RNS Number : 1110T
Mountview Estates PLC
20 June 2024
 

Mountview Estates P.L.C.

20 June 2024

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2024

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

Inflation has subsided during the last year and is now near to what is considered to be the optimum rate of 2%, but base rate and thus the cost of borrowing remain high by modern standards.  This Company's policy of low gearing and financial prudence has enabled it to continue to take advantage of good purchasing opportunities during our last financial year.

In March 2022 and March 2023 the Company paid exceptional interim dividends of 500 pence per share which I believe helped to shield our shareholders from increases in taxation and the cost of living.  In the interim statement issued in November 2023 we advised that the dividend payable on 25 March 2024 would be at the ordinary level of 250 pence per share.  Now that we are presenting the final results for the year ended 31 March 2024 we can consider whether it is appropriate to recommend an increase in the final dividend.

Your Board recommend that the final dividend be increased to 275 pence per share.  If shareholders approve the final dividend at the Annual General Meeting on 14 August 2024 it will be payable on 19 August 2024 to shareholders on the register at 12 July 2024.  When comparing the total dividends of 525 pence per share with the total of 750 pence per share in respect of the Company's previous financial year this represents a reduction of 30%.  Nevertheless I believe that it gives a fairer reflection of the Company's performance to compare the total dividends of 525 pence per share with the previous total of ordinary dividends of 500 pence per share.  Thus 525 pence per share represents an increase of 5%.

Although the total purchases may not be quite as great as the previous year the Company has made many good purchases during the year ended 31 March 2024 and continues to be in position to take advantage of good opportunities.  Continuing financial prudence is paramount in the operation of this Company and your Board will never compromise that financial stability.

Turnover has increased by 8% and with the cost of sales being a little more modest pre-tax profits have increased by 15.6%.  It is a matter of great disappointment that the Government had seen fit to increase Corporation Tax by over 30% (19% to 25%) thus limiting the increase in earnings per share to 7.4%.

 

Duncan Sinclair

20 June 2024

 

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

 

 

 

2024

 

2023

 

 Increase/

(Decrease)

 

£

£

%

Revenue (millions)

79.5

73.6

8.0

 

 

 


Gross Profit (millions)

48.4

40.6

19.3

 




Profit Before Tax (millions)

37.9

32.8

15.6

 

 

 


Equity Holders' Funds (millions)

399.6

390.7

2.3

 

 

 


Earnings per share (pence)

728.9

678.8

7.4

 

 

 


Net assets per share (£)

102.5

100.2

2.3

 

 

 


Dividend per share (pence)

525

750

(30.0)

 

 

 


 

Mountview Estates P.L.C. advises its shareholders that, following the issue of the preliminary results, the relevant dates in respect of the proposed final dividend payment of 275 pence per share are as follows:

 

Ex-dividend date

11 July 2024

Record date

12 July 2024

Payment date

19 August 2024

 

 

 

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

 

 

Year

 

Year

 

ended

 

ended

 

31.03.24

 

31.03.23


£'000

 

£'000


 

 

REVENUE

79,472

 

73,593





Cost of sales

(31,023)


(32,993)





GROSS PROFIT

48,449

 

40,600

 




Administrative expenses

(7,006)


(6,592)









Operating profit before changes in

fair value of investment properties

41,443

 

34,008





Increase/(Decrease) in fair value of investment properties

153


(36)





PROFIT FROM OPERATIONS

41,596

 

33,972





Net finance costs

(3,710)


(1,208)





PROFIT BEFORE TAXATION

37,886

 

32,764





Taxation - current

(9,429)


(6,233)

Taxation - deferred

(38)


(66)





Taxation

(9,467)


(6,299)





PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

28,419

 

26,465









Basic and diluted earnings per share (pence)

728.9p

 

678.8p





 

  

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2024

​

 

As at

As at


 

31.03.2024

31.03.2023

 


 

£'000

£'000

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

 

Property. plant and equipment

 

1,440

1,493

Investment properties

 

25,568

25,415


 



 

 

27,008

26,908

CURRENT ASSETS

 



Inventories of trading properties

 

446,398

422,742

Trade and other receivables

 

1,479

6,656

Cash at bank

 

739

776


 



 

 

448,616

430,174


 



TOTAL ASSETS

 

475,624

457,082


 



EQUITY AND LIABILITIES

 



Share capital

 

195

195

Capital redemption reserve

 

55

55

Capital reserve

 

25

25

Other reserve

 

56

56

Retained earnings

 

399,301

390,377


 



 

 

399,632

390,708


 



NON-CURRENT LIABILITIES

 



Long-term borrowings

 

66,500

  56,700

Deferred tax

 

5,805

5,766


 



 

 

72,305

62,466

 

 



CURRENT LIABILITIES

 



Bank overdrafts and short-term loans

 

-

60

Trade and other payables

 

2,303

1,984

Current tax payable

 

1,384

1,864


 



 

 

3,687

3,908


 



TOTAL LIABILITIES

 

75,992

66,374


 



TOTAL EQUITY AND LIABILITIES

 

475,624

457,082

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

 

 

 

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


 

 

 

 

 

 

 

 

 

 

Capital

 

 

 


Share

Capital

Redemption

Other

Retained

 


Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 


 

 

 

 

 

 

Balance as at 1 April 2023

195

25

55

56

390,377

390,708








Profit for the year

- 

- 

- 

- 

28,419

28,419








Dividends

- 

- 

- 

  - 

(19,495)

(19,495)








Balance as at 31 March 2024

195

25

55

56

399,301

399,632


 

 

 

 

 

 

 

 


GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

  

 

 

Year

 

Year

 

 

 

ended

 

ended

 

 

 

31.03.2024

 

31.03.2023

 

 

 

£'000

 

£'000

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

Operating profit  



41,596


33,972

Adjustment for:

 

 

 

 

 

Depreciation



53


53


 

 

 

 

 







(Increase)/Decrease in fair value of investment properties



(153)


36

Cash flow from operations before changes in working capital 



41,496


34,061


 

 

 

 

 

Increase in inventories



(23,656)


(29,467)

Decrease/(Increase) in receivables



5,177


(5,330)

Increase in payables



319


514

Cash generated from operations



23,336


(222)

 

 

 

 

 

 

Interest paid



(3,710)


(1,208)

Income taxes paid



(9,908)


(6,754)

 

 

 

 

 

 

Net cash inflow/(outflow) from operating activities



9,718


(8,184)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash inflow from investing activities



-


-

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

Increase in borrowings



9,800


37,500

Equity dividend paid



(19,495)


(29,243)

 

 

 

 

 

 

Net cash (outflow)/inflow from financing activities



(9,695)


8,257

 

 

 

 

 

 

Net increase in cash and cash equivalents



23


73


 

 

 

 

 

Opening cash and cash equivalents 

 

 

716

 

643







Cash and cash equivalents at the end of the year



739


716

 

 

2024 Annual General Meeting (AGM) 

The 2024 AGM of the Company will be held on Wednesday 14 August 2024 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 financial statements for the financial years ended 31 March 2024 and 31 March 2023 but represents extracts from them.

 

The statutory financial statements for the financial year ended 31 March 2023 have been filed with the Registrar of Companies. The auditor reported on those financial statements: 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 financial statements for the year ended 31 March 2024 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 2024 AGM on 14 August 2024.

 

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 2024 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 SFDFIUELSEDM