Interim Results

Mountview Estates PLC
29 November 2007


CHAIRMAN'S STATEMENT

On the following pages are the unaudited Accounts for the six months ended on 30
September 2007. At this stage last year Profit before Taxation and Earnings per
Share had risen by over fifty per cent compared to the same period the previous
year.

In what have been acknowledged as difficult market conditions Profit before
Taxation and Earnings per Share have dropped back by little more than five per
cent. In market conditions that are expected to continue to be difficult profits
may well fall back further compared to last year's exceptional results.

The Company continues on a strong financial footing and has used its borrowing
facilities to make substantial acquisitions. So much so that purchases for the
six months ended on 30 September 2007 exceed those for the whole year ended on
31 March 2007. An analysis of these acquisitions is detailed in note 8 on page
9.

The interim dividend is maintained at 50 pence per share and will be payable on
31 March 2008 to shareholders on the register at 29 February 2008.


                       GROUP INCOME STATEMENT (UNAUDITED)


                                            Half year ended Half year ended       Year ended 
                                                 30.09.2007      30.09.2006       31.03.2007
                                                       £000            £000             £000

Revenue                                              24,432          29,244           68,168


Cost of Sales                                       (7,673)        (11,842)         (25,076)

                                                    _______         _______          _______


Gross Profit                                         16,759          17,402           43,092


Administrative expenses                             (1,874)         (1,840)          (4,526)
                                                    _______         _______          _______
Operating profit before changes in

fair value of investment properties                  14,885          15,562           38,566

Increase in fair value of investments                     -               -           14,224
                                                    _______         _______          _______


Profit from operations                               14,885          15,562           52,790

                                                    _______         _______          _______


Net finance costs                                   (1,458)         (1,356)          (2,563)

                                                    _______         _______          _______

Profit before taxation                               13,427          14,206           50,227

                                                    _______         _______          _______


Taxation - current                                  (4,096)         (4,430)         (11,029)

Taxation - deferred                                      13              97          (4,138)
                                                    _______          ______          _______



Taxation                                            (4,083)         (4,333)         (15,167)

                                                    _______          ______          _______


Profit attributable to equity                        9,344           9,873           35,060
shareholders                                        _______          ______          _______


Basic and diluted earnings per share                 239.7p          253.2p           899.2p
(pence)





All items within the consolidated income statement relate to continuing
operations.



                        GROUP BALANCE SHEET (UNAUDITED)


                                                       As at         As at           As at
                                                  30.09.2007    30.09.2006      31.03.2007
                                                        £000          £000            £000
Assets

Non-current assets
Property plant and equipment                           2,701         2,670           2,607
Investment properties                                 34,092        19,846          34,080

                                                      ______        ______          ______
                                                      36,793        22,516          36,687
                                                      ______        ______          ______

Current assets
Inventories of trading properties                    210,081       179,876         183,889
Trade and other receivables                            1,196         1,275           1,061
Cash and cash equivalents                                772           250             646

                                                      ______        ______          ______
                                                     212,049       181,401         185,596
                                                      ______        ______          ______


Total assets                                         248,842       203,917         222,283


Equity and liabilities

Capital and reserves attributable
to equity holders of the company

Share capital                                            195           195             195
Capital redemption reserve                                55            55              55
Capital reserve                                           25            25              25
Other reserve                                             56            56              56
Retained earnings                                    178,051       149,369         172,606

                                                      ______        ______          ______
                                                     178,382       149,700         172,937
                                                      ______        ______          ______
Non-current liabilities
Long-term borrowings                                  45,828        22,375          29,644
Deferred tax                                           9,181         4,959           9,194

                                                      ______        ______          ______
                                                      55,009        27,334          38,838
                                                      ______        ______          ______
Current liabilities

Trade and other payables                               1,202         1,149           2,952
Bank overdrafts and loans                             10,157        20,831           1,030
Current tax payable                                    4,092         4,903           6,526

                                                      ______        ______          ______

                                                      15,451        26,883          10,508
                                                      ______        ______          ______

Total liabilities                                     70,460        54,217          49,346
                                                      ______        ______          ______

Total equity and liabilities                         248,842       203,917         222,283



                      GROUP CASHFLOW STATEMENT (UNAUDITED)




                                                           Half year        Half year          Year
                                                               ended            ended         ended
                                                          30.09.2007       30.09.2006    31.03.2007
                                                                £000             £000          £000


Cash flow from operating activities                           14,885           15,562        52,790
Adjustment for:
Depreciation                                                      81              105           146
Loss on disposal of property, plant and                           11                -            45
equipment
(Increase) in fair value of investment                             -                -      (14,224)
properties                                                    ______           ______        ______

Cash flow from operations before changes                      14,977           15,667        38,757
in working capital                                            ______           ______        ______

(Increase) in inventories                                   (26,192)          (3,781)       (7,794)
(Increase) in receivables                                      (134)            (624)         (410)
(Decrease)/Increase in payables                              (1,749)            (271)         1,532
                                                              ______           ______        ______

Cash generated from operations                              (13,098)           10,991        32,085
                                                              ______           ______        ______
Interest paid                                                (1,461)          (1,356)       (2,583)
Income taxes paid                                            (6,530)          (2,606)       (7,581)
                                                              ______           ______        ______
Net cash (outflow)/inflow from operating
activities                                                  (21,089)            7,029        21,921

                                                              ______           ______        ______
Investing activities
Interest received                                                  3                -            20
Proceeds from disposal of investment properties                    -              925           925
Proceeds from disposal of property, plant and                     34                -            41
equipment
Purchase of property, plant and equipment                      (220)              (6)          (69)
Capital expenditure on investment properties                    (12)             (25)          (35)
                                                              ______           ______        ______


Net cash (outflow)/inflow from investing                       (195)              894           882
activities
                                                              ______           ______        ______
Cash flows from financing activities


Increase in borrowings                                        16,928                -             -
Repayment of borrowings                                            -          (6,116)       (1,268)
Equity dividend paid                                         (3,899)          (3,353)       (5,303)
                                                              ______           ______        ______


Net cash inflow/(outflow) from financing                      13,029          (9,469)       (6,571)
activities                                                    ______           ______        ______
                                                              ______           ______        ______
Net (decrease)/increase in cash and cash                     (8,255)          (1,546)        16,232
equivalents
                                                              ______           ______        ______
Opening cash and cash equivalents                                646         (15,586)      (15,586)
                                                              ______           ______        ______
Closing cash and cash equivalents                            (7,609)         (17,132)           646
                                                             _______          _______       _______



                  CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


                                                Half year    Half year         Year
                                                    ended        ended        ended
                                               30.09.2007   30.09.2006   31.03.2007    
                                                     £000         £000         £000


Shareholders' funds as at 1 April                 172,937      143,180      143,180

Profit for the period                               9,344        9,873       35,060

Dividends                                         (3,899)      (3,353)      (5,303)
                                                  _______      _______      _______
Shareholders' funds at the end of the
period                                            178,382      149,700      172,937
                                                  _______      _______      _______



Note 8 Page 9


Inventories of Trading Properties


Trading properties are held for sale and are shown at the lower of cost and net
realisable value.

Net realisable value is the estimated selling price less estimated costs of
completion.

Analysis of acquisition of trading properties


                                    Half year                  Half year                 Year ended
                                        ended                      ended                 31.03.2007
                                   30.09.2007                 30.09.2006

                         No of          Costs No of units          Costs No of units    Costs £'000
                         units          £'000                      £'000

Regulated Tenancies        136         27,705          58         11,220         132         20,489

Life Tenancies              12          1,187           9            766          36          3,289

Ground Rents                10             24          10              7          17             31
(or created)            ______         ______      ______         ______      ______         ______

                           158         28,916          77         11,993         185         23,809
                        ______         ______      ______         ______      ______         ______



The above analysis does not include legal and commission expense directly
related to the acquisition of properties.

Properties are treated as acquired or sold on the date of completion.



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