REG - Wynnstay Properties - Interim Results for Six Months Ended 29 Sept 2025
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RNS Number : 1461G Wynnstay Properties PLC 04 November 2025
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement, this
information is considered to be in the public domain.
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 SEPTEMBER 2025
4 November 2025
CHAIRMAN'S STATEMENT
I am pleased to report good performance from the business over the six-month
period ended 29 September 2025.
Interim Financial Results
The unaudited results are summarised in the table below and should be read in
conjunction with the following commentary and financial statements:
29 September 29 September
2025 2024
Rental Income +2.8% £1,407,000 £1,369,000
Property Income +2.8% £1,416,000 £1,378,000
Operating Income -6.4% £1,012,000 £1,081,000
Income before Taxation -5.5% £779,000 £824,000
Earnings per share -1.4% 21.6p 21.9p
Net Asset Value per share +2.7% 1,173p 1,142p
Interim Dividend per share +5.0% 10.5p 10.0p
Rental Income for the half-year increased by 2.8% compared to the same period
last year to £1,407,000 (2024: £1,369,000). This reflects higher passing
rents negotiated on rent reviews and new lettings and changes in the
portfolio. The prior year included income from the Cosham and Midhurst
properties which have since been sold. The current year includes income from
the property at Waterbeach, Cambridge which was purchased in May 2025.
Operating Income decreased 6.4% to £1,012,000 (2024: £1,081,000) reflecting
an underlying £98,000 of property costs expended on the portfolio during the
period (2024: £39,000). This higher expenditure reflected costs incurred in
negotiating the beneficial outcomes of rent reviews and new leases as well as
investment in refurbishments, including to improvements to energy performance,
as reported in the Managing Director's Review below. There were no property
disposals during the period and thus no net profit or loss realised on any
property disposals in the period (2024: £52,000).
Borrowings from Handelsbanken of £11.384 million at the end of the half-year
(2024: £9.971 million) reflect our five-year loan of £9.984 million fixed at
a rate of 3.61% from December 2021 plus £1.4 million of drawings made under
our revolving credit facility set at variable rates linked to the base rate.
At the end of the half-year, we held cash balances of £0.609 million
available for future use in the business. In addition, we have available £3.6
million undrawn under our £5.0 million revolving credit facility with
Handelsbanken. In line with our established approach from previous cycles, we
are proactively managing the refinancing process ahead of the maturity of the
existing facilities in December 2026. We initiated early discussions with
Handelsbanken, who have expressed a clear willingness to continue supporting
us.
Portfolio activity
Chris Betts, our Managing Director, describes the portfolio activity over the
past six months in his Managing Director's Review below.
Dividend
In light of the financial results, the Board has decided to pay an increased
interim dividend of 10.5p per share (2024: 10.0p) on 15 December 2025 to those
shareholders on the register at the close of business on 14 November 2025.
The shares will become ex-dividend on 13 November 2025.
The Board appreciates the importance of rising investment income and of
providing an attractive yield on the Company's shares for shareholders. The
increase in the interim dividend for this half-year is 5.0% compared to the
same period last year.
Shareholder communications
The complete redesign of our website last year provided shareholders and
potential investors with additional detail and new photographs of the
portfolio as well as setting out Wynnstay's distinctive approach to commercial
property investment. Following the Annual General Meeting in July, we provided
an introduction to Wynnstay, an overview of our annual results and answered
questions in an online presentation on the Investor Meet Company platform. We
were pleased with the response to this presentation which remains available
for viewing on the platform.
A short update on the interim results will be provided on the platform at 3pm
on 4 November 2025 and will remain available to be viewed after that date.
Shareholders who have not already registered to take part in or view
presentations may do so at
https://www.investormeetcompany.com/wynnstay-properties-plc/register-investor
(https://www.investormeetcompany.com/wynnstay-properties-plc/register-investor)
. We encourage shareholders to view our new website launched in July 2024 and
the presentations if they have not already done so and welcome feedback.
Outlook
The short to medium-term domestic economic outlook remains unclear, with
little sign of real growth, serious government budget pressures and inflation
remaining above target, clouded by uncertainty about the level of government
debt and potentially a combination of tax increases and spending cuts in the
forthcoming November budget. While further interest rate cuts by the Bank of
England are still anticipated in the next twelve months, their timing is
unclear. The UK economy is also affected by tensions arising from trade
disputes, increased tariffs and multiple geopolitical conflicts.
Despite these conditions the second half of the year has started well, as
reported in the Managing Director's Review below, and in the absence of
unforeseen events we anticipate a satisfactory outcome to the financial year.
We continue to review opportunities to grow income and build value through
investment in existing assets and by acquisition.
We will provide further updates to shareholders in our next Annual
Report, which will be published in mid-June 2026. The 2026 Annual General
Meeting will take place, as usual, at the RAC Club on Wednesday 15 July 2026.
On behalf of the Board, I would like to wish our shareholders a Happy
Christmas and a prosperous New Year in 2026 and express our appreciation for
their continued interest in and support for Wynnstay.
Philip Collins
Chairman
4 November 2025
MANAGING DIRECTOR'S REVIEW
As previously announced, the Company added a further property to the portfolio
in May 2025. The terrace of five light industrial units in Waterbeach,
Cambridge provides well-secured income totalling £183,100 per annum that we
anticipate growing materially over the medium term because of the buoyant
local economy.
We have completed nine new leases over the first six months of the year, all
at enhanced rents that meet or exceed the assumptions inherent in the
independent portfolio valuation dated 25 March 2025. Six of these were
renewals to existing tenants; one was the new letting in Aylesford noted in
our Annual Report for 2025; and two were new open market lettings in Hailsham
and Liphook that were pro-actively instigated because we were aware that the
previous tenant was in financial difficulty. In these two cases, the rent
payable has noticeably increased by 22% and 17% respectively to levels above
those anticipated in the independent portfolio valuation dated 25 March 2025.
All seven tenant break options effective in the first six months have lapsed
because the tenant has decided to remain in occupation. Indeed, the two break
options falling due in the second half have also already lapsed.
Negotiations continue for the one outstanding lease renewal due in the first
six months for a unit in Banbury. We are also discussing renewal terms for the
eight leases expiring in the second half of the year.
In the case of the one outstanding lease renewal from the prior year at
Hailsham, the tenant frustratingly decided at a late stage in the process to
vacate at the end of August 2025. Re-marketing has commenced, but the result
is that we have one vacant unit at the end of the half-year representing just
0.4% of the portfolio both by floor area and estimated market rental value.
There is only one instance of rent arrears for the half-year period. This
results from the small business tenant in Hailsham that we were aware was in
serious financial difficulty and so, by agreement with them, we successfully
re-let the unit. As a result of the simultaneous surrender of the tenancy, we
were obliged to write-off rent of £3,202, being 0.2% of the six-monthly rent
due from the portfolio.
My review in the 2025 Annual Report noted that a tenant of one of the units
comprising the Ipswich property went into administration in February 2025, but
we were receiving rent from the administrator because the business had been
sold. I am pleased to say the new owner has taken an assignment of the lease
and all rent due in the current financial year has been received. The new
tenant is a long-established national trade counter business.
99% of the rent due for the third quarter commencing 29 September 2025 has
been received to date.
We are exploring the opportunity to develop six new units on surplus land in
Liphook, Aylesford and Ipswich.
We have continued with work to improve the Energy Performance Certificates
(EPCs) for our properties to comply with current and anticipated requirements.
Advisers have reviewed the buildings in Heathfield and Hailsham to establish
what work would be needed to secure C and B ratings and we are seeking
quotations to carry out the relatively minor changes needed.
These studies follow similar exercises for the Aylesford and Liphook
properties. At the former, improvements are being implemented for four units
in conjunction with new leases to raise the rating from D or E to C, at an
anticipated cost to Wynnstay of approximately £20,000.
Christopher Betts
Managing Director
4 November 2025
1. STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months ended
Six months ended
Year ended
29 September 29 September 25 March
2025 2024 2025
£'000 £'000 £'000
Property Income 1,416 1,378 2,693
Property Costs (98) (39) (113)
Administrative Costs (306) (310) (697)
Net Property Income 1,012 1,029 1,883
Movement in Fair Value of Investment Properties - - 683
Profit on Sale of Investment Properties - 52 52
Operating Income 1,012 1,081 2,618
Investment Income 15 9 37
Finance Costs (248) (266) (480)
Income before Taxation 779 824 2,175
Taxation (196) (233) (608)
Income after Taxation and Total Comprehensive Income 583 591 1,567
Basic and diluted earnings per share 21.6p 21.9p 58.1p
The Company has no other items of Comprehensive Income.
2. STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
29 September 29 September 25 March
2025 2024 2025
£'000 £'000 £'000
Non-Current Assets
Investment Properties 45,898 42,185 42,910
Investments 3 3 3
45,901 42,188 42,913
Current Assets
Trade and Other Receivables 242 461 344
Cash and Cash Equivalents 609 1,435 1,732
851 1,896 2,076
Current Liabilities
Trade and Other Payables (726) (646) (825)
Income Taxes Payable (685) (596) (355)
(1,411) (1,242) (1,180)
Net Current (Liabilities)/Assets (560) 654 896
Total Assets less Current Liabilities 45,341 42,842 43,809
Non-Current Liabilities
Bank Loans Payable (11,384) (9,971) (9,977)
Deferred Tax Payable (2,338) (2,083) (2,339)
(13,722) (12,054) (12,316)
Net Assets 31,619 30,788 31,493
Capital and Reserves
Share Capital 789 789 789
Capital Redemption Reserve 205 205 205
Share Premium Account 1,135 1,135 1,135
Treasury Shares (1,732) (1,732) (1,732)
Retained Earnings 31,222 30,391 31,096
31,619 30,788 31,493
Net Asset Value pence per share 1,173p 1,142p 1,168p
3. STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
29 September 29 September 2024 25 March
2025 2025
£'000 £'000 £'000
Cash flows from operating activities
Income before Taxation 779 824 2,175
Adjusted for:
Increase in Fair Value of Investment Properties - - (683)
Interest Receivable (15) (9) (37)
Interest and Finance Costs payable 248 266 480
Amortised loan fees 18 18 34
Profit on Sale of Investment Properties - (52) (52)
Changes in:
Decrease / (increase) in Trade and Other Receivables 102 (48) 69
Increase / (decrease) in Trade and Other Payables 232 68 5
Cash generated from operations 1,364 1,067 1,991
Income taxes paid (196) (238) (352)
Net cash from operating activities 1,150 829 1,639
Cash flows from investing activities
Interest and other income received 15 9 37
Sale of Investment Properties - 1,783 1,782
Purchase of Investment Properties (2,988) - (42)
Net cash generated from investing activities (2,973) 1,792 1,777
Cash flows from financing activities
Interest paid (248) (266) (480)
Dividends paid (459) (430) (701)
Drawdown / (repayment) of loans net of fees 1,407 (887) (900)
Net cash used in financing activities 700 (1,583) (2,081)
(Decrease) / increase in Cash and Cash Equivalents (1,123) 1,038 1,355
Cash and Cash Equivalents at beginning of period 1,732 397 397
Cash and Cash Equivalents at end of period 609 1,435 1,732
4. STATEMENT OF CHANGES IN EQUITY
UNAUDITED SIX MONTHS ENDED 29 SEPTEMBER 2025
Share Capital Capital Redemption Reserve Share Premium Account Treasury Shares Retained Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 26 March 2025 789 205 1,135 (1,732) 31,096 31,493
Total Comprehensive Income for the period - - - - 585 585
Dividends - - - - (459) (459)
Balance at 29 September 2025 789 205 1,135 (1,732) 31,222 31,619
UNAUDITED SIX MONTHS ENDED 29 SEPTEMBER 2024
Share Capital Capital Redemption Reserve Share Premium Account Treasury Shares Retained Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 26 March 2024 789 205 1,135 (1,732) 30,230 30,627
Total Comprehensive Income for the period - - - - 591 591
Dividends - - - - (430) (430)
Balance at 29 September 2024 789 205 1,135 (1,732) 30,391 30,788
AUDITED YEAR ENDED 25 MARCH 2025
Share Capital Capital Redemption Reserve Share Premium Account Treasury Shares Retained Earnings Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 26 March 2024 789 205 1,135 (1,732) 30,230 30,627
Total Comprehensive Income for the year - - - - 1,567 1,567
Dividends - - - - (701) (701)
Balance at 25 March 2025 789 205 1,135 (1,732) 31,096 31,493
5. ACCOUNTING POLICIES
Wynnstay Properties PLC is a public limited company incorporated and domiciled
in England and Wales. The principal activity of the Company is property
investment, development and management. The Company's ordinary shares are
traded on the AIM, part of The London Stock Exchange (ISIN: GB0009842898). The
Company's registered number is 00022473 and registered address is Riverbank
House, 2 Swan Lane, London EC4R 3TT. The material accounting policies are
summarised below.
Basis of preparation
These unaudited condensed interim financial statements have been prepared in
accordance with UK adopted International Accounting Standards ("IAS") IAS 34
Interim Financial Reporting. They do not constitute statutory accounts within
the meaning of section 435 of the Companies Act 2006.
The unaudited condensed interim financial statements should be read in
conjunction with the financial statements of the Company as at and for the
year ended 25 March 2025 which were prepared in accordance with IAS. The
financial information for the six-month periods ended 29 September 2025 and 29
September 2024 have not been audited and the auditors have not reported on or
reviewed these interim financial statements.
Comparative information
The information for the year ended 25 March 2025 has been extracted from the
latest published audited financial statements.
Investment Properties
All the Company's Investment Properties are independently revalued annually
and stated at fair value at 25 March. The aggregate of any resulting increases
or decreases are taken to Operating Income within the Statement of
Comprehensive Income.
Investment Properties are recognised as acquisitions or disposals based on the
date of contract completion.
Depreciation
In accordance with IAS 40, freehold Investment Properties are included in the
Statement of Financial Position at fair value and are not depreciated.
Disposal of Investments
The gains and losses on the disposal of Investment Properties and other
investments are included in Operating Income in the year of disposal. Gains
and losses are calculated on the net difference between the carrying value of
the properties and the net proceeds from their disposal.
Rental Income
Rental Income is recognised on a straight-line basis over the period of the
lease and is measured at the fair value of the consideration receivable. Lease
deposits are held in separate designated deposit accounts and are thus not
treated as assets of the Company in the financial statements. All income is
derived in the United Kingdom. When there are changes to a tenancy agreement
it is considered whether any lease incentives were given. Lease incentives are
amortised over the lease term.
Deferred Income
Deferred Income arises from rents received in advance of the period.
Taxation
Current and deferred tax are recognised and measured in accordance with IAS
12. The Company provides for deferred tax on investment properties by
reference to the tax that would be due on the sale of the investment
properties.
Trade and Other Receivables
All receivables do not carry any interest and are short term in nature.
Cash and Cash Equivalents
Cash and Cash Equivalents comprise cash at bank and on demand deposits.
Trade and Other Payables
All trade and other accounts payable are non-interest bearing.
Pensions
Pension contributions are charged to the Statement of Comprehensive Income as
incurred.
Borrowings
Borrowings are classified as Other Payables under Current Liabilities unless
the Company has a right to defer settlement of the liability at the end of the
reporting period for at least 12 months, in which case they are classified as
Bank Loans Payable.
Dilapidations
Dilapidations receipts are recognised in the Statement of Comprehensive Income
when the right to receive them arises. They are recorded in revenue as Other
Property Income unless a property has been agreed to be sold whereby the
receipt is treated as part of the proceeds of sale of the property.
Treasury Shares
Shares acquired by the Company under the authority to make market purchases of
its shares approved at the General Meeting on 19 July 2022, including all the
costs directly associated with the share buy-back, are included within
Treasury Shares in the Statement of Financial Position.
6. PROPERTY INCOME
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
29 September 29 September 2024 25 March
2025 2025
£'000 £'000 £'000
Rental Income 1,407 1,369 2,679
Other Property Income 9 9 14
1,416 1,378 2,693
Rental Income comprises rents earned and apportioned over the lease period
taking into account rent free periods and rents received during the period.
Other Property Income comprises received Dilapidations and miscellaneous
income arising from letting of properties.
7. DIVIDENDS
Period Payment Per share (pence) Amount paid/proposed
Date £'000
6 months to 29 September 2025 15 December 2025 10.5 282
6 months to 29 September 2024 13 December 2024 10.0 269
Year ended 25 March 2025 31 July 2025 17.0 459
8. EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE
Basic earnings per share are calculated by dividing Income after Taxation and
Total Comprehensive Income attributable to Ordinary Shareholders of £583,000
(2024: £591,000) by the weighted average number of 2,696,617 (2024:
2,696,617) Ordinary Shares in issue during the period excluding shares held in
treasury. Net Asset Value per share is calculated by dividing Net Assets of
£31,619,000 (2024: £30,788,000) by the number of 2,696,617 Ordinary Shares
in issue at the reporting date excluding shares held in treasury. There
are no options and no instruments in issue that would have the effect of
diluting Earnings per Share.
For further information please contact:
Wynnstay Properties PLC
Philip Collins (Chairman)
Chris Betts (Managing Director)
Tel: 07469 042389
Zeus Capital Limited (Nominated Adviser and Broker)
Darshan Patel
Mike Coe
Oscar Stack
Tel: 020 3829 5000
LEI number: 2138006MASI24JYW5076
For more information on Wynnstay visit: www.wynnstayproperties.co.uk
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