Last checked at 15 Aug 2012 07:00
Embargoed: 07.00 a.m. 15 August 2012
Mountview Estates P.L.C.
Interim Management Statement - 15 August 2012
Mountview Estates P.L.C. ("the Group"), which holds its AGM today at 11.30.am, publishes its Interim Management Statement covering the period from the beginning of the Group's financial year, 1 April 2012 to date.
Mountview Estates Ltd. was incorporated on 21 May 1937, so we are celebrating our 75th Anniversary this quarter. It is therefore particularly pleasing to be able to report a further positive performance by the Group during this period. Such is the economic climate that last year was always expected to be challenging. To record even a modest increase in earnings per share was an achievement and to start this year with further advances in the Group's performance is very satisfying and a testimony to the management's strategy.
Revenue for the first three months is up by over 36% compared to the same period last year and represents nearly a third of last year's total revenue. Gross profit is also up by over 32% and represents over 30% of last year's total.
Earnings per share are up by over 42% over the corresponding period last year.
It is always pleasing to report a good start to the financial year and the management team will strive to build on this. However, we remain cautious for 2013 as the economic climate remains poor and we are now officially in double dip recession.
Last year's purchases of trading stock totaling £47.6m have already been supplemented by further purchases amounting to £20m since the year end. As a result trading stock has increased by nearly 20% in a year and 5.5% since 1 April 2012. We are delighted to report that all this has been achieved whilst maintaining gearing at a modest level.
Apart from as highlighted in this statement, there have been no significant changes in the Group's position since the publication of its Report and Accounts for the year ended 31 March 2012 and the Board remains confident of the Group's financial stability.
We also wish to inform shareholders that Mr. Keith Langrish-Smith, who stands for re-election as a Director at today's AGM in accordance with the provisions of Companies Act 2006, has expressed his intention to retire at the end of March 2013.
The Group's interim results, for the six months ending 30 September 2012, will be announced on 29 November 2012.
Ends.