Interim Results

Mountview Estates PLC
01 December 2005


MOUNTVIEW ESTATES PLC
Interim Results

On the following pages are the unaudited Accounts for the six months ended on 30
September 2005. These are our first Accounts to be prepared under the new
International Financial Reporting Standards. They are, I have to say,
disappointing results as profits on ordinary activities before taxation and
earnings per share have fallen by nearly thirty per cent.

Our revenue is also down, chiefly because of a fall in the number of disposals
which is caused by a lengthening of the period being taken to complete sales.
Rental income has held up well despite the smaller number of properties owned,
but property expenses have risen substantially, both because of the need to
maintain the value of the properties, and the need to make the property
improvements which provide us with the opportunity to uncap, and so increase,
our rents. Administrative expenses show only a slight increase.

Our borrowings continue to decrease and so interest payable has fallen and
recently base rate has been reduced. The Company continues to be soundly based
and when the next upturn in the housing market comes, we will be well placed to
take advantage. We are optimistic that the remainder of the current financial
year should see no further deterioration in market conditions, and perhaps even
some improvement.

The interim dividend is maintained at 44 pence per share, and will be payable on
the 27 March 2006 to shareholders on the register on the 3 March 2006.

D.M. Sinclair
Chairman



GROUP INCOME STATEMENT (UNAUDITED)


                             Half year          Half year                 Year
                                 ended              ended                ended
                            30.09.2005          30.9.2004           31.03.2005
                                  £000           Restated             Restated
                                                     £000                 £000
Revenue                         20,845             25,063               48,778
Cost of Sales                   (7,974)            (8,815)             (17,758)
Gross Profit                __________        ___________          ___________
                                12,871             16,248               31.020
Administrative
Expenses                        (1,773)            (1,690)              (3,019)
Group revaluation
surplus                              -                  -                  331
Profit on
disposal of
investment
properties                           -                325                  325
Operating profit            __________        ___________          ___________
                                11,098             14,883               28,657
Net interest
payable                         (1,793)            (1,880)              (3,809)
Profit before Taxation      __________        ___________          ___________
                                 9,305             13,003               24,848
                            __________        ___________          ___________
Taxation                        (2,810)            (3,924)              (7,482)
Profit for the period       __________        ___________          ___________
                                 6,495              9,079               17,366
                            __________        ___________          ___________
                                                                             _
Basic and diluted
earnings per
share                            167.0p             232.9p               445.4p


All items within the consolidated income statement relate to continuing
operations




GROUP BALANCE SHEET (UNAUDITED)

                                    As at              As at             As at
                               30.09.2005         30.09.2004        31.03.2005
                                     £000           Restated          Restated
                                                        £000              £000
Assets
Non-current assets
Investment
properties                         22,418             22,016            22,468
Property plant
and equipment                       2,826              2,801             2,821
                              ___________       ____________       ___________
                                   25,244             24,817            25,289
                              ___________       ____________       ___________
Current Assets
Inventories of
trading
properties                        174,939            174,683           174,775

Trade and other
receivables                           453                426               319

Cash and cash
equivalents                           178                154             2,288
Total Assets                  ___________       ____________       ___________
                                  175,570            175,263           177,382
                              ___________       ____________       ___________

                              ___________       ____________       ___________
Total Assets                      200,814            200,080           202,671
                             ____________       ____________       ___________
Liabilities
Current liabilities
Bank loans and
overdraft                          32,715             28,076            31,124
Tax liabilities                     3,140              3,922             3,155
Trade and other
payables                            1,250              1,093             1,103
                              ___________       ____________       ___________
                                   37,105             33,091            35,382
                              ___________       ____________       ___________
Non-current liabilities
Borrowings                         22,775             35,945            29,534
Deferred tax                        5,465              5,447             5,584
                                  -------          ---------         ---------
                                   28,240             41,392            35,118
                                  -------         ---------         ---------
                              ___________       ____________       ___________
Total liabilities                  65,345             74,483            70,500
                              ===========        ===========       ===========
                              ___________        ___________       ___________
Net Assets                        135,469            125,597           132,171
                              ===========        ===========       ===========

Equity
Issued share
capital                               195                195               195
Capital
Redemption
Reserve                                55                 55                55
Capital Reserve                        25                 25                25
Other Reserves                         56                 56                56
Retained Earnings                 135,138            125,266           131,840
                              ___________       ____________       ___________
Total Equity                      135,469            125,597           132,171
                              ===========       ============       ===========


GROUP CASHFLOW STATEMENT (UNAUDITED)

                                          Half year    Half year         Year
                                              ended        ended        ended
Cash flow from operating activities      30.09.2005   30.09.2004   31.03.2005
                                                        Restated     Restated
                                              £'000        £'000        £'000
Operating Profit                             11,098       14,883       28,657
Adjustment for non-cash items:
Depreciation                                     76           57          121
Loss on disposal of plant and machinery          10            5            3
Profit on disposal of investment
properties                                        -         -325         -325
Revaluation surplus on investment
properties                                                               -331
                                            ---------    ---------    ---------
Cash flow from operations before
changes in working capital                   11,184       14,620       28,125
                                            ---------    ---------    ---------
(Increase in inventories)                      -164       -4,567       -4,659
(Increase in receivables)                      -134         -249         -141
(Decrease) in payables                         -953         -283         -122
                                            ---------    ---------    ---------
Cash generated from operations                9,933        9,521       23,203
                                            ---------    ---------    ---------
Interest paid                                -1,808       -1,894       -3,979
Tax paid                                     -2,945       -4,669       -8,856
                                            ---------    ---------    ---------
Net cash flow from operating activities       5,180        2,958       10,368
                                            ---------    ---------    ---------

Investing activities
Capital expenditure on investment
properties                                     -415         -262         -388
Purchase of property, plant and
equipment                                      -151           -2         -125
Proceeds from disposal of investment
properties                                      465          385          385
Proceeds from disposal of property,
plant & equipment                                61            -           46
                                            ---------    ---------    ---------
Net cash flow from investing activities         -40          121          -82
                                            ---------    ---------    ---------

Financing activities
Increase in borrowings                          725        1,580        3,365
Repayment of borrowings                      -7,484       -3,775       -9,279
Equity dividend paid                         -3,197       -3,041       -4,754
                                            ---------    ---------    ---------
Net cash used in financing activities        -9,956       -5,236      -10,668
                                            ---------    ---------    ---------
                                            
Net decrease in cash and cash
equivalents                                  -4,816       -2,157         -382
                                            ---------    ---------    ---------
                                            

Opening cash and cash equivalents           -13,718      -13,336      -13,336
                                            ---------    ---------    ---------
Closing cash and cash equivalents           -18,534      -15,493      -13,718
                                            ---------    ---------    ---------




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