RNS Number:4111M
Mountview Estates PLC
17 June 2003
MOUNTVIEW ESTATES PLC ("the Company")
Preliminary Results for the year to 31 March 2003
and
Chairman's Statement
Highlights
*Turnover up by 14.2% to #45,996,956
*Gross Profit up by 16.2% to #29,595,394
*Profit before Taxation up by 17.6% to #23,602,825
*Profit after Taxation up by 11.8% to #15,725,071
*Earnings per share up by 24.1% to 403.3 pence per share
*Proposed final dividend of 52p making a total for the year of 92p, an
increase of 9.5%
*Steady start to current year
Chairman's Statement
The accompanying figures show the conservative way in which we seek to develop
this Company. The strong increase in profits and the even stronger increase in
earnings per share brought about by the buy-back of November 2001 are not passed
on fully in the form of increased dividends. Dividends are up by about four
times the rate of inflation, but we must be aware of the need to consolidate our
position.
We wish to remain comfortably within the constraints imposed by our schedule of
loan repayments and we must continue to replenish our stock of properties,
because good purchases ensure the future prosperity of the Company. If and when
we are satisfied that the Company can sustain profits at a given level then
dividends can be raised further to reflect that level. The proposed final
dividend of 52 pence per share, if approved at the Annual General Meeting to
be held on 13 August 2003, will be payable on 18 August 2003 to shareholders
on the register at 18 July 2003.
Low interest rates helped to sustain a buoyant housing market during the last
year, but there are signs of a slowing down, even if prices have not actually
fallen. However, the Company is well placed to cope with any downturn and has
made a steady start to the current year.
I believe that the most important asset in any company is its personnel and I am
happy to say that I have a great team around me. Their hard work and loyalty are
much appreciated and I am confident that together we can continue to enhance the
prosperity of this Company.
MOUNTVIEW ESTATES PLC
BALANCE SHEETS AS AT 31ST MARCH
Mountview Estates PLC Group
2003 2002 2003 2002
# # # #
FIXED
ASSETS
Intangible - - 88,602 177,208
assets
Tangible 2,552,232 2,585,235 23,622,608 29,120,348
assets
Investments 18,276,465 18,276,465 - -
--------- --------- --------- ---------
20,828,697 20,861,700 23,711,210 29,297,556
========= ========= ========= =========
CURRENT
ASSETS
Stocks 137,402,468 125,518,098 141,998,719 130,314,220
Debtors 518,490 1,761,029 554,151 1,435,246
Cash at bank 838,472 435,397 1,099,811 519,442
and in hand
--------- --------- --------- ---------
138,759,430 127,714,524 143,652,681 132,268,908
CREDITORS: (33,648,719) (30,839,266) (34,855,563) (32,438,615)
Amounts
falling due
within one
year
---------- ---------- ----------- ----------
NET CURRENT 105,110,711 96,875,258 108,797,118 99,830,293
ASSETS
----------- ---------- ----------- ----------
TOTAL ASSETS 125,939,408 117,736,958 132,508,328 129,127,849
LESS CURRENT
LIABILITIES
CREDITORS: (41,062,670) (44,228,263) (26,865,000) (33,434,000)
Amounts
falling due
after more
than one
year
--------- --------- --------- ---------
84,876,738 73,508,695 105,643,328 95,693,849
========= ========= ========= =========
CAPITAL AND
RESERVES
Called up 194,951 194,951 194,951 194,951
share
capital
Revaluation - - 5,379,966 8,248,484
reserve
Capital 55,049 55,049 55,049 55,049
redemption
reserve
Capital 24,660 24,660 24,660 24,660
reserve
Other 39,200 39,200 56,000 56,000
reserves
Profit and 84,562,878 73,194,835 99,932,702 87,114,705
loss
account
--------- --------- --------- ---------
84,876,738 73,508,695 105,643,328 95,693,849
========= ========= ========= =========
MOUNTVIEW ESTATES PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH
2003 2002
# #
Net Cash Inflow/(Outflow) From Operating 16,425,870 (1,799,501)
Activities
Servicing of Finance (3,274,544) (2,849,343)
Taxation (6,973,122) (6,280,853)
Capital Expenditure And Financial 3,125,639 (1,537,553)
Investment
Equity Dividends Paid (3,431,132) (3,364,738)
-------- --------
Cash Inflow/(Outflow) Before Financing 5,872,711 (15,831,988)
Financing (4,752,000) 10,421,320
-------- --------
Increase/(Decrease) In Cash 1,120,711 (5,410,668)
======== ========
Reconciliation of net cashflow movement in net Debt
Increase / (decrease) in cash in the 1,120,711 (5,410,668)
period
Net cash outflow from / (inflow) from bank 4,607,000 (29,389,000)
loans
Net cash outflow from other loans 145,000 1,885,000
-------- ---------
Change in net debt 5,872,711 (32,914,668)
Net debt at 1 April 2002 (58,038,982) (25,124,314)
-------- --------
Net debt at 31 March 2003 (52,166,271) (58,038,982)
======== ========
MOUNTVIEW ESTATES PLC
STATEMENT OF PROFITS FOR YEARS ENDED 31ST MARCH
2003 2002
# #
Turnover 45,996,956 40,289,432
Operating Profit 26,830,112 23,058,603
Deduct: Interest (3,227,287) (2,983,334)
Charges
Profit on ordinary 23,602,825 20,075,269
activities before
taxation
Taxation (7,877,754) (6,013,113)
Profit on ordinary 15,725,071 14,062,156
activities after taxation
attributable to
shareholders
Dividends: (pence per 2003 2002
share - net)
Interim 40.00 36.00
Proposed final 52.00 48.00 (3,587,092) (3,275,172)
-------- -----
92.00 84.00
======== =====
Retained profits for the 12,137,979 10,786,984
financial year
Earnings per share 403.3p 325.1p
NOTES:
The results set out above are not full accounts as defined in s.254 of
the Companies Act 1985. The auditors have not yet made a report under
s.236 of the Companies Act 1985 on the accounts for the year ended 31st
March 2003 from which the results are extracted and consequently full
accounts for that period have not yet been delivered to the Registrar of
Companies.
The basis of the calculation of earnings per share is the profit on
ordinary activities after taxation divided by the weighted average
number of ordinary shares in issue during the year.
Ex dividend date 16 July 2003
Record date - 18 July 2003
Payment date 18 August 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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