REG - Mountview Estates. - Unaudited Interim Results for 6m ended 30 Sep 2025
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RNS Number : 2551I Mountview Estates PLC 20 November 2025
Mountview Estates P.L.C.
Half Year Report
20 November 2025
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025
Mountview is pleased to announce its unaudited interim results for the six
months ended 30 September 2025.
OUR PERFORMANCE
Turnover at £37.9 million up by 1.3% (2024 - £37.4m)
Gross profit at £20.6 million down by 10.8% (2024 - £23.1m)
Profit before tax at £15.5 million down by 14.4% (2024 - £18.1m)
Earnings per share at 298.8 pence down by 14.1% (2024 - 347.9p)
Net assets per share at £103.5 up by 0.3% (2023 - £103.2)
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 - 19 February 2026
Record date - 20 February 2026
Payment date - 30 March 2026
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 13 August 2025 those shareholders deemed
to be independent exercised their right to reject the re-election of Mr.
Anthony Powell and the election of Ms. Tracey Hartley as independent
non-Executive Directors. At the General Meeting held in accordance with the
UK Listing Rules of the Financial Conduct Authority on 17 November 2025, when
all shareholders were entitled to vote, it was resolved to re-elect Mr.
Anthony Powell and to elect Ms. Tracey Hartley as Directors of the Company.
Thus the composition of the Board is as intended and proposed at the Annual
General Meeting.
TRADING
It was disappointing to report a drop in profits at this time last year and it
is even more disappointing to report a further decrease in profits this
year. Whatever economic difficulties this government may have inherited they
have made the problems worse. Our turnover for the six months has increased
by 1.3% but such is the increase in the cost of sales that our gross profit
has fallen by 10.8%. Although the total of our administrative expenses and
our net finance costs has barely changed, our profit before taxation has
fallen by 14.4% and our earnings per share have fallen by 14.1%.
It is never a pleasure to report poor results but it is at times like these
that our long term financial prudence lets us look to the future with
confidence. We have reduced our borrowings and so we are in an ever stronger
position to take advantage of the best purchasing opportunities that may
present themselves.
INTERIM DIVIDEND
Happily the Company continues to be in a position to take advantage of good
trading opportunities, retain and reward its staff and maintain the level of
dividends for its shareholders. The interim dividend will be kept at 250p
per share and will be payable on 30 March 2026 to shareholders on the Register
of Members as at 20 February 2026.
OUTLOOK
As I write this I cannot know what may be inflicted upon us in the
Chancellor's statement on 26 November 2025 but I remain confident that this
Company will be able to protect its staff and its shareholders from the worst
excesses of government policy.
D.M. SINCLAIR
Chief Executive Officer
20 November 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 30 September 2025
Unaudited Unaudited Audited
Half year Half year Year
Ended ended Ended
30.09.2025 30.09.2024 31.03.2025
£000 £000 £000
Revenue 37,872 37,416 72,132
Cost of Sales (17,226) (14,352) (29,954)
Gross Profit 20,646 23,064 42,178
Administrative expenses (2,832) (2,767) (6,765)
Gain on sale of investment properties - 192 885
Operating profit before changes in
fair value of investment properties 17,814 20,489 36,298
Decrease in fair value of investment properties - - (23)
Profit from operations 17,814 20,489 36,275
Net finance costs (2,286) (2,389) (4,971)
Profit before taxation 15,528 18,100 31,304
Taxation - current (3,878) (4,809) (8,701)
Taxation - deferred 272 890
Taxation total (3,878) (4,537) (7,811)
Profit attributable to equity shareholders and total comprehensive income 11,650 13,563 23,493
Basic and diluted earnings per share (pence) 298.8p 347.9p 602.5p
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 2025
Unaudited Unaudited Audited
Half year ended Half year ended Year ended
30.09.2025 30.09.2024 31.03.2025
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 1,351 1,405 1,387
Investment properties 21,670 24,335 21,670
Total non-current assets 23,021 25,740 23,057
Current assets
Inventories of trading properties 453,135 459,624 466,774
Trade and other receivables 1,357 1,571 1,566
Cash and cash equivalents 863 929 524
Total current assets 455,355 462,124 468,864
Total assets 478,376 487,864 491,921
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 403,252 402,142 402,324
Total equity 403,583 402,473 402,655
Non-current liabilities
Long-term borrowings 66,800 77,300 78,700
Deferred tax 4,915 5,532 4,915
Total non-current liabilities 71,715 82,832 83,615
Current liabilities
Bank overdraft and short-term loans - - 1,402
Trade and other payables 906 842 1,893
Current tax payable 2,172 1,717 2,356
Total current liabilities 3,078 2,559 5,651
Total liabilities 74,793 85,391 89,266
Total equity and liabilities 478,376 487,864 491,921
CONSOLIDATED CASHFLOW STATEMENT
for the half year ended 30 September 2025
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
30.09.2025 30.09.2024 31.03.2025
£000 £000 £000
Cash flows from operating activities
Profit from operations 17,814 20,489 36,275
Adjustment for:
Depreciation 28 28 53
Gain on sale of investment properties - (192) (885)
Decrease in fair value of investment properties - - 23
Operating cash flows before movement in working capital 17,842 20,325 35,466
Decrease/(Increase) in inventories 13,639 (13,226) (20,376)
Decrease/(Increase) in receivables 209 (92) (87)
(Decrease) in payables (987) (1,461) (410)
Cash generated from operations 30,703 5,546 14,593
Interest paid (2,286) (2,389) (4,971)
Income taxes paid (4,054) (4,470) (7,729)
Net cash Inflow/(Outflow)/Inflow from operating activities 24,363 (1,313) 1,893
Investing activities
Proceeds from disposals of investment properties - 1,425 4,760
Net cash inflow from investing activities - 1,425 4,760
Cash flows from financing activities
(Decrease)/Increase in borrowings (11,900) 10,800 12,200
Equity dividend paid (10,722) (10,722) (20,470)
Net cash (Outflow)/Inflow from financing activities (22,622) 78 (8,270)
Net Increase/(Decrease) in cash and cash equivalents 1,741 190 (1,617)
Opening cash and cash equivalents (878) 739 739
Cash and cash equivalents at end of period 863 929 (878)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 30 September 2025
Unaudited Unaudited Audited
Half year Half year Year
ended ended ended
Changes in equity for the half 30.09.2025 30.09.2024 31.03.2025
year ended 30 September 2025 £000 £000 £000
Balance as at the beginning of the period 402,655 399,632
399,632
Profit for the period 11,650 13,563 23,493
Dividends (10,722) (10,722) (20,470)
Balance as at the end of the period 403,583 402,473 402,655
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 2025 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 2025.
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 2025 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 2025. 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.
The Directors of the Company are responsible for the release of this
announcement.
~ Ends ~
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