MOUNTVIEW ESTATES PLC

Earnings Release • Jun 16, 2022

National Storage Mechanism | Additional information

RNS Number : 1092P

Mountview Estates PLC

16 June 2022

Mountview Estates PLC

16 June 2022

MOUNTVIEW ESTATES P.L.C.

Preliminary Results for the year ended 31 March 2022

CHIEF EXECUTIVE OFFICER'S STATEMENT

After two years of Covid constrained activity it is to be hoped that our lives may now resume more normal levels of activity.  Most of those operating in the property industry found ways of circumventing the various difficulties presented by the last two years and may even have found methodology that serves them better.

Our turnover for last year shows a modest increase but increases in the cost of the properties sold and the cost of maintenance where we had previously been unable to enter properties because of Covid have been the main contributors to a thirteen per cent fall in Earnings per Share.  Nevertheless none of this does anything to undermine the financial stability of the Company and your Board remain confident enough to recommend an increased final dividend of 250 pence per share.

If shareholders approve the final dividend at the Annual General Meeting on 10 August 2022 it will be payable on 15 August 2022 to shareholders on the register at 8 July 2022.

Mountview may be considered to have been merely in the right place at the right time these last two years but we are a small workforce who have worked hard, adapting as necessary, to stay in that right place.  I thank my staff and colleagues for their hard work and loyalty and believe that the future prosperity of the Company should reward them and allow them to be protected from the ravages that the economy may inflict upon us.

Duncan Sinclair

16 June 2022

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

		2022		2021	Increase/ (Decrease)
		£		£	%
Revenue (millions)		66.0		65.7	0.5
Gross Profit (millions)		40.9		43.2	(5.3)
Profit Before Tax (millions)		34.9		38.1	(8.4)
Profit Before Tax excluding investment properties revaluation (millions)		34.4		36.7	(6.3)
Equity Holders' Funds (millions)		393.5		394.9	(0.4)
Earnings per share (pence)		689.5		792.3	(13.0)
Net assets per share (£)		100.9		101.3	(0.4)
Dividend per share (pence)		750		425	76.5

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 250 pence per share are as follows:

Ex-dividend date	7 July 2022
Record date	8 July 2022
Payment date	15 August 2022

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

	Year		Year
	ended		ended
	31.03.2022		31.03.2021
	£'000		£'000
REVENUE	66,010		65,730
Cost of sales	(25,144)		(22,508)
GROSS PROFIT	40,866		43,222
Administrative expenses	(6,197)		(5,865)
Gain on sale of investment properties	53		-
Operating profit before changes in fair value of investment properties	34,722		37,357
Increase in fair value of investment properties	444		1,452
PROFIT FROM OPERATIONS	35,166		38,809
Net finance costs	(298)		(675)
PROFIT BEFORE TAXATION	34,868		38,134
Taxation - current	(6,637)		(6,966)
Taxation - deferred	(1,349)		(275)
Taxation	(7,986)		(7,241)
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS	26,882		30,893
Basic and diluted earnings per share (pence)	689.5p		792.3p

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 MARCH 2022

		As at	As at
		31.03.2022	31.03.2021
		£'000	£'000
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment		1,546	1,606
Investment properties		25,451	25,574
		26,997	27,180
CURRENT ASSETS
Inventories of trading properties		393,275		398,166
Trade and other receivables		1,326	1,417
Cash at bank		643	597
		395,244	400,180
TOTAL ASSETS		422,241	427,360
EQUITY AND LIABILITIES
Share capital		195	195
Capital redemption reserve		55	55
Capital reserve		25	25
Other reserve		56	56
Retained earnings		393,155	394,540
		393,486	394,871
NON-CURRENT LIABILITIES
Long-term borrowings		19,200	20,600
Deferred tax		5,700	4,351
		24,900	24,951
CURRENT LIABILITIES
Bank overdrafts and short-term loans		-	1,280
Trade and other payables		1,470	2,142
Current tax payable		2,385	4,116
		3,855	7,538
TOTAL LIABILITIES		28,755	32,489
TOTAL EQUITY AND LIABILITIES		422,241	427,360

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2022

			Capital
	Share	Capital	Redemption	Other	Retained
	Capital	Reserve	Reserve	Reserves	Earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 April 2020	195	25	55	56	379,243	379,574
Profit for the year	-	-	-	-	30,893	30,893
Dividends	-	-	-	-	(15,596)	(15,596)
Balance as at 31 March 2021	195	25	55	56	394,540	394,871

			Capital
	Share	Capital	Redemption	Other	Retained
	Capital	Reserve	Reserve	Reserves	Earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 1 April 2021	195	25	55	56	394,540	394,871
Profit for the year	-	-	-	-	26,882	26,882
Dividends	-	-	-	-	(28,267)	(28,267)
Balance as at 31 March 2022	195	25	55	56	393,155	393,486

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

			Year		Year
			ended		ended
			31.03.2022		31.03.2021
			£'000		£'000
Cash flow from operating activities
Operating profit			35,166		38,809
Adjustment for:
Depreciation			60		64
(Gain) on disposal of investment properties			(53)		-
(Increase) in fair value of investment properties			(444)		(1,452)
Cash flow from operations before changes in working capital			34,729		37,421
Decrease/(Increase) in inventories			4,891		(6,097)
Decrease in receivables			91		2,259
(Decrease) in payables			(672)		(2,688)
Cash generated from operations			39,039		30,895
Interest paid			(298)		(675)
Income taxes paid			(8,368)		(6,300)
Net cash inflow from operating activities			30,373		23,920
Investing activities
Proceeds from disposal of investment properties			620		-
Net cash inflow from investing activities			620		-
Cash flow from financing activities
(Repayment) of borrowings			(2,349)		(10,116)
Equity dividend paid			(28,267)		(15,596)
Net cash (outflow) from financing activities			(30,616)		(25,712)
Net Increase/(Decrease) in cash and cash equivalents			377		(1,792)
Opening cash and cash equivalents			266		2,058
Cash and cash equivalents at the end of the year			643		266

2022 Annual General Meeting (AGM) 

The 2022 AGM of the Company will be held on Wednesday 10 August 2022 and details will be set out in the Notice of AGM.

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 2022 and 31 March 2021, but represents extracts from them.

The statutory accounts for the financial year ended 31 March 2021 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 2022 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 2022 ("2022 AGM").

2.   Basis of Preparation

The preliminary announcement has been prepared in accordance with UK-adopted international accounting standards, but does not contain sufficient information to comply fully with UK-adopted international accounting standards.  The Financial Statements to be presented to Members at the 2022 AGM are expected to comply fully with UK-adopted international accounting standards.

~ Ends ~

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.

For further information on the Company, visit: www.mountviewplc.co.uk 

SPARK Advisory Partners Limited (Financial Adviser) www.sparkadvisorypartners.com 

Mark Brady	020 3368 3550

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FR SFSSIMEESEFM