Preliminary Results - year ended 31 March 2021

Mountview Estates PLC

17 June 2021

MOUNTVIEW ESTATES P.L.C.

Preliminary Results for the year ended 31 March 2021

CHIEF EXECUTIVE OFFICER'S STATEMENT

I finished this statement last year by saying "I look forward to writing this statement in more normal times next year".  It is now "next year" and whilst some of the post-Brexit problems have been solved and the wonderful vaccination programme is letting us live in less fear of Covid-19, nevertheless the escape and recovery from the Covid-19 constraints and the damage they did to the economy will be with us for some time.

We have not had to furlough any staff nor have we made anyone redundant and our only benefit from any government action has been the stamp duty holiday.  As such we may be considered lucky and we are not in a business that has been closed down to protect us from the pandemic, but I believe that we have made our own luck at least in part.  There has always been at least one accountant at the helm of this business and the years of financial prudence have ensured that we always operate within our means and we have been able to weather the bureaucratic delays caused by the pandemic.

All our performance indicators show an upward trend, in particular Profit before Tax and Earnings per Share show increases of 9.2%, and we feel able to recommend an increase of 12.5% in the Final Dividend from 200 pence to 225 pence per share subject to shareholder approval at the Annual General Meeting on 11 August 2021.

We made good purchases during the year ended 31 March 2021 and have continued to do so since, and I am confident that we will continue to source good opportunities.  We only increase the dividend when we are confident of maintaining that increase and, indeed, we look forward to being able to increase the dividend further.

The Final Dividend, if approved at the Annual General Meeting, will be payable on 16 August 2021 to shareholders on the register at 9 July 2021.

Duncan Sinclair

17 June 2021

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 225 pence per share are as follows:

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 MARCH 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

2021 Annual General Meeting (AGM) 

The 2021 AGM of the Company will be held on Wednesday 11 August 2021 and details will be set out in the Notice of AGM as to the location and format of the meeting.

In accordance with the UK Government's roadmap to ease COVID-19 restrictions across England currently it is expected that it will be possible to offer an in-person meeting. However, the health and wellbeing of our shareholders, employees and our Directors remains the Board's primary concern. It is essential to remain vigilant notwithstanding the ongoing UK vaccination programme, particularly with the spread of new variants of the coronavirus in the UK and other parts of the world. Therefore shareholders should consider whether it is appropriate to attend in person at the AGM. Details of the AGM will be included in the Notice of AGM set out in the 2020/21 Annual Report and Accounts that will be sent to shareholders at a date to be announced in due course.

There is also the possibility that arrangements for the AGM will have to be adapted to respond to the UK Government guidelines on short notice. Shareholders will be updated closer to the AGM on whether or not attendance is permitted via the issuance of a Regulatory News Service announcement and on the Company's website.

 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 2021 and 31 March 2020, but represents extracts from them.

The statutory accounts for the financial year ended 31 March 2020 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 2021 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 Annual General Meeting on 11 August 2021 ("2021 AGM").

2.   Basis of Preparation

The preliminary announcement has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") but does not contain sufficient information to comply fully with IFRS.  The Financial Statements to be presented to Members at the 2021 AGM are expected to comply fully with IFRS.

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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