OUR PERFORMANCE

Turnover at £30.2 million down by 8.5% (2017 – £33.0m)

Gross profit at £18.6 million down by 10.6% (2017 – £20.8m)

Profit before tax at £15.9 million down by 13.6% (2017 – £18.4m)

Earnings per share at 329.9 pence down by 13.5% (2017 – 381.3 p)

Net assets per share at £92.2 up by 3.5% (2017 – £89.1)

DIVIDEND INFORMATION

Mountview Estates P.L.C. advises its shareholders that, following the issue of the interim results, the relevant dates in respect of the interim dividend payment of 200p per share are as follows:

Ex-dividend date        14 February 2019

Record date                15 February 2019

Payment date              25 March 2019

Chief Executive Officer's Statement

At the Annual General Meeting held on 8 August 2018 those shareholders deemed to be independent exercised their right to reject the re-appointment of Mr Anthony Solway and the election of Mr Anthony Powell as independent non-executive directors.  At the General Meeting held in accordance with the UKLA Listing Rules on 19 November 2018, when all shareholders were entitled to vote, it was resolved to re-appoint Mr Anthony Solway and elect Mr Anthony Powell as directors of the Company.  Thus the status quo is maintained.

TRADING

The uncertainty surrounding Brexit of which I wrote last year will continue until 29 March 2019 at the earliest.  Whilst the Company conducts its business entirely within the borders of the United Kingdom, it cannot escape the overall effect of these uncertainties.  During the six months ended 30 September 2018 fewer of our properties have come vacant and sales take longer to complete during uncertain times. 

Consequently it is no surprise that the figures of Our Performance on the previous page are all down with the exception of a modest increase in net assets per share.  We have continued to make good purchases during the six months ended 30 September 2018 and with low gearing the Company remains financially sound. 

INTERIM DIVIDEND

The interim dividend is maintained at 200p per share in respect of the year ending 31 March 2019 and is payable on 25 March 2019 to shareholders on the Register of Members as at 15 February 2019.

OUTLOOK

With continuing good purchases and sound finances the Company is well placed to take advantage when the economy settles down and the Brexit uncertainties have been banished.

D.M. SINCLAIR

Chief Executive Officer

22 November 2018

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

for the half year ended 30 September 2018

Notes to the Half Year Report

Basis of preparation

These condensed interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and International Accounting Standard 34 (IAS 34) “Interim Financial Reporting” as adopted by the European Union.  The condensed interim financial statements should be read in conjunction with the annual statements for the year ended 31 March 2018 which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

The accounting policies used are consistent with those contained in the Group's last Annual Report and Accounts for the year ended 31 March 2018.

The Directors have reviewed the current and projected financial position of the Group and are satisfied that the Group has adequate resources to cover current liabilities. Therefore the Directors continue to adopt the going concern basis in preparing the half year report.