We are conducting routine maintenance on portfolio manager. We'll be back up as soon as possible. Thanks for your patience.

Mountview Estates half-year figures fall; cuts dividend in half

(Alliance News) - Mountview Estates PLC on Wednesday said it remains optimistic for the future, ...

Alliance News 20 November, 2024 | 11:12AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Mountview Estates PLC on Wednesday said it remains optimistic for the future, despite falls in revenue and profit prompting a slashed dividend.

The London-based property trading company owns and acquires tenanted residential property throughout the UK which are sold when vacant.

Mountview said pretax profit decreased by 9.0% to GBP18.1 million for the six months that ended September 30 from GBP19.9 million a year before, as revenue fell by 4.6% to GBP37.4 million from GBP39.2 million.

The profit decline also was due to increased costs, driven by consistently high interest rates.

Mountview declared an interim dividend of 250 pence per share, halved from 500p a year previous.

Mountview shares were down 5.4% at 8,730.00p each in London on Wednesday morning.

The firm took the decision to cut the dividend as it "would not be possible to continue at this level without compromising the company's financial prudence".

More positively, Mountview said its purchasing activity "has remained strong", while its financial strength should allow it to continue "to take advantage" of purchasing opportunities.

"We live in difficult times, but I believe that this company will continue to prosper and can continue to care for its staff and its shareholders," said Chief Executive Officer Duncan Sinclair.

By Lydia Doye, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Mountview Estates PLC 8,625.00 GBX -6.50 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures