Preliminary Results

Mountview Estates PLC
17 June 2003



MOUNTVIEW ESTATES PLC ('the Company')

Preliminary Results for the year to 31 March 2003

and

Chairman's Statement





Highlights



   •Turnover up by 14.2% to £45,996,956

   •Gross Profit up by 16.2% to £29,595,394

   •Profit before Taxation up by 17.6% to £23,602,825

   •Profit after Taxation up by 11.8% to £15,725,071

   •Earnings per share up by 24.1% to 403.3 pence per share

   •Proposed final dividend of 52p making a total for the year of 92p, an
    increase of 9.5%

   •Steady start to current year


Chairman's Statement

The accompanying figures show the conservative way in which we seek to develop
this Company. The strong increase in profits and the even stronger increase in
earnings per share brought about by the buy-back of November 2001 are not passed
on fully in the form of increased dividends. Dividends are up by about four
times the rate of inflation, but we must be aware of the need to consolidate our
position.

We wish to remain comfortably within the constraints imposed by our schedule of
loan repayments and we must continue to replenish our stock of properties,
because good purchases ensure the future prosperity of the Company. If and when
we are satisfied that the Company can sustain profits at a given level then
dividends can be raised further to reflect that level.  The proposed final 
dividend of 52 pence per share, if approved at the Annual General Meeting to
be held on 13 August 2003, will be payable on 18 August 2003 to shareholders 
on the register at 18 July 2003.

Low interest rates helped to sustain a buoyant housing market during the last
year, but there are signs of a slowing down, even if prices have not actually
fallen. However, the Company is well placed to cope with any downturn and has
made a steady start to the current year.

I believe that the most important asset in any company is its personnel and I am
happy to say that I have a great team around me. Their hard work and loyalty are
much appreciated and I am confident that together we can continue to enhance the
prosperity of this Company.



        MOUNTVIEW ESTATES PLC

        BALANCE SHEETS AS AT 31ST MARCH



                        Mountview Estates PLC                 Group

                             2003           2002           2003           2002

                                £              £              £              £



       FIXED
       ASSETS

       Intangible               -              -         88,602        177,208
       assets

       Tangible         2,552,232      2,585,235     23,622,608     29,120,348
       assets

       Investments     18,276,465     18,276,465              -              -

                        ---------      ---------      ---------      ---------

                       20,828,697     20,861,700     23,711,210     29,297,556
                        =========      =========      =========      =========



       CURRENT
       ASSETS

       Stocks         137,402,468    125,518,098    141,998,719    130,314,220

       Debtors            518,490      1,761,029        554,151      1,435,246

       Cash at bank       838,472        435,397      1,099,811        519,442
       and in hand

                        ---------      ---------      ---------      ---------

                      138,759,430    127,714,524    143,652,681    132,268,908



       CREDITORS:     (33,648,719)   (30,839,266)   (34,855,563)   (32,438,615)
       Amounts
       falling due
       within one
       year

                       ----------     ----------    -----------     ----------

       NET CURRENT    105,110,711     96,875,258    108,797,118     99,830,293
       ASSETS

                      -----------     ----------    -----------     ----------

       TOTAL ASSETS   125,939,408    117,736,958    132,508,328    129,127,849
       LESS CURRENT
       LIABILITIES



       CREDITORS:     (41,062,670)   (44,228,263)   (26,865,000)   (33,434,000)
       Amounts
       falling due
       after more
       than one
       year

                        ---------      ---------      ---------      ---------

                       84,876,738     73,508,695    105,643,328     95,693,849
                        =========      =========      =========      =========


       CAPITAL AND
       RESERVES

       Called up          194,951        194,951        194,951        194,951
       share
       capital

       Revaluation              -              -      5,379,966      8,248,484
       reserve

       Capital             55,049         55,049         55,049         55,049
       redemption
       reserve

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

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

       Profit and      84,562,878     73,194,835     99,932,702     87,114,705
       loss
       account

                        ---------      ---------      ---------      ---------

                       84,876,738     73,508,695    105,643,328     95,693,849
                        =========      =========      =========      =========



        MOUNTVIEW ESTATES PLC

        CONSOLIDATED CASH FLOW STATEMENT

        FOR THE YEAR ENDED 31ST MARCH

                                                           2003           2002

                                                              £              £

        Net Cash Inflow/(Outflow) From Operating     16,425,870     (1,799,501)
        Activities


        Servicing of Finance                         (3,274,544)    (2,849,343)

        Taxation                                     (6,973,122)    (6,280,853)

        Capital Expenditure And Financial             3,125,639     (1,537,553)
        Investment

        Equity Dividends Paid                        (3,431,132)    (3,364,738)

                                                       --------       --------

        Cash Inflow/(Outflow) Before Financing        5,872,711    (15,831,988)



        Financing                                    (4,752,000)    10,421,320

                                                       --------       --------

        Increase/(Decrease) In Cash                   1,120,711     (5,410,668)
                                                       ========       ========



        Reconciliation of net cashflow movement in net Debt


    Increase / (decrease) in cash in the              1,120,711     (5,410,668)
    period


    Net cash outflow from / (inflow) from bank        4,607,000    (29,389,000)
    loans


    Net cash outflow from other loans                   145,000      1,885,000

                                                       --------      ---------

    Change in net debt                                5,872,711    (32,914,668)



    Net debt at 1 April 2002                        (58,038,982)   (25,124,314)

                                                     --------       --------

    Net debt at 31 March 2003                      (52,166,271)   (58,038,982)
                                                     ========       ========



        MOUNTVIEW ESTATES PLC

        STATEMENT OF PROFITS FOR YEARS ENDED 31ST MARCH



                                                            2003          2002

                                                               £             £

        Turnover                                      45,996,956    40,289,432


        Operating Profit                              26,830,112    23,058,603


        Deduct: Interest                              (3,227,287)   (2,983,334)
        Charges


        Profit on ordinary                            23,602,825    20,075,269
        activities before
        taxation


        Taxation                                      (7,877,754)   (6,013,113)


        Profit on ordinary                            15,725,071    14,062,156
        activities after taxation
        attributable to
        shareholders



        Dividends: (pence per        2003     2002
        share - net)



        Interim                     40.00    36.00

        Proposed final              52.00    48.00    (3,587,092)   (3,275,172)
                                   --------  -----

                                    92.00    84.00
                                   ========  =====

        Retained profits for the                      12,137,979    10,786,984
        financial year



        Earnings per share                                 403.3p        325.1p



        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 2003 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.



        Ex dividend date 16 July 2003
        Record date - 18 July 2003
        Payment date 18 August 2003
        













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