Economic headwinds force interim profit fall at Mountview
Mountview Estates has said economic difficulties in the UK contributed to a fall in the company’s profit for the six months ended 30 September 2024.
Mountview reported a 4.5% fall in its gross profit for the period to £23.1m, compared with £24.2m for the same period last year.
Its profit before tax fell by 9% from £19.9m last year to £18.1m. Mountview’s turnover was also down, by 4.6% from £39.2m to £37.4m.
Mountview Estates has said economic difficulties in the UK contributed to a fall in the company’s profit for the six months ended 30 September 2024.
Mountview reported a 4.5% fall in its gross profit for the period to £23.1m, compared with £24.2m for the same period last year.
Its profit before tax fell by 9% from £19.9m last year to £18.1m. Mountview’s turnover was also down, by 4.6% from £39.2m to £37.4m.
The company’s earnings per share were 347.9p, down by 9.1% from 2023’s 382.7p. Net assets per share was the only metric to rise, increasing by 1.7% to £103.20 from £101.50 in 2023.
Duncan Morrall Sinclair, chief executive of Mountview Estates, said: “Although interest rates have been reduced slightly in recent months, they are still at levels last experienced over 10 years ago and are a significant factor in our increased costs.
“Our purchasing activity, which is the future of the company, has remained strong during these six months, and we continue to be offered further opportunities. Our financial strength should enable us to take advantage of the best of these, but we will not compromise our financial prudence.”
Mountview has also announced the recruitment of Tracey Hartley as an independent non-executive director with effect from 1 January 2025. Her appointment follows shareholders of the company rejecting the re-election of Anthony Powell and Mhairi Archibald as independent non-executive directors in August.
