TIDMMTVW
RNS Number : 5848T
Mountview Estates PLC
25 November 2021
Mountview Estates P.L.C.
Interim Results
25 November 2021
MOUNTVIEW ESTATES P.L.C.
("Mountview" or "the Group" or "the Company")
UNAUDITED INTERIM RESULTS FOR THE HALF YEARED 30 SEPTEMBER
2021
Mountview is pleased to announce its unaudited interim results
for the six months ended 30 September 2021.
OUR PERFORMANCE
Turnover at GBP30.7 million up by 36.4% (2020 - GBP22.5m)
Gross profit at GBP18.0 million up by 12.5% (2020 -
GBP16.0m)
Profit before tax at GBP15.6 million up by 15.5% (2020 -
GBP13.5m)
Earnings per share at 290.3 pence up by 3.5% (2020 - 280.4p)
Net assets per share at GBP101.9 up by 3.8% (2020 - GBP98.2)
DIVID INFORMATION
Mountview Estates P.L.C. advises its shareholders that,
following the issue of the interim results, the relevant dates in
respect of the exceptional interim dividend payment of 500p per
share (which includes a special dividend of 275p per share) are as
follows:
Ex-dividend date 17 February 2022
Record date 18 February 2022
Payment date 28 March 2022
CHIEF EXECUTIVE OFFICER'S STATEMENT
At the Annual General Meeting held on 11 August 2021 those
shareholders deemed to be independent exercised their right to
reject the re-election of Mr. Anthony Powell and Ms. Mhairi
Archibald as independent Non-Executive Directors. At the General
Meeting held in accordance with the Listing Rules of the Financial
Conduct Authority on 22 November 2021, when all shareholders were
entitled to vote, it was resolved to re-elect Mr. Anthony Powell
and Ms. Mhairi Archibald as Directors of the Company. Thus the
status quo is maintained.
TRADING
Brexit and Covid-19 have dominated the economic commentary this
year and the Government have announced the impending tax increases
by which they will seek to recover the vast sums of money which
they made available to keep the country afloat. This Company is
perhaps fortunate to be trading in a sector that has not been
heavily affected by the problems that have beset others and our
years of financial prudence have enabled us to continue to make
good profits.
Our year ending 31 March 2021 finished with a flourish because
all the auctioneers held extra sales in anticipation of the stamp
duty holiday finishing at 31 March 2021.
This year may have started quietly but the stamp duty holiday
was extended and phased out gently so that sales activity continues
strongly.
The results to 30 September 2021 are heavily influenced by the
need to provide for deferred taxation at 25%, the rate of
Corporation Tax which is to be levied from 1 April 2023. I must
emphasize that this taxation only becomes payable following the
disposal of the assets concerned and thus the necessary funding
will have been generated and this anticipated taxation has no
effect on present cash flow.
I am happy to repeat again that we have not furloughed any staff
or reduced staff numbers in any other way. The Company has
generated strong cash flow and we are thus in a good position to
shield ourselves from the difficult times that may lie ahead. I
believe that this should include not only our shareholders but also
our workforce whose hard work, loyalty and dedication makes all
this possible.
EXCEPTIONAL INTERIM DIVID
The interim dividend is at an exceptional rate of 500p per share
in respect of the year ending 31 March 2022 and is payable on 28
March 2022 to shareholders on the Register of Members as at 18
February 2022. This represents an increased interim dividend of
225p per share and a special dividend of 275p per share. Please
note that this will be made as one payment of 500p per share. The
Board believes a special dividend to be warranted this year because
of exceptional cash flow and this puts us in position to not only
pay this special dividend and all our regular outgoings but also to
be able to take advantage of any purchasing opportunities that may
arise. It is not anticipated that this interim dividend will limit
the final dividend payable in August 2022 in any way, but it would
be prudent to presume that the interim dividend payable in March
2023 will be maintained at the new increased level of 225p per
share.
OUTLOOK
Good purchases are vital to the future prosperity of the Company
and our financial strength will enable us to compete when good
opportunities occur. We have a long and successful history and we
are all working hard for that to continue.
D.M. SINCLAIR
Chief Executive Officer
25 November 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the half year ended 30 September 2021
Half year ended Half year ended Year ended
30.09.2021 30.09.2020 31.03.2021
GBP000 GBP000 GBP000
Revenue 30,711 22,450 65,730
Cost of Sales (12,754) (6,477) (22,508)
Gross Profit 17,957 15,973 43,222
Administrative expenses (2,205) (2,168) (5,865)
Gain on sale of investment properties 53 - -
Operating profit before changes
in
fair value of investment properties 15,805 13,805 37,357
Increase in fair value of investment
properties - - 1,452
Profit from operations 15,805 13,805 38,809
Net finance costs (181) (319) (675)
Profit before taxation 15,624 13,486 38,134
Taxation - current (3,062) (2,555) (6,966)
Taxation - deferred (1,242) - (275)
Taxation (4,304) (2,555) (7,241)
Profit attributable to equity
shareholders and total comprehensive
income 11,320 10,931 30,893
Basic and diluted earnings per
share (pence) 290.3p 280.4p 792.3p
All items within the consolidated statement of comprehensive
income relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
for the half year ended 30 September 2021
Half year ended Half year ended Year ended
30.09.2021 30.09.2020 31.03.2021
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 1,576 1,638 1,606
Investment properties 25,007 24,122 25,574
26,583 25,760 27,180
Current assets
Inventories of trading properties 394,921 409,295 398,166
Trade and other receivables 1,298 1,825 1,417
Cash and cash equivalents 1,012 608 597
397,231 411,728 400,180
Total assets 423,814 437,488 427,360
Equity and liabilities
Capital and reserves attributable
to equity holders of the Company
Share capital 195 195 195
Capital redemption reserve 55 55 55
Capital reserve 25 25 25
Other reserves 56 56 56
Retained earnings 397,087 382,376 394,540
397,418 382,707 394,871
Non-current liabilities
Long-term borrowings 15,500 44,700 20,600
Deferred tax 5,593 4,076 4,351
21,093 48,776 24,951
Current liabilities
Bank overdrafts and other short
term loans 1,497 3,011 1,280
Trade and other payables 1,032 528 2,142
Current tax payable 2,774 2,466 4,116
5,303 6,005 7,538
Total liabilities 26,396 54,781 32,489
Total equity and liabilities 423,814 437,488 427,360
CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
for the half year ended 30 September 2021
Half year Half year Year
ended ended ended
30.09.2021 30.09.2020 31.03.2021
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit from operations 15,805 13,805 35,809
Adjustment for:
Depreciation 30 32 64
(Gain) on sale of investment (53) - -
properties
(Increase) in fair value
of investment properties - - (1,452)
Operating cash flows
before movement in working
capital 15,782 13,837 37,421
Decrease/(Increase)
in inventories 3,245 (17,226) (6,097)
Decrease in receivables 119 1,851 2,259
(Decrease) in payables (1,110) (4,302) (2,688)
Cash generated from
operations 18,036 (5,840) 30,895
Interest paid (181) (319) (675)
Income taxes paid (4,404) (3,539) (6,300)
Net cash Inflow/(Outflow)from
operating activities 13,451 (9,698) 23,920
Investing activities
Proceeds from disposal 620 - -
of investment properties
Net cash inflow from 620 - -
investing activities
Cash flows from financing
activities
(Repayment)/Increase
of borrowings (4,552) 13,381 (10,116)
Equity dividend paid (8,773) (7,798) (15,596)
Net cash (Outflow)/Inflow
from financing activities (13,325) 5,583 (25,712)
Net Increase/(Decrease)
in cash and cash equivalents 746 (4,115) (1,792)
Opening cash and cash
equivalents 266 2,058 2,058
Cash and cash equivalents
at end of period 1,012 (2,057) 266
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the half year ended 30 September 2021
Half year Half year Year
ended ended ended
30.09.2021 30.09.2020 31.03.2021
GBP000 GBP000 GBP000
Shareholders' funds
as at the beginning
of the period 394,871 379,574 379,574
Profit for the period 11,320 10,931 30,893
Dividends (8,773) (7,798) (15,596)
Shareholders' funds
at the end of the period 397,418 382,707 394,871
Notes to the Half Year Report
Basis of preparation
These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and in accordance with UK
adopted International Accounting Standard 34 (IAS 34) "Interim
Financial Reporting". The condensed consolidated interim financial
statements should be read in conjunction with the annual financial
statements for the year ended 31 March 2021 which have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the European Union.
The accounting policies used are consistent with those contained
in the Group's last Annual Report and Accounts for the year ended
31 March 2021.
The Directors have reviewed the current and projected financial
position of the Group and are satisfied that the Group has adequate
resources to cover current liabilities. Therefore the Directors
continue to adopt the going concern basis in preparing the half
year report.
Basis of consolidation
The Group's financial statements incorporate the results of
Mountview Estates P.L.C. and all of its subsidiary undertakings
made up to the reporting date.
Subsidiaries are fully consolidated from the date on which
control is transferred to the Group.
Control is recognised when the Group is exposed to, or has
rights to, variable returns from its investment in the entity and
has the ability to affect these returns through its power over the
relevant activities of the entity.
On acquisition, the identifiable assets, liabilities and
contingent liabilities of a subsidiary are measured at their fair
values at the date of acquisition. The purchase method has been
used in consolidating the subsidiary financial statements.
All significant intercompany transactions and balances and
unrealised gains on transactions between Group companies are
eliminated on consolidation within the consolidated accounts.
Consistent accounting policies have been used across the
Group.
Status of the interim financial information
These condensed consolidated interim financial statements are
unaudited and do not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The Group's
published financial statements for the year ended 31 March 2021
have been reported on by the Group's auditors and filed with the
Registrar of Companies. The report of the auditors was unqualified
and did not contain any statement under Section 498 of the
Companies Act 2006.
The condensed consolidated interim financial statements were
approved by the Board of Directors on 25 November 2021. The
preparation of the interim financial information requires
management to make assumptions and estimates about future events
which are uncertain, the actual outcome of which may result in a
materially different outcome from that anticipated.
Availability of the Half Year Report
Copies of this statement are being sent to Shareholders. Copies
may be obtained from the Company's registered office or from the
Company's website - www.mountviewplc.co.uk .
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
Ends
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END
IR PPGWUGUPGURA
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