Mountview Estates P.L.C.
20 June 2024
MOUNTVIEW ESTATES
P.L.C.
Preliminary Results for the
year ended 31 March 2024
CHIEF EXECUTIVE OFFICER'S
STATEMENT
Inflation has subsided during the
last year and is now near to what is considered to be the optimum
rate of 2%, but base rate and thus the cost of borrowing remain
high by modern standards. This Company's policy of low
gearing and financial prudence has enabled it to continue to take
advantage of good purchasing opportunities during our last
financial year.
In March 2022 and March 2023 the
Company paid exceptional interim dividends of 500 pence per share
which I believe helped to shield our shareholders from increases in
taxation and the cost of living. In the interim statement
issued in November 2023 we advised that the dividend payable on 25
March 2024 would be at the ordinary level of 250 pence per share.
Now that we are presenting the final results for the year
ended 31 March 2024 we can consider whether it is appropriate to
recommend an increase in the final dividend.
Your Board recommend that the final
dividend be increased to 275 pence per share. If shareholders
approve the final dividend at the Annual General Meeting on 14
August 2024 it will be payable on 19 August 2024 to shareholders on
the register at 12 July 2024. When comparing the total
dividends of 525 pence per share with the total of 750 pence per
share in respect of the Company's previous financial year this
represents a reduction of 30%. Nevertheless I believe that it
gives a fairer reflection of the Company's performance to compare
the total dividends of 525 pence per share with the previous total
of ordinary dividends of 500 pence per share. Thus 525 pence
per share represents an increase of 5%.
Although the total purchases may not
be quite as great as the previous year the Company has made many
good purchases during the year ended 31 March 2024 and continues to
be in position to take advantage of good opportunities.
Continuing financial prudence is paramount in the operation
of this Company and your Board will never compromise that financial
stability.
Turnover has increased by 8% and
with the cost of sales being a little more modest pre-tax profits
have increased by 15.6%. It is a matter of great
disappointment that the Government had seen fit to increase
Corporation Tax by over 30% (19% to 25%) thus limiting the increase
in earnings per share to 7.4%.
Duncan Sinclair
20 June 2024
MOUNTVIEW ESTATES P.L.C.
FINANCIAL
HIGHLIGHTS
|
|
2024
|
2023
|
Increase/
(Decrease)
|
|
|
£
|
£
|
%
|
|
Revenue (millions)
|
79.5
|
73.6
|
8.0
|
|
|
|
|
|
|
Gross Profit (millions)
|
48.4
|
40.6
|
19.3
|
|
|
|
|
|
|
Profit Before Tax (millions)
|
37.9
|
32.8
|
15.6
|
|
|
|
|
|
|
Equity Holders' Funds (millions)
|
399.6
|
390.7
|
2.3
|
|
|
|
|
|
|
Earnings per share (pence)
|
728.9
|
678.8
|
7.4
|
|
|
|
|
|
|
Net
assets per share (£)
|
102.5
|
100.2
|
2.3
|
|
|
|
|
|
|
Dividend per share (pence)
|
525
|
750
|
(30.0)
|
|
|
|
|
|
Mountview Estates P.L.C. advises its
shareholders that, following the issue of the preliminary results,
the relevant dates in respect of the proposed final dividend
payment of 275 pence per share are as follows:
|
Ex-dividend date
|
11 July
2024
|
|
Record date
|
12 July
2024
|
|
Payment date
|
19 August
2024
|
CONSOLIDATED INCOME
STATEMENT
FOR THE YEAR ENDED 31 MARCH
2024
|
|
Year
|
|
Year
|
|
|
ended
|
|
ended
|
|
|
31.03.24
|
|
31.03.23
|
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
REVENUE
|
79,472
|
|
73,593
|
|
|
|
|
|
|
Cost of sales
|
(31,023)
|
|
(32,993)
|
|
|
|
|
|
|
GROSS PROFIT
|
48,449
|
|
40,600
|
|
|
|
|
|
|
Administrative expenses
|
(7,006)
|
|
(6,592)
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before changes in
fair value of investment properties
|
41,443
|
|
34,008
|
|
|
|
|
|
|
Increase/(Decrease) in fair value of
investment properties
|
153
|
|
(36)
|
|
|
|
|
|
|
PROFIT FROM OPERATIONS
|
41,596
|
|
33,972
|
|
|
|
|
|
|
Net finance costs
|
(3,710)
|
|
(1,208)
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION
|
37,886
|
|
32,764
|
|
|
|
|
|
|
Taxation - current
|
(9,429)
|
|
(6,233)
|
|
Taxation - deferred
|
(38)
|
|
(66)
|
|
|
|
|
|
|
Taxation
|
(9,467)
|
|
(6,299)
|
|
|
|
|
|
|
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS
|
28,419
|
|
26,465
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share (pence)
|
728.9p
|
|
678.8p
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH
2024
|
|
|
As at
|
As at
|
|
|
|
31.03.2024
|
31.03.2023
|
|
|
|
£'000
|
£'000
|
|
ASSETS
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
Property. plant and
equipment
|
|
1,440
|
1,493
|
|
Investment properties
|
|
25,568
|
25,415
|
|
|
|
|
|
|
|
|
27,008
|
26,908
|
|
CURRENT ASSETS
|
|
|
|
|
Inventories of trading
properties
|
|
446,398
|
422,742
|
|
Trade and other
receivables
|
|
1,479
|
6,656
|
|
Cash at bank
|
|
739
|
776
|
|
|
|
|
|
|
|
|
448,616
|
430,174
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
475,624
|
457,082
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
Share capital
|
|
195
|
195
|
|
Capital redemption
reserve
|
|
55
|
55
|
|
Capital reserve
|
|
25
|
25
|
|
Other reserve
|
|
56
|
56
|
|
Retained earnings
|
|
399,301
|
390,377
|
|
|
|
|
|
|
|
|
399,632
|
390,708
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
Long-term borrowings
|
|
66,500
|
56,700
|
|
Deferred tax
|
|
5,805
|
5,766
|
|
|
|
|
|
|
|
|
72,305
|
62,466
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Bank overdrafts and short-term
loans
|
|
-
|
60
|
|
Trade and other payables
|
|
2,303
|
1,984
|
|
Current tax payable
|
|
1,384
|
1,864
|
|
|
|
|
|
|
|
|
3,687
|
3,908
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
75,992
|
66,374
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
|
475,624
|
457,082
|
|
|
|
|
| |
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH
2024
|
|
|
|
Capital
|
|
|
|
|
|
Share
|
Capital
|
Redemption
|
Other
|
Retained
|
|
|
|
Capital
|
Reserve
|
Reserve
|
Reserves
|
Earnings
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 April
2022
|
195
|
25
|
55
|
56
|
393,155
|
393,486
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
-
|
-
|
-
|
-
|
26,465
|
26,465
|
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
-
|
(29,243)
|
(29,243)
|
|
|
|
|
|
|
|
|
|
Balance as at 31 March
2023
|
195
|
25
|
55
|
56
|
390,377
|
390,708
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
Share
|
Capital
|
Redemption
|
Other
|
Retained
|
|
|
|
Capital
|
Reserve
|
Reserve
|
Reserves
|
Earnings
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 April
2023
|
195
|
25
|
55
|
56
|
390,377
|
390,708
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
-
|
-
|
-
|
-
|
28,419
|
28,419
|
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
-
|
(19,495)
|
(19,495)
|
|
|
|
|
|
|
|
|
|
Balance as at 31 March
2024
|
195
|
25
|
55
|
56
|
399,301
|
399,632
|
|
|
|
|
|
|
|
|
GROUP CASH FLOW
STATEMENT
FOR THE YEAR ENDED 31 MARCH
2024
|
|
|
|
Year
|
|
Year
|
|
|
|
|
ended
|
|
ended
|
|
|
|
|
31.03.2024
|
|
31.03.2023
|
|
|
|
|
£'000
|
|
£'000
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
41,596
|
|
33,972
|
|
Adjustment for:
|
|
|
|
|
|
|
Depreciation
|
|
|
53
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)/Decrease in fair value of
investment properties
|
|
|
(153)
|
|
36
|
|
Cash flow from operations before changes in working
capital
|
|
|
41,496
|
|
34,061
|
|
|
|
|
|
|
|
|
Increase in inventories
|
|
|
(23,656)
|
|
(29,467)
|
|
Decrease/(Increase) in
receivables
|
|
|
5,177
|
|
(5,330)
|
|
Increase in payables
|
|
|
319
|
|
514
|
|
Cash generated from operations
|
|
|
23,336
|
|
(222)
|
|
|
|
|
|
|
|
|
Interest paid
|
|
|
(3,710)
|
|
(1,208)
|
|
Income taxes paid
|
|
|
(9,908)
|
|
(6,754)
|
|
|
|
|
|
|
|
|
Net
cash inflow/(outflow) from operating activities
|
|
|
9,718
|
|
(8,184)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash inflow from investing activities
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
|
|
|
Increase in borrowings
|
|
|
9,800
|
|
37,500
|
|
Equity dividend paid
|
|
|
(19,495)
|
|
(29,243)
|
|
|
|
|
|
|
|
|
Net
cash (outflow)/inflow from financing activities
|
|
|
(9,695)
|
|
8,257
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents
|
|
|
23
|
|
73
|
|
|
|
|
|
|
|
|
Opening cash and cash
equivalents
|
|
|
716
|
|
643
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end
of the year
|
|
|
739
|
|
716
|
2024 Annual General Meeting (AGM)
The 2024 AGM of the Company will be
held on Wednesday 14 August 2024 and details will be set out in the
Notice of AGM.
Notes to the Preliminary Announcement
1.
Financial Information
The financial information presented
within this document does not comprise the statutory financial
statements for the financial years ended 31 March 2024 and 31 March
2023 but represents extracts from them.
The statutory financial statements
for the financial year ended 31 March 2023 have been filed with the
Registrar of Companies. The auditor reported on those financial
statements: 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 financial statements
for the year ended 31 March 2024 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 2024 AGM on
14 August 2024.
2.
Basis of Preparation
The preliminary announcement has
been prepared in accordance with UK-Adopted International
Accounting Standards but does not contain sufficient information to
comply fully with UK-Adopted International Accounting Standards.
The Financial Statements to be presented at the 2024 AGM are
expected to comply fully with UK-Adopted International Accounting
Standards.
~ Ends
~
This announcement contains inside
information as stipulated under the UK version of the Market Abuse
Regulation No 596/2014 which is part of English Law by virtue of
the European (Withdrawal) Act 2018, as amended. On publication of
this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.
For
further information on the Company, visit:
www.mountviewplc.co.uk
SPARK Advisory Partners Limited (Financial
Adviser) www.sparkadvisorypartners.com