Last checked at 15 Jun 2017 07:00
Embargoed 07.00a.m. 15 June 2017
Final Results
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2017
CHIEF EXECUTIVE OFFICER'S STATEMENT
When I was writing this statement last year we had suffered the immediate effects of the 3% increase in stamp duty and were continuing to suffer the on-going effects of it. We had also suffered the uncertainties of the referendum campaign and were now being warned about the possible effects of "Brexit". Whilst some of the trade figures have been encouraging since the "Brexit" vote, we have since had the uncertainties generated by a general election campaign. The general election result has done nothing to inspire the confidence that we all crave.
With continuing uncertainties in the macro-economic situation we must rely upon our own sound strategies to ensure further prosperity for the Company. We keep our gearing low and are thus able to take advantage of good purchasing opportunities when they occur. We have made more purchases in the financial year ended 31 March 2017 compared with the previous year and with strong sales revenue since 1 October 2016 we have come close to matching the outstanding results of year ended 31 March 2016.
With these very sound results we are able to maintain the total dividends for the year at 300 pence per share which are still more than three times covered. The recommended final dividend of 100 pence per share in respect of the year ended 31 March 2017 will be payable on 14 August 2017 to shareholders on the Register of Members as at 14 July 2017.
Many of my staff have shown outstanding loyalty and have played major roles in bringing the Company to its present position of great strength. I respect also those who have brought their talents to the Company more recently. Together they make a wonderful team and I believe that we can look forward to the future with confidence.
Duncan Sinclair
15 June 2017
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
|
2017 |
2016 |
(Decease)/Increase |
| £ | £ | % |
|
|
|
|
Revenue (millions) | 78.2 | 79.8 | (2.0) |
|
|
|
|
Gross Profit (millions) | 52.1 | 53.0 | (1.7) |
|
|
|
|
Profit Before Tax (millions) | 45.0 | 48.4 | (7.0) |
|
|
|
|
Profit Before Tax excluding investment properties revaluation (millions) | 46.0 | 46.9 | (1.9) |
|
|
|
|
Equity Holders' Funds (millions) | 336.3 | 311.8 | 7.9 |
|
|
|
|
Earnings per share (pence) | 929.1 | 992.9 | (6.4) |
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|
|
|
Net assets per share (£) | 86.25 | 79.9 | 7.9 |
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|
|
|
Dividend per share (pence) | 300 | 300 | - |
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|
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 100 pence per share are as follows:
Ex-dividend date
| 13 July 2017 |
Record date | 14 July 2017
|
Payment date | 14 August 2017
|
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
| Year | Year |
| ended | ended |
| 31.03.2017 | 31.03.2016 |
| £'000 | £'000 |
| ||
REVENUE | 78,232 | 79,765 |
| ||
Cost of sales | (26,176) | (26,751) |
| ||
GROSS PROFIT | 52,056 | 53,014 |
| ||
Administrative expenses | (5,231) | (5,148) |
Gain on sale of investment properties | 0 | 197 |
| ||
Operating profit before changes in fair value of investment properties | 46,825 | 48,063 |
| ||
(Decrease)/Increase in fair value of investment properties | (1,020) | 1,504 |
| ||
PROFIT FROM OPERATIONS | 45,805 | 49,567 |
| ||
Net finance costs | (819) | (1,179) |
| ||
PROFIT BEFORE TAXATION | 44,986 | 48,388 |
| ||
Taxation - current | (9,234) | (9,593) |
Taxation - deferred | 473 | (83) |
| ||
Taxation | (8,761) | (9,676) |
| ||
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS | 36,225 | 38,712 |
| ||
Basic and diluted earnings per share (pence) | 929.1p | 992.9p |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2017
| As at | As at |
| 31.03.2017 | 31.03.2016 |
| £'000 | £'000 |
ASSETS | ||
NON-CURRENT ASSETS | ||
Property, plant and equipment | 1,833 | 1,911 |
Investment properties | 28,741 | 29,448 |
| ||
| 30,574 | 31,359 |
CURRENT ASSETS | ||
Inventories of trading properties | 347,380 | 334,108 |
Trade and other receivables | 1,613 | 1,720 |
Cash at bank | 825 | 1,706 |
| ||
| 349,818 | 337,534 |
| ||
TOTAL ASSETS | 380,392 | 368,893 |
| ||
EQUITY AND LIABILITIES | ||
Share capital | 195 | 195 |
Capital redemption reserve | 55 | 55 |
Capital reserve | 25 | 25 |
Other reserve | 56 | 56 |
| ||
Retained earnings | 335,948 | 311,421 |
| ||
| 336,279 | 311,752 |
NON-CURRENT LIABILITIES | ||
Long-term borrowings | 29,000 | 39,700 |
Deferred tax | 4,869 | 5,342 |
| ||
| 33,869 | 45,042 |
CURRENT LIABILITIES | ||
Bank overdrafts and short-term loans | 3,042 | 3,625 |
Trade and other payables | 1,951 | 3,000 |
Current tax payable | 5,251 | 5,474 |
| ||
| 10,244 | 12,099 |
| ||
TOTAL LIABILITIES | 44,113 | 57,141 |
| ||
TOTAL EQUITY AND LIABILITIES | 380,392 | 368,893 |
MOUNTVIEW ESTATES P.L.C.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
|
|
| Capital |
|
|
|
| Share | Capital | Redemption | Other | Retained |
|
| Capital | Reserve | Reserve | Reserves | Earnings | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
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Balance as at 1 April 2015 | 195 | 25 | 55 | 56 | 287,330 | 287,661 |
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Profit for the year | 38,712 | 38,712 | ||||
| ||||||
Dividends | (14,621) | (14,621) | ||||
| ||||||
Balance as at 31 March 2016 | 195 | 25 | 55 | 56 | 311,421 | 311,752 |
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|
|
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|
| Capital |
|
|
|
| Share | Capital | Redemption | Other | Retained |
|
| Capital | Reserve | Reserve | Reserves | Earnings | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
|
|
|
|
|
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|
|
|
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Balance as at 1 April 2016 | 195 | 25 | 55 | 56 | 311,421 | 311,752 |
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|
|
|
|
|
|
Profit for the year |
|
|
|
| 36,225 | 36,225 |
|
|
|
|
|
|
|
Dividends |
|
|
|
| (11,698) | (11,698) |
|
|
|
|
|
|
|
Balance as at 31 March 2017 | 195 | 25 | 55 | 56 | 335,948 | 336,279 |
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MOUNTVIEW ESTATES P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
| Year | Year |
| ended | ended |
| 31.03.2017 | 31.03.2016 |
| £'000 | £'000 |
Cash flow from operating activities |
|
|
|
|
|
Operating profit | 45,805 | 49,567 |
Adjustment for: | ||
Depreciation | 79 | 113 |
| ||
Gain on disposal of investment properties | - | (197) |
Decrease/(Increase) in fair value of investment properties | 1,020 | (1,504) |
Cash flow from operations before changes in working capital | 46,904 | 47,979 |
| ||
(Increase) in inventories | (13,272) | (11,088) |
Decrease in receivables | 107 | 228 |
(Decrease)/Increase in payables | (1,049) | 657 |
| ||
Cash generated from operations | 32,690 | 37,776 |
| ||
Interest paid | (819) | (1,179) |
Income taxes paid | (9,458) | (5,693) |
| ||
Net cash inflow from operating activities | 22,413 | 30,904 |
| ||
Investing activities | ||
Proceeds from disposal of investment properties | - | 1,700 |
Capital expenditure on investment properties | (312) | (48) |
Purchase of property, plant and equipment | (1) | (16) |
| ||
Net cash (outflow)/inflow from investing activities | (313) | 1,636 |
| ||
Cash flow from financing activities | ||
Repayment of borrowings | (9,820) | (20,725) |
Equity dividend paid | (11,698) | (14,621) |
| ||
Net cash (outflow) from financing activities | (21,518) | (35,346) |
| ||
Net increase/(decrease)/ in cash and cash equivalents | 582 | (2,806) |
Opening cash and cash equivalents
|
(1,919) |
887 |
Cash and cash equivalents at the end of the year | (1,337) | (1,919) |
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 2017 and 31 March 2016, but represents extracts from them.
The statutory accounts for the financial year ended 31 March 2016 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 2017 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 9 August 2017.
2. Basis of Preparation
The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS. The Financial Statements to be presented to Members at the 2017 AGM are expected to comply fully with IFRS.
~ENDS~
For further information, please contact:
SPARK Advisory Partners Limited (Financial Adviser) | www.sparkadvisorypartners.com |
Miriam Greenwood | 020 3368 3553 |
Mark Brady | 020 3368 3551 |