RNS Number:6979E
Mountview Estates PLC
05 December 2002
CHAIRMAN'S STATEMENT
I have much pleasure in presenting the unaudited Accounts for the six months
ended on 30 September 2002. Profit on ordinary activities before taxation has
risen from #8,942,260 to #10,260,221, which is an increase of 14.7%, and which
has been derived from a smaller equity share capital. The substantial rise in
earnings per share from 136.2 pence to 183.9 pence is an increase of 35.0%. From
this base it is very reasonable to expect satisfactory results for the full
year.
This time last year we were all fearful of the after-effects of 11 September,
but interest rates have been kept lower for longer than was generally expected.
This helped avert the most feared economic consequences and, indeed, kept the
housing market very buoyant, but it is this buoyancy which is now perceived as a
problem. Whilst other sectors of the economy need low, or even lower interest
rates, the increased supply of cheap money threatens to fuel the rise in house
prices at an unsustainable pace.
Caution must be the watchword, but strong cash flow has helped us manage our
increased borrowings and replenish our stocks. Although there has been no single
outstanding purchase, there has been a steady flow of good buying and this
underpins our future profits. Despite our debt being high by our historic
standards, strong sales figures have enabled us to make our loan repayments with
comfort, make the very necessary reinvestment and maintain our policy of
steadily increasing dividends. To this end the interim dividend is increased
from 36 pence per share to 40 pence per share. A decision in respect of any
increase in the final dividend will be taken in the light of the final results
for the year ending 31 March 2003.
The buy-back is working well for every single shareholder and it is so much more
rewarding for management to be able to focus on the long term growth of the
Company without being distracted by a rival company, which had a substantial
shareholding and whose objectives did not accord with those of the Board. The
35.0% increase in earnings per share for the six months to 30 September 2002
gives a very sound base on which to build results for the year ending 31 March
2003 and the Board are confident of riding out the economic turbulence that may
impact in the next few years.
The interim dividend of 40 pence per share will be payable on 31 March 2003 to
shareholders on the register on 28 February 2003.
Consolidated Profit and Loss Account (unaudited).
Half Year Half Year Full Year
ended ended ended
30.09.2002 30.09.2001 31.03.2002
# # #
Turnover 21,726,006 17,838,646 40,289,432
Cost of Sales (8,227,978) (6,153,004) (14,828,704)
Gross Profit 13,498,028 11,685,642 25,460,728
Administrative Expenses (1,524,556) (1,341,376) (2,402,125)
Operating Profit 11,973,472 10,344,266 23,058,603
Interest Payable (1,713,251) (1,402,006) (2,983,334)
Profit on ordinary activities 10,260,221 8,942,260 20,075,269
before taxation
Tax on ordinary activities (3,091,357) (2,695,969) (6,013,113)
Profit on ordinary activities 7,168,864 6,246,291 14,062,156
after taxation
Dividends (1,559,606) (1,403,645) (3,275,172)
Retained Profit for the period 5,609,258 4,842,646 10,786,984
Earnings per Share 183.9p 136.2.p 325.1p
Consolidated Balance Sheet (unaudited)
As at As at As at
30.09.2002 30.09.2001 31.03.2002
# # #
Fixed Assets
Intangible assets 132,905 221,511 177,208
Tangible Assets 29,191,336 25,819,481 29,120,348
29,324,241 26,040,992 29,297,556
Current Assets
Stocks 136,311,131 130,002,697 130,314,220
Debtors:
due within one year 559,115 218,301 1,435,246
Cash at Bank and in hand 83,377 77,091 519,442
136,953,623 130,298,089 132,268,908
Creditors: amounts failing due (33,720,757) (29,909,158) (32,438,615)
Within one year
Net Current Assets 103,232,866 100,388,931 99,830,293
Total Assets less Current 132,557,107 126,429,923 129,127,849
Liabilities
Creditors: Amounts failing due
After more than one year (31,254,000) (22,000,000) (33,434,000)
101,303,107 104,429,923 95,693,849
Capital and Reserves
Called up share capital 194,951 229,354 194,951
Revaluation Reserve 8,248,484 5,846,215 8,248,484
Capital Redemption Reserve 55,049 20,646 55,049
Capital Reserve 24,660 24,660 24,660
Other Reserves 56,000 56,000 56,000
Profit and Loss Account 92,723,963 98,253,048 87,114,705
101,303,107 104,429,923 95,693,849
Consolidated Cash Flow
Statement
Half year ended Half year ended Full Year ended
30.09.2002 30.09.2001 30.03.2002
Cash inflow(outflow) from 6,469,811 (12,930,405) (1,799,501)
operating activities
Returns on Investment and (1,691,401) (1,390,098) (2,849,343)
servicing
of finance
Taxation (3,212,207) (2,495,718) (6,280,853)
Capital expenditure and (131,560) (552,727) (1,537,553)
financial investment
Equity dividend paid (1,873,774) (2,201,796) (3,364,738)
Cash ( outflow)/ inflow before (439,131) (19,570,744) (15,831,988)
use of liquid
resources and financing
Financing (2,180,000) 20,070,000 10,421,320
(Decrease)Increase in cash flow (2,619,131) 499,256 (5,410,668)
for the period
Reconciliation of Net Cash flow
movement
in Net Debt
(Decrease/Increase in cash in (2,619,131) 499,256 (5,410,668)
the period
Change in Net Debt resulting (2,619,131) 499,256 (5,410,668)
from Cash Flow
Cash Inflow/(Outflow) from the
Decrease
(Increase) in debt 2,180,000 (20,070,000) (27,504,000)
Net debt at the beginning of (58,038,982) (25,124,314) (25,124,314)
the period
Net debt at the end of the (58,478,113) (44,695,058) (58,038,982)
period
This information is provided by RNS
The company news service from the London Stock Exchange
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