RNS Number : 1092P
Mountview Estates PLC
16 June 2022
 

Mountview Estates PLC

16 June 2022

 

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2022

 

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

After two years of Covid constrained activity it is to be hoped that our lives may now resume more normal levels of activity.  Most of those operating in the property industry found ways of circumventing the various difficulties presented by the last two years and may even have found methodology that serves them better.

 

Our turnover for last year shows a modest increase but increases in the cost of the properties sold and the cost of maintenance where we had previously been unable to enter properties because of Covid have been the main contributors to a thirteen per cent fall in Earnings per Share.  Nevertheless none of this does anything to undermine the financial stability of the Company and your Board remain confident enough to recommend an increased final dividend of 250 pence per share.

 

If shareholders approve the final dividend at the Annual General Meeting on 10 August 2022 it will be payable on 15 August 2022 to shareholders on the register at 8 July 2022.

 

Mountview may be considered to have been merely in the right place at the right time these last two years but we are a small workforce who have worked hard, adapting as necessary, to stay in that right place.  I thank my staff and colleagues for their hard work and loyalty and believe that the future prosperity of the Company should reward them and allow them to be protected from the ravages that the economy may inflict upon us.

 

 

 

Duncan Sinclair

16 June 2022

 

 

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

 

 

 

 

2022

 

 

2021

 

 Increase/

(Decrease)

 

 

£

 

£

%

Revenue (millions)


66.0

 


65.7

0.5

 

 

 

 

 


Gross Profit (millions)


40.9

 


43.2

(5.3)

 






Profit Before Tax (millions)


34.9

 


38.1

(8.4)

 

 

 

 

 


Profit Before Tax excluding investment properties revaluation (millions)


34.4

 


36.7

(6.3)

 

 

 

 

 

 


Equity Holders' Funds (millions)


393.5

 


394.9

(0.4)

 

 

 

 

 

 


Earnings per share (pence)


689.5


792.3

(13.0)

 

 

 

 

 


Net assets per share (£)


100.9

 


101.3

(0.4)

 

 

 

 

 


Dividend per share (pence)


750

 


425

76.5

 

 

 

 

 


 

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

7 July 2022

Record date

8 July 2022

Payment date

15 August 2022

 

 

 

 

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

  

 

Year

 

Year

 

ended

 

ended

 

      31.03.2022

 

31.03.2021


£'000

 

£'000


 

 

 

REVENUE

66,010


65,730





Cost of sales

(25,144)


(22,508)





GROSS PROFIT

40,866


43,222

 




Administrative expenses

(6,197)


(5,865)

Gain on sale of investment properties

53


-





Operating profit before changes in

fair value of investment properties

34,722


37,357





Increase in fair value of investment properties

444


1,452

 




PROFIT FROM OPERATIONS

35,166


38,809





Net finance costs

(298)


(675)





PROFIT BEFORE TAXATION

34,868


38,134





Taxation - current

(6,637)


(6,966)

Taxation - deferred

(1,349)


(275)





Taxation

(7,986)


(7,241)





PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

26,882


30,893





Basic and diluted earnings per share (pence)

689.5p


792.3p

 

  

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2022

 

As at

As at


 

31.03.2022

31.03.2021


 

£'000

£'000

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

 

Property. plant and equipment

 

1,546

1,606

Investment properties

 

25,451

25,574


 




 

26,997

27,180

CURRENT ASSETS

 



Inventories of trading properties

 

    393,275

398,166

Trade and other receivables

 

1,326

1,417

Cash at bank

 

643

597


 




 

395,244

400,180


 



TOTAL ASSETS

 

422,241

427,360


 



EQUITY AND LIABILITIES

 



Share capital

 

195

195

Capital redemption reserve

 

55

55

Capital reserve

 

25

25

Other reserve

 

56

56

Retained earnings

 

393,155

394,540


 




 

393,486

394,871


 



NON-CURRENT LIABILITIES

 



Long-term borrowings

 

19,200

  20,600

Deferred tax

 

5,700

4,351


 



 

 

24,900

24,951

 

 



CURRENT LIABILITIES

 



Bank overdrafts and short-term loans

 

-

1,280

Trade and other payables

 

1,470

2,142

Current tax payable

 

2,385

4,116


 




 

3,855

7,538


 



TOTAL LIABILITIES

 

28,755

32,489


 



TOTAL EQUITY AND LIABILITIES

 

422,241

427,360

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2022

 

 

 

 

 

 

 

 

 

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

  

 

 

Year

 

Year

 

 

 

ended

 

ended

 

 

 

31.03.2022

 

31.03.2021

 

 

 

£'000

 

£'000

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

Operating profit  



35,166


38,809

Adjustment for:

 

 

 

 

 

Depreciation



60


64


 

 

 

 

 

(Gain) on disposal of investment properties



(53)


-

(Increase) in fair value of investment properties



(444)


(1,452)

Cash flow from operations before changes in working capital 



34,729


37,421


 

 

 

 

 

Decrease/(Increase) in inventories



4,891


(6,097)

Decrease in receivables



91


2,259

(Decrease) in payables



(672)


(2,688)

Cash generated from operations



39,039


30,895

 

 

 

 

 

 

Interest paid



(298)


(675)

Income taxes paid



(8,368)


(6,300)

 

 

 

 

 

 

Net cash inflow from operating activities



30,373


23,920

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Proceeds from disposal of investment properties

 

 

620

 

-







 

 

 

 

 

 

Net cash inflow from investing activities



620


-

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

(Repayment) of borrowings



(2,349)


(10,116)

Equity dividend paid



(28,267)


(15,596)

 

 

 

 

 

 

Net cash (outflow) from financing activities



(30,616)


(25,712)

 

 

 

 

 

 

Net Increase/(Decrease) in cash and cash equivalents



377


(1,792)


 

 

 

 

 

Opening cash and cash equivalents

 

 

 

266

 

2,058

Cash and cash equivalents at the end of the year



643


266

 

 

 

2022 Annual General Meeting (AGM) 

The 2022 AGM of the Company will be held on Wednesday 10 August 2022 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 accounts for the financial years ended 31 March 2022 and 31 March 2021, but represents extracts from them.

 

The statutory accounts for the financial year ended 31 March 2021 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 2022 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 Annual General Meeting on 10 August 2022 ("2022 AGM").

 

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 to Members at the 2022 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 

 

SPARK Advisory Partners Limited (Financial Adviser) www.sparkadvisorypartners.com 

Mark Brady

020 3368 3550

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FR SFSSIMEESEFM