REG - Wynnstay Properties - Trading Update

Wynnstay PropertiesAnnouncement

01/05/2024 07:00

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RNS Number : 7079M  Wynnstay Properties PLC  01 May 2024

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WYNNSTAY PROPERTIES PLC

 

("Wynnstay" or "the Company")

 

Trading Update

 

1 May 2024

 

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 2024 ("Financial Year"):

 

o  Wynnstay's portfolio, which comprises eighteen freehold and one virtual
freehold properties, was valued as at 25 March 2024 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 at the Financial Year end was £43,915,000 (FY 2023: £39,320,000),
including the previously announced acquisition of three properties during the
Financial Year.  The increase in the valuation on a like-for-like basis was
£210,000 or 0.5%.

o  Rental income in the Financial Year, including from the three properties
acquired during the year, increased by 10.6 per cent. to £2,548,000 (FY 2023:
£2,304,000).  On a like-for-like basis, rental income increased by 3.0%.

o  All rental income due for the Financial Year has been collected.

o  The portfolio was fully let at the end of the Financial Year, with the
exception of one small unit where a letting has now been completed.

o  Borrowing at the end of the Financial Year was £10,843,000 (FY 2023:
£9,951,000) with the Company's £10m five-year principal facility continuing
until December 2026 at a fixed interest rate of 3.61%.

o  At the end of the Financial Year net debt was £10,446,000 (FY 2023:
£6,683,000) and loan-to-value ratio was 24.7% (FY 2023: 25.3%).

 

Wynnstay expects to announce its results for the Financial Year and to publish
its Annual Report and Financial Statements, as usual, in mid-June 2024. As
previously announced the Company will hold its Annual General Meeting on 16
July 2024.

 

Commenting on the performance of the portfolio, Chris Betts, Managing
Director, said:

 

"While the weaker investment market resulted in a softening of the valuation
yields used by our valuers compared to last year of approximately 25bps across
the portfolio, the impact of this yield shift on our valuation was more than
offset by our rental growth and our active asset management of the portfolio."

 

I am also delighted that we have, once again, maintained our excellent record
of full occupancy and rent collections."

 

Philip Collins, Chairman, added:

 

"Our position at the end of the Financial Year demonstrates the benefits of
Wynnstay's distinctive approach to commercial property investment primarily
for private investors and the underlying strength and resilience of the
portfolio."

 

For further information please contact:

Wynnstay Properties PLC

Philip Collins, Chairman

Chris Betts, Managing Director

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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