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Mountview Estates. (MTVW)

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Thursday 26 November, 2015

Mountview Estates.

Half Yearly Report

RNS Number : 9021G
Mountview Estates PLC
26 November 2015
 

Mountview Estates P.L.C.

Interim Results

 

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2015

 

 

 

 

 

 

OUR PERFORMANCE

 

 

Turnover at £42.8 million up by 16% (2014 - £36.9m)

 

Gross profit at £28.3 million up by 17.4% (2014 - £24.1m)

 

Profit before tax at £25.9 million up by 24.5% (2014 - £20.8m)

 

Earnings per share at 531.0 pence up by 24.0% (2014 - 428.0p)

 

Net assets per share at £77.3 up by 8.9% (2014 - £71.0)

 

 

 

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 200p per share are as follows:

 

 

Ex-dividend date        18 February 2016

 

Record date                19 February 2016

 

Payment date               29 March 2016

 

 

 

 

 

 

 

 

 

 

C.E.O.'s STATEMENT

 

We are delighted to report another strong start to our financial year, with turnover, profit before taxation and net asset value all ahead of the same period last year.

 

 

Trading

 

Whilst the percentage increases may not be as strong as they were for this period last year, they compare favourably with the increases for the last full year.  Further, I must emphasise that these are increases on top of increases and thus represent a continuing strength in the Company's performance.

 

 

Interim Dividend

 

Although the details have yet to reach the Statute Book, the Chancellor of the Exchequer has announced that from the beginning of the next tax year, the treatment of an individual's dividend income will be less favourable.  To reduce the impact of these changes, your Board have decided to pay the greater part of the dividend at the interim stage.  This interim dividend of 200p per share is payable in respect of the year ending 31 March 2016 on 29 March 2016 to shareholders on the Register of Members as at 19 February 2016.

 

 

Current Trading

 

Acquisitions made during the first six months equate almost to those made for the last full year and there are other purchases already in the pipeline.  The Company remains financially sound with gearing at a modest level and trading in line with the Board's expectations.

 

 

Outlook

 

The outlook for the Company is sound with financing in place to take advantage of any good purchasing opportunities which occur.  We can never control the macro-economic situation and presently Europe is experiencing troubled times, but we remain optimistic.

 

On 1 December 2015, Dr Andrew Williams joins the Board as a Non-Executive Director.  We are delighted to welcome Andrew (who is a grandson of our co-founder, the late Frank Sinclair) to Mountview.  He is a highly respected professional and brings with him a skill-set that will complement the Board.  On 31 December 2015, Alistair Sinclair retires as a Non-Executive Director of the Company.  We would like to thank Alistair for his five years of distinguished service and full tribute will be paid in my statement which accompanies the full year's Report and Accounts.

 

 

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2015

 

 

 

Half year ended 30.09.2015

£000

Half year

ended

30.09.2014

£000

Year

ended

31.03.2015

£000

 

 

 

 

 

 

 

 

Revenue

42,769

36,900

71,331

 

 

 

 

Cost of Sales

(14,448)

(12,794)

(24,621)

 

 

 

 

Gross Profit

28,321

24,106

46,710

 

 

 

 

Administrative expenses                                                      

(2,010)

(2,361)

(5,055)

 

 

 

 

Gain on sale of investment properties

197

-

-

 

 

 

 

Operating profit before changes in

 

 

 

fair value of investment properties

26,508

21,745

41,655

 

 

 

 

Increase in fair value of investment properties

-

-

57

 

 

 

 

Profit from operations

26,508

21,745

41,712

Net finance costs

(606)

(959)

(1,736)

 

 

 

 

Profit before taxation

25,902

20,786

39,976

 

 

 

 

Taxation - current

(5,400)

(4,364)

(8,422)

Taxation - deferred

202

266

263

 

 

 

 

Taxation

(5,198)

(4,098)

(8,159)

 

 

 

 

Profit attributable to equity Shareholders  

20,704

16,688

31,817

 

 

 

 

Basic and diluted earnings per share (pence)

531.0p

428.0p

816.0p

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2015

 

 

 

Half year ended

Half year ended

Year

ended

 

30.09.2015

30.09.2014

31.03.2015

 

£000

£000

£000

Assets

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

1,954

2,058

2,008

Investment properties

27,896

29,342

29,399

 

29,850

31,400

31,407

 

 

 

 

Current assets

 

 

 

Inventories of trading properties

330,867

317,651

323,020

Trade and other receivables

1,760

1,580

1,948

Cash and cash equivalents

682

467

1,625

 

333,309

319,698

326,593

 

 

 

 

 

 

 

 

Total assets

363,159

351,098

358,000

 

 

 

 

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

Retained earnings

301,211

276,100

287,330

 

301,542

276,431

287,661

 

 

 

 

Non-current liabilities

 

 

 

Long-term borrowings

49,600

62,000

60,200

Deferred tax

5,055

5,255

5,259

 

54,655

67,255

65,459

 

 

 

 

Current liabilities

 

 

 

Bank overdrafts and loans

991

1,744

963

Trade and other payables 

628

1,342

2,343

Current tax payable

5,343

4,326

1,574

 

6,962

7,412

4,880

 

 

 

 

 

 

 

 

Total liabilities

61,617

74,667

70,339

 

 

 

 

Total equity and liabilities

363,159

351,098

358,000

 

 

 

 

 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2015

 

 

 

Half year

Half year

Year

 

ended

ended

ended

 

30.09.2015

30.09.2014

31.03.2015

 

£000

£000

£000

Cash flows from operating activities

 

 

 

 

 

 

 

Profit from operations

26,508

21,745

41,712

Adjustment for:

 

 

 

Depreciation

55

66

140

(Gain) on disposal of investment properties

(197)

-

-

(Increase) in fair value of investment properties

-

-

(57)

 

 

 

 

Operating cash flows before movement

26,366

21,811

41,795

in working capital

 

 

 

 

 

 

 

(Increase)/ Decrease in inventories

(7,847)

3,672

(1,697)

Decrease/(Increase) in receivables

188

(2)

(370)

(Decrease)/Increase in payables

(1,715)

(662)

339

 

 

 

 

Cash generated from operations

16,992

24,819

40,067

 

 

 

 

Interest paid

(606)

(959)

(1,736)

Income taxes paid

(1,633)

(4,584)

(11,393)

 

 

 

 

Net cash inflow from operating activities

14,753

 

19,276

26,938

Investing activities

 

 

 

Proceeds from disposal of investment properties

1,700

54

54

Purchase of property, plant and equipment

(1)

(8)

(33)

 

 

 

 

Net cash inflow from investing activities

1,699

46

21

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Repayment of borrowings

(10,649)

(7,764)

(10,181)

Equity dividend paid

(6,823)

(5,848)

(9,747)

 

 

 

 

Net cash (outflow) from financing activities

(17,472)

(13,612)

(19,928)

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

(1,020)

5,710

7,031

 

 

 

 

Opening cash and cash equivalents

887

(6,144)

(6,144)

 

 

 

 

Cash and cash equivalents at end of period

(133)

(434)

887

 

 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 September 2015

 

 

 

 

 

Half year

Half year

Year

 

ended

ended

ended

 

30.09.2015

30.09.2014

31.03.2015

 

£000

£000

£000

 

 

 

 

 

 

 

 

Shareholders' funds as at the beginning of the period 

287,661

 

265,591

265,591

 

 

 

 

Profit for the period

20,704

16,688

31,817

 

 

 

 

Dividends

(6,823)

(5,848)

(9,747)

 

 

 

 

Shareholders' funds at the end of the period

301,542

276,431

287,661

 

 

 

 

~ Ends ~

 

 

For further information on the Company, visit: www.mountviewplc.co.uk 

SPARK Advisory Partners Limited (Financial Advisor)     www.sparkadvisorypartners.com 

Miriam Greenwood                                                                         0203 368 3553

Mark Brady                                                                                       0203 368 3551

 


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