Earnings Release • Jun 16, 2016
Earnings Release
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RNS Number : 3302B
Mountview Estates PLC
16 June 2016
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2016
CHIEF EXECUTIVE OFFICER'S STATEMENT
During the financial year ended 31 March 2016 revenue has increased by 11.9%, gross profit has increased by 13.5%, and profit before tax has increased by 21%. This has enabled earnings per share to increase by 21.7% to 993 pence which covers the increased dividend per share 3.3 times. The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2016 will be payable on 15 August 2016 to Shareholders on the Register of Members as at 15 July 2016. The total dividends for the year at 300 pence per share will have increased by a further 9.1% when compared with the previous year.
There are as ever economic uncertainties and we cannot influence the macro-economic situation, but Mountview has strong foundations. Borrowings have been further reduced and we continue to make good purchases. We research all opportunities thoroughly and I believe that we can contemplate the future with confidence.
Duncan Sinclair
16 June 2016
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
| 2016 | 2015 | Increase | |
| £ | £ | % | |
| Revenue (millions) | 79.8 | 71.3 | 11.9 |
| Gross Profit (millions) | 53.0 | 46.7 | 13.5 |
| Profit Before Tax (millions) | 48.4 | 40.0 | 21.0 |
| Profit Before Tax excluding investment properties revaluation (millions) | 46.9 | 40.0 | 17.3 |
| Equity Holders' Funds (millions) | 311.8 | 287.7 | 8.4 |
| Earnings per share (pence) | 992.9 | 816.0 | 21.7 |
| Net assets per share (£) | 79.9 | 73.8 | 8.3 |
| Dividend per share (pence) | 300 | 275 | 9.1 |
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 100 pence per share are as follows:
| Ex-dividend date | 14 July 2016 |
| Record date | 15 July 2016 |
| Payment date | 15 August 2016 |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016
| Year | Year | |
| ended | ended | |
| 31.03.2016 | 31.03.2015 | |
| £'000 | £'000 | |
| REVENUE | 79,765 | 71,331 |
| Cost of sales | (26,751) | (24,621) |
| GROSS PROFIT | 53,014 | 46,710 |
| Administrative expenses | (5,148) | (5,055) |
| Gain on sale of investment properties | 197 | 0 |
| Operating profit before changes in fair value of investment properties |
48,063 | 41,655 |
| Increase in fair value of investment properties | 1,504 | 57 |
| PROFIT FROM OPERATIONS | 49,567 | 41,712 |
| Net finance costs | (1,179) | (1,736) |
| PROFIT BEFORE TAXATION | 48,388 | 39,976 |
| Taxation - current | (9,593) | (8,422) |
| Taxation - deferred | (83) | 263 |
| Taxation | (9,676) | (8,159) |
| PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS | 38,712 | 31,817 |
| Basic and diluted earnings per share (pence) | 992.9p | 816.0p |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2016
| As at | As at | |
| 31.03.2016 | 31.03.2015 | |
| £'000 | £'000 | |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Property, plant and equipment | 1,911 | 2,008 |
| Investment properties | 29,448 | 29,399 |
| 31,359 | 31,407 | |
| CURRENT ASSETS | ||
| Inventories of trading properties | 334,108 | 323,020 |
| Trade and other receivables | 1,720 | 1,948 |
| Cash at bank | 1,706 | 1,625 |
| 337,534 | 326,593 | |
| TOTAL ASSETS | 368,893 | 358,000 |
| EQUITY AND LIABILITIES | ||
| Share capital | 195 | 195 |
| Capital redemption reserve | 55 | 55 |
| Capital reserve | 25 | 25 |
| Other reserve | 56 | 56 |
| Retained earnings | 311,421 | 287,330 |
| 311,752 | 287,661 | |
| NON-CURRENT LIABILITIES | ||
| Long-term borrowings | 39,700 | 60,200 |
| Deferred tax | 5,342 | 5,259 |
| 45,042 | 65,459 | |
| CURRENT LIABILITIES | ||
| Bank overdrafts and short-term loans | 3,625 | 963 |
| Trade and other payables | 3,000 | 2,343 |
| Current tax payable | 5,474 | 1,574 |
| 12,099 | 4,880 | |
| TOTAL LIABILITIES | 57,141 | 70,339 |
| TOTAL EQUITY AND LIABILITIES | 368,893 | 358,000 |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016
| Capital | ||||||
| Share | Capital | Redemption | Other | Retained | ||
| Capital | Reserve | Reserve | Reserves | Earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| 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 |
| Capital | ||||||
| Share | Capital | Redemption | Other | Retained | ||
| Capital | Reserve | Reserve | Reserves | Earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance as at 1 April 2015 | 195 | 25 | 55 | 56 | 287,330 | 287,661 |
| Profit for the year | 38,712 | 38,712 | ||||
| Dividends | (14,621) | (14,621) | ||||
| Balance as at 31 March 2016 | 195 | 25 | 55 | 56 | 311,421 | 311,752 |
MOUNTVIEW ESTATES P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016
| Year | Year | |
| ended | ended | |
| 31.03.2016 | 31.03.2015 | |
| £'000 | £'000 | |
| Cash flow from operating activities | ||
| Operating profit | 49,567 | 41,712 |
| Adjustment for: | ||
| Depreciation | 113 | 140 |
| Loss on disposal of property, plant & equipment | 0 | 0 |
| Gain on disposal of investment properties | (197) | 0 |
| (Increase) in fair value of investment properties | (1,504) | (57) |
| Cash flow from operations before changes in working capital | 47,979 | 41,795 |
| (Increase) in inventories | (11,088) | (1,697) |
| Decrease/(Increase) in receivables | 228 | (370) |
| Increase in payables | 657 | 339 |
| Cash generated from operations | 37,776 | 40,067 |
| Interest paid | (1,179) | (1,736) |
| Income taxes paid | (5,693) | (11,393) |
| Net cash inflow from operating activities | 30,904 | 26,938 |
| Investing activities | ||
| Proceeds from disposal of investment properties | 1,700 | 54 |
| Capital expenditure on investment properties | (48) | 0 |
| Purchase of property, plant and equipment | (16) | (33) |
| Net cash inflow from investing activities | 1,636 | 21 |
| Cash flow from financing activities | ||
| Repayment of borrowings | (20,725) | (10,181) |
| Equity dividend paid | (14,621) | (9,747) |
| Net cash (outflow) from financing activities | (35,346) | (19,928) |
| Net (decrease)/ increase/ in cash and cash equivalents | (2,806) | 7,031 |
| Opening cash and cash equivalents | 887 | (6,144) |
| Cash and cash equivalents at the end of the year | (1,919) | 887 |
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 2016 and 31 March 2015, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2015 have been filed with the Registrar of Companies. The auditor reported on those accounts: their report was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2016 are expected to be finalised and signed following approval by the Board of Directors and delivered to the Registrar of Companies following the Company's Annual General Meeting on 10 August 2016.
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 2016 AGM are expected to comply fully with IFRS.
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