Interim Results

Mountview Estates PLC
5 December 2000

Stock Exchange announcement



MOUNTVIEW ESTATES PLC ('Mountview' or 'the Company')

CHAIRMAN'S STATEMENT



On the following pages are the unaudited results of Mountview for the six
months ended 30 September 2000. Following our very strong performance for the
year ended 31 March 2000 it is very pleasing to have maintained our momentum
so well that further advances have been made during the first half of the year
to 31 March 2001. Turnover at £18,490,604 is up by more than 10%, operating
profit at £9,811,808 is up by nearly 14% and pre-tax profits at £9,020,093
have risen by over 8%.

As expected, our borrowings and thus interest payable have increased
considerably following the acquisitions of ALG Properties Ltd and Louise
Goodwin Ltd, but our gearing is still modest and is unlikely to cause any
discomfiture in the event of an increase in interest rates. Indeed, we
continue to be able to make further good purchases out of current resources.

In the Report and Accounts for the year ended 31 March 2000 I said the Company
would appoint non-executive directors in accordance with the Code of Best
Practice under the Corporate Governance recommendations. We are pleased to
announce the appointments as non-executive directors of Mr John Hall, Managing
Director of Brewin Dolphin Holdings PLC and Mr Nigel Palmer, a former Business
Centre Director with Barclays Bank PLC. These appointments are with effect
from 1 December 2000.

Total dividends for the year ended 31 March 2000 were more than four times
covered. The interim dividend for the current year is being increased by 6p
per share. We believe this increase will not compromise our ability to
maintain the final dividend and thus increase our total dividends for the year
to 31 March 2001. The interim dividend of 30p per share is payable on 26 March
2001 to shareholders on the register at 23 February 2001.




Mountview Estates P.L.C.
The Directors report the following unaudited results of the Group for the six
months

ended 30 September 2000
Consolidated Profit & Loss Account
                                             Half Year        Half Year
                                               ended            ended
                                             30. 9.2000       30. 9.1999
                                                 £                £
Turnover                                     18,490,604       16,733,173
Cost of Sales                                7,331,529        6,878,496
Gross Profit                                 11,159,075       9,854,677
Administrative Expenses                      1,347,267        1,224,634
Operating Profit                             9,811,808        8,630,043
Interest Payable                             (791,715.)       (303,079.)
Profit on ordinary activities                9,020,093        8,326,964
before taxation
Tax on profit on ordinary                    2,848,893        2,497,939
activities
Profit on ordinary activities                6,171,200        5,829,025
after taxation
Dividends                                    1,376,123        1,100,000
Retained Profit for the six                  4,795,077        4,729,025
months
Retained profit b/f                          82,988,795       73,025,000
Retained profit c/f                          87,783,872       77,754,025
Earnings per Share                             135.0p           127.0p


Group Balance Sheet
                                                    As at           As at
                                                  30.09.2000      30.09.1999
                                                      £               £
Fixed Assets
Intangible Assets                                 310,116.00
Tangible Assets                                 20,426,797.00     211,997.00
Investments                                          0.00            0.00
                                                20,736,913.00     211,997.00
Current Assets
Stocks                                          98,266,376.00   91,723,629.00
Debtors:
due within one year                               600,453.00      420,140.00
due after one year                                   0.00
Cash at Bank and in hand                          126,892.00      534,939.00
                                                98,993,721.00   92,678,708.00
Creditors: amounts failing due                  24,368,387.00   11,256,020.00
within one year
Net Current Assets                              74,625,334.00   81,422,688.00
Total Assets less Current Liabilities           95,362,247.00   81,634,685.00
Creditors: amounts failing due after             4,890,000.00    3,550,000.00
more than one year
                                                90,472,247.00   78,084,685.00
Capital and Reserves
Called up share capital                           229,354.00      229,354.00
Revaluation Reserve                              2,357,715.00        0.00
Capital Redemption Reserve                        20,646.00       20,646.00
Capital Reserve                                   24,660.00       24,660.00
Other Reserve                                     56,000.00       56,000.00
Profit and Loss Account                         87,783,872.00   77,754,025.00
                                                90,472,247.00   78,084,685.00
Unaudited Group Statement of Cash Flows            Half year    Half year ended
                                                     ended
                                                   30.09.2000     30.09.1999
Cash Inflow from operating activities             4,658,069.00   9,746,086.00
Returns on Investment and servicing               (792,960.00)   (329,773.00)
of finance
Taxation                                         (2,263,114.00)   (1,560.00)
Capital expenditure                               (17,916.00)     (45,553.00)
Acquisitions and disposals                            nil             nil
Equity dividend paid                             (2,285,527.00) (2,332,053.00)
Cash inflow ( outflow) before use of liquid       (701,448.00)   7,037,147.00
resources
Financing                                          800,000.00     750,000.00
Increase ( Decrease) in cash flow for the period   98,552.00     7,787,147.00
Reconciliation of Operating Profit to Net Cash
Inflow from Operating activities
Operating profit                                  9,811,808.00   8,630,043.00
Goodwill amortisation                              44,303.00          nil
Depreciation                                       23,964.00       13,229.00
( Increase) Decrease in stock                    (5,729,641.00)   958,694.00
(Increase) Decrease in debtors                    (107,478.00)    (11,422.00)
(Decrease) Increase in creditors                   615,113.00     155,542.00
                                                  4,658,069.00   9,746,086.00


                                                Half year ended Half year ended
                                                  30.09.2000      30.09.1999
Reconciliation of Net Cash flow movement
in Net Debt
Change in Net Debt resulting from Cash Flow        98,552.00     7,787,147.00
New Loans falling due after more than one year   (800,000.00)    (750,000.00)
Net Debt as at 1 April 2000 /1999               (20,783,523.00) (13,052,428.00)
Net Debt as at 30.September 2000/1999           (21,484,971.00) (6,015,281.00)

Analysis of Net Debts
                                      At 1 April   Cash Flow   At 30 September
                                         2000                       2000
Cash at bank and in hand              180,639.00   (53,748.00)    126,891.00
Bank overdrafts                      (16,874,162.00) 152,300.00  (16,721,862.00)
                                     (16,693,523.00) 98,552.00   (16,594,971.00)
Debt falling due after more than one (4,090,000.00) (800,000.00)  (4,890,000.00)
year
                                    (20,783,523.00) (701,448.00)(21,484,971.00)

Analysis of Net Debt                  At 1 April   Cash Flow   At 30 September
                                         1999                       1999

Cash at bank and in hand              149,998.00   384,941.00    534,939.00
Bank overdrafts                     (10,402,426.00) 7,402,206.00  (3,000,220.00)
                                    (10,252,428.00) 7,787,147.00  (2,465,281.00)
Debt falling due after more than one (2,800,000.00) (750,000.00)  (3,550,000.00)
year
                                     (13,052,428.00) 7,037,147.00 (6,015,281.00)