Final Results

Mountview Estates PLC
24 June 2004



MOUNTVIEW ESTATES P.L.C.

CHAIRMAN'S STATEMENT


It is a pleasure to again be reporting increases in turnover, profits and
dividends, but monetary policy has now set interest rates on a firmly upward
trend. We have made a very sound start to our new financial year and it is
generally accepted that it takes at least twelve months for the effects of
interest rate rises to manifest themselves in the economy. Consequently any
slowing of the housing market may not influence the Company's results until
2005. We have always been inherently conservative in our use of borrowings and
the making of distributions, but the anticipated economic climate now demands
caution more than at any time in recent years.

Whilst the strength in the housing market is reflected in our sales figures this
can make it difficult to get the right purchases at the right prices.
Nevertheless, we have had a very successful year in terms of the purchases made
- most notably the purchases of properties on the Cadogan Estate - which
involved raising a further £20 million loan. This means that interest charges
will have a significant impact on our results for the next few years, but our
gearing is still low enough to give us the flexibility to take good
opportunities if they come along.

If the proposed final dividend of 78 pence per share is voted though at the
Annual General Meeting on 11th August it will be fifty per cent uplift on last
year's final dividend. Profits before taxation have risen by more than 42% in
two years and dividends will have risen by more than 45% for those two years.
The seemingly generous dividend cover of more than four times is necessary
because it is vital that the Company should not only be in a comfortable
position to meet its schedule of loan repayments but also that it should be able
to maintain a flexible dividend policy.

Those with responsibility for monetary policy including the setting of base rate
are now showing a determination to subdue the housing market. In the short term
this may not depress house prices, nor will it reduce the number of properties
which become vacant during any given period, but it may slow down the process of
raising finance for the potential purchaser and thus reduce the number of sales
completed in that given period. This increase in the time taken between
obtaining vacant possession and completing the sale will do more to reduce
turnover than any normal reduction in prices.

Our gross rental income exceeds all our administrative expenses, all our
interest payments and all our dividend payments added together and so the
Company has very good defensive qualities for the tougher economic climate which
may lie ahead. Indeed, if the interest rate rises are not well received by the
shareholding public, property may remain the preferred investment option.

On 1st April 2004 our Company Secretary became a Director of the Company and
will seek election as such at the Annual General Meeting on 11th August 2004. I
welcome Mrs Bray to the Board and I am confident that Miss Murphy as Sales
Director and Mrs Bray as Finance Director represent a bright future for the
Company. They are significantly younger than my other fellow Directors and
myself and, along with other appointments which need to be made in the coming
years, will ensure continuity and sound management when it is appropriate for my
generation to stand back.

Finally, fine results are not produced without a fine team. I thank all my
colleagues and staff for their hard work and loyalty in producing another set of
splendid results.



MOUNTVIEW ESTATES P.L.C.

BALANCE SHEETS AS AT 31ST MARCH

                             Mountview Estates P.L.C.             Group

                               2004          2003          2004          2003
                                  £             £             £             £

FIXED ASSETS

Intangible assets                 -             -             -        88,602

Tangible assets           2,538,805     2,552,232    24,675,284    23,622,608
Investments              18,276,465    18,276,465             -             -

                          ---------     ---------     ---------     ---------
                         20,815,270    20,828,697    24,675,284    23,711,210
                          =========     =========     =========     =========

CURRENT ASSETS
Stocks                  165,763,183   137,402,468   170,116,409   141,998,719
Debtors                     131,638       518,490       177,523       554,151
Cash at bank and
in hand                     332,800       838,472       454,864     1,099,811
                          ---------     ---------     ---------     ---------
                        166,227,621   138,759,430   170,748,796   143,652,681

CREDITORS: Amounts
falling due within
one year                (34,716,155)  (33,648,719)  (35,343,327)  (34,855,563)
                          ---------     ---------     ---------     ---------
NET CURRENT ASSETS      131,511,466   105,110,711   135,405,469   108,797,118

                          ---------     ---------     ---------     ---------
TOTAL ASSETS LESS
CURRENT
LIABILITIES             152,326,736   125,939,408   160,080,753   132,508,328

CREDITORS: Amounts
falling due after
more than one year      (54,367,603)  (41,062,670)  (38,138,297)  (26,865,000)
                          ---------     ---------     ---------     ---------
                         97,959,133    84,876,738   121,942,456   105,643,328
                          =========     =========     =========     =========

CAPITAL AND RESERVES

Called up share
capital                     194,951       194,951       194,951       194,951
Revaluation
reserve                           -             -     6,427,348     5,379,966
Capital redemption
reserve                      55,049        55,049        55,049        55,049
Capital reserve              24,660        24,660        24,660        24,660
Other reserves               39,200        39,200        56,000        56,000
Profit and loss
account                  97,645,273    84,562,878   115,184,448    99,932,702
                          ---------     ---------     ---------     ---------
                         97,959,133    84,876,738   121,942,456   105,643,328
                          =========     =========     =========     =========



MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST MARCH



                                                           2004           2003
                                                              £              £

Net Cash Inflow From Operating Activities             3,968,420     16,425,870

Servicing of Finance                                 (3,191,830)    (3,274,544)

Taxation                                             (8,644,860)    (6,973,122)

Capital Expenditure And Financial Investment           (125,031)     3,125,639

Equity Dividends Paid                                (3,743,053)    (3,431,132)
                                                       --------       --------
Cash (Outflow) / Inflow Before Financing            (11,736,354)     5,872,711

Financing                                            13,273,297     (4,752,000)
                                                       --------       --------
Increase In Cash                                      1,536,943      1,120,711
                                                       ========       ========



Reconciliation of net cashflow movement in net Debt


Increase in cash in the period                      1,536,943        1,120,711

Net cash (inflow) / outflow from bank loans       (13,923,297)       4,607,000

Net cash outflow from other loans                     650,000          145,000
                                                     --------         --------
Change in net debt                                (11,736,354)       5,872,711

Net debt at 1 April 2003                          (52,166,271)     (58,038,982)
                                                     --------         --------
Net debt at 31 March 2004                         (63,902,625)     (52,166,271)
                                                     ========         ========



MOUNTVIEW ESTATES P.L.C.

STATEMENT OF PROFITS FOR YEARS ENDED 31ST MARCH



                                                            2004          2003
                                                               £             £
Turnover                                              55,087,115    45,996,956

Operating Profit                                      31,799,163    26,830,112

Deduct: Interest Charges                              (3,206,507)   (3,227,287)

Profit on ordinary activities
before taxation                                       28,592,656    23,602,825

Taxation                                              (8,584,113)   (7,877,754)

Profit on ordinary activities
after taxation attributable to
shareholders                                          20,008,543    15,725,071

Dividends: (pence per share - net)    2004    2003

Interim                              44.00   40.00
Proposed final                       78.00   52.00    (4,756,797)   (3,587,092)
                                    -------- -------
                                    122.00   92.00
                                    ======== =======
Retained profits for the financial
year                                                  15,251,746    12,137,979

Earnings per share                                         513.2p        403.3p



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 31st March 2004 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 weighted average number of ordinary
shares in issue during the year.





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