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Mountview Estates. (MTVW)

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Thursday 17 June, 2021

Mountview Estates.

Preliminary Results - year ended 31 March 2021

RNS Number : 1724C
Mountview Estates PLC
17 June 2021
 

Mountview Estates PLC

17 June 2021

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2021

 

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

I finished this statement last year by saying "I look forward to writing this statement in more normal times next year".  It is now "next year" and whilst some of the post-Brexit problems have been solved and the wonderful vaccination programme is letting us live in less fear of Covid-19, nevertheless the escape and recovery from the Covid-19 constraints and the damage they did to the economy will be with us for some time.

 

We have not had to furlough any staff nor have we made anyone redundant and our only benefit from any government action has been the stamp duty holiday.  As such we may be considered lucky and we are not in a business that has been closed down to protect us from the pandemic, but I believe that we have made our own luck at least in part.  There has always been at least one accountant at the helm of this business and the years of financial prudence have ensured that we always operate within our means and we have been able to weather the bureaucratic delays caused by the pandemic.

 

All our performance indicators show an upward trend, in particular Profit before Tax and Earnings per Share show increases of 9.2%, and we feel able to recommend an increase of 12.5% in the Final Dividend from 200 pence to 225 pence per share subject to shareholder approval at the Annual General Meeting on 11 August 2021.

 

We made good purchases during the year ended 31 March 2021 and have continued to do so since, and I am confident that we will continue to source good opportunities.  We only increase the dividend when we are confident of maintaining that increase and, indeed, we look forward to being able to increase the dividend further.

 

The Final Dividend, if approved at the Annual General Meeting, will be payable on 16 August 2021 to shareholders on the register at 9 July 2021.

 

Duncan Sinclair

17 June 2021

 

 

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

 

 

 

 

 

  2021

 

 

2020

 

 

Increase

 

 

 

£

 

£

 

%

 

 

 

 

 

 

 

 

Revenue (millions)

 

 

65.7

   

64.9

 

1.2

 

 

 

 

 

 

 

 

 

Gross Profit (millions)

 

 

43.2

 

41.4

 

4.3

 

 

 

 

 

 

 

 

Profit Before Tax (millions)

 

 

38.1

 

34.9

 

9.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit Before Tax excluding investment properties revaluation (millions)

 

 

36.7

 

35.9

 

2.2

 

 

 

 

 

 

 

 

Equity Holders' Funds (millions)

 

 

394.9

 

379.6

 

4.0

 

 

 

 

 

 

 

 

Earnings per share (pence)

 

 

792.3

 

725.7

 

9.2

 

 

 

 

 

 

 

 

Net assets per share (£)

 

 

101.3

 

97.4

 

4.0

 

 

 

 

 

 

 

 

Dividend per share (pence)

 

 

425

 

400

 

6.3

 

 

 

 

 

 

 

 

 

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 225 pence per share are as follows:

Ex-dividend date

 

 8 July 2021

Record date

 9 July 2021

 

Payment date

16 August 2021

 

 

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

   

 

Year

 

Year

 

ended

 

ended

 

  31.03.2021

 

31.03.2020

 

£'000

 

£'000

 

 

 

 

REVENUE

65,730

 

64,873

 

 

 

 

Cost of sales

(22,508)

 

(23,519)

 

 

 

 

GROSS PROFIT

43,222

 

41,354

 

 

 

 

Administrative expenses

(5,865)

 

(5,630)

Gain on sale of investment properties

-

 

1,174

 

 

 

 

Operating profit before changes in

fair value of investment properties

37,357

 

36,898

 

 

 

 

Increase/(Decrease) in fair value of investment properties

1,452

 

(969)

 

 

 

 

PROFIT FROM OPERATIONS

38,809

 

35,929

 

 

 

 

Net finance costs

(675)

 

(988)

 

 

 

 

PROFIT BEFORE TAXATION

38,134

 

34,941

 

 

 

 

Taxation - current

(6,966)

 

(7,320)

Taxation - deferred

(275)

 

675

 

 

 

 

Taxation

(7,241)

 

(6,645)

 

 

 

 

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

30,893

 

28,296

 

 

 

 

Basic and diluted earnings per share (pence)

792.3p

 

725.7p

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2021

 

 

As at

As at

 

 

31.03.2021

31.03.2020

 

 

£'000

£'000

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

 

 Property. plant and equipment

 

1,606

1,670

Investment properties

 

25,574

24,122

 

 

 

 

 

 

27,180

25,792

CURRENT ASSETS

 

 

 

Inventories of trading properties

 

398,166

392,069

Trade and other receivables

 

1,417

3,676

Cash at bank

 

597

3,553

 

 

 

 

 

 

400,180

399,298

 

 

 

 

TOTAL ASSETS

 

427,360

425,090

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Share capital

 

195

195

Capital redemption reserve

 

55

55

Capital reserve

 

25

25

Other reserve

 

56

56

Retained earnings

 

394,540

379,243

 

 

 

 

 

 

394,871

379,574

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

Long-term borrowings

 

  20,600

31,100

Deferred tax

 

4,351

  4,076

 

 

 

 

 

 

24,951

35,176

 

 

 

 

CURRENT LIABILITIES

 

 

 

Bank overdrafts and short-term loans

 

1,280

2,060

Trade and other payables

 

2,142

4,830

Current tax payable

 

4,116

3,450

 

 

 

 

 

 

7,538

10,340

 

 

 

 

TOTAL LIABILITIES

 

32,489

45,516

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

427,360

425,090

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

 

 

 

 

 

Capital

 

 

 

 

Share

Capital

Redemption

Other

Retained

 

 

Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at 1 April 2019

195

25

55

56

366,543

366,874

 

 

 

 

 

 

 

Profit for the year

28,296

28,296

 

 

 

 

 

 

 

Dividends

(15,596)

(15,596)

 

 

 

 

 

 

 

Balance as at 31 March 2020

195

25

55

56

379,243

379,574

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

Share

Capital

Redemption

Other

Retained

 

 

Capital

Reserve

Reserve

Reserves

Earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at 1 April 2020

195

25

55

56

379,243

379,574

 

 

 

 

 

 

 

Profit for the year

30,893

30,893

 

 

 

 

 

 

 

Dividends

  - 

(15,596)

(15,596)

 

 

 

 

 

 

 

Balance as at 31 March 2021

195

25

55

56

394,540

394,871

 

 

 

 

 

 

 

 

 

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

   

 

 

Year

 

Year

 

 

 

ended

 

ended

 

 

 

31.03.2021

 

31.03.2020

 

 

 

£'000

 

£'000

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

Operating profit 

 

 

38,809

 

35,929

Adjustment for:

 

 

 

 

 

Depreciation

 

 

64

 

64

 

 

 

 

 

 

(Gain) on disposal of investment properties

 

 

-

 

(1,174)

(Increase)/Decrease in fair value of investment properties

 

 

(1,452)

 

969

 

Cash flow from operations before changes in working capital 

 

 

37,421

 

35,788

 

 

 

 

 

 

(Increase)/Decrease in inventories

 

 

(6,097)

 

315

Decrease/(Increase) in receivables

 

 

2,259

 

(1,761)

(Decrease)/Increase in payables

 

 

(2,688)

 

2,018

Cash generated from operations

 

 

30,895

 

36,360

 

 

 

 

 

 

Interest paid

 

 

(675)

 

(988)

Income taxes paid

 

 

(6,300)

 

(7,035)

 

 

 

 

 

 

Net cash inflow from operating activities

 

 

23,920

 

28,337

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Proceeds from disposal of investment properties

 

 

-

 

4,195

Purchase of property, plant and equipment

 

 

-

 

(24)

 

 

 

 

 

 

Net cash inflow from investing activities

 

 

-

 

4,171

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

(Repayment) of borrowings

 

 

(10,116)

 

(16,835)

Equity dividend paid

 

 

(15,596)

 

(15,596)

 

 

 

 

 

 

Net cash (outflow) from financing activities

 

 

(25,712)

 

(32,431)

 

 

 

 

 

 

Net (Decrease)/Increase in cash and cash equivalents

 

 

(1,792)

 

77

 

 

 

 

 

Opening cash and cash equivalents

 

 

2,058

 

  1,981

Cash and cash equivalents at the end of the year

 

 

266

 

2,058

 

 

2021 Annual General Meeting (AGM) 

The 2021 AGM of the Company will be held on Wednesday 11 August 2021 and details will be set out in the Notice of AGM as to the location and format of the meeting.

 

In accordance with the UK Government's roadmap to ease COVID-19 restrictions across England currently it is expected that it will be possible to offer an in-person meeting. However, the health and wellbeing of our shareholders, employees and our Directors remains the Board's primary concern. It is essential to remain vigilant notwithstanding the ongoing UK vaccination programme, particularly with the spread of new variants of the coronavirus in the UK and other parts of the world. Therefore shareholders should consider whether it is appropriate to attend in person at the AGM. Details of the AGM will be included in the Notice of AGM set out in the 2020/21 Annual Report and Accounts that will be sent to shareholders at a date to be announced in due course.

 

There is also the possibility that arrangements for the AGM will have to be adapted to respond to the UK Government guidelines on short notice. Shareholders will be updated closer to the AGM on whether or not attendance is permitted via the issuance of a Regulatory News Service announcement and on the Company's website.

 

 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 2021 and 31 March 2020, but represents extracts from them.

 

The statutory accounts for the financial year ended 31 March 2020 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 2021 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 11 August 2021 ("2021 AGM").

 

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 2021 AGM are expected to comply fully with IFRS.

 

  ~ Ends ~

 

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

 

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

 

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

Mark Brady

020 3368 3551

 

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