13th Jun 2019 12:11
(Alliance News) - Mountview Estates PLC said Thursday its annual profit and revenue fell as a result of a decline in sales transactions amid continued Brexit uncertainty.
For the year to the end of March, pretax profit dropped by 6.2% to GBP34.6 million from GBP36.9 million the year before, on revenue that declined by 7.0% to GBP65.4 million from GBP70.3 million.
Mountview made a gain of GBP287,000 on the fair value of investment properties, compared to a GBP376,000 loss the prior year.
Mountview Estates said it had completed less sales than the year before, and the number of regulated tenancies available for purchase also lowered year-on-year.
The company proposed an annual dividend at 400 pence per share, in line with the year before.
"On June 23, 2016 the British people voted to leave the European Union and every statement that I have written since then has been conscious of the uncertainties that should have been resolved by March 29, 2019. Unfortunately those uncertainties are likely to continue at least until October 31, 2019 but I must write this statement in the belief that we will continue to live in a property owning democracy," said Chief Executive Duncan Sinclair.
"It will be a happier task writing this statement when the various uncertainties have been resolved in such a way that we can again report increased profits and thus an increase in dividends," Sinclair added.
Shares in Mountview Estates were down 3.1% at 9,300.00 pence on Thursday.
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