REG - Mountview Estates. - Preliminary Results: year ended 31 March 2024
20/06/2024 07:00
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RNS Number : 1110T Mountview Estates PLC 20 June 2024
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 41,443 34,008
fair value of investment properties
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
(http://www.mountviewplc.co.uk)
SPARK Advisory Partners Limited (Financial Adviser)
www.sparkadvisorypartners.com (http://www.sparkadvisorypartners.com/)
Mark Brady 020 3368 3550
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