RNS Number : 7717C
Mountview Estates PLC
15 June 2023
 

Mountview Estates PLC

15 June 2023

 

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2023

 

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

We are now living in the circumstances of double digit inflation and rising interest rates which give us very different problems to those experienced before and indeed during the Covid pandemic.  At a time when companies are failing to pay dividends and even ceasing to trade mere survival must be considered to be a success.

 

This Company has not only survived but has maintained an increased level of dividend.  Your Board recommend that the final dividend be maintained at 250 pence per share.  If shareholders approve the final dividend at the Annual General Meeting on 9 August 2023 it will be payable on 14 August 2023 to shareholders on the register at 7 July 2023.

 

Turnover has increased by 11.5% but the cost of sales has increased substantially and with modest increases in administrative expenses and finance costs the resulting earnings per share have fallen by a mere 1.6%.

 

I always emphasize that making the right purchases is the most important part of the business and our financial stability has enabled us to make substantial new purchases (up from £12.5million to £52.6million).  These purchases underpin the future of the Company and will ensure future profits.

 

The prosperity of the Company is only possible because we have a good team in place and I thank each and every one of them, from the most recent recruit to the longest standing employee, for their loyalty and endeavour.

 

 

 

Duncan Sinclair

15 June 2023

 

 

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

 

 

 

 

 

Revenue (millions)


73.6

 


66.0

11.5

 

 

 

 

 


Gross Profit (millions)


40.6

 


40.9

(0.7)

 






Profit Before Tax (millions)


32.8

 


34.9

(6.3)

 

 

 

 

 


Profit Before Tax excluding investment properties revaluation (millions)


32.8

 

 


34.4

(4.6)

 

 

 

 

 

 


Equity Holders' Funds (millions)


390.7

 


393.5

(0.7)

 

 

 

 

 

 


Earnings per share (pence)


678.8


689.5

(1.6)

 

 

 

 

 


Net assets per share (£)


100.2

 


100.9

(0.7)

 

 

 

 

 


Dividend per share (pence)


750

 


750

 

0.0

 

 

 

 

 


 

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

Record date

Payment date

 

 

 

 

 

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2023

  

 

Year

 

Year

 

 

ended

 

ended

 

      31.03.23

 

 

 

31.03.22


£'000

 

£'000

 


 

 

 

 

REVENUE

73,593


66,010

 





 

Cost of sales

(32,993)


(25,144)

 





 

GROSS PROFIT

40,600


40,866

 

 




 

Administrative expenses

(6,592)


(6,197)

 

Gain on sale of investment properties

-


53

 





 

Operating profit before changes in

fair value of investment properties

34,008


34,722

 





 

(Decrease)/Increase in fair value of investment properties

(36)


444

 





 

PROFIT FROM OPERATIONS

33,972


35,166

 





 

Net finance costs

(1,208)


(298)

 





 

PROFIT BEFORE TAXATION

32,764


34,868

 





 

Taxation - current

(6,233)


(6,637)

 

Taxation - deferred

(66)


(1,349)

 





 

Taxation

(6,299)


(7,986)

 





 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

26,465


26,882

 





 

Basic and diluted earnings per share (pence)

678.8p


689.5p

 





 

 

  

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2023

 

As at

As at


 

31.03.2023

31.03.2022


 

£'000

£'000

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

 

Property. plant and equipment

 

1,493

1,546

Investment properties

 

25,415

25,451


 




 

26,908

26,997

CURRENT ASSETS

 



Inventories of trading properties

 

    422,742

393,275

Trade and other receivables

 

6,656

1,326

Cash at bank

 

776

643


 




 

430,174

395,244


 



TOTAL ASSETS

 

457,082

422,241


 



EQUITY AND LIABILITIES

 



Share capital

 

195

195

Capital redemption reserve

 

55

55

Capital reserve

 

25

25

Other reserve

 

56

56

Retained earnings

 

390,377

393,155


 




 

390,708

393,486


 



NON-CURRENT LIABILITIES

 



Long-term borrowings

 

56,700

  19,200

Deferred tax

 

5,766

5,700


 



 

 

62,466

24,900

 

 



CURRENT LIABILITIES

 



Bank overdrafts and short-term loans

 

60

-

Trade and other payables

 

1,984

1,470

Current tax payable

 

1,864

2,385


 




 

3,908

3,855


 



TOTAL LIABILITIES

 

66,374

28,755


 



TOTAL EQUITY AND LIABILITIES

 

457,082

422,241

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

 

 

 

 

Capital

 

 

 


Share

Capital

Redemption

Other

Retained

 


Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 


 

 

 

 

 

 

Balance as at 1 April 2021

195

25

55

56

394,540

394,871








Profit for the year

- 

- 

- 

- 

26,882

26,882








Dividends

- 

- 

- 

  - 

(28,267)

(28,267)








Balance as at 31 March 2022

195

25

55

56

393,155

393,486

 


 

 

 

 

 

 

 

 

 

 

Capital

 

 

 


Share

Capital

Redemption

Other

Retained

 


Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 


 

 

 

 

 

 

Balance as at 1 April 2022

195

25

55

56

393,155

393,486








Profit for the year

- 

- 

- 

- 

26,465

26,465








Dividends

- 

- 

- 

  - 

(29,243)

(29,243)








Balance as at 31 March 2023

195

25

55

56

390,377

390,708


 

 

 

 

 

 

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2023

  

 

 

Year

 

Year

 

 

 

ended

 

ended

 

 

 

31.03.2023

 

31.03.2022

 

 

 

£'000

 

£'000

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

Operating profit  



33,972


35,166

Adjustment for:

 

 

 

 

 

Depreciation



53


60


 

 

 

 

 

(Gain) on disposal of investment properties



-


(53)

Decrease/(Increase) in fair value of investment properties



36


(444)

Cash flow from operations before changes in working capital 



34,061


34,729


 

 

 

 

 

(Increase)/Decrease in inventories



(29,467)


4,891

(Increase)/Decrease in receivables



(5,330)


91

Increase/(Decrease) in payables



514


(672)

Cash generated from operations



(222)


39,039

 

 

 

 

 

 

Interest paid



(1,208)


(298)

Income taxes paid



(6,754)


(8,368)

 

 

 

 

 

 

Net cash (outflow)/inflow from operating activities



(8,184)


30,373

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Proceeds from disposal of investment properties

 

 

-

 

620







 

 

 

 

 

 

Net cash inflow from investing activities



-


620

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

Increase/(Repayment) of borrowings



37,500


(2,349)

Equity dividend paid



(29,243)


(28,267)

 

 

 

 

 

 

Net cash inflow/(outflow) from financing activities



8,257


(30,616)

 

 

 

 

 

 

Net increase in cash and cash equivalents



73


377


 

 

 

 

 

Opening cash and cash equivalents

 

 

 

643

 

266

Cash and cash equivalents at the end of the year



716


643

 

 

 

2023 Annual General Meeting (2023 AGM) 

The 2023 AGM of the Company will be held on Wednesday 9 August 2023 and details will be set out in the Notice of AGM, to be sent to shareholders on 7 July 2023.

 

 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 2023 and 31 March 2022 but represents extracts from them.

 

The statutory accounts for the financial year ended 31 March 2022 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 2023 are expected to be finalised and signed following approval by the Board of Directors and made available to shareholders in advance of the 2023 AGM and will be delivered to the Registrar of Companies following the Company's 2023 AGM on 9 August 2023.

 

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 2023 AGM are expected to comply fully with UK-adopted international accounting standards.

 

 

 

 ~ Ends ~

 

This announcement contains inside information for the purpose of article 7 of the UK version of the Market Abuse Regulation No 596/2014 as it forms part of UK 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

 

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