TIDMMTVW
RNS Number : 7717C
Mountview Estates PLC
15 June 2023
Mountview Estates PLC
15 June 2023
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2023
CHIEF EXECUTIVE OFFICER'S STATEMENT
We are now living in the circumstances of double digit inflation
and rising interest rates which give us very different problems to
those experienced before and indeed during the Covid pandemic. At a
time when companies are failing to pay dividends and even ceasing
to trade mere survival must be considered to be a success.
This Company has not only survived but has maintained an
increased level of dividend. Your Board recommend that the final
dividend be maintained at 250 pence per share. If shareholders
approve the final dividend at the Annual General Meeting on 9
August 2023 it will be payable on 14 August 2023 to shareholders on
the register at 7 July 2023.
Turnover has increased by 11.5% but the cost of sales has
increased substantially and with modest increases in administrative
expenses and finance costs the resulting earnings per share have
fallen by a mere 1.6%.
I always emphasize that making the right purchases is the most
important part of the business and our financial stability has
enabled us to make substantial new purchases (up from
GBP12.5million to GBP52.6million). These purchases underpin the
future of the Company and will ensure future profits.
The prosperity of the Company is only possible because we have a
good team in place and I thank each and every one of them, from the
most recent recruit to the longest standing employee, for their
loyalty and endeavour.
Duncan Sinclair
15 June 2023
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
Increase/
2023 2022 (Decrease)
GBP GBP %
Revenue (millions) 73.6 66.0 11.5
Gross Profit (millions) 40.6 40.9 (0.7)
Profit Before
Tax (millions) 32.8 34.9 (6.3)
Profit Before
Tax excluding investment
properties revaluation
(millions) 32.8 34.4 (4.6)
Equity Holders'
Funds (millions) 390.7 393.5 (0.7)
Earnings per share
(pence) 678.8 689.5 (1.6)
Net assets per
share (GBP) 100.2 100.9 (0.7)
Dividend per share
(pence) 750 750 0.0
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 6 July 2023
Record date 7 July 2023
Payment date 14 August 2023
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2023
Year Year
ended ended
31.03.23 31.03.22
GBP'000 GBP'000
REVENUE 73,593 66,010
Cost of sales (32,993) (25,144)
GROSS PROFIT 40,600 40,866
Administrative expenses (6,592) (6,197)
Gain on sale of investment properties - 53
Operating profit before changes in
fair value of investment properties 34,008 34,722
(Decrease)/Increase in fair value of
investment properties (36) 444
PROFIT FROM OPERATIONS 33,972 35,166
Net finance costs (1,208) (298)
PROFIT BEFORE TAXATION 32,764 34,868
Taxation - current (6,233) (6,637)
Taxation - deferred (66) (1,349)
Taxation (6,299) (7,986)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 26,465 26,882
Basic and diluted earnings per share
(pence) 678.8p 689.5p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEARED 31 MARCH 2023
As at As at
31.03.2023 31.03.2022
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1,493 1,546
Investment properties 25,415 25,451
26,908 26,997
CURRENT ASSETS
Inventories of trading properties 422,742 393,275
Trade and other receivables 6,656 1,326
Cash at bank 776 643
430,174 395,244
TOTAL ASSETS 457,082 422,241
EQUITY AND LIABILITIES
Share capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Retained earnings 390,377 393,155
390,708 393,486
NON-CURRENT LIABILITIES
Long-term borrowings 56,700 19,200
Deferred tax 5,766 5,700
62,466 24,900
CURRENT LIABILITIES
Bank overdrafts and short-term
loans 60 -
Trade and other payables 1,984 1,470
Current tax payable 1,864 2,385
3,908 3,855
TOTAL LIABILITIES 66,374 28,755
TOTAL EQUITY AND LIABILITIES 457,082 422,241
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2023
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
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 2022 195 25 55 56 393,155 393,486
Profit for the
year - - - - 26,465 26,465
Dividends - - - - (29,243) (29,243)
Balance as at
31 March 2023 195 25 55 56 390,377 390,708
GROUP CASH FLOW STATEMENT
FOR THE YEARED 31 MARCH 2023
Year Year
ended ended
31.03.2023 31.03.2022
GBP'000 GBP'000
Cash flow from operating activities
Operating profit 33,972 35,166
Adjustment for:
Depreciation 53 60
(Gain) on disposal of investment
properties - (53)
Decrease/(Increase) in fair value
of investment properties 36 (444)
Cash flow from operations before
changes in working capital 34,061 34,729
(Increase)/Decrease in inventories (29,467) 4,891
(Increase)/Decrease in receivables (5,330) 91
Increase/(Decrease) in payables 514 (672)
Cash generated from operations (222) 39,039
Interest paid (1,208) (298)
Income taxes paid (6,754) (8,368)
Net cash (outflow)/inflow from
operating activities (8,184) 30,373
Investing activities
Proceeds from disposal of investment
properties - 620
Net cash inflow from investing
activities - 620
Cash flow from financing activities
Increase/(Repayment) of borrowings 37,500 (2,349)
Equity dividend paid (29,243) (28,267)
Net cash inflow/(outflow) from
financing activities 8,257 (30,616)
Net increase in cash and cash
equivalents 73 377
Opening cash and cash equivalents 643 266
Cash and cash equivalents at the
end of the year 716 643
2023 Annual General Meeting (2023 AGM)
The 2023 AGM of the Company will be held on Wednesday 9 August
2023 and details will be set out in the Notice of AGM, to be sent
to shareholders on 7 July 2023.
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 2023 and 31 March 2022 but represents extracts from
them.
The statutory accounts for the financial year ended 31 March
2022 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 2023 are
expected to be finalised and signed following approval by the Board
of Directors and made available to shareholders in advance of the
2023 AGM and will be delivered to the Registrar of Companies
following the Company's 2023 AGM on 9 August 2023.
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 at the 2023 AGM are expected to comply fully with
UK-adopted international accounting standards.
Ends
This announcement contains inside information for the purpose of
article 7 of the UK version of the Market Abuse Regulation No
596/2014 as it forms part of UK 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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