TIDMMTVW
RNS Number : 4892U
Mountview Estates PLC
25 June 2009
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
+----------------------------+------------+------------+------------------+
| | 2009 | 2008 | (Decrease) |
+----------------------------+------------+------------+------------------+
| | GBP | GBP | % |
+----------------------------+------------+------------+------------------+
| Turnover (millions) | 53.6 | 54.3 | (1.2) |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Gross Profit (millions) | 25.9 | 36.0 | (28) |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Profit Before Tax | 13.1 | 29.5 | (55.6) |
| (millions) | | | |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Profit Before Tax | 16.3 | 27.7 | (41.1) |
| excluding investment | | | |
| properties revaluations | | | |
| (millions) | | | |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Shareholders' Funds | 187.5 | 187.7 | (0.1) |
| (millions) | | | |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Earnings per share (pence) | 241.0 | 530.1 | (54.5) |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Net assets per share | 48.1 | 48.2 | (0.2) |
+----------------------------+------------+------------+------------------+
| | | | |
+----------------------------+------------+------------+------------------+
| Dividend per share (pence) | 155 | 155 | - |
+----------------------------+------------+------------+------------------+
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 105 pence per share are as follows:
+---------------------------+------------------------------------+
| Ex-dividend date | 15 July 2009 |
| | |
+---------------------------+------------------------------------+
| Record date | 17 July 2009 |
| | |
+---------------------------+------------------------------------+
| Payment date | 17 August 2009 |
| | |
+---------------------------+------------------------------------+
MOUNTVIEW ESTATES P.L.C.
CHAIRMAN'S STATEMENT
First the good news, this company is still making profits. Next more good news,
this company is proposing to maintain its dividends at the record levels reached
last year. At the Annual General Meeting on 12 August 2009, shareholder approval
will be sought for a final dividend of 105 pence per share.
In the worst financial climate in living memory, I consider the achievements
highlighted in the first paragraph to be true success and I congratulate all my
staff and colleagues on their hard work which has happily produced this level of
success. Because of their continuing diligence I am confident that I will again
be able to report profits in twelve months' time although we may yet see an even
more difficult economic climate. The financial highlights opposite show that
despite the various difficulties in the marketplace we have very nearly
maintained the same level of turnover as in the previous year. This has been
achieved by selling about twenty five per cent more properties which explains
why the cost of sales has risen but nevertheless, in such difficult
circumstances, maintaining turnover is a considerable achievement.
In the fifteen months up to the end of June 2008 we had made very substantial
purchases and our borrowings had reached their highest level ever. In normal
circumstances it would be necessary to place an emphasis on the repayment of
those borrowings but in present circumstances it is even more vital. Although
interest rates are presently extraordinarily low, in twelve months' time I
believe they will be significantly higher and the reduction of our borrowings in
the meantime will be prudent. During the twelve months under review our long
term borrowings have decreased by GBP7 million and have continued to decrease
since 31 March 2009 and must continue to decrease in the coming months.
During recent months we have been introducing a new computer system from which
we are already gaining some benefits and this has helped to reduce the
administrative costs of the company. As we continue to integrate the new systems
and take advantage of their full capabilities it should be possible to contain
costs further. Unfortunately a company such as this is ever further burdened by
the increasing bureaucracy which is inflicted upon us and this may sometimes
obscure the greater efficiency with which the core activities are being
administered.
At the Annual General Meeting on 12 August 2009 John Hall will be retiring from
the position of Non-Executive Director which he has occupied with distinction
since December 2000. He was Chief Executive of Brewin Dolphin Holdings PLC from
1987 to September 2007 and we have been fortunate to have the skill and advice
of such an experienced man. He has seen the company grow quite significantly and
we are grateful for all his contributions during this time.
As at 1 January 2009 we welcomed James Laing to the Board as a Non-Executive
Director and he will stand for election at the Annual General Meeting on 12
August 2009. He has been a Senior Partner at Strutt & Parker for many years and
as a Chartered Surveyor I am confident that he will bring a wealth of relevant
experience to the Board.
The company continues on a sound financial basis with tight internal controls
and although we may yet experience greater economic perils I am confident that
in the fullness of time we will reap the benefits of the purchases made in
recent years. My staff and colleagues are ready for the challenges ahead and I
look forward to the day when their efforts will again produce greater profits
and when they can enjoy the financial benefits of those profits and dividends
can once again be increased.
The final dividend of 105 pence per share in respect of the year ended 31 March
2009 recommended by your Board is payable on 17 August 2009 to shareholders on
the Register of Members as at 17 July 2009. This will make a total dividend for
the year ended 31 March 2009 of 155 pence per share which is more than one and a
half times covered by the earnings per share.
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+-----------------------------------------------+------------+------------+
| | Year | Year |
+-----------------------------------------------+------------+------------+
| | ended | Ended |
+-----------------------------------------------+------------+------------+
| | 31.03.2009 | 31.03.2008 |
+-----------------------------------------------+------------+------------+
| | GBP000 | GBP000 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| REVENUE | 53,599 | 54,338 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Cost of sales | (27,657) | (18,347) |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| GROSS PROFIT | 25,942 | 35,991 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Administrative Expenses | (3,767) | (4,207) |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Operating profit before changes in | 22,175 | 31,784 |
| fair value of investment properties | | |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| (Decrease)/Increase in fair value of | (3,210) | 1,784 |
| investment properties | | |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| PROFIT FROM OPERATIONS | 18,965 | 33,568 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Finance costs | (5,906) | (4,043) |
+-----------------------------------------------+------------+------------+
| Income from investments | 3 | 4 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| PROFIT BEFORE TAXATION | 13,062 | 29,529 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Taxation - current | (4,864) | (8,358) |
+-----------------------------------------------+------------+------------+
| Taxation - deferred | 1,191 | (503) |
+-----------------------------------------------+------------+------------+
| Total taxation | (3,673) | (8,861) |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS | 9,389 | 20,668 |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Basic and diluted earnings per share (pence) | | 530.1p |
| | 241.0p | |
+-----------------------------------------------+------------+------------+
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2009
+------------------------------+----------------+----------------+
| | As at | As at |
+------------------------------+----------------+----------------+
| | 31.03.2009 | 31.03.2008 |
+------------------------------+----------------+----------------+
| | GBP000 | GBP000 |
+------------------------------+----------------+----------------+
| Assets | | |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Non-Current Assets | | |
+------------------------------+----------------+----------------+
| Property, plant and | 2,567 | 2,719 |
| equipment | | |
+------------------------------+----------------+----------------+
| Investment properties | 32,195 | 36,203 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| | 34,762 | 38,922 |
+------------------------------+----------------+----------------+
| Current Assets | | |
+------------------------------+----------------+----------------+
| Inventories of trading | 268,806 | 271,361 |
| properties | | |
+------------------------------+----------------+----------------+
| Trade and other receivables | 660 | 1,118 |
+------------------------------+----------------+----------------+
| Cash and cash equivalents | 840 | 802 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| | 270,306 | 273,281 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Total Assets | 305,068 | 312,203 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Equity and Liabilities | | |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Share Capital | 195 | 195 |
+------------------------------+----------------+----------------+
| Capital redemption reserve | 55 | 55 |
+------------------------------+----------------+----------------+
| Capital reserve | 25 | 25 |
+------------------------------+----------------+----------------+
| Other reserves | 56 | 56 |
+------------------------------+----------------+----------------+
| Cash flow hedge reserve | (3,614) | - |
+------------------------------+----------------+----------------+
| Retained earnings | 190,773 | 187,426 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| | 187,490 | 187,757 |
+------------------------------+----------------+----------------+
| Non-Current Liabilities | | |
+------------------------------+----------------+----------------+
| Long-term borrowings | 88,000 | 95,000 |
+------------------------------+----------------+----------------+
| Deferred Tax | 8,506 | 9,697 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| | 96,506 | 104,697 |
+------------------------------+----------------+----------------+
| Current Liabilities | | |
+------------------------------+----------------+----------------+
| Bank overdrafts and loans | 13,026 | 12,685 |
+------------------------------+----------------+----------------+
| Trade and other payables | 2,055 | 3,081 |
+------------------------------+----------------+----------------+
| Current tax payable | 2,377 | 3,983 |
+------------------------------+----------------+----------------+
| Derivative financial | 3,614 | - |
| instruments | | |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| | 21,072 | 19,749 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Total Liabilities | 117,578 | 124,446 |
+------------------------------+----------------+----------------+
| | | |
+------------------------------+----------------+----------------+
| Total Equity and Liabilities | 305,068 | 312,203 |
+------------------------------+----------------+----------------+
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2009
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | Capital | Cash | | | |
| | | | | Flow | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | Share | Capital | Redemption | Hedge | Other | Retained | |
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | Capital | Reserve | Reserve | Reserve | Reserves | Earnings | Total |
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Changes in Equity | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| year ended 31 March | | | | | | | |
| 2008 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Balance as at 1 April | 195 | 25 | 55 | 0 | 56 | 172,606 | 172,937 |
| 2007 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Profit for the year | | | | | | 20,668 | 20,668 |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Dividends | | | | | | (5,848) | (5,848) |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Balance as at 31 | 195 | 25 | 55 | 0 | 56 | 187,426 | 187,757 |
| March 2008 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Changes in Equity | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| year ended 31 March | | | | | | | |
| 2009 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Balance as at 1 April | 195 | 25 | 55 | 0 | 56 | 187,426 | 187,757 |
| 2008 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Profit for the year | | | | | | 9,389 | 9,389 |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Dividends | | | | | | (6,042) | (6,042) |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Cash flow hedge | | | | (3,614) | | | (3,614) |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
| Balance as at 31 | 195 | 25 | 55 | (3,614) | 56 | 190,773 | 187,490 |
| March 2009 | | | | | | | |
+-----------------------+---------+---------+------------+----------+----------+----------+---------+
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2009
+------------------------------------------------+------------+------------+
| | Year | Year |
+------------------------------------------------+------------+------------+
| | ended | ended |
+------------------------------------------------+------------+------------+
| | 31.03.2009 | 31.03.2008 |
+------------------------------------------------+------------+------------+
| | GBP000 | GBP000 |
+------------------------------------------------+------------+------------+
| Cash flow from operating activities | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Operating Profit | 18,965 | 33,568 |
+------------------------------------------------+------------+------------+
| Adjustments for: | | |
+------------------------------------------------+------------+------------+
| Depreciation | 192 | 190 |
+------------------------------------------------+------------+------------+
| Loss on disposal of property, plant & | 145 | 21 |
| equipment | | |
+------------------------------------------------+------------+------------+
| Decrease/(Increase) in fair value of | 3,210 | (1,784) |
| investment properties | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Cash flow from operations before changes in | 22,512 | 31,995 |
| working capital | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Decrease/(Increase) in inventories | 2,555 | (87,472) |
+------------------------------------------------+------------+------------+
| Decrease/(Increase) in receivables | 459 | (57) |
+------------------------------------------------+------------+------------+
| (Decrease)/Increase in payables | (1,053) | 128 |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Cash generated from operations | 24,473 | (55,406) |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Interest paid | (5,906) | (4,043) |
+------------------------------------------------+------------+------------+
| Income taxes paid | (6,443) | (10,901) |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Net cash inflow/(outflow) from operating | 12,124 | (70,350) |
| activities | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Investing activities | | |
+------------------------------------------------+------------+------------+
| Interest received | 3 | 4 |
+------------------------------------------------+------------+------------+
| Proceeds from disposal of investment | 1,005 | - |
| properties | | |
+------------------------------------------------+------------+------------+
| Proceeds from disposal of property, plant and | 15 | 60 |
| equipment | | |
+------------------------------------------------+------------+------------+
| Purchase of property, plant and equipment | (58) | (382) |
+------------------------------------------------+------------+------------+
| Capital expenditure on investment properties | (350) | (339) |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Net cash inflow/(outflow) from investing | 615 | (657) |
| activities | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Cash flows from financing activities | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Increase in borrowings | - | 67,411 |
+------------------------------------------------+------------+------------+
| Repayment of borrowings | (9,110) | - |
+------------------------------------------------+------------+------------+
| Equity dividend paid | (6,042) | (5,848) |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Net cash inflow/(outflow) from financing | (15,152) | 61,563 |
| activities | | |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Net (decrease) in cash and cash equivalents | (2,413) | (9,444) |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Opening cash and cash equivalents | (8,798) | 646 |
+------------------------------------------------+------------+------------+
| | | |
+------------------------------------------------+------------+------------+
| Closing cash and cash equivalents | (11,211) | (8,798) |
+------------------------------------------------+------------+------------+
Notes to the Preliminary Announcement
+----+-------------------------------------------------------------------+
| 1. | Financial Information |
+----+-------------------------------------------------------------------+
| | The financial information contained in this report does not |
| | constitute statutory accounts within the meaning of section |
| | 240 of the Companies Act 1985. The full accounts for the year |
| | ended 31 March 2008, which were prepared in accordance with |
| | International Financial Reporting Standards as adopted by the |
| | European Union ("IFRS") and which received an unqualified |
| | audit report and did not contain a statement under s237(2) or |
| | (3) of the Companies Act 1985, have been filed with the |
| | Registrar of Companies. |
| | |
+----+-------------------------------------------------------------------+
| | Financial statements for the year ended 31 March 2009 will |
| | be presented to the Members at the Annual General Meeting on |
| | 12 August 2009. The auditors have indicated that their |
| | report on these Financial Statements will be unqualified. |
| | |
+----+-------------------------------------------------------------------+
| 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 2009 |
| | AGM are expected to comply fully with IFRS. |
| | |
+----+-------------------------------------------------------------------+
The preliminary announcement has been prepared under the historical cost
convention as modified by the revaluation of investment properties.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVSWRKRRNURR
Mountview Estates (LSE:MTVW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Mountview Estates (LSE:MTVW)
Historical Stock Chart
From Oct 2023 to Oct 2024
