Final Results

Mountview Estates PLC
12 June 2000

 

MOUNTVIEW ESTATES P.L.C. 
 
Chairman's Statement 
 
 
The year ended 31 March 2000 shows a strong advance on the previous year's
record profits before taxation of £13,120,225 to a new high of £19,063,803
and your Board recommends a final dividend of 48 pence per share, which
raises the total for the year to 72 pence per share, compared with last
year's total of 60 pence per share. 
 
During the year Mountview benefited from a strong residential property
market. Turnover is therefore up by 27% from £28,554,842 to £36,283,753;
profits before taxation are up by 45% from £13,120,225 to £19,063,803;
earnings per share are up by 49% from 193.5 pence to 289.2 pence and though
dividends are only up by 20% they are now four times covered and are more
than six times the total of 11.5 pence paid in 1990. 
 
My colleagues and staff have done a superb job and are relishing the
challenge of building on these strong results. The current year has made a
satisfactory start. 
 
The final dividend will be payable on 14 August 2000 to shareholders on the
register at the close of business on 14 July 2000. 
 
A statement of the profits under the historic cost convention is attached. 
 
The Annual General Meeting will be held at the Marlborough Hotel, 9-13
Bloomsbury Street, London, EC1B 3QD on Wednesday 9 August 2000 commencing at
11.30 a.m. 
 
Statement of profits for years ended 31 March 
 

                                                                              
                                                      2000           1999     
                                                       £              £       
  Turnover                                         36,283,753     28,554,842  
  Operating profit                                 19,944,579     14,418,995  
  Profit on disposal of investments                  48,837           -       
  Interest charges                                 (929,613)     (1,298,770)  
  Profit on ordinary activities before taxation    19,063,803     13,120,225  
                                                   __________     __________  
  Taxation                                        (5,796,860)    (4,242,184)  
  Profit on ordinary activities after              13,266,943     8,878,041   
                                                   ==========     =========   
  taxation attributable to shareholders                                       
  Dividends                                       (3,302,694)    (2,752,245)  
                                                      
                               Pence           
                          2000     1999  
              Interim     24.00    24.00  
              Proposed    48.00    36.00  
                          _____    _____  
              Final       72.00    60.00  
                                                                       
  Retained profits for financial year               9,964,249    6,125,796  
                                                    =========    =========  
  Earnings per share                                 289.2p       193.5p   
 

                                                                              
  Notes                                                                       
  The results set out above are not full accounts as defined in s.254 of the  
  Companies Act 1985. The auditors have not yet made a report under s.236 of  
  the Companies Act 1985 on the accounts for the year ended 31 March 2000     
  from which the results are extracted and consequently full accounts for     
  that period have not yet been delivered to the Registrar of Companies.      
  The basis of the calculation of earnings per share is the profit on         
  ordinary activities after taxation divided by the number of ordinary shares 
  in issue during the year.                                                   
 
Consolidated cash flow statement 
for the year ended 31 March 2000 

                                                                              
                                                    2000            1999      
                                                      £               £       
  Cash inflow from operating activities          19,876,296      11,430,537   
  Returns on investment and servicing of          (909,806)      (1,331,908)  
  finance                                                                     
  Taxation                                       (5,105,336)     (3,938,974)  
  Capital expenditure and financial               (21,367)        (65,441)    
  investment                                                                  
  Acquisitions and disposals                    (18,223,907)          -       
  Equity dividends paid                          (3,346,975)     (2,441,892)  
                                                 __________      __________   
  Cash inflow/(outflow) before use of liquid                                  
  resources and financing                        (7,731,095)      3,652,322   
  Financing                                       1,290,000       2,800,000   
                                                  ________        _________   
  Increase/(Decrease) in cash in the year        (6,441,095)      6,452,322   
                                                  =========       =========   
  Reconciliation of net cash flow movement in                                 
  net debt                                                                    
  Increase/(Decrease) in cash in the period      (6,441,095)      6,452,322   
                                                  _________       _________   
  Change in net debt resulting from cash         (6,441,095)      6,452,322   
  flows                                                                       
  New loans falling due after more than one      (1,290,000)     (2,800,000)  
  year                                                                        
  Net debt at 1 April 1999                      (13,052,428)    (16,704,750)  
                                                 ___________     __________   
  Net debt at 31 March 2000                     (20,783,523)    (13,052,428)  
                                                 ===========     ===========  
 
                                                             
 Group balance sheet as at 31 March 2000 
 

                                                                             
                                                      2000          1999     
                                                        £             £      
  FIXED ASSETS                                                               
  Intangible asset                                   354,420          -      
  Tangible assets                                  20,432,842      179,673   
  Investments                                           -             -      
                                                   __________      _______   
                                                   20,787,262      179,673   
                                                   ==========      =======   
  CURRENT ASSETS                                                             
  Stocks                                           92,536,737    92,682,323  
  Debtors:                                                                   
  due within one year                                492,975       271,106   
  due after one year                                    -          137,612   
  Cash at bank and in hand                           180,639       149,998   
                                                    _________     _________  
                                                   93,210,351    93,241,039  
  CREDITORS: Amounts falling due within one year   24,230,445    17,265,508  
                                                   __________    __________  
  NET CURRENT ASSETS                               68,979,906    75,975,531  
                                                   ==========    ==========  
  TOTAL ASSETS LESS CURRENT LIABILITIES            89,767,168    76,155,204  
  CREDITORS: Amounts falling due after more                                  
  than one year                                     4,090,000     2,800,000  
                                                    _________     _________  
                                                   85,677,168    73,355,204  
                                                   ==========    ==========  
  CAPITAL AND RESERVES                                                       
  Called up share capital                            229,354       229,354   
  Revaluation reserve                               2,357,715         -      
  Capital redemption reserve                         20,646        20,646    
  Capital reserve                                    24,660        24,660    
  Other reserves                                     56,000        56,000    
  Profit and loss account                          82,988,793    73,024,544  
                                                   __________    __________  
                                                   85,677,168    73,355,204  
                                                   ==========    ==========