Interim Results

Mountview Estates PLC
30 November 2006



MOUNTVIEW ESTATES PLC


INTERIM RESULTS



On the following pages are the unaudited Accounts for the six months ended on 30
September 2006. This time last year we were reporting under International
Financial Reporting Standards for the first time but that could not disguise the
fact that Profit before Taxation and Earnings per Share had fallen by nearly
thirty per cent.


Happily this situation was turned round in the second six months of 2005/06 to
the extent that we recovered £1.5 million of the £3.7 million deficit which had
accumulated in the first six months. Now I can report that our recovery has
continued so well that the Profit before Taxation and the Earnings per Share are
up by over fifty per cent for the six months ended on 30 September 2006 compared
to the same period last year.


In addition, Revenue, Profit before Taxation and Earnings per Share are all
ahead of the figures for the six months ended 30 September 2004 and so there is
a very reasonable expectation that for the full year we may exceed the results
for year ended 31 March 2005. The housing market continues to be strong but it
is necessary to sound a note of caution in view of the two interest rate rises
in the last few months.


We continue to exercise firm financial and internal controls and have succeeded
in making more purchases than during the same period last year. Making the right
purchases is arguably the most important and most difficult part of ensuring the
continuing success of the Company.


Christopher Maunder Taylor resigned as a Director and left the Company as at 30
September 2006. The departure of a senior executive is always a difficult time
but my colleagues and staff have shown an ability and a willingness to cope and
we are confident that the Company will continue to prosper.


An increased interim dividend of 50 pence per share will be payable on 26 March
2007 to shareholders on the register at 23 February 2007. This represents an
increase of more than thirteen per cent compared with the 44 pence per share
which was paid in 2006.


D.M. Sinclair

Chairman


                       GROUP INCOME STATEMENT (UNAUDITED)



                       Half year ended         Half year ended        Year ended
                            30.09.2006               30.9.2005        31.03.2006
                                £000                    £000              £000

REVENUE                       29,244                  20,845            47,456

Cost of Sales                (11,842)                 (7,974)          (19,402)
                             ________               _________         ________

GROSS PROFIT                  17,402                  12,871            28,054

Administrative
expenses                      (1,840)                 (1,773)           (3,058)
Increase in
fair value of
investments                        -                       -               337
Gain on sale
of investment
properties                         -                       -               599
                             _______                 _______           _______
OPERATING
PROFIT                        15,562                  11,098            25,932

Net finance
costs                         (1,356)                 (1,793)           (3,272)
                             _______                 _______           _______
PROFIT BEFORE
TAXATION                      14,206                   9,305            22,660
                             _______                 _______           _______
Income tax
expense                       (4,333)                 (2,810)           (6,738)
                             _______                 _______           _______
PROFIT FOR THE
PERIOD
ATTRIBUTABLE
TO EQUITY
SHAREHOLDERS                   9,873                   6,495            15,922
                             _______                 _______           _______
Basic and
diluted
earnings per
share                          253.2p                  167.0p            408.4p






All items within the consolidated income statement relate to continuing
operations


                        GROUP BALANCE SHEET (UNAUDITED)

                                       As at            As at            As at 
                                    30.09.06         30.09.05         31.03.06        
                                        £000             £000             £000
ASSETS

NON-CURRENT ASSETS

Property plant and equipment           2,670          2,826              2,735
Investment properties                 19,846         22,418             20,780
                                      ______         ______             ______
                                      22,516         25,244             23,515
                                      ______         ______             ______

CURRENT ASSETS

Inventories of trading properties    179,876        174,939            176,095
Trade and other receivables            1,275            453                651
Cash and cash equivalents                250            178              2,338
                                     ______         _______             ______
                                     181,401        175,570            179,084
                                     ______         _______             ______

                                     ______        ________             ______

TOTAL ASSETS                         203,917        200,814            202,599
                                     ______        ________             ______

EQUITY AND LIABILITIES

Equity attributable to equity holders
of the parent

Share capital                            195            195                195
Capital redemption reserve                55             55                 55
Capital reserve                           25             25                 25
Other reserve                             56             56                 56
Retained earnings                    149,369        135,138            142,849
                                     _______        _______            _______
                                     149,700        135,469            143,180
                                     _______        _______            _______

NON-CURRENT LIABILITIES

Long-term borrowings                  22,375         22,775             29,716
Deferred tax                           4,959          5,465              5,056
                                      ______         ______             ______
                                      27,334         28,240             34,772
                                      ______         ______             ______

CURRENT LIABILITIES

Bank overdrafts and loans             20,831         32,715             20,149
Current tax payable                    4,903          3,140              3,078
Trade and other payables               1,149          1,250              1,420
                                      ______         ______             ______

                                      26,883         37,105             24,647
                                      ______         ______             ______

TOTAL LIABILITIES                     54,217         65,345             59,419
                                      ______         ______             ______

TOTAL EQUITY AND LIABILITIES         203,917        200,814            202,599


                      GROUP CASHFLOW STATEMENT (UNAUDITED)

                                      Half year ended Half year ended Year ended
                                             30.09.06        30.09.05   31.03.06
                                               £000            £000       £000
Cash flow from operating
activities                                   15,562          11,098     25,932
Adjustment for:
Depreciation                                    105              76        159
Loss on disposal of
plant and equipment                               -              10         30
(Gain) on disposal of
investment properties                             -               -       (599)
(Increase) in fair value of
investment properties                             -                       (337)
                                             ______          ______    ______
Cash flow from operations
before changes in working capital            15,667          11,184    25,185
                                             ______          ______    ______

(Increase) in inventories                    (3,781)           (164)    (1,320)
(Increase) in receivables                      (624)           (134)      (331)
(Decrease)/Increase in payables                (271)           (953)       317
                                             ______          ______     ______
Cash generated from operations               10,991           9,933     23,851

Net Interest paid                            (1,356)         (1,808)    (3,272)
Income taxes paid                            (2,606)         (2,945)    (7,343)
                                             ______          ______     ______
Net cash flow from operating
activities                                    7,029           5,180     13,236
                                             ______          ______     ______

Investing activities

Capital expenditure on
investment properties                           (25)           (415)      (498)
Purchase of property,
plant and equipment                              (6)           (151)      (165)
Proceeds from disposal of
investment properties                           925             465      3,122
Proceeds from disposal of
property, plant and equipment                     -              61         61 
                                             ______          ______     ______
Net cash from/(used) in
investing activities                            894             (40)     2,520
                                             ______          ______     ______

Cash flows from financing activities

Increase in borrowings                            -             725          -
Repayment of borrowings                      (6,116)         (7,484)   (12,711)
Equity dividend paid                         (3,353)         (3,197)    (4,913)
                                             ______          ______     ______
Net cash (used) from financing
activities                                   (9,469)         (9,956)    (17,624)
                                            _______         _______    _______
Net decrease in cash and
cash equivalents                             (1,546)         (4,816)    (1,868)
                                             ______          ______     ______

Opening cash and cash equivalents           (15,586)        (13,718)   (13,718)
                                             ______          ______     ______
Closing cash and cash equivalents           (17,132)        (18,534)   (15,586)
                                             _______         _______    _______




                  CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



                       Half year ended          Half year ended       Year ended
                              30.09.06                 30.09.05         31.03.06
                                £000                     £000             £000

Shareholders'
funds at 1
April                        143,180                  132,171          132,171

Profit for the
year                           9,873                    6,495           15,922

Dividends                     (3,353)                  (3,197)          (4,913)

Shareholders'
funds at the
end of the
period                       149,700                  135,469          143,180





Enquiries:


Frank Malcolm, Brewin Dolphin Securities Limited 0131 529 0311








                      This information is provided by RNS
            The company news service from the London Stock Exchange