16th Jun 2016 08:04
LONDON (Alliance News) - Property trading company Mountview Estates PLC on Thursday posted a 21% rise in pretax profit in its recent financial year, and said it was continuing to make good purchases in spite of economic uncertainty in the UK.
Mountview buys tenanted residential property across the UK and sells that property when it becomes vacant.
It posted pretax profit of GBP48.4 million for the year ended March 31, up from GBP40.0 million a year earlier, on the back of higher revenue, at GBP79.8 million from GBP71.3 million, and a greater increase in the fair value of investment properties, of GBP1.5 million from GBP57,000.
Earnings per share rose to 992.90 pence, up 22% from the 816.00p reported a year earlier, Mountview said.
The company proposed a full-year dividend of 300p per share, compared to the 275p per share offered a year earlier.
"There are as ever economic uncertainties, and we cannot influence the macro-economic situation, but Mountview has strong foundations. Borrowings have been further reduced, and we continue to make good purchases," said Chief Executive Duncan Sinclair.
Shares in Mountview were down 1.2% at 10,200.00p per share.
By Hannah Boland; [email protected]; @Hannaheboland
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