Interim Management Statement

RNS Number : 8632L

Mountview Estates PLC

10 August 2011

 



Interim Management Statement - 10 August 2011

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 2011 to date.

Last year the Group's performance in the first quarter to June 30 was very strong with both revenue and gross profit representing about a third of the results for the full year. This year has started far more slowly as far as sales are concerned but there has been a greater emphasis on purchases. These purchases will help to ensure the future prosperity of the company but making them has inevitably increased the Group's borrowings.

Interest rates remain artificially low despite rising inflation and mortgage finance remains difficult to obtain. Nevertheless house prices have moved upwards particularly in the more desirable areas of London. Furthermore residential property continues to be a scarce commodity.

There have been no significant changes in the Group's position since the publication of its Report and Accounts for the year ended 31 March 2011. The Board remains confident of the Group's financial stability and, whilst recent years have seen a net outflow in the number of properties held in the Group's portfolio, there has been a marked increase in the number of properties purchased in the last six months.

The results for the six months ending 30 September 2011 will be announced on 30 November 2011.

 

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