Interim Results

RNS Number : 2722S
Mountview Estates PLC
29 November 2012
 



MOUNTVIEW ESTATES P.L.C.

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2012

 

Our Performance

 

 

Turnover up 22% to £25.9m (Half year ended 30.09.2011 - £21.2m)

Gross profit up 18% to £15.4m (Half year ended 30.09.2011 - £13.0m)

Profit before tax up 22% to £11.9m (Half year ended 30.09.2011 - £9.7m)

Earnings per share (pence) up 25% to 245.4p (Half year ended 30.09.2011 - 196.3p)

Net assets per share up 7% to £59.71 (Half year ended 30.09.2011 - £55.93)

 

Dividend information

 

Mountview Estates P.L.C. advises its shareholders that, following the issue of the interim results, the relevant dates in respect of the interim dividend payment of 50p per share are as follows:

Ex-dividend date     20 February 2013
Record date             22 February 2013
Payment date          25 March 2013

 

Chairman's Statement

 

Introduction

Whilst the economic climate continues to be difficult and uncertain, I am pleased to report that Mountview continues to make good progress and has recorded increased earnings per share over the comparable period last year.

Results

Turnover, at £25.9 million (2011: £21.2 million), is up by 22% compared with the first six months of the previous year. Profit before tax is up by a similar percentage and, aided by a further reduction in the rate of corporation tax, earnings per share are up by 25% to 245.4 pence per share (2011: 196.3 pence per share).

The interim dividend of 50 pence per share in respect of the year ended 31 March 2013 is payable on 25 March 2013 to shareholders on the Register of Members as at 22 February 2013. Despite the significant trading improvement in the first half of the year, the Board has decided to hold the interim dividend at last year's level.  We shall, however, review the level of final dividend at the end of the year in the light of the full year's results. 

Further Progress 

During the period under review further purchases have been made totalling nearly £21 million, all of which are situated in London and the South East. Borrowings increased, but the Board believes that gearing remains at a modest level and all our banking covenants are being met comfortably.

Net assets per share have risen further to £59.71 per share (2011: £55.93 per share) and so we go forward from a position of strength. The economic climate is not expected to be easy for the next few years, but we are confident of being in a good position to take full advantage when opportunities occur.

D.M. Sinclair

Chairman
29 November 2012

 

Group Statement of Comprehensive Income (unaudited)

for the half year ended 30 September 2012

 

 

Half Year ended 30.09.2012 £000

Half Year ended 30.09.2011 £000

Year ended 31.03.2012 £000

Revenue

 

25,901

21,249

42,931

Cost of sales

 

(10,530)

(8,239)

(15,741)

Gross profit

 

15,371

13,010

27,190

Administrative expenses

 

(1,488)

(1,588)

(3,773)

(Loss)/Gain on sale of investment properties

 

(11)

211

484

Operating profit before changes in fair value of investment properties

 

13,872

11,633

23,901

Increase in fair value of investment properties

 

-

-

3,208

Profit from operations

 

13,872

11,633

27,109

Change in fair value of derivatives

 

210

-

(271)

Net finance costs

 

(2,190)

(1,885)

(4,033)

Profit before taxation

 

11,892

9,748

22,805

Taxation - current

 

(2,804)

(3,332)

(6,648)

Taxation - deferred

 

482

1,239

1,298

Taxation

 

(2,322)

(2,093)

(5,350)

Profit attributable to equity Shareholders

 

9,570

7,655

17,455

Basic and diluted earnings per share (pence)

 

245.4p

196.3p

447.7p

All items within the consolidated income statement relate to continuing operations.

Group Statement of Financial Position (unaudited)

for the half year ended 30 September 2012

 

 

 As at 30.09.2012 £000

As at 30.09.2011
£000

As at 31.03.2012
£000

Assets

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

2,375

2,388

2,441

Investment properties

 

26,517

27,196

26,537

 

 

28,892

29,584

28,978

Current assets

 

 

 

 

Inventories of trading properties

 

316,431

295,976

301,072

Trade and other receivables

 

1,160

1,368

1,371

Cash and cash equivalents

 

1,691

175

987

 

 

319,282

297,519

303,430

Total assets

 

348,174

327,103

332,408

Equity and liabilities

 

 

 

 

Capital and reserves attributable to equity holders of the Company

 

 

 

 

Share capital

 

195

195

195

Capital redemption reserve

 

55

55

55

Capital reserve

 

25

25

25

Other reserves

 

56

56

56

Cash flow hedge reserve

 

(520)

(2,340)

(1,040)

Retained earnings

 

233,015

220,077

227,928

 

 

232,826

218,068

227,219

Non-current liabilities

 

 

 

 

Long-term borrowings

 

92,700

80,000

90,000

Deferred tax

 

5,541

6,082

6,023

 

 

98,241

86,082

96,023

Current liabilities

 

 

 

 

Bank overdrafts and loans

 

12,454

16,233

3,364

Trade and other payables

 

980

743

1,385

Current tax payable

 

2,801

3,345

2,814

Derivative financial instruments

 

872

2,632

1,603

 

 

17,107

22,953

9,166

Total liabilities

 

115,348

109,035

105,189

Total equity and liabilities

 

348,174

327,103

332,408

 

Group Cash Flow Statement (unaudited)

for the half year ended 30 September 2012

 

 

Half Year ended 30.09.2012 £000

Half Year ended 30.09.2011 £000

Year ended 31.03.2012 £000

Cash flows from operating activities

 

 

 

 

Profit from operations

 

13,872

11,633

27,109

Adjustment for:

 

 

 

 

Depreciation

 

86

70

166

Loss on disposal of property, plant and equipment

 

-

3

10

Loss/(Gain) on disposal of investment properties

 

11

(211)

(484)

(Increase) in fair value of investment properties

 

-

-

(3,208)

Operating cash flows before movement in working capital

 

13,969

11,495

23,593

(Increase) in inventories

 

(15,359)

(36,514)

(41,610)

Decrease/(increase) in receivables

 

211

(176)

(179)

(Decrease) in payables

 

(405)

(740)

(100)

Cash generated from operations

 

(1,584)

(25,935)

(18,296)

Interest paid

 

(2,190)

(1,885)

(4,033)

Income taxes paid

 

(2,782)

(3,261)

(7,106)

Net cash (outflow) from operating activities

 

(6,556)

(31,081)

(29,435)

Investing activities

 

 

 

 

Proceeds from disposal of investment properties

 

59

4,029

8,895

Capital expenditure on investment properties

 

(50)

(700)

(1,426)

Purchase of property, plant and equipment

 

(55)

(3)

(160)

Proceeds from disposal of property, plant and equipment

 

-

4

4

Net cash inflow from investing activities

 

(46)

3,330

7,313

Cash flows from financing activities

 

 

 

 

Increase in borrowings

 

2,750

29,800

40,000

Repayment of borrowings

 

-

-

(200)

Equity dividend paid

 

(4,483)

(4,483)

(6,432)

Net cash (outflow)/inflow from financing activities

 

(1,733)

25,317

33,368

Net (decrease)/increase in cash and cash equivalents

 

(8,335)

(2,434)

11,246

Opening cash and cash equivalents

 

(2,103)

(13,349)

(13,349)

Cash and cash equivalents at end of period

 

(10,438)

(15,783)

(2,103)

 

Consolidated Statement of Changes in Equity

for the half year ended 30 September 2012

 

Half Year ended 30.09.2012 £000

Half Year ended 30.09.2011 £000

Year ended 31.03.2012 £000

Shareholders' funds as at the beginning of the period

227,219

214,896

214,896

Reduction in reserve

520

-

1,300

Profit for the period

9,570

7,655

17,455

Dividends

(4,483)

(4,483)

(6,432)

Shareholders' funds at the end of the period

232,826

218,068

227,219

 

 

ENDS


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