TIDMMTVW
RNS Number : 9647H
Mountview Estates PLC
27 June 2013
Embargoed: 07.00a.m. 27 June 2013
MOUNTVIEW ESTATES P.L.C.
Final Results for the year ended 31 March 2013
MOUNTVIEW ESTATES P.L.C.
CHAIRMAN'S STATEMENT
I am pleased to report strongly increased profits for the year
ended 31 March 2013; profit before tax was GBP28.9m (2012:
GBP22.8m) an increase of GBP6.1m.
In my statement last year I reported that Mountview continued to
record good financial performance against the backdrop of a very
challenging economic climate. The economic climate continues to be
far from easy and so an increase in profits in excess of 25% must
be considered a substantial achievement.
Your Board is able to recommend an increased final dividend of
125 pence per share in respect of the year ended 31 March 2013
which is payable on 19 August 2013 to shareholders on the Register
of Members as at 19 July 2013. This will make a total dividend for
the year ended 31 March 2013 of 175 pence per share (2012: 165
pence per share) which is more than three times covered by the
earnings per share.
During the year under review we have continued to make good
purchases and have enjoyed strong growth in sales. Our financial
resources are well managed which keeps us in good position to take
advantage of suitable opportunities when they come along. Recently
recruited personnel are developing well and I am confident that the
future of the Company is in the hands of a good team.
In our second interim management statement we reported the
sudden death of Keith Langrish-Smith. Keith had joined the Company
in 1974 and was married to Elizabeth (one of the twin daughters of
Frank Sinclair, co-founder of the Company). He had planned to
retire at the end of the Company's financial year, but died
unexpectedly on 17 December 2012. Keith's easy going and affable
demeanour is missed by everyone. Indeed he may prove to have been
one of the last members of the family to have served in the
management of the Company.
Keith's loyalty and dedication to the Company is perhaps
uncommon in this day and age and it may be that it could only be
expected from a family member. Nevertheless I have a fine team
around me and I thank them all for their efforts throughout the
year which have produced results of which they can be proud.
We cannot defy all the difficulties of the economic climate but
the Company is well placed to do more than just survive and can
expect to enjoy good progress when conditions are less
difficult.
One final note relates to me personally; after more than 23
years I have decided to step down as Chairman with effect from the
Annual General Meeting. John Fulton, who has been one of our
non-executive directors since 2007, will assume the role of
non-executive Chairman and I shall remain as Chief Executive of the
Company. I believe that the time is right for me to hand over the
role of Chairman and concentrate on the day to day running and
development of the business, which continues to go from strength to
strength in difficult markets. Good Corporate Governance also
dictates the splitting of the two roles and we believe that now is
the right time to take this step.
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
2013 2012 Increase
GBP GBP %
Turnover (millions) 56.6 42.9 31.9
Gross Profit (millions) 33.7 27.2 23.9
Profit Before Tax (millions) 28.9 22.8 26.8
Profit Before Tax excluding
investment properties
revaluation (millions) 26.3 19.6 34.2
Equity Holders' Funds
(millions) 244 227.2 7.4
Earnings per share (pence) 568 447.7 26.9
Net assets per share 62.6 58.3 7.4
Dividend per share (pence) 175 165 6.1
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 125 pence per
share are as follows:
Ex-dividend date 17 July 2013
Record date 19 July 2013
Payment date 19 August 2013
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2013
Year Year
ended ended
31.03.2013 31.03.2012
GBP000 GBP000
REVENUE 56,646 42,931
Cost of sales (22,906) (15,741)
GROSS PROFIT 33,740 27,190
Administrative Expenses (3,759) (3,773)
Gain on sale of investment properties 84 484
Operating profit before changes in
fair value of investment properties 30,065 23,901
Increase in fair value of investment
properties 2,602 3,208
PROFIT FROM OPERATIONS 32,667 27,109
Change in fair value of derivatives 563 (271)
Net Finance Costs (4,302) (4,033)
PROFIT BEFORE TAXATION 28,928 22,805
Taxation - current (6,511) (6,648)
Taxation - deferred (272) 1,298
Taxation (6,783) (5,350)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 22,145 17,455
Basic and diluted earnings per share
(pence) 568.0p 447.7p
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2013
As at As at
31.03.2013 31.03.2012
GBP000 GBP000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2,337 2,441
Investment properties 27,852 26,537
30,189 28,978
CURRENT ASSETS
Inventories of trading properties 316,626 301,072
Trade and other receivables 1,198 1,371
Cash at Bank 900 987
318,724 303,430
TOTAL ASSETS 348,913 332,408
EQUITY AND LIABILITIES
Share Capital 195 195
Capital redemption reserve 55 55
Capital reserve 25 25
Other reserve 56 56
Cash flow hedge reserve - (1,040)
Retained earnings 243,641 227,928
243,972 227,219
NON-CURRENT LIABILITIES
Long-term borrowings 84,950 90,000
Deferred Tax 6,294 6,023
91,244 96,023
CURRENT LIABILITIES
Bank overdrafts and short-term
loans 8,427 3,364
Trade and other payables 1,631 1,385
Current tax payable 3,639 2,814
Derivative financial instruments - 1,603
13,697 9,166
TOTAL LIABILITIES 104,941 105,189
TOTAL EQUITY AND LIABILITIES 348,913 332,408
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2013
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
for
year ended 31 March
2012
Balance as at 1
April 2011 195 25 55 (2,340) 56 216,905 214,896
Reduction in hedge
reserve 1,300 1,300
Profit for the year 17,455 17,455
Dividends (6,432) (6,432)
Balance as at 31
March 2012 195 25 55 (1,040) 56 227,928 227,219
Changes in equity
for
year ended 31 March
2013
Balance as at 1
April 2012 195 25 55 (1,040) 56 227,928 227,219
Reduction in hedge
reserve 1,040 1,040
Profit for the year 22,145 22,145
Dividends (6,432) (6,432)
Balance as at 31
March 2013 195 25 55 0 56 243,641 243,972
MOUNTVIEW ESTATES P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2013
Year Year
ended ended
31.03.2013 31.03.2012
GBP000 GBP000
Cash flow from operating activities
Operating Profit 32,667 27,109
Adjustment for:
Depreciation 163 165
Loss on disposal of property, plant &
equipment 3 11
Gain on disposal of investment properties (84) (484)
(Increase) in fair value of investment
properties (2,602) (3,208)
Cash flow from operations before changes
in working capital 30,147 23,593
(Increase)/ in inventories (15,554) (41,610)
Decrease/(Increase) in receivables 173 (179)
Increase/(Decrease) in payables 246 (100)
Cash generated from operations 15,012 (18,296)
Interest paid (4,302) (4,033)
Income taxes paid (5,675) (7,107)
Net cash inflow/(outflow) from operating
activities 5,035 (29,436)
Investing activities
Proceeds from disposal of investment
properties 1,939 8,896
Capital expenditure on investment properties (567) (1,426)
Purchase of property, plant and equipment (74) (160)
Proceeds from disposal of property, plant
and equipment - 4
Net cash inflow from investing activities 1,298 7,314
Cash flow from financing activities
Increase in borrowings 687 40,000
Repayment of borrowings (5,050) (200)
Equity dividend paid (6,432) (6,432)
Net cash (outflow)/inflow from financing
activities (10,795) 33,368
Net (decrease)/increase in cash and cash
equivalent (4,462) 11,246
Opening cash and cash equivalent (2,103) (13,349)
Cash and cash equivalent at end of year (6,565) (2,103)
Notes to the Preliminary Announcement
1. Financial Information
The financial information contained in this report
does not constitute statutory accounts for the years
ended 31 March 2013 or 31 March 2012 within the
meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2012
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
S498(2) or (3) of the Companies Act 2006, have been
filed with the Registrar of Companies.
Financial statements for the year ended 31 March
2013 will be presented to the Members at the Annual
General Meeting on 14 August 2013. 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 2013 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.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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