Interim Management Statement

RNS Number : 2281B

Mountview Estates PLC

13 August 2008

 



INTERIM MANAGEMENT STATEMENT

Interim Management Statement - 13 August 2008 

Mountview Estates P.L.C. ('the Group'), which holds its AGM today at 11.30am, publishes its Interim Management Statement covering the period from the beginning of the Group's financial year, 1 April 2008 to date. 

Profits for the first quarter to 30 June 2008 are down by over 30% compared with the same period last year. Trading profits for the full year to 31 March 2008 were down by nearly 23% whereas the first quarter had been ahead compared with the previous year. This year's first quarter may prove to be more typical of the full year.

Trading conditions are very difficult and therefore the Board are not disappointed with the sales performance to date and purchasing activity has continued to be strong. Borrowings have increased significantly as a result of the purchasing activity and, whilst the increase was planned and remains at a manageable level, the increased interest charges will have a marked impact on profits. Consequently the Board are placing an emphasis on the repayment of debt in the short term.  

There have been no significant changes in the position of the Company over the period since the publication of its Report and Accounts for the year ended 31 March 2008 and the Board continues to be pleased with the progress being made. The results for the six months ending 30 September 2008 will be announced on 27 November 2008.  

 

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