Last checked at 29 Nov 2012 07:00
MOUNTVIEW ESTATES P.L.C.
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2012
Our Performance
Turnover up 22% to £25.9m (Half year ended 30.09.2011 - £21.2m)
Gross profit up 18% to £15.4m (Half year ended 30.09.2011 - £13.0m)
Profit before tax up 22% to £11.9m (Half year ended 30.09.2011 - £9.7m)
Earnings per share (pence) up 25% to 245.4p (Half year ended 30.09.2011 - 196.3p)
Net assets per share up 7% to £59.71 (Half year ended 30.09.2011 - £55.93)
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 20 February 2013Record date 22 February 2013Payment date 25 March 2013
Chairman's Statement
Introduction
Whilst the economic climate continues to be difficult and uncertain, I am pleased to report that Mountview continues to make good progress and has recorded increased earnings per share over the comparable period last year.
Results
Turnover, at £25.9 million (2011: £21.2 million), is up by 22% compared with the first six months of the previous year. Profit before tax is up by a similar percentage and, aided by a further reduction in the rate of corporation tax, earnings per share are up by 25% to 245.4 pence per share (2011: 196.3 pence per share).
The interim dividend of 50 pence per share in respect of the year ended 31 March 2013 is payable on 25 March 2013 to shareholders on the Register of Members as at 22 February 2013. Despite the significant trading improvement in the first half of the year, the Board has decided to hold the interim dividend at last year's level. We shall, however, review the level of final dividend at the end of the year in the light of the full year's results.
Further Progress
During the period under review further purchases have been made totalling nearly £21 million, all of which are situated in London and the South East. Borrowings increased, but the Board believes that gearing remains at a modest level and all our banking covenants are being met comfortably.
Net assets per share have risen further to £59.71 per share (2011: £55.93 per share) and so we go forward from a position of strength. The economic climate is not expected to be easy for the next few years, but we are confident of being in a good position to take full advantage when opportunities occur.
D.M. Sinclair
Chairman29 November 2012
Group Statement of Comprehensive Income (unaudited)
for the half year ended 30 September 2012
|
| Half Year ended 30.09.2012 £000 | Half Year ended 30.09.2011 £000 | Year ended 31.03.2012 £000 |
Revenue |
| 25,901 | 21,249 | 42,931 |
Cost of sales |
| (10,530) | (8,239) | (15,741) |
Gross profit |
| 15,371 | 13,010 | 27,190 |
Administrative expenses |
| (1,488) | (1,588) | (3,773) |
(Loss)/Gain on sale of investment properties |
| (11) | 211 | 484 |
Operating profit before changes in fair value of investment properties |
| 13,872 | 11,633 | 23,901 |
Increase in fair value of investment properties |
| - | - | 3,208 |
Profit from operations |
| 13,872 | 11,633 | 27,109 |
Change in fair value of derivatives |
| 210 | - | (271) |
Net finance costs |
| (2,190) | (1,885) | (4,033) |
Profit before taxation |
| 11,892 | 9,748 | 22,805 |
Taxation - current |
| (2,804) | (3,332) | (6,648) |
Taxation - deferred |
| 482 | 1,239 | 1,298 |
Taxation |
| (2,322) | (2,093) | (5,350) |
Profit attributable to equity Shareholders |
| 9,570 | 7,655 | 17,455 |
Basic and diluted earnings per share (pence) |
| 245.4p | 196.3p | 447.7p |
All items within the consolidated income statement relate to continuing operations.
Group Statement of Financial Position (unaudited)
for the half year ended 30 September 2012
|
| As at 30.09.2012 £000 | As at 30.09.2011£000 | As at 31.03.2012£000 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
| 2,375 | 2,388 | 2,441 |
Investment properties |
| 26,517 | 27,196 | 26,537 |
|
| 28,892 | 29,584 | 28,978 |
Current assets |
|
|
|
|
Inventories of trading properties |
| 316,431 | 295,976 | 301,072 |
Trade and other receivables |
| 1,160 | 1,368 | 1,371 |
Cash and cash equivalents |
| 1,691 | 175 | 987 |
|
| 319,282 | 297,519 | 303,430 |
Total assets |
| 348,174 | 327,103 | 332,408 |
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) | (2,340) | (1,040) |
Retained earnings |
| 233,015 | 220,077 | 227,928 |
|
| 232,826 | 218,068 | 227,219 |
Non-current liabilities |
|
|
|
|
Long-term borrowings |
| 92,700 | 80,000 | 90,000 |
Deferred tax |
| 5,541 | 6,082 | 6,023 |
|
| 98,241 | 86,082 | 96,023 |
Current liabilities |
|
|
|
|
Bank overdrafts and loans |
| 12,454 | 16,233 | 3,364 |
Trade and other payables |
| 980 | 743 | 1,385 |
Current tax payable |
| 2,801 | 3,345 | 2,814 |
Derivative financial instruments |
| 872 | 2,632 | 1,603 |
|
| 17,107 | 22,953 | 9,166 |
Total liabilities |
| 115,348 | 109,035 | 105,189 |
Total equity and liabilities |
| 348,174 | 327,103 | 332,408 |
Group Cash Flow Statement (unaudited)
for the half year ended 30 September 2012
|
| Half Year ended 30.09.2012 £000 | Half Year ended 30.09.2011 £000 | Year ended 31.03.2012 £000 |
Cash flows from operating activities |
|
|
|
|
Profit from operations |
| 13,872 | 11,633 | 27,109 |
Adjustment for: |
|
|
|
|
Depreciation |
| 86 | 70 | 166 |
Loss on disposal of property, plant and equipment |
| - | 3 | 10 |
Loss/(Gain) on disposal of investment properties |
| 11 | (211) | (484) |
(Increase) in fair value of investment properties |
| - | - | (3,208) |
Operating cash flows before movement in working capital |
| 13,969 | 11,495 | 23,593 |
(Increase) in inventories |
| (15,359) | (36,514) | (41,610) |
Decrease/(increase) in receivables |
| 211 | (176) | (179) |
(Decrease) in payables |
| (405) | (740) | (100) |
Cash generated from operations |
| (1,584) | (25,935) | (18,296) |
Interest paid |
| (2,190) | (1,885) | (4,033) |
Income taxes paid |
| (2,782) | (3,261) | (7,106) |
Net cash (outflow) from operating activities |
| (6,556) | (31,081) | (29,435) |
Investing activities |
|
|
|
|
Proceeds from disposal of investment properties |
| 59 | 4,029 | 8,895 |
Capital expenditure on investment properties |
| (50) | (700) | (1,426) |
Purchase of property, plant and equipment |
| (55) | (3) | (160) |
Proceeds from disposal of property, plant and equipment |
| - | 4 | 4 |
Net cash inflow from investing activities |
| (46) | 3,330 | 7,313 |
Cash flows from financing activities |
|
|
|
|
Increase in borrowings |
| 2,750 | 29,800 | 40,000 |
Repayment of borrowings |
| - | - | (200) |
Equity dividend paid |
| (4,483) | (4,483) | (6,432) |
Net cash (outflow)/inflow from financing activities |
| (1,733) | 25,317 | 33,368 |
Net (decrease)/increase in cash and cash equivalents |
| (8,335) | (2,434) | 11,246 |
Opening cash and cash equivalents |
| (2,103) | (13,349) | (13,349) |
Cash and cash equivalents at end of period |
| (10,438) | (15,783) | (2,103) |
Consolidated Statement of Changes in Equity
for the half year ended 30 September 2012
| Half Year ended 30.09.2012 £000 | Half Year ended 30.09.2011 £000 | Year ended 31.03.2012 £000 |
Shareholders' funds as at the beginning of the period | 227,219 | 214,896 | 214,896 |
Reduction in reserve | 520 | - | 1,300 |
Profit for the period | 9,570 | 7,655 | 17,455 |
Dividends | (4,483) | (4,483) | (6,432) |
Shareholders' funds at the end of the period | 232,826 | 218,068 | 227,219 |
ENDS