Preliminary Results: year ended 31 March 2023

Mountview Estates PLC

15 June 2023

MOUNTVIEW ESTATES P.L.C.

Preliminary Results for the year ended 31 March 2023

CHIEF EXECUTIVE OFFICER'S STATEMENT

We are now living in the circumstances of double digit inflation and rising interest rates which give us very different problems to those experienced before and indeed during the Covid pandemic.  At a time when companies are failing to pay dividends and even ceasing to trade mere survival must be considered to be a success.

This Company has not only survived but has maintained an increased level of dividend.  Your Board recommend that the final dividend be maintained at 250 pence per share.  If shareholders approve the final dividend at the Annual General Meeting on 9 August 2023 it will be payable on 14 August 2023 to shareholders on the register at 7 July 2023.

Turnover has increased by 11.5% but the cost of sales has increased substantially and with modest increases in administrative expenses and finance costs the resulting earnings per share have fallen by a mere 1.6%.

I always emphasize that making the right purchases is the most important part of the business and our financial stability has enabled us to make substantial new purchases (up from £12.5million to £52.6million).  These purchases underpin the future of the Company and will ensure future profits.

The prosperity of the Company is only possible because we have a good team in place and I thank each and every one of them, from the most recent recruit to the longest standing employee, for their loyalty and endeavour.

Duncan Sinclair

15 June 2023

MOUNTVIEW ESTATES P.L.C.

FINANCIAL HIGHLIGHTS

Mountview Estates P.L.C. advises its shareholders that, following the issue of the final results, the relevant dates in respect of the proposed final dividend payment of 250 pence per share are as follows:

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2023

2023 Annual General Meeting (2023 AGM) 

The 2023 AGM of the Company will be held on Wednesday 9 August 2023 and details will be set out in the Notice of AGM, to be sent to shareholders on 7 July 2023.

 Notes to the Preliminary Announcement

1.   Financial Information

The financial information presented within this document does not comprise the statutory accounts for the financial years ended 31 March 2023 and 31 March 2022 but represents extracts from them.

The statutory accounts for the financial year ended 31 March 2022 have been filed with the Registrar of Companies.  The auditor reported on those accounts: 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 accounts for the year ended 31 March 2023 are expected to be finalised and signed following approval by the Board of Directors and made available to shareholders in advance of the 2023 AGM and will be delivered to the Registrar of Companies following the Company's 2023 AGM on 9 August 2023.

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 2023 AGM are expected to comply fully with UK-adopted international accounting standards.

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This announcement contains inside information for the purpose of article 7 of the UK version of the Market Abuse Regulation No 596/2014 as it forms part of UK 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