Half Yearly Report

RNS Number : 9021G

Mountview Estates PLC

26 November 2015

 

Mountview Estates P.L.C.

Interim Results

MOUNTVIEW ESTATES P.L.C.

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2015

OUR PERFORMANCE

Turnover at £42.8 million up by 16% (2014 - £36.9m)

Gross profit at £28.3 million up by 17.4% (2014 - £24.1m)

Profit before tax at £25.9 million up by 24.5% (2014 - £20.8m)

Earnings per share at 531.0 pence up by 24.0% (2014 - 428.0p)

Net assets per share at £77.3 up by 8.9% (2014 - £71.0)

DIVIDEND INFORMATION

Mountview Estates P.L.C. advises its shareholders that, following the issue of the interim results, the relevant dates in respect of the interim dividend payment of 200p per share are as follows:

Ex-dividend date        18 February 2016

Record date                19 February 2016

Payment date               29 March 2016

C.E.O.'s STATEMENT

We are delighted to report another strong start to our financial year, with turnover, profit before taxation and net asset value all ahead of the same period last year.

Trading

Whilst the percentage increases may not be as strong as they were for this period last year, they compare favourably with the increases for the last full year.  Further, I must emphasise that these are increases on top of increases and thus represent a continuing strength in the Company's performance.

Interim Dividend

Although the details have yet to reach the Statute Book, the Chancellor of the Exchequer has announced that from the beginning of the next tax year, the treatment of an individual's dividend income will be less favourable.  To reduce the impact of these changes, your Board have decided to pay the greater part of the dividend at the interim stage.  This interim dividend of 200p per share is payable in respect of the year ending 31 March 2016 on 29 March 2016 to shareholders on the Register of Members as at 19 February 2016.

Current Trading

Acquisitions made during the first six months equate almost to those made for the last full year and there are other purchases already in the pipeline.  The Company remains financially sound with gearing at a modest level and trading in line with the Board's expectations.

Outlook

The outlook for the Company is sound with financing in place to take advantage of any good purchasing opportunities which occur.  We can never control the macro-economic situation and presently Europe is experiencing troubled times, but we remain optimistic.

On 1 December 2015, Dr Andrew Williams joins the Board as a Non-Executive Director.  We are delighted to welcome Andrew (who is a grandson of our co-founder, the late Frank Sinclair) to Mountview.  He is a highly respected professional and brings with him a skill-set that will complement the Board.  On 31 December 2015, Alistair Sinclair retires as a Non-Executive Director of the Company.  We would like to thank Alistair for his five years of distinguished service and full tribute will be paid in my statement which accompanies the full year's Report and Accounts.

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2015

	Half year ended 30.09.2015 £000	Half year ended 30.09.2014 £000	Year ended 31.03.2015 £000
Revenue	42,769	36,900	71,331
Cost of Sales	(14,448)	(12,794)	(24,621)
Gross Profit	28,321	24,106	46,710
Administrative expenses	(2,010)	(2,361)	(5,055)
Gain on sale of investment properties	197	-	-
Operating profit before changes in
fair value of investment properties	26,508	21,745	41,655
Increase in fair value of investment properties	-	-	57
Profit from operations	26,508	21,745	41,712
Net finance costs	(606)	(959)	(1,736)
Profit before taxation	25,902	20,786	39,976
Taxation - current	(5,400)	(4,364)	(8,422)
Taxation - deferred	202	266	263
Taxation	(5,198)	(4,098)	(8,159)
Profit attributable to equity Shareholders	20,704	16,688	31,817
Basic and diluted earnings per share (pence)	531.0p	428.0p	816.0p

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

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2015

	Half year ended	Half year ended	Year ended
	30.09.2015	30.09.2014	31.03.2015
	£000	£000	£000
Assets
Non-current assets
Property, plant and equipment	1,954	2,058	2,008
Investment properties	27,896	29,342	29,399
	29,850	31,400	31,407
Current assets
Inventories of trading properties	330,867	317,651	323,020
Trade and other receivables	1,760	1,580	1,948
Cash and cash equivalents	682	467	1,625
	333,309	319,698	326,593
Total assets	363,159	351,098	358,000
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 reserves	56	56	56
Retained earnings	301,211	276,100	287,330
	301,542	276,431	287,661
Non-current liabilities
Long-term borrowings	49,600	62,000	60,200
Deferred tax	5,055	5,255	5,259
	54,655	67,255	65,459
Current liabilities
Bank overdrafts and loans	991	1,744	963
Trade and other payables	628	1,342	2,343
Current tax payable	5,343	4,326	1,574
	6,962	7,412	4,880
Total liabilities	61,617	74,667	70,339
Total equity and liabilities	363,159	351,098	358,000

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2015

	Half year	Half year	Year
	ended	ended	ended
	30.09.2015	30.09.2014	31.03.2015
	£000	£000	£000
Cash flows from operating activities
Profit from operations	26,508	21,745	41,712
Adjustment for:
Depreciation	55	66	140
(Gain) on disposal of investment properties	(197)	-	-
(Increase) in fair value of investment properties	-	-	(57)
Operating cash flows before movement	26,366	21,811	41,795
in working capital
(Increase)/ Decrease in inventories	(7,847)	3,672	(1,697)
Decrease/(Increase) in receivables	188	(2)	(370)
(Decrease)/Increase in payables	(1,715)	(662)	339
Cash generated from operations	16,992	24,819	40,067
Interest paid	(606)	(959)	(1,736)
Income taxes paid	(1,633)	(4,584)	(11,393)
Net cash inflow from operating activities	14,753	19,276	26,938
Investing activities
Proceeds from disposal of investment properties	1,700	54	54
Purchase of property, plant and equipment	(1)	(8)	(33)
Net cash inflow from investing activities	1,699	46	21
Cash flows from financing activities
Repayment of borrowings	(10,649)	(7,764)	(10,181)
Equity dividend paid	(6,823)	(5,848)	(9,747)
Net cash (outflow) from financing activities	(17,472)	(13,612)	(19,928)
Net (decrease)/increase in cash and cash equivalents	(1,020)	5,710	7,031
Opening cash and cash equivalents	887	(6,144)	(6,144)
Cash and cash equivalents at end of period	(133)	(434)	887

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 September 2015

	Half year	Half year	Year
	ended	ended	ended
	30.09.2015	30.09.2014	31.03.2015
	£000	£000	£000
Shareholders' funds as at the beginning of the period	287,661	265,591	265,591
Profit for the period	20,704	16,688	31,817
Dividends	(6,823)	(5,848)	(9,747)
Shareholders' funds at the end of the period	301,542	276,431	287,661

~ Ends ~

For further information on the Company, visit: www.mountviewplc.co.uk 

SPARK Advisory Partners Limited (Financial Advisor)     www.sparkadvisorypartners.com 

Miriam Greenwood                                                                         0203 368 3553

Mark Brady                                                                                       0203 368 3551

 

END

 

 

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