Mountview Estates : UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2017

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Go to market news section Mountview Estates PLC - MTVW Released 07:00 23-Nov-2017

Half-year Report

RNS Number : 2851X Mountview Estates PLC 23 November 2017

Mountview Estates P.L.C. Interim Results 23 November 2017 MOUNTVIEW ESTATES P.L.C. ("Mountview" or "the Group" or "the Company") UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2017

Mountview is pleased to announce its unaudited interim results for the six months ended 30 September 2017

OUR PERFORMANCE Turnover at £33.0 million down by 2.9% (2016 - £34.0m) Gross profit at £20.8 million down by 13.7% (2016- £24.1m) Profit before tax at £18.4 million down by 15.2% (2016 - £21.7m) Earnings per share at 381.3 pence down by 14.7% (2016 - 446.9p) Net assets per share at £89.1up by 6.8% (2016 - £83.4) 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 200p per share are as follows: Ex-dividend date 15 February 2018 Record date 16 February 2018 Payment date 26 March 2018 Chief Executive Officer's Statement

At the Annual General Meeting held on 9 August 2017 those shareholders deemed to be independent exercised their right to reject the re-election of Mrs. M. L. Jarvis as an independent non- executive director. At the General Meeting held in accordance with the UKLA Listing Rules on 13 November 2017, when all shareholders were entitled to vote, it was resolved to re-appoint Mrs.

M. L. Jarvis as a director of the Company. Thus the balance and stability of the Board is maintained.

TRADING

I have written before of the uncertainties overshadowing the economic situation and until the bureaucrats in Brussels agree to meaningful negotiations with our government those uncertainties will remain. Whilst this Company conducts its business entirely within the borders of the United Kingdom it cannot isolate itself from the macroeconomic situation. It is against this background that, with the exception of net assets per share, the figures of Our Performance on the previous page are down. The Company remains financially sound with low gearing and has made good purchases during the six months ended 30 September 2017.

INTERIM DIVIDEND

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2018 and is payable on 26 March 2018 to shareholders on the Register of Members as at 16 February 2018.

OUTLOOK

Since 30 September 2017 the Company has completed the purchase of more than 50 properties in the London area investing over £25 million. As purchasing the right properties is the most important part of our business I believe that we have reasons for optimism.

D.M. SINCLAIR Chief Executive Officer 23 November 2017 GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) for the half year ended 30 September 2017 Half year ended 30.09.2017 £000

Half year

ended 30.09.2016

£000

Year ended 31.03.2017

£000

Revenue	33,027	34,047	78,232
Cost of Sales	(12,257)	(9,908)	(26,176)
Gross Profit	20,770	24,139	52,056
Administrative expenses	(2,141)	(1,930)	(5,231)
Operating profit before changes in fair value of investment properties	18,629	22,209	46,825
(Decrease) in fair value of investment properties	-	-	(1,020)
Profit from operations	18,629	22,209	45,805
Net finance costs	(270)	(482)	(819)
Profit before taxation	18,359	21,727	44,986
Taxation - current	(3,499)	(4,356)	(9,234)
Taxation - deferred	7	54	473
Taxation	(3,492)	(4,302)	(8,761)
Profit attributable to equity Shareholders	14,867	17,425	36,225
Basic and diluted earnings per share (pence)	381.3p	446.9p	929.1 p

All items within the consolidated income statement relate to continuing operations.

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED) for the half year ended 30 September 2017 Half year ended

Half year

ended

Year ended

30.09.2017 30.09.2016 31.03.2017 £000 £000 £000

Assets Non-current assets Property, plant and equipment	1,803	1,878	1,833
Investment properties	28,741	29,698	28,741
30,544	31,576	30,574
Current assets Inventories of trading properties	346,467	338,921	347,380
Trade and other receivables	4,119	1,559	1,613
Cash and cash equivalents	1,261	675	825
351,847	341,155	349,818

Total assets Equity and liabilities Capital and reserves attributable	382,391	372,731	380,392
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
Retained earnings	346,916	324,947	335,948
347,247	325,278	336,279
Non-current liabilities Long-term borrowings	22,700	35,600	29,000
Deferred tax	4,862	5,287	4,869
27,562	40,887	33,869
Current liabilities Bank overdrafts and loans	3,430	1,467	3,042
Trade and other payables	692	415	1,951
Current tax payable	3,460	4,684	5,251
7,582	6,566	10,244

Total liabilities	35,144	47,453	44,113
Total equity and liabilities	382,391	372,731	380,392

GROUP CASHFLOW STATEMENT (UNAUDITED) for the half year ended 30 September 2017

Half year ended 30.09.2017	Half year ended 30.09.2016	Year ended 31.03.2017
Cash flows from	£000	£000	£000
operating activities
Profit from operations Adjustment for: Depreciation	18,629 32	22,209 34	45,805 79
Decrease in fair value of investment	-	-	1,020
properties
Operating cash flows before movement in working capital	18,661	22,243	46,904
Decrease/(Increase) in inventories (Increase)/Decrease	913 (2,506)	(4,813) 161	(13,272) 107
in receivables (Decrease) in	(1,259)	(1,999)	(1,049)
payables