Mountview Est. Regulatory News (MTVW)

30 Nov 2006 09:00

Mountview Estates PLC30 November 2006 MOUNTVIEW ESTATES PLC INTERIM RESULTS On the following pages are the unaudited Accounts for the six months ended on 30September 2006. This time last year we were reporting under InternationalFinancial Reporting Standards for the first time but that could not disguise thefact that Profit before Taxation and Earnings per Share had fallen by nearlythirty per cent. Happily this situation was turned round in the second six months of 2005/06 tothe extent that we recovered £1.5 million of the £3.7 million deficit which hadaccumulated in the first six months. Now I can report that our recovery hascontinued so well that the Profit before Taxation and the Earnings per Share areup by over fifty per cent for the six months ended on 30 September 2006 comparedto the same period last year. In addition, Revenue, Profit before Taxation and Earnings per Share are allahead of the figures for the six months ended 30 September 2004 and so there isa very reasonable expectation that for the full year we may exceed the resultsfor year ended 31 March 2005. The housing market continues to be strong but itis necessary to sound a note of caution in view of the two interest rate risesin the last few months. We continue to exercise firm financial and internal controls and have succeededin making more purchases than during the same period last year. Making the rightpurchases is arguably the most important and most difficult part of ensuring thecontinuing success of the Company. Christopher Maunder Taylor resigned as a Director and left the Company as at 30September 2006. The departure of a senior executive is always a difficult timebut my colleagues and staff have shown an ability and a willingness to cope andwe are confident that the Company will continue to prosper. An increased interim dividend of 50 pence per share will be payable on 26 March2007 to shareholders on the register at 23 February 2007. This represents anincrease of more than thirteen per cent compared with the 44 pence per sharewhich was paid in 2006. D.M. Sinclair Chairman GROUP INCOME STATEMENT (UNAUDITED) Half year ended Half year ended Year ended 30.09.2006 30.9.2005 31.03.2006 £000 £000 £000 REVENUE 29,244 20,845 47,456 Cost of Sales (11,842) (7,974) (19,402) ________ _________ ________ GROSS PROFIT 17,402 12,871 28,054 Administrativeexpenses (1,840) (1,773) (3,058)Increase infair value ofinvestments - - 337Gain on saleof investmentproperties - - 599 _______ _______ _______OPERATINGPROFIT 15,562 11,098 25,932 Net financecosts (1,356) (1,793) (3,272) _______ _______ _______PROFIT BEFORETAXATION 14,206 9,305 22,660 _______ _______ _______Income taxexpense (4,333) (2,810) (6,738) _______ _______ _______PROFIT FOR THEPERIODATTRIBUTABLETO EQUITYSHAREHOLDERS 9,873 6,495 15,922 _______ _______ _______Basic anddilutedearnings pershare 253.2p 167.0p 408.4p All items within the consolidated income statement relate to continuingoperations GROUP BALANCE SHEET (UNAUDITED) As at As at As at 30.09.06 30.09.05 31.03.06 £000 £000 £000ASSETS NON-CURRENT ASSETS Property plant and equipment 2,670 2,826 2,735Investment properties 19,846 22,418 20,780 ______ ______ ______ 22,516 25,244 23,515 ______ ______ ______ CURRENT ASSETS Inventories of trading properties 179,876 174,939 176,095Trade and other receivables 1,275 453 651Cash and cash equivalents 250 178 2,338 ______ _______ ______ 181,401 175,570 179,084 ______ _______ ______ ______ ________ ______ TOTAL ASSETS 203,917 200,814 202,599 ______ ________ ______ EQUITY AND LIABILITIES Equity attributable to equity holdersof the parent Share capital 195 195 195Capital redemption reserve 55 55 55Capital reserve 25 25 25Other reserve 56 56 56Retained earnings 149,369 135,138 142,849 _______ _______ _______ 149,700 135,469 143,180 _______ _______ _______ NON-CURRENT LIABILITIES Long-term borrowings 22,375 22,775 29,716Deferred tax 4,959 5,465 5,056 ______ ______ ______ 27,334 28,240 34,772 ______ ______ ______ CURRENT LIABILITIES Bank overdrafts and loans 20,831 32,715 20,149Current tax payable 4,903 3,140 3,078Trade and other payables 1,149 1,250 1,420 ______ ______ ______ 26,883 37,105 24,647 ______ ______ ______ TOTAL LIABILITIES 54,217 65,345 59,419 ______ ______ ______ TOTAL EQUITY AND LIABILITIES 203,917 200,814 202,599 GROUP CASHFLOW STATEMENT (UNAUDITED) Half year ended Half year ended Year ended 30.09.06 30.09.05 31.03.06 £000 £000 £000Cash flow from operatingactivities 15,562 11,098 25,932Adjustment for:Depreciation 105 76 159Loss on disposal ofplant and equipment - 10 30(Gain) on disposal ofinvestment properties - - (599)(Increase) in fair value ofinvestment properties - (337) ______ ______ ______Cash flow from operationsbefore changes in working capital 15,667 11,184 25,185 ______ ______ ______ (Increase) in inventories (3,781) (164) (1,320)(Increase) in receivables (624) (134) (331)(Decrease)/Increase in payables (271) (953) 317 ______ ______ ______Cash generated from operations 10,991 9,933 23,851 Net Interest paid (1,356) (1,808) (3,272)Income taxes paid (2,606) (2,945) (7,343) ______ ______ ______Net cash flow from operatingactivities 7,029 5,180 13,236 ______ ______ ______ Investing activities Capital expenditure oninvestment properties (25) (415) (498)Purchase of property,plant and equipment (6) (151) (165)Proceeds from disposal ofinvestment properties 925 465 3,122Proceeds from disposal ofproperty, plant and equipment - 61 61 ______ ______ ______Net cash from/(used) ininvesting activities 894 (40) 2,520 ______ ______ ______ Cash flows from financing activities Increase in borrowings - 725 -Repayment of borrowings (6,116) (7,484) (12,711)Equity dividend paid (3,353) (3,197) (4,913) ______ ______ ______Net cash (used) from financingactivities (9,469) (9,956) (17,624) _______ _______ _______Net decrease in cash andcash equivalents (1,546) (4,816) (1,868) ______ ______ ______ Opening cash and cash equivalents (15,586) (13,718) (13,718) ______ ______ ______Closing cash and cash equivalents (17,132) (18,534) (15,586) _______ _______ _______ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Half year ended Half year ended Year ended 30.09.06 30.09.05 31.03.06 £000 £000 £000 Shareholders'funds at 1April 143,180 132,171 132,171 Profit for theyear 9,873 6,495 15,922 Dividends (3,353) (3,197) (4,913) Shareholders'funds at theend of theperiod 149,700 135,469 143,180 Enquiries: Frank Malcolm, Brewin Dolphin Securities Limited 0131 529 0311 This information is provided by RNS The company news service from the London Stock Exchange