TIDMMTVW
RNS Number : 1092P
Mountview Estates PLC
16 June 2022
Mountview Estates PLC
16 June 2022
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2022
CHIEF EXECUTIVE OFFICER'S STATEMENT
After two years of Covid constrained activity it is to be hoped
that our lives may now resume more normal levels of activity. Most
of those operating in the property industry found ways of
circumventing the various difficulties presented by the last two
years and may even have found methodology that serves them
better.
Our turnover for last year shows a modest increase but increases
in the cost of the properties sold and the cost of maintenance
where we had previously been unable to enter properties because of
Covid have been the main contributors to a thirteen per cent fall
in Earnings per Share. Nevertheless none of this does anything to
undermine the financial stability of the Company and your Board
remain confident enough to recommend an increased final dividend of
250 pence per share.
If shareholders approve the final dividend at the Annual General
Meeting on 10 August 2022 it will be payable on 15 August 2022 to
shareholders on the register at 8 July 2022.
Mountview may be considered to have been merely in the right
place at the right time these last two years but we are a small
workforce who have worked hard, adapting as necessary, to stay in
that right place. I thank my staff and colleagues for their hard
work and loyalty and believe that the future prosperity of the
Company should reward them and allow them to be protected from the
ravages that the economy may inflict upon us.
Duncan Sinclair
16 June 2022
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Increase/
2022 2021 (Decrease)
GBP GBP %
Revenue (millions) 66.0 65.7 0.5
Gross Profit (millions) 40.9 43.2 (5.3)
Profit Before
Tax (millions) 34.9 38.1 (8.4)
Profit Before
Tax excluding investment
properties revaluation
(millions) 34.4 36.7 (6.3)
Equity Holders'
Funds (millions) 393.5 394.9 (0.4)
Earnings per share
(pence) 689.5 792.3 (13.0)
Net assets per
share (GBP) 100.9 101.3 (0.4)
Dividend per share
(pence) 750 425 76.5
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 250 pence per
share are as follows:
Ex-dividend date 7 July 2022
Record date 8 July 2022
Payment date 15 August 2022
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2022
Year Year
ended ended
31.03.2022 31.03.2021
GBP'000 GBP'000
REVENUE 66,010 65,730
Cost of sales (25,144) (22,508)
GROSS PROFIT 40,866 43,222
Administrative expenses (6,197) (5,865)
Gain on sale of investment properties 53 -
Operating profit before changes in
fair value of investment properties 34,722 37,357
Increase in fair value of investment
properties 444 1,452
PROFIT FROM OPERATIONS 35,166 38,809
Net finance costs (298) (675)
PROFIT BEFORE TAXATION 34,868 38,134
Taxation - current (6,637) (6,966)
Taxation - deferred (1,349) (275)
Taxation (7,986) (7,241)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,882 30,893
Basic and diluted earnings per share
(pence) 689.5p 792.3p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2022
As at As at
31.03.2022 31.03.2021
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1,546 1,606
Investment properties 25,451 25,574
26,997 27,180
CURRENT ASSETS
Inventories of trading properties 393,275 398,166
Trade and other receivables 1,326 1,417
Cash at bank 643 597
395,244 400,180
TOTAL ASSETS 422,241 427,360
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 393,155 394,540
393,486 394,871
NON-CURRENT LIABILITIES
Long-term borrowings 19,200 20,600
Deferred tax 5,700 4,351
24,900 24,951
CURRENT LIABILITIES
Bank overdrafts and short-term
loans - 1,280
Trade and other payables 1,470 2,142
Current tax payable 2,385 4,116
3,855 7,538
TOTAL LIABILITIES 28,755 32,489
TOTAL EQUITY AND LIABILITIES 422,241 427,360
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2022
Capital
Share Capital Redemption Other Retained
Capital Reserve Reserve Reserves Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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
Capital
Share Capital Redemption Other Retained
Capital Reserve Reserve Reserves Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 April 2021 195 25 55 56 394,540 394,871
Profit for the
year - - - - 26,882 26,882
Dividends - - - - (28,267) (28,267)
Balance as at
31 March 2022 195 25 55 56 393,155 393,486
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2022
Year Year
ended ended
31.03.2022 31.03.2021
GBP'000 GBP'000
Cash flow from operating activities
Operating profit 35,166 38,809
Adjustment for:
Depreciation 60 64
(Gain) on disposal of investment (53) -
properties
(Increase) in fair value of investment
properties (444) (1,452)
Cash flow from operations before
changes in working capital 34,729 37,421
Decrease/(Increase) in inventories 4,891 (6,097)
Decrease in receivables 91 2,259
(Decrease) in payables (672) (2,688)
Cash generated from operations 39,039 30,895
Interest paid (298) (675)
Income taxes paid (8,368) (6,300)
Net cash inflow from operating
activities 30,373 23,920
Investing activities
Proceeds from disposal of investment 620 -
properties
Net cash inflow from investing 620 -
activities
Cash flow from financing activities
(Repayment) of borrowings (2,349) (10,116)
Equity dividend paid (28,267) (15,596)
Net cash (outflow) from financing
activities (30,616) (25,712)
Net Increase/(Decrease) in cash
and cash equivalents 377 (1,792)
Opening cash and cash equivalents 266 2,058
Cash and cash equivalents at the
end of the year 643 266
2022 Annual General Meeting (AGM)
The 2022 AGM of the Company will be held on Wednesday 10 August
2022 and details will be set out in the Notice of AGM.
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 2022 and 31 March 2021, but represents extracts from
them.
The statutory accounts for the financial year ended 31 March
2021 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 2022 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 2022 ("2022
AGM").
2. Basis of Preparation
The preliminary announcement has been prepared in accordance
with UK-adopted international accounting standards, but does not
contain sufficient information to comply fully with UK-adopted
international accounting standards. The Financial Statements to be
presented to Members at the 2022 AGM are expected to comply fully
with UK-adopted international accounting standards.
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 3550
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END
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June 16, 2022 02:00 ET (06:00 GMT)
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