14th Jun 2018 12:27
LONDON (Alliance News) - Mountview Estates PLC on Thursday upped its total dividend by 33% in its most recently ended financial year, although profit decreased on lower sales volume.
The property management company said pretax profit declined 17% to GBP39.6 million in the year to the end of March from GBP45.0 million reported a year earlier, as revenue fell 10% to GBP70.3 million from GBP78.2 million.
Mountview Estates said that it completed less sales than the prior year due to uncertain economic environment. Although sales figures were down year-on-year, the cost of the purchases has increased by over 50%.
The company hiked its full-year dividend by third to 400.00 pence from 300.00p paid the year before.
"It is always disappointing to report profits that have fallen but in the present uncertain economic climate I consider that my team have given a very good performance," said Chief Executive Duncan Sinclair.
"When Brexit negotiations and other economic uncertainties are resolved the purchases we are presently able to make will realise good profits and we can look forward to future increased earnings," added Sinclair.
The stock was trading 3.6% lower at 10,700.00 pence per share on Thursday midday.
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