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Mountview Estates. (MTVW)

Mountview Estates.

Unaudited Interim Results to 30 September 2014
RNS Number : 1204Y
Mountview Estates PLC
27 November 2014
 



Embargoed 07.00a.m 27 November 2014

Mountview Estates P.L.C.

Interim Results

 

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2014

 

 

 

 

 

 

OUR PERFORMANCE

 

 

Turnover at £36.9 million up by 28.1% (2013 - £28.8m)

 

Gross profit at £24.1 million up by 51.6% (2013 - £15.9m)

 

Profit before tax at £20.8 million up by 57.6% (2013 - £13.2m)

 

Earnings per share at 428.0 pence up by 55.4% (201 - 275.5p)

 

Net assets per share at £71.00 up by 10.8% (2013 - £64.10)

 

 

 

DIVIDEND INFORMATION

 

 

Mountview Estates P.L.C. advises its shareholders that, following the issue of the interim results, the relevant dates in respect of the interim dividend payment of 100p per share are as follows:

 

 

Ex-dividend date        19 February 2015

 

Record date                20 February 2015

 

Payment date             30 March 2015

 

 

 

 

 

 

 

 

 

 

C.E.O.'s STATEMENT

 

We are delighted to report an excellent start to the year, with turnover, profit before taxation and net asset value all ahead of the same period last year.

 

Trading stock valuation

 

As we announced in the Chairman's Statement, which accompanied our Report and Accounts for the year ended 31 March 2014, the Company commissioned a full independent valuation of its trading stock by Allsop.  This valuation has been completed and, as at 30 September 2014, the trading stock has been valued at nearly £666 million.  This is more than double the current book value of £318 million which, in accordance with our Accounting Policies, is stated at the lower of cost and net realisable value. This is a testimony to the sound policies which have seen the Company grow steadily over an extended period of years.  The Accounting Policy of the Company will not change, but details of the valuation will be included as a note to the Report and Accounts.

 

Interim Dividend

 

As a result of the Company's continuing strong trading performance, the Board has decided to pay an increased interim dividend.  This interim dividend of 100p per share, compared to 50p last year, is payable in respect of the year ending 31 March 2015 on 30 March 2015, to shareholders on the Register of Members as at 20 February 2015.

 

Current trading

 

The Company continues to make good purchases when the opportunities occur and the Board is confident of further augmenting the portfolio in the coming months. The Company remains financially stable and maintains gearing at a modest level and trading remains in line with the Board's expectations.

 

Outlook

 

The outlook for the Company is good, but there are general economic reservations which must be expressed, which are beyond our control.   The Board believes that the Company's low gearing puts it in good position to weather any economic consequences that may arise. Indeed, historically, the Company has done well in difficult times.

 

 

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2014

 

 


Half year ended 30.09.2014

£000

Half year

ended

30.09.2013

£000

Year

ended 31.03.2014

£000









Revenue

36,900

28,825

66,150





Cost of Sales

(12,794)

(12,931)

(27,555)





Gross Profit

24,106

15,894

38,595





Administrative expenses                                                      

(2,361)

(1,721) 

(4,256)





Gain on sale of investment properties

-

264

214





Operating profit before changes in




fair value of investment properties

21,745

14,437

34,553





Increase in fair value of investment properties

-

-

3,185

 




Profit from operations

21,745

14,437

37,738

Net finance costs

(959)

(1,191)

(2,344)





Profit before taxation

20,786

13,246

35,394

 




Taxation - current

(4,364)

(3,312)

(7,724)

Taxation - deferred

266

807

772

 




Taxation

(4,098)

(2,505)

(6,952)

 




Profit attributable to equity Shareholders

16,688

10,741

28,442

 




Basic and diluted earnings per share (pence)

428.0p

275.5p

729.5p

 




 

 

 

All items within the consolidated income statement relate to continuing operations.

 

 

 

 

 

 

 

 

 

 

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2014

 

 


As at

As at

As at


30.09.2014

30.09.2013

31.03.2014


£000

£000

£000

Assets




Non-current assets




Property, plant and equipment

2,058

2,238

2,116

Investment properties

29,342

26,373

29,396






31,400

28,611

31,512

Current assets




Inventories of trading properties

317,651

328,034

321,323

Trade and other receivables

1,580

1,080

1,578

Cash and cash equivalents

467

1,147

1,217






319,698

330,261

324,118

 




Total assets

351,098

358,872

355,630

 




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

276,100

249,509

265,260

 




 

276,431

249,840

265,591

Non-current liabilities




Long-term borrowings

62,000

92,250

69,800

Deferred tax

5,255

5,487

5,522






67,255

97,737

75,322

Current liabilities




Bank overdrafts and loans

1,744

7,074

8,168

Trade and other payables 

1,342

948

2,004

Current tax payable

4,326

3,273

4,545





 

7,412

11,295

14,717

 




Total liabilities

74,667

109,032

90,039

 




Total equity and liabilities

351,098

358,872

355,630

 

 

 

 

 

 

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2014

 

 

 


Half year

Half year

Year


ended

ended

ended


30.09.2014

30.09.2013

31.03.2014


£000

£000

£000

Cash flows from operating activities








Profit from operations

21,745

14,437

37,738

Adjustment for:




Depreciation

66

52

138

Loss on disposal of property, plant and equipment

-

16

42

(Gain) on disposal of investment properties

-

(264)

(214)

(Increase) in fair value of investment properties

-

-

(3,185)





Operating cash flows before movement




in working capital

21,811

14,241

34,519





Decrease/(Increase) in inventories

3,672

(11,408)

(4,697)

(Increase)/Decrease in receivables

(2)

118

(380)

(Decrease)/Increase in payables

(662)

(683)

373





Cash generated from operations

24,819

2,268

29,815

 




Interest paid

(959)

(1,191)

(2,344)

Income taxes paid

(4,584)

(3,665)

(6,908)





Net cash inflow/(outflow) from operating activities

19,276

 

(2,588)

20,563

 




Investing activities




Proceeds from disposal of investment properties

54

2,018

2,373

Capital expenditure on investment properties

-

(275)

(518)

Purchase of property, plant and equipment

(8)

-

(19)

Proceeds from disposal of property, plant and equipment

-

18

150





Net cash inflow from investing activities

46

1,761

1,986

 




Cash flows from financing activities




 




Increase in borrowings

-

7,300

-

Repayment of borrowings

(7,764)

(587)

(15,305)

Equity dividend paid

(5,848)

(4,873)

(6,823)





Net cash (outflow)/inflow from financing activities

(13,612)

1,840

(22,128)

 




Net increase in cash and cash equivalents

5,710

1,013

421

 




Opening cash and cash equivalents

(6,144)

(6,565)

(6,565)





Cash and cash equivalents at end of period

(434)

(5,552)

(6,144)

 

 

 

 

 

 

 

 

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 September 2014

 

 

 

 


Half year

Half year

Year


ended

ended

ended


30.09.2014

30.09.2013

31.03.2014


£000

£000

£000









Shareholders' funds as at the beginning of the period 

265,591

 

243,972

243,972





Profit for the period

16,688

10,741

28,442





Dividends

(5,848)

(4,873)

(6,823)





Shareholders' funds at the end of the period

276,431

249,840

265,591

 

 

 

 

~ Ends ~


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LLFSDLELRFIS
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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