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Mountview Estates. (MTVW)

Mountview Estates.

Preliminary Results for the year ended 31 Mar 2015
RNS Number : 1613R
Mountview Estates PLC
25 June 2015
 

Embargoed 07.00a.m. 25 June 2015

Mountview Estates P.L.C.

Final Results

 

 

 

MOUNTVIEW ESTATES P.L.C.

 

Preliminary Results for the year ended 31 March 2015

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

As recently announced, John Fulton is relinquishing his role as non-executive Chairman on 30 June 2015 and leaves the Company on that date.  Tony Solway has joined the Company recently as a non-executive Director and will assume the role of non-executive Chairman on 01 July 2015.

 

As Chief Executive for some 25 years it seems appropriate that I should review the results for the year ended 31 March 2015.  During this financial year, turnover has increased by 7.7%, gross profit has increased by 21% and profit before tax has increased by 13%.  This has enabled earnings per share to increase by 11.9% to 816 pence, which still covers the dividend per share nearly three times.

 

The recommended final dividend of 175 pence per share in respect of the year ended 31 March 2015 will be payable on 24 August 2015 to Shareholders on the Register of Members as at 24 July 2015.  The total dividends for the year at 275 pence per share will have increased by 37.5% from 200 pence per share in respect of the year ended 31 March 2014.

 

The result of the valuation undertaken as at 30 September 2014 and published with the interim report showed a strength in our balance sheet way beyond the historical cost figures.

 

Borrowings have been reduced and we are still able to make good purchases. The enhanced performance this year is on top of the very strong performances of the two previous years and is a tribute not only to the experience of my established colleagues but also to the enthusiasm of our more recent recruits.

 

 

Duncan Sinclair

25 June 2015

 



 

 

MOUNTVIEW ESTATES P.L.C.

 

FINANCIAL HIGHLIGHTS

 

 

 

 

  


 

2015

 

2014

 

Increase


£

£

%





Turnover (millions)

71.3

66.2

7.70


 



Gross Profit (millions)

46.7

38.6

21.0


 



Profit Before Tax (millions)

40.0

35.4

13.0


 



Profit Before Tax excluding investment properties revaluation (millions)

40.0

32.2

24.2


 



Equity Holders' Funds (millions)

287.7

265.6

8.3


 



Earnings per share (pence)

816.0

729.5

11.9


 



Net assets per share (£)

73.8

68.1

8.4


 



Dividend per share (pence)

275

200

37.5


 



 

 

 

 

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 175 pence per share are as follows:

 

 

Ex-dividend date

 

23 July 2015

Record date

24 July 2015

 

Payment date

24 August 2015            

 

 

 

 



MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED INCOME STATEMENT

 

FOR THE YEAR ENDED 31 MARCH 2015

 

 

 


Year

Year


ended

Ended


31.03.2015

31.03.2014


£'000

£'000




REVENUE

71,331

66,150




Cost of sales

(24,621)

(27,555)




GROSS PROFIT

46,710

38,595




Administrative expenses

(5,055)

(4,256)

Gain on sale of investment properties

0

214

 



Operating profit before changes in

fair value of investment properties

41,655

34,553


 

 

Increase in fair value of investment  properties

57

3,185


 


PROFIT FROM OPERATIONS

41,712

37,738




Net finance costs

(1,736)

(2,344)




PROFIT BEFORE TAXATION

39,976

35,394




Taxation - current

(8,422)

(7,724)

Taxation - deferred

263

772


 


Taxation

(8,159)

(6,952)


 


PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS

31,817

28,442




Basic and diluted earnings per share (pence)

816.0p

729.5p

 



MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

FOR THE YEAR ENDED 31 MARCH 2015

 


As at

As at


31.03.2015

31.03.2014


£'000

£'000

ASSETS



NON-CURRENT ASSETS



Property, plant and equipment

2,008

2,116

Investment properties

29,399

29,396





31,407

31,512

CURRENT ASSETS



Inventories of trading properties

 

323,020

 

321,323

Trade and other receivables

1,948

1,578

Cash at bank

1,625

1,217





326,593

324,118




TOTAL ASSETS

358,000

355,630




EQUITY AND LIABILITIES



Share capital

195

195

Capital redemption reserve

55

55

Capital reserve

25

25

Other reserve

56

56




Retained earnings

287,330

265,260





287,661

265,591

NON-CURRENT LIABILITIES



Long-term borrowings

60,200

69,800

Deferred tax

5,259

5,522





65,459

75,322

CURRENT LIABILITIES



Bank overdrafts and short-term loans

963

8,168

Trade and other payables

2,343

2,004

Current tax payable

1,574

4,545





4,880

14,717




TOTAL LIABILITIES

70,339

90,039




TOTAL EQUITY AND LIABILITIES

358,000

355,630

 



MOUNTVIEW ESTATES P.L.C.

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

FOR THE YEAR ENDED 31 MARCH 2015

 

 

 

 




Capital





Share

Capital

Redemption

Other

Retained



Capital

Reserve

Reserve

Reserves

Earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000








Changes in equity for 







year ended 31 March 2014














Balance as at 1 April 2013

195

25

55

56

243,641

243,972








Profit for the year





28,442

28,442








Dividends





(6,823)

(6,823)








Balance as at 31 March  2014

195

25

55

56

265,260

265,591








 

 

                                              

Changes in equity for







year ended 31 March 2015














Balance as at 1 April 2014

195

25

55

56

265,260

265,591








Profit for the year





31,817

31,817








Dividends





(9,747)

(9,747)








Balance as at 31 March 2015

195

25

55

56

287,330

287,661








 



MOUNTVIEW ESTATES P.L.C.

 

GROUP CASH FLOW STATEMENT

 

FOR THE YEAR ENDED 31 MARCH 2015

                                         

 

Year

Year

 

ended

Ended

 

31.03.2015

31.03.2014

 

£'000

£'000

Cash flow from operating activities



 



Operating profit  

41,712

37,738

Adjustment for:



Depreciation

140

138

Loss on disposal of property, plant & equipment

0

42

Gain on disposal of investment properties

0

(214)

(Increase) in fair value of investment properties

(57)

(3,185)


 


Cash flow from operations before changes in working capital 

41,795

34,519




(Increase) in inventories

(1,697)

(4,697)

(Increase) in receivables

(370)

(380)

Increase in payables

339

373


 


Cash generated from operations

40,067

29,815


 


Interest paid

(1,736)

(2,344)

Income taxes paid

(11,393)

(6,908)




Net cash inflow from operating activities

26,938

20,563




Investing activities



Proceeds from disposal of investment properties

54

2,373

Capital expenditure on investment properties

0

(518)

Purchase of property, plant and equipment

(33)

(19)

Proceeds from disposal of property, plant and equipment

0

150

 

 


Net cash inflow from investing activities

21

1,986




Cash flow from financing activities



Repayment of borrowings

(10,181)

(15,305)

Equity dividend paid

(9,747)

(6,823)


 


Net cash (outflow) from financing activities

(19,928)

(22,128)


 


Net increase/(decrease) in cash and cash equivalents

7,031

421

 

Opening cash and cash equivalents

 

 

(6,144)

 

(6,565)

Cash and cash equivalents at the end of the year

887

(6,144)



 

Notes to the Preliminary Announcement

 

1.

Financial Information


 

 

The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2015 and 31 March 2014, but represents extracts from them.

 

The statutory accounts for the financial year ended 31 March 2015 have been reported on by the Company's auditor and will be delivered to the registrar of companies in due course.  The reports of the auditor were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 


Financial statements for the year ended 31 March 2015 will be presented to the Members at the Annual General Meeting on 19 August 2014. 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 2015 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
 
 
FR PGUCCQUPAPPC
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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