Last checked at 28 Nov 2013 07:00
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 ~