RNS Number:5600O
Mountview Estates PLC
12 December 2001
CHAIRMAN'S STATEMENT
Herewith are the unaudited Accounts for the six months ended on 30 September
2001. Profit on ordinary activities before taxation fell only slightly, but
such is the incidence of taxation that profit on ordinary activities after
taxation shows a modest increase and earnings per share are up from 134.5
pence to 136.2 pence. These results have been achieved despite a 77% increase
in interest charges consequent upon the rise in our borrowings chiefly caused
by the acquisition at the beginning of May of seventy flats in prime central
London locations.
The highlight of our activities during these six months might well have been
the acquisition of the London flats, the benefits of which are yet to accrue,
but everything has been overshadowed by the atrocities of 11 September. House
prices were already rising more slowly and buyers were showing less urgency in
completing deals, but since 11 September downward economic trends have been
accelerated and we must necessarily be cautious about the coming months
because whilst low interest rates are helping to sustain the housing market we
cannot expect to escape all the consequences of a world economic downturn, nor
can we expect to be exempt from whatever may afflict other sectors of the
British economy.
The most significant recent move that we have been able to make on behalf of
our shareholders occurred after 30 September 2001. It took place at the EGM on
12 November 2001 when shareholders voted in favour of the resolution to buy
back for cancellation 14.99% of the Company's shares then held by BPT plc. The
manner in which the buy back has been financed is such that the Company should
not be inhibited in making purchases and developing the business in the short
and medium term. Indeed we are confident that in the long term the benefits of
this transaction will accrue to all continuing shareholders.
The buy-back has already enabled us to raise the interim dividend from 30
pence per share to 36 pence per share (an increase of 20%) at an additional
cost of less than #30,000. Indeed, although nominal earnings per share for the
six months ended on 30 September 2001 have risen to 136.2 pence (an increase
of 1%), the amount attributable to each share would have been 160.2 pence (an
increase of 19%) had the share capital as reduced on 12 November been in place
for all of the first half.
Whilst the buy back of 14.99% of the Company's shares caused an increase in
the percentage of shares held by the Sinclair family concert party, the
placing of the balance of the BPT holding, which had taken place on 11 October
2001, introduced a significant number of new shareholders, all of whom we
welcome to Mountview Estates.
The interim dividend of 36 pence per share will be payable on 25 March 2002 to
shareholders on the register at 22 February 2002.
12 December 2001
Consolidated Profit and Loss Account (unaudited).
Notes Half Year Half Year Full Year
ended ended ended
30.09.2001 30.09.2000 31.03.2001
# # #
Turnover 2 17,838,646.00 18,490,604.00 36,492,741.00
Cost of Sales (6,153,004.00) (7,331,529.00) (12,867,278.00)
Gross Profit 11,685,642.00 11,159,075.00 23,625,463.00
Administrative Expenses (1,341,376.00) (1,347,267.00) (1,942,055.00)
Operating Profit 10,344,266.00 9,811,808.00 21,683,408.00
Interest Payable (1,402,006.00) (791,715.00) (1,675,020.00)
Profit on ordinary activities 8,942,260.00 9,020,093.00 20,008,388.00
before taxation
Tax on ordinary activities (2,695,969.00) (2,848,893.00) (6,008,861.00)
Profit on ordinary 3 6,246,291.00 6,171,200.00 13,999,527.00
activities
after taxation
Dividends 4 (1,403,645.00) (1,376,123.00) (3,577,919.00)
Retained Profit for the period 4,842,646.00 4,795,077.00 10,421,608.00
Earnings per Share 5 136.2.p 134.5p 305.2p
Consolidated Balance Sheet (unaudited)
As at As at As at
30.09.2001 30.09.2000 31 .3.2001
# # #
Fixed Assets
Intangible assets 221,511.00 310,116.00 265,814.00
Tangible Assets 25,819,481 20,426,797 25,320,266.00
26,040,992.00 20,736,913.00 25,586,080.00
Current Assets
Stocks 130,002,697.00 98,266,376.00 106,078,226.00
Debtors:
due within one year 218,301.00 600,451.00 416,775.00
due after one year 0.00 0.00
Cash at Bank and in hand 77,091.00 126,892.00 261,706.00
130,298,089.00 98,993,719.00 106,756,707.00
Creditors: amounts failing due (29,909,158.00) (24,368,387.00) (26,825,511.00)
within one year
Net Current Assets 100,388,931.00 74,625,332.00 79,931,196.00
Total Assets less Current 126,429,923.00 95,362,245.00 105,517,276.00
Liabilities
Creditors: Amounts failing due
after more than one year (22,000,000.00) (4,890,000.00) (5,930,000.00)
104,429,923.00 90,472,245.00 99,587,276.00
Capital and Reserves
Called up share capital 229,354.00 229,354.00 229,354.00
Revaluation Reserve 5,846,215.00 2,357,715.00 5,846,215.00
Capital Redemption Reserve 20,646.00 20,646.00 20,646.00
Capital Reserve 24,660.00 24,660.00 24,660.00
Other Reserves 56,000.00 56,000.00 56,000.00
Profit and Loss Account 98,253,048.00 87,783,870.00 93,410,401.00
104,429,923.00 90,472,245.00 99,587,276.00
Consolidated Cash Flow Statement
Half year ended Half year ended Full Year ended
30.09.2001 30.09.2000 30.09.2001
Cash (outflow) Inflow from (12,930,405.00) 4,658,069.00 8,633,695.00
operating activities
Returns on Investment and (1,390,098.00) (792,960.00) (1,672,997.00)
servicing of finance
Taxation (2,495,718.00) (2,263,114.00) (6,339,859.00)
Capital expenditure and (552,727.00) (17,916.00) (1,494,675.00)
financial investment
Equity dividend paid (2,201,796.00) (2,285,527.00) (3,466,955.00)
Cash ( outflow)/ inflow before (19,570,744.00) (701,448.00) (4,340,791.00)
use of liquid
resources and financing
Financing 20,070,000.00 800,000.00 1,840,000.00
Increase/(decrease) in cash 499,256.00 98,552.00 (2,500,791.00)
flow for the period
Reconciliation of Net Cash flow
movement in Net Debt
Increase (Decrease) in cash in 499,256.00 98,552.00 (2,500,791.00)
the period
Change in Net Debt resulting 499,256.00 98,552.00 (2,500,791.00)
from Cash Flow
New Loans due within one year (4,000,000.00)
New Loans falling due after (16,070,000.00) (800,000.00) (1,840,000.00)
more than one year
Net debt at the beginning of (25,124,314.00) (20,783,523.00) (20,783,523.00)
the period
Net debt at the end of the (44,695,058.00) (21,484,971.00) (25,124,314.00)
period
For further information:
Frank Malcolm, Brewin Dolphin Securities Limited (brokers to Mountview Estates)
Tel: 0131 529 0311
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