Final Results

RNS Number : 1448O

Mountview Estates PLC

24 June 2010

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

	2010	2009	Increase
		£	%
Turnover (millions)	56.7	53.6	5.8

Gross Profit (millions)	34.5	25.9	33.2

Profit Before Tax (millions)	29.3	13.1	123.7

Profit Before Tax excluding investment properties revaluations (millions)	27.1	16.3	66.3

Shareholders' Funds (millions)	203.1	187.5	8.3

Earnings per share (pence)	554.8	241.0	130.2

Net assets per share	52.1	48.1	8.3

Dividend per share (pence)	165	155	6.5

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 115 pence per share are as follows:

Ex-dividend date

14 July 2010

Record date

16 July 2010

Payment date

16 August 2010

MOUNTVIEW ESTATES P.L.C.

CHAIRMAN'S STATEMENT

It has been a very encouraging year:

· Turnover up by 5.8 per cent.

· Gross Profit up by a third.

· Profit Before Tax more than doubled.

· Earnings per share up by more than 130 per cent.

· Proposed final dividend up by 10 pence per share giving an annual increase of 6.5 per cent.

These are the sort of figures which one would imagine could only be achieved against the backdrop of a strong and thriving economy but they have in fact been achieved in a very poor financial climate. As the General Election approached various artificial stimuli had been put in place. Of these only low interest rates continue and this may not be for long.

This statement is necessarily being written before the new government's first budget statement and so I cannot know what further difficulties may be imposed upon us. However I believe that the Company is very soundly positioned to survive the difficult times that may lie ahead and indeed to take advantage of the opportunities that may arise. During the year the Company has reduced its long-term borrowings by £23 million and has further reduced them since 1 April. I believe that during the next twelve months and more the Company will be presented with opportunities to make the asset purchases that will serve it well for years to come.

My staff and colleagues have worked hard and are to be congratulated on the results achieved. I am happy that on the strength of these results it has been possible to be more generous with bonuses this year. I am also happy that these results make it possible to recommend an increased final dividend.

The final dividend of 115 pence per share in respect of the year ended 31 March 2010 recommended by your Board is payable on 16 August 2010 to shareholders on the Register of Members as at 16 July 2010. This will make a total dividend for the year ended 31 March 2010 of 165 pence per share which is more than three times covered by the earnings per share.

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2010

	Year	Year
	ended	ended
	31.03.2010	31.03.2009
	£000	£000

REVENUE	56,697	53,599

Cost of sales	(22,191)	(27,657)

GROSS PROFIT	34,506	25,942

Administrative Expenses	(4,046)	(3,767)

Operating profit before changes in fair value of investment properties	30,460	22,175

Increase/(decrease) in fair value of investment properties	2,142	(3,210)

PROFIT FROM OPERATIONS	32,602	18,965

Net Finance costs	(3,347)	(5,903)

PROFIT BEFORE TAXATION	29,255	13,062

Taxation - current (net)	(7,969)	(4,864)
Taxation - deferred	349	1,191
Total taxation	(7,620)	(3,673)

PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS	21,635	9,389

Basic and diluted earnings per share	554.8p	241.0p

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 MARCH 2010

	As at	As at
	31.03.2010	31.03.2009
	£000	£000
Assets

Non-Current Assets
Property, plant and equipment	2,422	2,567
Investment properties	32,872	32,195

	35,294	34,762
Current Assets
Inventories of trading properties	256,964	268,806
Trade and other receivables	1,197	660
Cash and cash equivalents	443	840

	258,604	270,306

Total Assets	293,898	305,068

Equity and Liabilities

Share Capital	195	195
Capital redemption reserve	55	55
Capital reserve	25	25
Other reserves	56	56
Cash flow hedge reserve	(3,640)	(3,614)
Retained earnings	206,366	190,773

	203,057	187,490
Non-Current Liabilities
Long-term borrowings	65,000	88,000
Deferred Tax	8,157	8,506

	73,157	96,506
Current Liabilities
Bank overdrafts and short term loans	8,876	13,026
Trade and other payables	1,355	2,055
Current tax payable	3,813	2,377
Derivative financial instruments	3,640	3,614

	17,684	21,072

Total Liabilities	90,841	117,578

Total Equity and Liabilities	293,898	305,068

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2010


			Capital	Cash Flow
	Share	Capital	Redemption	Hedge	Other	Retained
	Capital	Reserve	Reserve	Reserve	Reserves	Earnings	Total
	£000	£000	£000	£000	£000	£000	£000

Changes in Equity for
year ended 31 March 2009

Balance as at 1 April 2008	195	25	55	-	56	187,426	187,757

Profit for the year						9,389	9,389

Cash flow hedge				(3,614)			(3,614)

Dividends						(6,042)	(6,042)


Balance as at 31 March 2009	195	25	55	(3,614)	56	190,773	187,490


Changes in Equity for
year ended 31 March 2010

Balance as at 1 April 2009	195	25	55	(3,614)	56	190,773	£187,490

Profit for the year						21,635	21,635

Movements in cash flow hedge				(26)			(26)

Dividends						(6,042)	(6,042)


Balance as at 31 March 2010	195	25	55	(3,640)	56	206,366	203,057

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2010

	Year	Year
	Ended	ended
	31.03.2010	31.03.2009
	£000	£000
Cash flow from operating activities

Profit from operations	32,602	18,965
Adjustments for:
Depreciation	156	192
Loss on disposal of property, plant & equipment	5	145
(Increase)/decrease in fair value of investment properties	(2,142)	3,210

Operating cash flows before movement in working capital	30,621	22,512

Decrease in inventories	11,841	2,555
(Increase)/Decrease in receivables	(538)	459
(Decrease) in payables	(822)	(1,053)

Cash generated from operations	41,102	24,473

Interest paid	(3,347)	(5,906)
Income taxes paid	(6,410)	(6,443)

Net cash inflow from operating activities	31,345	12,124

Investing activities
Interest received	-	3
Proceeds from disposal of investment properties	1,895	1,005
Proceeds from disposal of property, plant and equipment	-	15
Purchase of property, plant and equipment	(11)	(58)
Capital expenditure on investment properties	(434)	(350)

Net cash inflow from investing activities	1,450	615

Cash flow from financing activities

Repayment of borrowings	(23,800)	(9,110)
Equity dividend paid	(6,042)	(6,042)

Net cash (outflow) from financing activities	(29,842)	(15,152)

Net increase/(decrease) in cash and cash equivalent	2,953	(2,413)

Cash and cash equivalent at beginning of the period	(11,211)	(8,798)

Cash and cash equivalent at end of year	(8,258)	(11,211)

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2010

	Year	Year
	Ended	ended
	31.03.2010	31.03.2009
	£000	£000

Profit for the year	21,635	9,389

Net (expense) recognised directly in equity	(26)	(3,614)


Total recognised income	21,609	5,775

The total recognised income
in the year is attributable to:
Equity shareholders of the parent	21,609	5,775

Notes to the Preliminary Announcement

1.	Financial Information
	The financial information contained in this report does not constitute statutory accounts for the years ended 31 March 2010 or 31 March 2009 within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2009 which were prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and which received an unqualified audit report and did not contain a statement under s237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies.
	Financial statements for the year ended 31 March 2010 will be presented to the Members at the Annual General Meeting on 11 August 2010. The auditors have indicated that their report on these Financial Statements will be unqualified.
2.	Basis of Preparation
	The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2010 AGM are expected to comply fully with IFRS.