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Mountview Estates. (MTVW)

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Thursday 16 June, 2016

Mountview Estates.

Preliminary Results for year ended 31 March 2016

RNS Number : 3302B
Mountview Estates PLC
16 June 2016
 

 

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2016

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

During the financial year ended 31 March 2016 revenue has increased by 11.9%, gross profit has increased by 13.5%, and profit before tax has increased by 21%.  This has enabled earnings per share to increase by 21.7% to 993 pence which covers the increased dividend per share 3.3 times.  The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2016 will be payable on 15 August 2016 to Shareholders on the Register of Members as at 15 July 2016.  The total dividends for the year at 300 pence per share will have increased by a further 9.1% when compared with the previous year.

 

There are as ever economic uncertainties and we cannot influence the macro-economic situation, but Mountview has strong foundations.  Borrowings have been further reduced and we continue to make good purchases.  We research all opportunities thoroughly and I believe that we can contemplate the future with confidence.

 

Duncan Sinclair

16 June 2016

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

FINANCIAL HIGHLIGHTS

 

 

 

 

  

 

 

2016

 

2015

 

Increase

 

£

£

%

 

 

 

 

Revenue (millions)

79.8

71.3

11.9

 

 

 

 

Gross Profit (millions)

53.0

46.7

13.5

 

 

 

 

Profit Before Tax (millions)

48.4

40.0

21.0

 

 

 

 

Profit Before Tax excluding investment properties revaluation (millions)

46.9

40.0

17.3

 

 

 

 

Equity Holders' Funds (millions)

311.8

287.7

8.4

 

 

 

 

Earnings per share (pence)

992.9

816.0

21.7

 

 

 

 

Net assets per share (£)

79.9

73.8

8.3

 

 

 

 

Dividend per share (pence)

300

275

9.1

 

 

 

 

 

 

 

 

Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 100 pence per share are as follows:

 

 

Ex-dividend date

 

14 July 2016

Record date

15 July 2016

 

Payment date

15 August 2016

 

 

 

 

 


 

 

MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED INCOME STATEMENT

 

FOR THE YEAR ENDED 31 MARCH 2016

 

 

 

 

Year

Year

 

ended

ended

 

31.03.2016

31.03.2015

 

£'000

£'000

 

 

 

REVENUE

79,765

71,331

 

 

 

Cost of sales

(26,751)

(24,621)

 

 

 

GROSS PROFIT

53,014

46,710

 

 

 

Administrative expenses

(5,148)

(5,055)

Gain on sale of investment properties

197

0

 

 

 

Operating profit before changes in

fair value of investment properties

48,063

41,655

 

 

 

Increase in fair value of investment  properties

1,504

57

 

 

 

PROFIT FROM OPERATIONS

49,567

41,712

 

 

 

Net finance costs

(1,179)

(1,736)

 

 

 

PROFIT BEFORE TAXATION

48,388

39,976

 

 

 

Taxation - current

(9,593)

(8,422)

Taxation - deferred

(83)

263

 

 

 

Taxation

(9,676)

(8,159)

 

 

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

38,712

31,817

 

 

 

Basic and diluted earnings per share (pence)

992.9p

816.0p

 


 

 

 

 

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2016

 

 

As at

As at

 

31.03.2016

31.03.2015

 

£'000

£'000

ASSETS

 

 

NON-CURRENT ASSETS

 

 

Property, plant and equipment

 1,911

2,008

Investment properties

29,448

29,399

 

 

 

 

31,359

31,407

CURRENT ASSETS

 

 

Inventories of trading properties

334,108

323,020

Trade and other receivables

1,720

1,948

Cash at bank

1,706

1,625

 

 

 

 

337,534

326,593

 

 

 

TOTAL ASSETS

368,893

358,000

 

 

 

EQUITY AND LIABILITIES

 

 

Share capital

195

195

Capital redemption reserve

55

55

Capital reserve

25

25

Other reserve

56

56

 

 

 

Retained earnings

311,421

287,330

 

 

 

 

311,752

287,661

NON-CURRENT LIABILITIES

 

 

Long-term borrowings

39,700

60,200

Deferred tax

5,342

5,259

 

 

 

 

45,042

65,459

CURRENT LIABILITIES

 

 

Bank overdrafts and short-term loans

3,625

963

Trade and other payables

3,000

2,343

Current tax payable

5,474

1,574

 

 

 

 

12,099

4,880

 

 

 

TOTAL LIABILITIES

57,141

70,339

 

 

 

TOTAL EQUITY AND LIABILITIES

368,893

358,000

 

 

 

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

FOR THE YEAR ENDED 31 MARCH 2016

 

 

 

 

 

 

Capital

 

 

 

 

Share

Capital

Redemption

Other

Retained

 

 

Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at 1 April 2014

195

25

55

56

265,260

265,591

 

 

 

 

 

 

 

Profit for the year

 

 

 

 

31,817

31,817

 

 

 

 

 

 

 

Dividends

 

 

 

 

(9,747)

(9,747)

 

 

 

 

 

 

 

Balance as at 31 March  2015

195

25

55

56

287,330

287,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

Share

Capital

Redemption

Other

Retained

 

 

Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at 1 April 2015

195

25

55

56

287,330

287,661

 

 

 

 

 

 

 

Profit for the year

 

 

 

 

38,712

38,712

 

 

 

 

 

 

 

Dividends

 

 

 

 

(14,621)

(14,621)

 

 

 

 

 

 

 

Balance as at 31 March  2016

195

25

55

56

311,421

311,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

GROUP CASH FLOW STATEMENT

 

FOR THE YEAR ENDED 31 MARCH 2016

 

                                        

Year

Year

 

ended

ended

 

31.03.2016

31.03.2015

 

£'000

£'000

Cash flow from operating activities

 

 

 

 

 

Operating profit  

49,567

41,712

Adjustment for:

 

 

Depreciation

113

140

Loss on disposal of property, plant & equipment

0

0

Gain on disposal of investment properties

(197)

0

(Increase) in fair value of investment properties

(1,504)

(57)

 

 

 

Cash flow from operations before changes in working capital 

47,979

41,795

 

 

 

(Increase) in inventories

(11,088)

(1,697)

Decrease/(Increase) in receivables

228

(370)

Increase in payables

657

339

 

 

 

Cash generated from operations

37,776

40,067

 

 

 

Interest paid

(1,179)

(1,736)

Income taxes paid

(5,693)

(11,393)

 

 

 

Net cash inflow from operating activities

30,904

26,938

 

 

 

Investing activities

 

 

Proceeds from disposal of investment properties

1,700

54

Capital expenditure on investment properties

(48)

0

Purchase of property, plant and equipment

(16)

(33)

 

 

 

Net cash inflow from investing activities

1,636

21

 

 

 

Cash flow from financing activities

 

 

Repayment of borrowings

(20,725)

(10,181)

Equity dividend paid

(14,621)

(9,747)

 

 

 

Net cash (outflow) from financing activities

(35,346)

(19,928)

 

 

 

Net (decrease)/ increase/ in cash and cash equivalents

(2,806)

7,031

 

Opening cash and cash equivalents

 

 

887

 

(6,144)

Cash and cash equivalents at the end of the year

(1,919)

887

 

Notes to the Preliminary Announcement

 

1.   Financial Information

 

The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2016 and 31 March 2015, but represents extracts from them.

 

The statutory accounts for the financial year ended 31 March 2015 have been filed with the Registrar of Companies.  The auditor reported on those accounts: their report was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

The statutory accounts for the year ended 31 March 2016 are expected to be finalised and signed following approval by the Board of Directors and delivered to the Registrar of Companies following the Company's Annual General Meeting on 10 August 2016.

 

2.   Basis of Preparation

 

The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS.  The Financial Statements to be presented to Members at the 2016 AGM are expected to comply fully with IFRS.

 

 

 

 

-    END -


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