Interim Results

Mountview Estates PLC
13 November 2003



MOUNTVIEW ESTATES PLC

INTERIM RESULTS

                              CHAIRMAN'S STATEMENT



I have much pleasure in presenting the unaudited Accounts for the six months
ended on 30 September 2003. Profit on ordinary activities before taxation has
risen from £10,260,221 to £13,240,330, which is an increase of 29%. The
substantial rise in earnings per share from 183.9 pence to 237.4 pence is an
increase of nearly 30%. This very sound start gives reason to expect at least
some increase in the profits for the full year.

During the summer of 2002 the strength of the housing market was considered to
be a potential problem and caused the postponement of interest rate reductions
needed by other sectors of the economy. In 2003 those further interest rate
reductions have been made in the hope that a buoyant housing market might
sustain an otherwise flagging economy. However, it is now expected that interest
rates will rise in the coming months.

The future prosperity of the Company lies in its ability to continue making the
right purchases in sufficient quantity and there has been a steady in-flow of
properties during the first six months and our net borrowings have been reduced
to £52 million. However, in a few days time we will complete a £20 million
purchase of stock situated in one of the most sought after areas of London. This
will necessitate further borrowings, but our strong cash flow enables us to make
the loan repayments and still take advantage of good purchasing opportunities
when they arise.

Our policy of heavy reinvestment enables us to keep the Company's gearing at a
reasonable and sustainable level whilst increasing dividends steadily. The
interim dividend is increased by 4 pence from 40 pence per share to 44 pence per
share and a decision in respect of the final dividend will be taken only when
your Board have assessed the final results for the year ending 31 March 2004.

The Company is very soundly based and your Board look forward to the future with
cautious confidence, although we are always aware that there could be an
economic downturn and that house prices can go down as well as up.

The interim dividend of 44 pence per share will be payable on 29 March 2004 to
shareholders on the register on 27 February 2004.




Consolidated Profit and Loss Account (unaudited)







                         Half year ended Half year ended Full Year ended

                            30.09.2003      30.09.2002      31.03.2003

                                     £               £               £

Turnover                    25,019,012      21,726,006      45,996,956



Cost of Sales               (8,723,905)     (8,227,978)    (16,401,562)
                           -------------     -----------     -----------



Gross Profit                16,295,107      13,498,028      29,595,394



Administrative              (1,646,821)     (1,524,556)     (2,765,282)
Expenses                   -------------     -----------     -----------



Operating Profit            14,648,286      11,973,472      26,830,112



Interest payable and        (1,407,956)     (1,713,251)     (3,227,287)
similar charges            -------------     -----------     -----------



Profit on ordinary          13,240,330      10,260,221      23,602,825
activities before
taxation



Taxation on profit on       (3,985,389)     (3,091,357)     (7,877,754)
ordinary activities

                           -------------     -----------     -----------

Profit on ordinary           9,254,941       7,168,864      15,725,071
activities after
Taxation



Dividends                   (1,715,566)     (1,559,606)     (3,587,092)
                           -------------     -----------     -----------



Retained Profit for the      7,539,375       5,609,258      12,137,979
period                     =============     ===========     ===========



Earnings per share               237.4p          183.9p          403.3p

Basic and fully
diluted


Consolidated Balance Sheet (unaudited)

                                     As at         As at         As at

                                30.09.2003    30.09.2002    31 03.2003

                                         £             £             £



Fixed Assets

Intangible assets                   44,301       132,905        88,602

Tangible Assets                 23,633,021    29,191,336    23,622,608
                              ==============  ============  ============

                                23,677,322    29,324,241    23,711,210

                              ==============  ============  ============

Current Assets

Stocks                         147,480,103   136,311,131   141,998,719

Debtors:

due within one year              1,318,833       559,115       554,151



Cash at Bank and in hand           129,376        83,377     1,099,811
                              --------------  ------------  ------------

                               148,928,312   136,953,623   143,652,681



Creditors: amounts failing     (35,887,919)  (33,720,757)  (34,855,563)
due                           --------------  ------------  ------------
within one year



Net Current Assets             113,040,393   103,232,866   108,797,118
                              ==============  ============  ============



Total Assets less Current      136,717,715   132,557,107   132,508,328
Liabilities



Creditors: Amounts failing
due
after more than one year       (23,535,012)  (31,254,000)  (26,865,000)

                              ==============  ============  ============

                               113,182,703   101,303,107   105,643,328

                              ==============  ============  ============

Capital and Reserves



Called up share capital            194,951       194,951       194,951

Revaluation Reserve              5,379,966     8,248,484     5,379,966

Capital Redemption Reserve          55,049        55,049        55,049

Capital Reserve                     24,660        24,660        24,660

Other Reserve                       56,000        56,000        56,000

Profit and Loss Account        107,472,077    92,723,963    99,932,702

                              ==============  ============  ============

                               113,182,703   101,303,107   105,643,328

                              ==============  ============  ============







Consolidated Cash Flow Statement



                         Half year ended Half year ended Full Year ended

                            30.09.2003      30.09.2002      31.03.2003

                                     £               £               £

Net Cash Inflow from         7,787,950       6,469,811      16,425,870
operating activities



Returns on Investments      (1,421,534)     (1,691,401)     (3,274,544)
and servicing
of finance



Taxation                    (4,045,410)     (3,212,207)     (6,973,122)



Capital expenditure and        (60,586)       (131,560)      3,125,639
financial investment



Equity dividends paid       (2,029,734)     (1,873,774)     (3,431,132)

                            ------------   -------------   -------------

Cash inflow /(outflow)         230,686        (439,131)      5,872,711
before financing            ------------   -------------   -------------



Financing                   (3,329,988)     (2,180,000)     (4,752,000)

                            ------------   -------------   -------------

( Decrease) Increase in     (3,099,302)     (2,619,131)      1,120,711
cash flow for the           ============   =============   =============
period



Reconciliation of Net Cash Flow to Movement in Net
Debt



(Decrease)/Increase in      (3,099,302)     (2,619,131)      1,120,711
cash in the period          ------------   -------------   -------------



Net Cash outflow from        2,779,988       3,535,000       4,607,000
bank loans



Net cash outflow/              550,000      (1,355,000)        145,000
(inflow) from other
loans

                            ------------   -------------   -------------

Change in Net Debt             230,686        (439,131)      5,872,711

                            ------------   -------------   -------------



Net debt at the            (52,166,271)    (58,038,982)    (58,038,982)
beginning of the
period

                            ============   =============   =============

Net debt at the end of     (51,935,585)    (58,478,113)    (52,166,271)
the period

                            ============   =============   =============








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