Interim Results

Mountview Estates PLC
05 December 2002

                              CHAIRMAN'S STATEMENT



I have much pleasure in presenting the unaudited Accounts for the six months
ended on 30 September 2002. Profit on ordinary activities before taxation has
risen from £8,942,260 to £10,260,221, which is an increase of 14.7%, and which
has been derived from a smaller equity share capital. The substantial rise in
earnings per share from 136.2 pence to 183.9 pence is an increase of 35.0%. From
this base it is very reasonable to expect satisfactory results for the full
year.


This time last year we were all fearful of the after-effects of 11 September,
but interest rates have been kept lower for longer than was generally expected.
This helped avert the most feared economic consequences and, indeed, kept the
housing market very buoyant, but it is this buoyancy which is now perceived as a
problem. Whilst other sectors of the economy need low, or even lower interest
rates, the increased supply of cheap money threatens to fuel the rise in house
prices at an unsustainable pace.


Caution must be the watchword, but strong cash flow has helped us manage our
increased borrowings and replenish our stocks. Although there has been no single
outstanding purchase, there has been a steady flow of good buying and this
underpins our future profits. Despite our debt being high by our historic
standards, strong sales figures have enabled us to make our loan repayments with
comfort, make the very necessary reinvestment and maintain our policy of
steadily increasing dividends. To this end the interim dividend is increased
from 36 pence per share to 40 pence per share. A decision in respect of any
increase in the final dividend will be taken in the light of the final results
for the year ending 31 March 2003.


The buy-back is working well for every single shareholder and it is so much more
rewarding for management to be able to focus on the long term growth of the
Company without being distracted by a rival company, which had a substantial
shareholding and whose objectives did not accord with those of the Board. The
35.0% increase in earnings per share for the six months to 30 September 2002
gives a very sound base on which to build results for the year ending 31 March
2003 and the Board are confident of riding out the economic turbulence that may
impact in the next few years.


The interim dividend of 40 pence per share will be payable on 31 March 2003 to
shareholders on the register on 28 February 2003.




Consolidated Profit and Loss Account (unaudited).
                                                    Half Year                      Half Year              Full Year
                                                      ended                          ended                  ended
                                                   30.09.2002                     30.09.2001             31.03.2002
                                                        £                              £                      £

Turnover                                           21,726,006                     17,838,646             40,289,432

Cost of Sales                                      (8,227,978)                    (6,153,004)           (14,828,704)

Gross Profit                                       13,498,028                     11,685,642             25,460,728

Administrative Expenses                            (1,524,556)                    (1,341,376)            (2,402,125)

Operating Profit                                   11,973,472                     10,344,266             23,058,603

Interest Payable                                   (1,713,251)                    (1,402,006)            (2,983,334)

Profit on ordinary activities                      10,260,221                      8,942,260             20,075,269
before taxation

Tax on ordinary activities                         (3,091,357)                    (2,695,969)            (6,013,113)

Profit on ordinary activities                       7,168,864                      6,246,291             14,062,156
after taxation

Dividends                                          (1,559,606)                    (1,403,645)            (3,275,172)

Retained Profit for the period                      5,609,258                      4,842,646             10,786,984

Earnings per Share                                   183.9p                         136.2.p                325.1p




Consolidated Balance Sheet (unaudited)
                                              As at                         As at                        As at
                                            30.09.2002                    30.09.2001                  31.03.2002
                                                £                             £                            £
Fixed Assets
Intangible assets                            132,905                       221,511                      177,208
Tangible Assets                             29,191,336                    25,819,481                  29,120,348
                                            29,324,241                    26,040,992                  29,297,556
Current Assets
Stocks                                     136,311,131                   130,002,697                  130,314,220
Debtors:
due within one year                          559,115                       218,301                     1,435,246
Cash at Bank and in hand                      83,377                        77,091                      519,442
                                           136,953,623                   130,298,089                  132,268,908

Creditors: amounts failing due             (33,720,757)                  (29,909,158)                (32,438,615)
Within one year

Net Current Assets                         103,232,866                   100,388,931                  99,830,293

Total Assets less Current                  132,557,107                   126,429,923                  129,127,849
Liabilities

Creditors: Amounts failing due
After more than one year                   (31,254,000)                  (22,000,000)                (33,434,000)
                                           101,303,107                   104,429,923                  95,693,849

Capital and Reserves

Called up share capital                      194,951                       229,354                      194,951
Revaluation Reserve                         8,248,484                     5,846,215                    8,248,484
Capital Redemption Reserve                    55,049                        20,646                      55,049
Capital Reserve                               24,660                        24,660                      24,660
Other Reserves                                56,000                        56,000                      56,000
Profit and Loss Account                     92,723,963                    98,253,048                  87,114,705
                                           101,303,107                   104,429,923                  95,693,849




Consolidated Cash Flow
Statement
                                  Half year ended              Half year ended                   Full Year ended
                                     30.09.2002                   30.09.2001                        30.03.2002

Cash inflow(outflow) from            6,469,811                   (12,930,405)                      (1,799,501)
operating activities

Returns on Investment and           (1,691,401)                  (1,390,098)                       (2,849,343)
servicing
of finance

Taxation                            (3,212,207)                  (2,495,718)                       (6,280,853)

Capital expenditure and              (131,560)                    (552,727)                        (1,537,553)
financial investment

Equity dividend paid                (1,873,774)                  (2,201,796)                       (3,364,738)

Cash ( outflow)/ inflow before       (439,131)                   (19,570,744)                      (15,831,988)
use of liquid
resources and financing

Financing                           (2,180,000)                   20,070,000                        10,421,320

(Decrease)Increase in cash flow     (2,619,131)                    499,256                         (5,410,668)
for the period



Reconciliation of Net Cash flow
movement
in Net Debt

(Decrease/Increase in cash in       (2,619,131)                    499,256                         (5,410,668)
the period

Change in Net Debt resulting        (2,619,131)                    499,256                         (5,410,668)
from Cash Flow

Cash Inflow/(Outflow) from the
Decrease
(Increase) in debt                   2,180,000                   (20,070,000)                      (27,504,000)

Net debt at the beginning of        (58,038,982)                 (25,124,314)                      (25,124,314)
the period

Net debt at the end of the          (58,478,113)                 (44,695,058)                      (58,038,982)
period





                      This information is provided by RNS
            The company news service from the London Stock Exchange