Business
Preliminary Results for the year to 31 March 2014
Preliminary Results for the year to 31 March 2014.
About this update from Mountview Estates P.l.c.
[{"type":"text","content":"\n \nRNS Number : 6152K Mountview Estates PLC 26 June 2014 \n \n\n \nFor immediate release\nPreliminary results for the year ended 31 March 2014\n \nMOUNTVIEW ESTATES P.L.C.\n \nCHAIRMAN'S STATEMENT\n\nI am delighted to report both increased turnover and increased profits for the year ended 31 March 2014. \n \nProfit before tax for the year was £35.4m (2013: £28.9m) representing an increase of £6.5m and growth of 22.5%. This performance reflects a very buoyant housing market in our core geographical area. These results are the second highest in the history of the Company and this must be considered an excellent achievement. Equally pleasing is the increase in shareholders' funds of 8.9% to £265.6m together with a reduction in borrowings of 16.5% to £78m.\n \nThese results have meant that we are able to recommend an increased final dividend of 150 pence per share in respect of the year ended 31 March 2014. This final dividend is payable on 18 August 2014 to shareholders on the Register of Members as at 18 July 2014. This will make a total dividend for the year ended 31 March 2014 of 200 pence per share (2013: 175 pence per share). The increased dividend is still more than three times covered by the earnings per share.\n \nIn the year, we have continued to purchase new trading stock. We have been able to invest £23.9m in new properties. The buoyant housing market has brought more players into our core market and this has resulted in greater competition for new purchases. However, we believe we have continued to buy wisely, investing in properties located in our key locations and where we see good value and potential profits.\n \nWhilst it has never been a requirement to value the trading stock it has been a concern for some of the shareholders. The Board has decided to undertake the valuation of the trading stock and anticipate that the results will be published together with the Interim Report 2014.\n \nThe results are made with a stable, experienced and committed executive and management team and staff. We continue to develop managerial staff and this is an important part of business progression. \n \nDuncan Sinclair has been with the Company for 43 years, during which he has occupied the positions of Company Secretary, Director, Executive Chairman and Chief Executive.&nbs...