MOUNTVIEW ESTATES PLC

Earnings Release • Nov 28, 2013

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RNS Number : 1311U

Mountview Estates PLC

28 November 2013

Embargoed 07.00a.m 28 November 2013

Mountview Estates P.L.C.

Interim Results

MOUNTVIEW ESTATES P.L.C.

UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2013

OUR PERFORMANCE

Turnover at £28.8 million up by 11.2% (2012 - £25.9m)

Gross profit at £15.9 million up by 3.2% (2012 - £15.4m)

Profit before tax at £13.2 million up by 10.9% (2012 - £11.9m)

Earnings per share at 275.5 pence up by 12.3% (2012 - 245.4p)

Net assets per share at £64.10 up by 7.4% (2012 - £59.71)

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 50p per share are as follows:

Ex-dividend date       19 February 2014  

Record date               21 February 2014

Payment date             31 March 2014

C.E.O.'s STATEMENT

The interim dividend of 50 pence per share (2012: 50p) in respect of the year ended 31 March 2014 is payable on 31 March 2014 to shareholders on the Register of Members as at 21 February 2014. These half year figures clearly show steady progress but the Board will not consider any increase in the dividend until they have the results for the full year.

Purchases totalling over £20 million have been made during these six months. All the properties are located in London and the South East. Net assets have shown steady growth. Borrowings have risen during the six months, but are lower than they were a year ago. Gearing has been kept at a modest level.

We have relied upon our long established modus operandi which is carried out by experienced management. Our conservative policies continue to produce reliable results and our recent recruits are proving their worth and establishing themselves as potential future senior management.

We are well equipped to take further purchasing opportunities and look to the future with confidence.    

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2013

	Half year ended 30.09.2013 £000	Half year ended 30.09.2012 £000	Year ended 31.03.2013 £000
# Revenue	28,825	25,901	56,646
Cost of Sales	(12,931)	(10,530)	(22,906)
# Gross Profit	15,894	15,371	33,740
Administrative expenses	(1,721)	(1,488)	(3,759)
Gain/(Loss) on sale of investment properties	264	(11)	84
Operating profit before changes in
fair value of investment properties	14,437	13,872	30,065
Increase in fair value of investment properties	-	-	2,602
# Profit from operations	14,437	13,872	32,667
Change in fair value of derivatives	-	210	563
Net finance costs	(1,191)	(2,190)	(4,302)
# Profit before taxation	13,246	11,892	28,928
# Taxation - current	(3,312)	(2,804)	(6,511)
Taxation - deferred	807	482	(272)
# Taxation	(2,505)	(2,322)	(6,783)
# Profit attributable to equity Shareholders	10,741	9,570	22,145
# Basic and diluted earnings per share (pence)	275.5p	245.4p	568.0p

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

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

for the half year ended 30 September 2013

	As at	As at	As at
	30.09.2013	30.09.2012	31.03.2013
	£000	£000	£000
# Assets
# Non-current assets
Property, plant and equipment	2,238	2,375	2,337
Investment properties	26,373	26,517	27,852
	28,611	28,892	30,189
# Current assets
Inventories of trading properties	328,034	316,431	316,626
Trade and other receivables	1,080	1,160	1,198
Cash and cash equivalents	1,147	1,691	900
	330,261	319,282	318,724
# Total assets	358,872	348,174	348,913
# 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
Cash flow hedge reserve	-	(520)	-
# Retained earnings	249,509	233,015	243,641
	249,840	232,826	243,972
Non-current liabilities
Long-term borrowings	92,250	92,700	84,950
Deferred tax	5,487	5,541	6,294
	97,737	98,241	91,244
Current liabilities
Bank overdrafts and loans	7,074	12,454	8,427
Trade and other payables	948	980	1,631
# Current tax payable	3,273	2,801	3,639
Derivative financial instruments	-	872	-
	11,295	17,107	13,697
## Total liabilities	109,032	115,348	104,941
Total equity and liabilities	358,872	348,174	348,913

GROUP CASHFLOW STATEMENT (UNAUDITED)

for the half year ended 30 September 2013

	Half year	Half year	Year
	ended	ended	ended
	30.09.2013	30.09.2012	31.03.2013
	£000	£000	£000
Cash flows from operating activities
Profit from operations	14,437	13,872	32,667
Adjustment for:
Depreciation	52	86	163
Loss on disposal of property, plant and equipment	16	-	3
(Gain)/Loss on disposal of investment properties	(264)	11	(84)
(Increase) in fair value of investment properties	-	-	(2,602)
Operating cash flows before movement
in working capital	14,241	13,969	30,147
(Increase) in inventories	(11,408)	(15,359)	(15,554)
Decrease in receivables	118	211	173
(Decrease)/Increase in payables	(683)	(405)	246
## Cash generated from operations	2,268	(1,584)	15,012
Interest paid	(1,191)	(2,190)	(4,302)
Income taxes paid	(3,665)	(2,782)	(5,675)
## Net cash (outflow) from operating activities	(2,588)	(6,556)	5,035
## Investing activities
Proceeds from disposal of investment properties	2,018	59	1,939
Capital expenditure on investment properties Purchase of property, plant and equipment	(275) -	(50) (55)	(567) (74)
Proceeds from disposal of property, plant and equipment	18	-	-
## Net cash inflow/(outflow) from investing activities	1,761	(46)	1,298
## Cash flows from financing activities
Increase in borrowings	7,300	2,750	687
Repayment of borrowings	(587)	-	(5,050)
Equity dividend paid	(4,873)	(4,483)	(6,432)
## Net cash inflow/(outflow) from financing activities	1,840	(1,733)	(10,795)
## Net increase/(decrease) in cash and cash equivalents	1,013	(8,335)	(4,462)
Opening cash and cash equivalents	(6,565)	(2,103)	(2,103)
## Cash and cash equivalents at end of period	(5,552)	(10,438)	(6,565)

GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 September 2013

	Half year	Half year	Year
	ended	ended	ended
	30.09.2013	30.09.2012	31.03.2013
	£000	£000	£000
Shareholders' funds as at the beginning of the period	243,972	227,219	227,219
Reduction in reserve	-	520	1,040
Profit for the period	10,741	9,570	22,145
Dividends	(4,873)	(4,483)	(6,432)
Shareholders' funds at the end of the period	249,840	232,826	243,972

~ Ends ~

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