before taxation 18,210 15,624 34,868
Taxation - current (3,455) (3,062) (6,637)
Taxation - deferred - (1,242) (1,349)
Taxation (3,455) (4,304) (7,986)
Profit attributable to equity shareholders and total comprehensive income 14,755 11,320 26,882
Basic and diluted earnings per share (pence) 378.4p 290.3p 689.5p
All items within the consolidated statement of comprehensive income relate to
continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2022
Half year ended Half year ended Year ended
30.09.2022 30.09.2021 31.03.2022
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 1,517 1,576 1,546
Investment properties 25,451 25,007 25,451
26,968 26,583 26,997
Current assets
Inventories of trading properties 406,812 394,921 393,275
Trade and other receivables 1,684 1,298 1,326
Cash and cash equivalents 1,628 1,012 643
410,124 397,231 395,244
Total assets 437,092 423,814 422,241
Equity and liabilities
Capital and reserves attributable
to equity holders of the Company
Share capital 195 195 195
Capital redemption reserve 55 55 55
Capital reserve 25 25 25
Other reserves 56 56 56
Retained earnings 398,163 397,087 393,155
398,494 397,418 393,486
Non-current liabilities
Long-term borrowings 28,700 15,500 19,200
Deferred tax 5,700 5,593 5,700
34,400 21,093 24,900
Current liabilities
Bank overdrafts and other short term loans - 1,497 -
Trade and other payables 889 1,032 1,470
Current tax payable 3,309 2,774 2,385
4,198 5,303 3,855
Total liabilities 38,598 26,396 28,755
Total equity and liabilities 437,092 423,814 422,241
CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2022
Half year Half year Year
ended ended ended
30.09.2022 30.09.2021 31.03.2022
£000 £000 £000
Cash flows from operating activities
Profit from operations 18,546 15,805 35,166
Adjustment for:
Depreciation 29 30 60
(Gain) on sale of investment properties - (53) (53)
(Increase) in fair value of investment properties
- - (444)
Operating cash flows before movement in working capital 18,575 15,782 34,729
(Increase)/Decrease in inventories (13,537) 3,245 4,891
(Increase)/Decrease in receivables (358) 119 91
(Decrease) in payables (581) (1,110) (672)
Cash generated from operations 4,099 18,036 39,039
Interest paid (336) (181) (298)
Income taxes paid (2,531) (4,404) (8,368)
Net cash Inflow from operating activities 1,232 13,451 30,373
Investing activities
Proceeds from disposal of investment properties - 620 620
Net cash inflow from investing activities - 620 620
Cash flows from financing activities
Increase/(Repayment) of borrowings 9,500 (4,552) (2,349)
Equity dividend paid (9,747) (8,773) (28,267)
Net cash (Outflow) from financing activities (247) (13,325) (30,616)
Net Increase in cash and cash equivalents 985 746 377
Opening cash and cash equivalents 643 266 266
Cash and cash equivalents at end of period 1,628 1,012 643
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2022
Half year Half year Year
ended ended ended
30.09.2022 30.09.2021 31.03.2022
£000 £000 £000
Shareholders' funds as at the beginning of the period 393,486 394,871
394,871
Profit for the period 14,755 11,320 26,882
Dividends (9,747) (8,773) (28,267)
Shareholders' funds at the end of the period 398,494 397,418 393,486
Notes to the Half Year Report
Basis of preparation
These condensed consolidated interim financial statements have been prepared
in accordance with the Disclosure and Transparency Rules of the Financial
Conduct Authority and in accordance with UK adopted International Accounting
Standard 34 (IAS 34) "Interim Financial Reporting". The condensed consolidated
interim financial statements should be read in conjunction with the annual
financial statements for the year ended 31 March 2022 which have been prepared
in accordance with UK adopted International Accounting Standards.
The accounting policies used are consistent with those contained in the
Group's last Annual Report and Accounts for the year ended 31 March 2022.
The Directors have reviewed the current and projected financial position of
the Group and are satisfied that the Group has adequate resources to cover
current liabilities. Therefore, the Directors continue to adopt the going
concern basis in preparing the half year report.
Basis of consolidation
The Group's financial statements incorporate the results of Mountview Estates
P.L.C. and all of its subsidiary undertakings made up to the reporting date.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group.
Control is recognised when the Group is exposed to, or has rights to, variable
returns from its investment in the entity and has the ability to affect these
returns through its power over the relevant activities of the entity.
On acquisition, the identifiable assets, liabilities and contingent
liabilities of a subsidiary are measured at their fair values at the date of
acquisition. The purchase method has been used in consolidating the subsidiary
financial statements.
All significant inter-company transactions balances and unrealised gains on
transactions between Group companies are eliminated on consolidation within
the consolidated accounts.
Consistent accounting policies have been used across the Group.
Status of the interim financial information
These condensed consolidated interim financial statements are unaudited and do
not constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The Group's published financial statements for the year
ended 31 March 2022 have been reported on by the Group's auditors and filed
with the Registrar of Companies. The report of the auditors was unqualified
and did not contain any statement under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements were approved by the
Board of Directors on 24 November 2022. The preparation of the interim
financial information requires management to make assumptions and estimates
about future events which are uncertain, the actual outcome of which may
result in a materially different outcome from that anticipated.
Availability of the Half Year Report
Copies of this statement are being sent to Shareholders. Copies may be
obtained from the Company's registered office or from the Company's website
- www.mountviewplc.co.uk (http://www.mountviewplc.co.uk/) .
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.
~ Ends ~
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