TIDMMTVW
RNS Number : 4756H
Mountview Estates PLC
24 November 2022
Mountview Estates P.L.C.
Half Year Report
24 November 2022
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2022
Mountview is pleased to announce its unaudited interim results
for the six months ended 30 September 2022.
OUR PERFORMANCE
Turnover at GBP37.2 million up by 21.2% (2021 - GBP30.7m)
Gross profit at GBP21.3 million up by 18.3% (2021- GBP18.0m)
Profit before tax at GBP18.2 million up by 16.7% (2021 -
GBP15.6m)
Earnings per share at 378.4 pence up by 30.4% (2021 -
290.3p)
Net assets per share at GBP102.2 up by 0.3% (2021 -
GBP101.9)
DIVID INFORMATION
Mountview Estates P.L.C. advises its shareholders that,
following the issue of the interim results, the relevant dates in
respect of the exceptional interim dividend payment of 500p per
share (which includes a special dividend of 250p per share) are as
follows:
Ex-dividend date - 16 February 2023
Record date - 17 February 2023
Payment date - 27 March 2023
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 10 August 2022 those
shareholders deemed to be independent exercised their right to
reject the re-election of Mr. Anthony Powell and Ms. Mhairi
Archibald as independent non-Executive Directors. At the General
Meeting held in accordance with the Listing Rules of the Financial
Conduct Authority on 21 November 2022, when all shareholders were
entitled to vote, it was resolved to re-elect Mr. Anthony Powell
and Ms. Mhairi Archibald as Directors of the Company. Thus the
status quo is maintained.
TRADING
The vote in favour of Brexit was made nearly six and a half
years ago. Boris Johnson "got Brexit done" nearly three years ago.
We have learnt to live with Covid although it will never have just
gone away. Last Thursday (17 November 2022) we were told how the
Government plan to recover the vast sums of money that bureaucratic
profligacy spent in trying to help the country through the various
economic travails.
This Company did not furlough any staff, did not reduce staff
numbers in any other way and did not take any government
assistance. However as a successful company we are obliged to help
repay the government's debt. Earnings per share for the half year
ended 30 September 2022 have increased by more than 30%. Our
purchasing activity has been strong during these six months and our
long standing financial prudence keeps us in position to take
advantage of further good purchasing opportunities.
We are all aware that difficult times lie ahead but the
financial strength of this Company should enable us to weather the
economic storms that lie ahead better than most. Many of our staff
have been with the Company for a long time and I am determined that
we should protect them as best we can from the ravages of
inflation.
EXCEPTIONAL INTERIM DIVID
Not only has the Company made almost GBP25million of purchases
during the six months ended 30 September 2022 but cash flow has
also been very strong and I am very happy to be able to again
declare an interim dividend at the exceptional rate of 500p per
share in respect of the year ending 31 March 2023. This dividend is
payable on 27 March 2023 to shareholders on the Register of Members
as at 17 February 2023. This represents an increased interim
dividend of 250p per share and a special dividend of a further 250p
per share. Please note that this will be made as one payment of
500p per share.
The Board is confident that the Company remains in a strong
position to make further purchases and to meet all its regular
outgoings including the final dividend payable in August 2023.
However it would be prudent to only anticipate an interim dividend
payable in March 2024 at the increased basic rate of 250p per
share.
OUTLOOK
We all know that times are going to be tough, but I believe that
this Company is better placed than most to survive the difficulties
and indeed prosper. And my belief is supported by these
Accounts.
D.M. Sinclair
Chief Executive Officer
24 November 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2022
Half year Half year Year
ended 30.09.2022 ended ended
GBP000 30.09.2021 31.03.2022
GBP000 GBP000
Revenue 37,192 30,711 66,010
Cost of Sales (15,912) (12,754) (25,144)
Gross Profit 21,280 17,957 40,866
Administrative expenses (2,734) (2,205) (6,197)
Gain on sale of investment properties - 53 53
Operating profit before changes
in
fair value of investment properties 18,546 15,805 34,722
Increase in fair value of investment
properties - - 444
Profit from operations 18,546 15,805 35,166
Net finance costs (336) (181) (298)
Profit before taxation 18,210 15,624 34,868
Taxation - current (3,455) (3,062) (6,637)
Taxation - deferred - (1,242) (1,349)
Taxation (3,455) (4,304) (7,986)
Profit attributable to equity
shareholders and total comprehensive
income 14,755 11,320 26,882
Basic and diluted earnings
per share (pence) 378.4p 290.3p 689.5p
All items within the consolidated statement of comprehensive
income relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2022
Half Half Year
year year ended
ended ended
30.09.2022 30.09.2021 31.03.2022
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,517 1,576 1,546
Investment properties 25,451 25,007 25,451
26,968 26,583 26,997
Current assets
Inventories of trading properties 406,812 394,921 393,275
Trade and other receivables 1,684 1,298 1,326
Cash and cash equivalents 1,628 1,012 643
410,124 397,231 395,244
Total assets 437,092 423,814 422,241
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 398,163 397,087 393,155
398,494 397,418 393,486
Non-current liabilities
Long-term borrowings 28,700 15,500 19,200
Deferred tax 5,700 5,593 5,700
34,400 21,093 24,900
Current liabilities
Bank overdrafts and other short - 1,497 -
term loans
Trade and other payables 889 1,032 1,470
Current tax payable 3,309 2,774 2,385
4,198 5,303 3,855
Total liabilities 38,598 26,396 28,755
Total equity and liabilities 437,092 423,814 422,241
CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2022
Half Half year Year
year
ended ended ended
30.09.2022 30.09.2021 31.03.2022
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 18,546 15,805 35,166
Adjustment for:
Depreciation 29 30 60
(Gain) on sale of investment
properties - (53) (53)
(Increase) in fair value
of investment properties - - (444)
Operating cash flows
before movement in working
capital 18,575 15,782 34,729
(Increase)/Decrease
in inventories (13,537) 3,245 4,891
(Increase)/Decrease
in receivables (358) 119 91
(Decrease) in payables (581) (1,110) (672)
Cash generated from
operations 4,099 18,036 39,039
Interest paid (336) (181) (298)
Income taxes paid (2,531) (4,404) (8,368)
Net cash Inflow from
operating activities 1,232 13,451 30,373
Investing activities
Proceeds from disposal
of investment properties - 620 620
Net cash inflow from
investing activities - 620 620
Cash flows from financing
activities
Increase/(Repayment)
of borrowings 9,500 (4,552) (2,349)
Equity dividend paid (9,747) (8,773) (28,267)
Net cash (Outflow)
from financing activities (247) (13,325) (30,616)
Net Increase in cash
and cash equivalents 985 746 377
Opening cash and cash
equivalents 643 266 266
Cash and cash equivalents
at end of period 1,628 1,012 643
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2022
Half Half Year
year year
ended ended ended
30.09.2022 30.09.2021 31.03.2022
GBP000 GBP000 GBP000
Shareholders' funds
as at the beginning
of the period 393,486 394,871 394,871
Profit for the period 14,755 11,320 26,882
Dividends (9,747) (8,773) (28,267)
Shareholders' funds
at the end of the period 398,494 397,418 393,486
Notes to the Half Year Report
Basis of preparation
These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and in accordance with UK
adopted International Accounting Standard 34 (IAS 34) "Interim
Financial Reporting". The condensed consolidated interim financial
statements should be read in conjunction with the annual financial
statements for the year ended 31 March 2022 which have been
prepared in accordance with UK adopted International Accounting
Standards.
The accounting policies used are consistent with those contained
in the Group's last Annual Report and Accounts for the year ended
31 March 2022.
The Directors have reviewed the current and projected financial
position of the Group and are satisfied that the Group has adequate
resources to cover current liabilities. Therefore, the Directors
continue to adopt the going concern basis in preparing the half
year report.
Basis of consolidation
The Group's financial statements incorporate the results of
Mountview Estates P.L.C. and all of its subsidiary undertakings
made up to the reporting date.
Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Control is recognised when the Group is exposed to, or has
rights to, variable returns from its investment in the entity and
has the ability to affect these returns through its power over the
relevant activities of the entity.
On acquisition, the identifiable assets, liabilities and
contingent liabilities of a subsidiary are measured at their fair
values at the date of acquisition. The purchase method has been
used in consolidating the subsidiary financial statements.
All significant inter-company transactions balances and
unrealised gains on transactions between Group companies are
eliminated on consolidation within the consolidated accounts.
Consistent accounting policies have been used across the
Group.
Status of the interim financial information
These condensed consolidated interim financial statements are
unaudited and do not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The Group's
published financial statements for the year ended 31 March 2022
have been reported on by the Group's auditors and filed with the
Registrar of Companies. The report of the auditors was unqualified
and did not contain any statement under Section 498 of the
Companies Act 2006.
The condensed consolidated interim financial statements were
approved by the Board of Directors on 24 November 2022. The
preparation of the interim financial information requires
management to make assumptions and estimates about future events
which are uncertain, the actual outcome of which may result in a
materially different outcome from that anticipated.
Availability of the Half Year Report
Copies of this statement are being sent to Shareholders. Copies
may be obtained from the Company's registered office or from the
Company's website - www.mountviewplc.co.uk .
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 .
Ends
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END
IR FEDSMLEESEDF
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