REG - Mountview Estates. - Unaudited Interim Results for 6m ended 30 Sep 2024
20/11/2024 07:00
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RNS Number : 8727M Mountview Estates PLC 20 November 2024
Mountview Estates P.L.C.
Half Year Report
20 November 2024
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2024
Mountview is pleased to announce its unaudited interim results for the six
months ended 30 September 2024.
OUR PERFORMANCE
Turnover at £37.4 million down by 4.6% (2023 - £39.2m)
Gross profit at £23.1 million down by 4.5% (2023 - £24.2m)
Profit before tax at £18.1 million down by 9.0% (2023 - £19.9m)
Earnings per share at 347.9 pence down by 9.1% (2023 - 382.7p)
Net assets per share at £103.2 up by 1.7% (2023 - £101.5)
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 interim dividend
payment of 250p per share are as follows:
Ex-dividend date - 20 February 2025
Record date - 21 February 2025
Payment date - 31 March 2025
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 14 August 2024 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 UK Listing
Rules of the Financial Conduct Authority on 18 November 2024, 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 economic difficulties being suffered throughout the country have
contributed to the Company's gross profit for the six months ended 30
September 2024 decreasing by 4.5% and profit before tax by 9.0%.
Although interest rates have been reduced slightly in recent months, they are
still at levels last experienced over ten years ago and are a significant
factor in our increased costs. Our purchasing activity, which is the future of
the Company, has remained strong during these six months and we continue to be
offered further opportunities. Our financial strength should enable us to take
advantage of the best of these, but we will not compromise our financial
prudence.
With a staff of less than thirty we are a tiny company but the increased
taxation and the ever expanding regulatory and administrative burden imposed
by various authorities is disproportionate to a company of this size. We will
not abandon our financial prudence, but I am determined that we shall protect
our staff from the worst economic misfortunes. Many of our staff have been
loyal to the Company for many years and they deserve our loyalty.
INTERIM DIVIDEND
In March 2022 and March 2023, the Company paid an exceptional interim dividend
totalling 500p per share, but it would not be possible to continue at this
level without compromising the Company's financial prudence. At this time in
2022 I advised that it would be prudent to only anticipate an interim dividend
payable in March 2024 at the increased basic rate of 250p per share.
The Company has continued to make good purchases and so an interim dividend of
250p per share is the prudent option and still represents a good return on
your investment.
This dividend is payable on 31 March 2025 to shareholders on the Register of
Members as at 21 February 2025.
OUTLOOK
We live in difficult times, but I believe that this Company will continue to
prosper and can continue to care for its staff and its shareholders.
D.M. SINCLAIR
Chief Executive Officer
20 November 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 30 September 2024
Unaudited Unaudited Audited
Half year ended 30.09.2024 Half year Year
£000 ended ended
30.09.2023 31.03.2024
£000 £000
Revenue 37,416 39,236 79,472
Cost of Sales (14,352) (15,007) (31,023)
Gross Profit 23,064 24,229 48,449
Administrative expenses (2,767) (2,718) (7,006)
Gain on sale of investment properties 192 - -
Operating profit before changes in
fair value of investment properties 20,489 21,511 41,443
Increase in fair value of investment properties - - 153
Profit from operations 20,489 21,511 41,596
Net finance costs (2,389) (1,609) (3,710)
Profit before taxation 18,100 19,902 37,886
Taxation - current (4,809) (4,982) (9,429)
Taxation - deferred 272 - (38)
Taxation total (4,537) (4,982) (9,467)
Profit attributable to equity shareholders and total comprehensive income 13,563 14,920 28,419
Basic and diluted earnings per share (pence) 347.9p 382.7p 728.9p
All items within the consolidated statement of comprehensive income relate to
continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the half year ended 30 September 2024
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30.09.2024 30.09.2023 31.03.2024
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 1,405 1,464 1,440
Investment properties 24,335 25,415 25,568
25,740 26,879 27,008
Current assets
Inventories of trading properties 459,624 442,231 446,398
Trade and other receivables 1,571 2,593 1,479
Cash and cash equivalents 929 1,908 739
462,124 446,732 448,616
Total assets 487,864 473,611 475,624
Equity and liabilities
Capital and reserves attributable
to equity holders of the Company
Share capital 195 195 195
Capital reserve 25 25 25
Capital redemption reserve 55 55 55
Other reserves 56 56 56
Retained earnings 402,142 395,550 399,301
402,473 395,881 399,632
Non-current liabilities
Long-term borrowings 77,300 66,200 66,500
Deferred tax 5,532 5,766 5,805
82,832 71,966 72,305
Current liabilities
Trade and other payables 842 841 2,303
Current tax payable 1,717 4,923 1,384
2,559 5,764 3,687
Total liabilities 85,391 77,730 75,992
Total equity and liabilities 487,864 473,611 475,624
CONSOLIDATED CASHFLOW STATEMENT
for the half year ended 30 September 2024
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
30.09.2024 30.09.2023 31.03.2024
£000 £000 £000
Cash flows from operating activities
Profit from operations 20,489 21,511 41,596
Adjustment for:
Depreciation 28 29 53
Gain on sale of investment properties (192) - -
Increase in fair value of investment properties - - (153)
Operating cash flows before movement in working capital 20,325 21,540 41,496
Increase in inventories (13,226) (19,489) (23,656)
(Increase)/Decrease in receivables (92) 4,063 5,177
(Decrease)/Increase in payables (1,461) (1,143) 319
Cash generated from operations 5,546 4,971 23,336
Interest paid (2,389) (1,609) (3,710)
Income taxes paid (4,470) (1,923) (9,908)
Net cash (Outflow)/Inflow from operating activities (1,313) 1,439 9,718
Investing activities
Proceeds from disposals of investment properties 1,425 - -
Net cash inflow from investing activities 1,425 - -
Cash flows from financing activities
Increase in borrowings 10,800 9,500 9,800
Equity dividend paid (10,722) (9,747) (19,495)
Net cash Inflow/(Outflow) from financing activities 78 (247) (9,695)
Net Increase in cash and cash equivalents 190 1,192 23
Opening cash and cash equivalents 739 716 716
Cash and cash equivalents at end of period 929 1,908 739
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 30 September 2024
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
30.09.2024 30.09.2023 31.03.2024
£000 £000 £000
Shareholders' funds as at the beginning of the period 399,632 390,708
390,708
Profit for the period 13,563 14,920 28,419
Dividends (10,722) (9,747) (19,495)
Shareholders' funds at the end of the period 402,473 395,881 399,632
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 2024 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 2024.
The Directors have reviewed the current and projected financial position of
the Group and are satisfied that the Group has adequate resources to cover all
liabilities becoming payable for the foreseeable future. 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 2024 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 20 November 2024. 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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