19th Jun 2025 07:00
Mountview Estates P.L.C.
19 June 2025
MOUNTVIEW ESTATES P.L.C.
Preliminary Results for the year ended 31 March 2025
CHIEF EXECUTIVE OFFICER'S STATEMENT
It is now 88 years since Frank and Irving Sinclair, my uncle and my father, founded Mountview Estates. It obtained a full Stock Exchange listing in 1960 but control of a majority of the shareholdings remains within the Sinclair family. The original objective of enhancing the family's standard of living has served all shareholders well and the five pence shares now change hands at nearly one hundred pounds per share.
Writing this statement has often been easy as the Company has blossomed from its humble beginnings but this time some of the figures are disappointing. Whilst the law of averages works very well for us it does not guarantee a minimum number of vacant possessions. Thus with less properties sold it is quantity rather than quality that has had the greater effect on turnover. Administrative expenses have been well contained but net finance costs have increased by over 33%. Thus we must report a drop in earnings per share of 17.3%.
The quality and quantity of our purchases in recent years have put the Company in a good position going forwards and we continue to be offered further purchasing opportunities. We have always kept the Company's gearing low but with the cost of money at its present level we must be ever more conscious of this expense and it does not help us that the average sale is taking longer to complete. We believe that this Company will continue to be a sound investment and we will never do anything that would compromise its financial stability, but it is hard to believe that the government's policies can lead to a stable housing market.
The Company continues to be in a strong position and can look forward to years of profitable trading looking after its employees and shareholders alike. Our employees have received pay rises which will help to protect them against inflation and despite lower profits we believe that the final dividend should be maintained at the same level as 2024.
If this final dividend of 275 pence per share is approved at the Annual General Meeting to be held on 13 August 2025 it will be payable on 18 August 2025 to shareholders on the register at 11 July 2025.
Duncan Sinclair
19 June 2025
MOUNTVIEW ESTATES P.L.C.
FINANCIAL HIGHLIGHTS
|
2025 |
2024 |
Increase/ (Decrease) |
| £ | £ | % |
Revenue (millions) | 72.1 | 79.5 | (9.3) |
|
|
| |
Gross Profit (millions) | 42.2 | 48.4 | (12.8) |
| |||
Profit Before Tax (millions) | 31.3 | 37.9 | (17.4) |
|
|
| |
Equity Holders' Funds (millions) | 402.7 | 399.6 | 0.8 |
|
|
| |
Earnings per share (pence) | 602.5 | 728.9 | (17.3) |
|
|
| |
Net assets per share (£) | 103.3 | 102.5 | 0.8 |
|
|
| |
Dividend per share (pence) | 525 | 525 | 0.0 |
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 | 10 July 2025 |
Record date | 11 July 2025 |
Payment date | 18 August 2025 |
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
| Year |
| Year |
| ended |
| ended |
|
|
|
|
| 31.03.25 |
| 31.03.24 |
£'000 |
| £'000 | |
|
|
| |
REVENUE | 72,132 |
| 79,472 |
Cost of sales | (29,954) | (31,023) | |
GROSS PROFIT | 42,178 |
| 48,449 |
| |||
Administrative expenses | (6,765) | (7,006) | |
Gain on disposal of investment properties | 885 | - | |
Operating profit before changes in fair value of investment properties | 36,298 |
| 41,443 |
(Decrease)/Increase in fair value of investment properties | (23) | 153 | |
PROFIT FROM OPERATIONS | 36,275 |
| 41,596 |
Net finance costs | (4,971) | (3,710) | |
PROFIT BEFORE TAXATION | 31,304 |
| 37,886 |
Taxation - current | (8,701) | (9,429) | |
Taxation - deferred | 890 | (38) | |
Taxation total | (7,811) | (9,467) | |
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS | 23,493 |
| 28,419 |
Basic and diluted earnings per share (pence) | 602.5p |
| 728.9p |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 MARCH 2025
| As at | As at | |
| 31.03.2025 | 31.03.2024
| |
| £'000 | £'000 | |
ASSETS |
|
|
|
NON-CURRENT ASSETS |
|
|
|
Property, plant and equipment |
| 1,387 | 1,440 |
Investment properties |
| 21,670 | 25,568 |
| |||
TOTAL NON-CURRENT ASSETS |
| 23,057 | 27,008 |
CURRENT ASSETS |
| ||
Inventories of trading properties |
| 466,774 | 446,398 |
Trade and other receivables |
| 1,566 | 1,479 |
Cash at bank |
| 524 | 739 |
| |||
TOTAL CURRENT ASSETS |
| 468,864 | 448,616 |
| |||
TOTAL ASSETS |
| 491,921 | 475,624 |
| |||
EQUITY AND LIABILITIES |
| ||
Share capital |
| 195 | 195 |
Capital redemption reserve |
| 55 | 55 |
Capital reserve |
| 25 | 25 |
Other reserve |
| 56 | 56 |
Retained earnings |
| 402,324 | 399,301 |
| |||
TOTAL EQUITY |
| 402,655 | 399,632 |
| |||
NON-CURRENT LIABILITIES |
| ||
Long-term borrowings |
| 78,700 | 66,500 |
Deferred tax |
| 4,915 | 5,805 |
| |||
TOTAL NON-CURRENT LIABILITIES |
| 83,615 | 72,305 |
|
| ||
CURRENT LIABILITIES |
| ||
Bank overdrafts and short-term loans |
| 1,402 | - |
Trade and other payables |
| 1,893 | 2,303 |
Current tax payable |
| 2,356 | 1,384 |
| |||
TOTAL CURRENT LIABILITIES |
| 5,651 | 3,687 |
| |||
TOTAL LIABILITIES |
| 89,266 | 75,992 |
| |||
TOTAL EQUITY AND LIABILITIES |
| 491,921 | 475,624 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
|
| 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 |
|
|
|
|
|
|
|
| Capital |
|
|
| |
Share | Capital | Redemption | Other | Retained |
| |
Capital | Reserve | Reserve | Reserves | Earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Balance as at 1 April 2024 | 195 | 25 | 55 | 56 | 399,301 | 399,632 |
Profit for the year | - | - | - | - | 23,493 | 23,493 |
Dividends | - | - | - | - | (20,470) | (20,470) |
Balance as at 31 March 2025 | 195 | 25 | 55 | 56 | 402,324 | 402,655 |
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Year | Year | |
| Ended | ended |
| 31.03.2025 | 31.03.2024 |
| £'000 | £'000 |
Cash flow from operating activities |
|
|
|
|
|
Profit from operations | 36,275 | 41,596 |
Adjustment for: |
|
|
Depreciation | 53 | 53 |
Gain on disposal of investment properties | (885) | - |
Decrease/(Increase) in fair value of investment properties | 23 | (153) |
Operating cash flows before movement in working capital | 35,466 | 41,496 |
|
| |
Increase in inventories | (20,376) | (23,656) |
(Increase)/Decrease in receivables | (87) | 5,177 |
(Decrease)/Increase in payables | (410) | 319 |
Cash generated from operations | 14,593 | 23,336 |
|
|
|
Interest paid | (4,971) | (3,710) |
Income taxes paid | (7,729) | (9,908) |
|
|
|
Net cash inflow from operating activities | 1,893 | 9,718 |
Investing activities |
|
|
Proceeds from disposal of investment properties | 4,760 | - |
Net cash inflow from investing activities | 4,760 | - |
|
|
|
Cash flow from financing activities |
|
|
Increase in borrowings | 12,200 | 9,800 |
Equity dividend paid | (20,470) | (19,495) |
|
|
|
Net cash Outflow from financing activities | (8,270) | (9,695) |
|
|
|
Net (Decrease)/Increase in cash and cash equivalents | (1,617) | 23 |
|
| |
Opening cash and cash equivalents | 739 | 716 |
Cash and cash equivalents at the end of the year | (878) | 739 |
2025 Annual General Meeting (AGM)
The 2025 AGM of the Company will be held on Wednesday 13 August 2025 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 2025 and 31 March 2024 but represents extracts from them.
The statutory financial statements for the financial year ended 31 March 2024 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 2025 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 2025 AGM on 13 August 2025.
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 2025 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
Mark Brady | 020 3368 3550 |
Related Shares:
Mountview Est.