Business
Preliminary Results: year ended 31 March 2024
Preliminary Results: year ended 31 March 2024.
About this update from Mountview Estates P.l.c.
[{"type":"text","content":"\n\nMountview Estates P.L.C.\n20 June 2024\n \nMOUNTVIEW ESTATES P.L.C.\n \nPreliminary Results for the year ended 31 March 2024\n \nCHIEF EXECUTIVE OFFICER'S STATEMENT\n \nInflation has subsided during the last year and is now near to what is considered to be the optimum rate of 2%, but base rate and thus the cost of borrowing remain high by modern standards. This Company's policy of low gearing and financial prudence has enabled it to continue to take advantage of good purchasing opportunities during our last financial year.\nIn March 2022 and March 2023 the Company paid exceptional interim dividends of 500 pence per share which I believe helped to shield our shareholders from increases in taxation and the cost of living. In the interim statement issued in November 2023 we advised that the dividend payable on 25 March 2024 would be at the ordinary level of 250 pence per share. Now that we are presenting the final results for the year ended 31 March 2024 we can consider whether it is appropriate to recommend an increase in the final dividend.\nYour Board recommend that the final dividend be increased to 275 pence per share. If shareholders approve the final dividend at the Annual General Meeting on 14 August 2024 it will be payable on 19 August 2024 to shareholders on the register at 12 July 2024. When comparing the total dividends of 525 pence per share with the total of 750 pence per share in respect of the Company's previous financial year this represents a reduction of 30%. Nevertheless I believe that it gives a fairer reflection of the Company's performance to compare the total dividends of 525 pence per share with the previous total of ordinary dividends of 500 pence per share. Thus 525 pence per share represents an increase of 5%.\nAlthough the total purchases may not be quite as great as the previous year the Company has made many good purchases during the year ended 31 March 2024 and continues to be in position to take advantage of good opportunities. Continuing financial prudence is paramount in the operation of this Company and your Board will never compromise that financial stability.\nTurnover has increased by 8% and with the cost of sales being a little more modest pre-tax profits have increased by 15.6%. It is a matter of great disappointme...