Final Results

Mountview Estates PLC
18 June 2002

Stock Exchange announcement

CHAIRMAN'S STATEMENT

The atrocities of 11 September 2001 overshadowed everything else during the year
ended 31 March 2002. For a few weeks the world seemed paralysed and it was
feared that a world economy, already slowing down, could go into meltdown. The
dramatic reduction in interest rates to their lowest level for many years helped
to sustain the economy and the housing market has remained buoyant. The expected
rise in interest rates would impact on profits and, with our increased
borrowings, the significantly higher figure for interest payable may become the
most important expense charged against our gross profit in the next few years.

The acquisition of a substantial portfolio of flats situated in some of the most
desirable parts of London at the beginning of May 2001, as detailed in this
statement last year, and the buy-back for cancellation of 14.99% of the
Company's shares then held by BPT plc on 12 November 2001, as detailed in the
interim statement, are the two most significant transactions undertaken by the
Company during the year ended 31 March 2002. They are also the reason for our
substantially increased borrowings, as they created an increase in indebtedness
of £37 million. Nevertheless, your Board is confident that the costs of
financing these borrowings, although significant, will not inhibit the future
development of the business, and will bring long term benefit to the Company.
Our year-end net borrowings of £58 million compare with shareholders' funds of
£95.7 million and our 2001/02 operating profits of £23 million cover our
interest costs of £3 million some 7.7 times.

This is the context in which steady progress has been maintained. Turnover is up
by 10.4% to £40,289,432; Operating Profit is up by 6.3% to £23,058,603; Profit
before taxation is up by 0.3% to £20,075,269; Profit after taxation is up by
0.4% to £14,062,156, but Interest Charges are up by 78.1% to £2,983,334. The net
effect of all this is that, after making allowance for the reduction in issued
share capital for the appropriate period, earnings per share are up by 6.6% to
325.1 pence. Nevertheless, the interim dividend of 36 pence per share and the
proposed final dividend of 48 pence per share will have been paid only in
respect of the reduced number of ordinary shares in issue. Thus for this purpose
it would be possible to calculate the earnings per share as 360.7 pence giving a
notional increase of 18.3%. The increase in total dividends from 78 pence to 84
pence per share shows an increase of 7.7%.

The Company continues to grow from a sound base and I am confident that steady
progress can be maintained given the right economic climate, but if that climate
becomes less favourable the Company has good defensive qualities with which to
survive any economic downturn. Despite the considerable increase in borrowings
the Company still has the desire and the capability to take advantage of major
trading opportunities.

On Friday 21 December 2001, we packed up our desks in Wood Green and on
Wednesday 2 January 2002 we resumed our work in Southgate. The move went
remarkably smoothly and our new offices are regarded as a great success by staff
and visitors alike. My staff and colleagues have a wonderful record of hard work
and loyalty, for which I thank them again and it is a pleasure to look forward
to working with them to further the Company's success.

The proposed final dividend of 48 pence per share, if approved at the Annual
General Meeting to be held on 14 August 2002, will be payable on 19 August 2002
to shareholders on the register at 19 July 2002.



MOUNTVIEW ESTATES P.L.C.
BALANCE SHEETS
AS AT 31 MARCH 2002
                                                           Mountview Estates P.L.C.                Group

                                                        2002                   2001               2002              2001
FIXED ASSETS                                               £                      £                  £                 £
Intangible assets                                          -                      -            177,208           265,814
Tangible assets                                    2,585,236              1,586,694         29,120,348        25,320,266
Investments                                       18,276,465             18,276,465                  -                 -
                                                   _________              _________          _________         _________
                                                  20,861,701             19,863,159         29,297,556        25,586,080
                                                   _________              _________          _________         _________
CURRENT ASSETS
Stocks                                           125,518,098            101,522,263        130,314,220       106,078,226
Debtors:
due within one year                                1,761,028                330,934          1,435,246           416,775
Cash at bank and in hand                             435,396                194,694            519,442           261,706
                                                  __________             __________          _________         _________
                                                 127,714,522            102,047,891        132,268,908       106,756,707

CREDITORS: Amounts falling                      (30,839,269)           (25,819,312)       (32,438,615)      (26,825,511)
due within one year                                _________              _________          _________         _________

NET CURRENT ASSETS                                96,875,257             76,228,579         99,830,293        79,931,196
                                                   _________              _________          _________         _________

TOTAL ASSETS LESS CURRENT                        117,736,958             96,091,738        129,127,849       105,517,276
LIABILITIES

CREDITORS: Amounts falling due
after more than one year                        (44,228,263)           (15,049,387)       (33,434,000)       (5,930,000)
                                                   _________              _________          _________         _________

                                                  73,508,695             81,042,351         95,693,849        99,587,276
                                                    ========               ========           ========          ========

CAPITAL AND RESERVES

Called up share capital                              194,951                229,354            194,951           229,354

Revaluation reserve                                        -                      -          8,248,484         5,846,215

Capital redemption reserve                            55,050                 20,646             55,050            20,646

Capital reserve                                       24,660                 24,660             24,660            24,660

Other reserves                                        39,200                 39,200             56,000            56,000

Profit and loss account                           73,194,834             80,728,491         87,114,704        93,410,401
                                                   _________              _________          _________         _________
                                                  73,508,695             81,042,351         95,693,849        99,587,276
                                                    ========               ========           ========          ========




MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2002

                                                                                                  2002              2001
                                                                                                     £                 £

Cash (outflow)/inflow from operating activities                                            (1,799,501)         8,633,695

Returns on investments and servicing of finance                                            (2,849,343)       (1,672,997)

Taxation                                                                                   (6,280,853)       (6,339,859)

Capital expenditure and financial investment                                               (1,537,551)       (1,494,675)

Equity dividends paid                                                                      (3,364,738)       (3,466,955)
                                                                                             _________         _________

Cash (outflow)/inflow before use of liquid resources and financing                        (15,831,986)       (4,340,791)

Financing                                                                                   10,421,318         1,840,000
                                                                                             _________         _________

(Decrease)/Increase in cash in the year                                                    (5,410,668)       (2,500,791)
                                                                                              ========          ========
Reconciliation of net cashflow movement in net debt

(Decrease)/Increase in cash in the period                                                  (5,410,668)       (2,500,791)
                                                                                             _________         _________

Change in net debt resulting from cash flows                                               (5,410,668)       (2,500,791)

New loans falling due after more than one year                                            (27,504,000)       (1,840,000)

Net debt at 1 April 2001                                                                  (25,124,314)      (20,783,523)
                                                                                            __________        __________
Net debt at 31 March 2002                                                                 (58,038,982)      (25,124,314)
                                                                                             =========         =========




MOUNTVIEW ESTATES P.L.C.
STATEMENT OF PROFITS FOR YEARS ENDED 31 MARCH


                                                                                               2002                 2001
                                                                                                  £                    £

Turnover                                                                                 40,289,432           36,492,741

Operating Profit                                                                         23,058,603           21,683,408

Deduct: Interest Charges                                                                (2,983,334)          (1,675,020)

Profit on ordinary activities before taxation                                            20,075,269           20,008,388

Taxation                                                                                (6,013,113)          (6,008,861)

Profit on ordinary activities after taxation                                             14,062,156           13,999,527

attributable to shareholders

Dividends: (pence per share - net)
                                                    2002           2001

Interim                                             36             30

Proposed final                                      48             48                   (3,275,172)          (3,577,919)

                                                    84.0           78.0
Retained profits for financial year                                                      10,786,984           10,421,608

Earnings per share                                                                           325.1p               305.0p





NOTES:

The results set out above are not full accounts as defined in s.254 of the Companies Act 1985. The auditors have not yet
made a report under s.236 of the Companies Act 1985 on the accounts for the year ended 31st March 2002 from which the
results are extracted and consequently full accounts for that period have not yet been delivered to the Registrar of
Companies.

The basis of the calculation of earnings per share is the profit on ordinary activities after taxation divided by the
weighted average number of ordinary shares in issue during the year.



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