Preliminary Results for year ended 31 March 2016

RNS Number : 3302B

Mountview Estates PLC

16 June 2016

 

MOUNTVIEW ESTATES P.L.C.

Preliminary Results for the year ended 31 March 2016

CHIEF EXECUTIVE OFFICER'S STATEMENT

During the financial year ended 31 March 2016 revenue has increased by 11.9%, gross profit has increased by 13.5%, and profit before tax has increased by 21%.  This has enabled earnings per share to increase by 21.7% to 993 pence which covers the increased dividend per share 3.3 times.  The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2016 will be payable on 15 August 2016 to Shareholders on the Register of Members as at 15 July 2016.  The total dividends for the year at 300 pence per share will have increased by a further 9.1% when compared with the previous year.

There are as ever economic uncertainties and we cannot influence the macro-economic situation, but Mountview has strong foundations.  Borrowings have been further reduced and we continue to make good purchases.  We research all opportunities thoroughly and I believe that we can contemplate the future with confidence.

Duncan Sinclair

16 June 2016

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

	2016	2015	Increase
	£	£	%
Revenue (millions)	79.8	71.3	11.9
Gross Profit (millions)	53.0	46.7	13.5
Profit Before Tax (millions)	48.4	40.0	21.0
Profit Before Tax excluding investment properties revaluation (millions)	46.9	40.0	17.3
Equity Holders' Funds (millions)	311.8	287.7	8.4
Earnings per share (pence)	992.9	816.0	21.7
Net assets per share (£)	79.9	73.8	8.3
Dividend per share (pence)	300	275	9.1

Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 100 pence per share are as follows:

Ex-dividend date	14 July 2016
Record date	15 July 2016
Payment date	15 August 2016

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2016

	Year	Year
	ended	ended
	31.03.2016	31.03.2015
	£'000	£'000
REVENUE	79,765	71,331
Cost of sales	(26,751)	(24,621)
GROSS PROFIT	53,014	46,710
Administrative expenses	(5,148)	(5,055)
Gain on sale of investment properties	197	0
Operating profit before changes in fair value of investment properties	48,063	41,655
Increase in fair value of investment  properties	1,504	57
PROFIT FROM OPERATIONS	49,567	41,712
Net finance costs	(1,179)	(1,736)
PROFIT BEFORE TAXATION	48,388	39,976
Taxation - current	(9,593)	(8,422)
Taxation - deferred	(83)	263
Taxation	(9,676)	(8,159)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS	38,712	31,817
Basic and diluted earnings per share (pence)	992.9p	816.0p

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 MARCH 2016

	As at	As at
	31.03.2016	31.03.2015
	£'000	£'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	1,911	2,008
Investment properties	29,448	29,399
	31,359	31,407
CURRENT ASSETS
Inventories of trading properties	334,108	323,020
Trade and other receivables	1,720	1,948
Cash at bank	1,706	1,625
	337,534	326,593
TOTAL ASSETS	368,893	358,000
EQUITY AND LIABILITIES
Share capital	195	195
Capital redemption reserve	55	55
Capital reserve	25	25
Other reserve	56	56
Retained earnings	311,421	287,330
	311,752	287,661
NON-CURRENT LIABILITIES
Long-term borrowings	39,700	60,200
Deferred tax	5,342	5,259
	45,042	65,459
CURRENT LIABILITIES
Bank overdrafts and short-term loans	3,625	963
Trade and other payables	3,000	2,343
Current tax payable	5,474	1,574
	12,099	4,880
TOTAL LIABILITIES	57,141	70,339
TOTAL EQUITY AND LIABILITIES	368,893	358,000

MOUNTVIEW ESTATES P.L.C.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2016

			Capital
	Share	Capital	Redemption	Other	Retained
	Capital	Reserve	Reserve	Reserves	Earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 April 2014	195	25	55	56	265,260	265,591
Profit for the year					31,817	31,817
Dividends					(9,747)	(9,747)
Balance as at 31 March  2015	195	25	55	56	287,330	287,661

			Capital
	Share	Capital	Redemption	Other	Retained
	Capital	Reserve	Reserve	Reserves	Earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 April 2015	195	25	55	56	287,330	287,661
Profit for the year					38,712	38,712
Dividends					(14,621)	(14,621)
Balance as at 31 March  2016	195	25	55	56	311,421	311,752

MOUNTVIEW ESTATES P.L.C.

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2016

	Year	Year
	ended	ended
	31.03.2016	31.03.2015
	£'000	£'000
Cash flow from operating activities
Operating profit	49,567	41,712
Adjustment for:
Depreciation	113	140
Loss on disposal of property, plant & equipment	0	0
Gain on disposal of investment properties	(197)	0
(Increase) in fair value of investment properties	(1,504)	(57)
Cash flow from operations before changes in working capital	47,979	41,795
(Increase) in inventories	(11,088)	(1,697)
Decrease/(Increase) in receivables	228	(370)
Increase in payables	657	339
Cash generated from operations	37,776	40,067
Interest paid	(1,179)	(1,736)
Income taxes paid	(5,693)	(11,393)
Net cash inflow from operating activities	30,904	26,938
Investing activities
Proceeds from disposal of investment properties	1,700	54
Capital expenditure on investment properties	(48)	0
Purchase of property, plant and equipment	(16)	(33)
Net cash inflow from investing activities	1,636	21
Cash flow from financing activities
Repayment of borrowings	(20,725)	(10,181)
Equity dividend paid	(14,621)	(9,747)
Net cash (outflow) from financing activities	(35,346)	(19,928)
Net (decrease)/ increase/ in cash and cash equivalents	(2,806)	7,031
Opening cash and cash equivalents	887	(6,144)
Cash and cash equivalents at the end of the year	(1,919)	887

Notes to the Preliminary Announcement

1.   Financial Information

The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2016 and 31 March 2015, but represents extracts from them.

The statutory accounts for the financial year ended 31 March 2015 have been filed with the Registrar of Companies.  The auditor reported on those accounts: their report was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The statutory accounts for the year ended 31 March 2016 are expected to be finalised and signed following approval by the Board of Directors and delivered to the Registrar of Companies following the Company's Annual General Meeting on 10 August 2016.

2.   Basis of Preparation

The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS.  The Financial Statements to be presented to Members at the 2016 AGM are expected to comply fully with IFRS.

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