REG - Wynnstay Properties - Trading Update

Wynnstay PropertiesAnnouncement

28/04/2023 07:00

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RNS Number : 7649X  Wynnstay Properties PLC  28 April 2023

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WYNNSTAY PROPERTIES PLC

 

("Wynnstay" or "the Company")

 

Trading Update

 

28 April 2023

 

Wynnstay Properties Plc (AIM:WSP) is pleased to provide a trading update ahead
of the announcement of its audited results for the financial year ended 25
March 2023 ("Financial Year"):

 

o  Wynnstay's portfolio, which comprises exclusively freehold properties, was
valued as at 25 March 2023 by BNP Paribas Real Estate, Chartered Surveyors,
acting in the capacity of external valuers. The valuation was undertaken on
the basis of Fair Value in accordance with the requirements of IFRS 13 and the
RICS Valuation - Global Standards 2021, effective 31 January 2022.

o  The valuers report that the total aggregate Fair Value of Wynnstay's
portfolio was £39,320,000 (FY 2022: £38,975,000), which represents an
increase of £345,000, or 0.9 per cent.

o  Rental income in the Financial Year, on a like-for-like basis, increased
by 10.4 per cent. to £2,304,000 (2022 adjusted: £2,087,000*).

o  Collection of rental income exceeded 99.7 per cent. for the Financial
Year.

o  The portfolio was fully let, with no voids, at the end of the Financial
Year.

Net debt at the end of the Financial Year was £6,683,000 (2022: £6,447,000).

            *2022 rental income of £2,252,000 adjusted to exclude
income from the Surbiton property sold in the prior year.

 

Wynnstay expects to announce its results for the Financial Year and to publish
its Annual Report and Financial Statements, as usual, in mid-June 2023. As
previously announced the Company will hold its Annual General Meeting on 18
July 2023.

For further information please contact:

Wynnstay Properties PLC:

Philip Collins, Chairman

020 7554 8766

WH Ireland Limited (Nominated Adviser and Broker):

Hugh Morgan, Chris Hardie and Sarah Mather

020 7220 1666

LEI number: 2138006MASI24JYW5076

For more information on Wynnstay, visit www.wynnstayproperties.co.uk
(http://www.wynnstayproperties.co.uk)

 

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