REG - Wynnstay Properties - Trading Update

Wynnstay PropertiesAnnouncement

Thu 07:00

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RNS Number : 9369G  Wynnstay Properties PLC  01 May 2025

The information communicated within this announcement is deemed to constitute inside information for the purposes of the Market Abuse Regulation (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")

 

Trading Update

 

1 May 2025

 

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 2025 ("Financial Year"):

 

o  Wynnstay's portfolio of 18 properties, comprising 17 freehold properties
and one virtual freehold property, was valued as at 25 March 2025 by BNP
Paribas Real Estate, RICS Registered Valuers, acting in the capacity of
external valuers (the "Valuers"). The valuation was undertaken on the basis of
Fair Value in accordance with the requirements of the RICS Valuation - Global
Standards 2024, effective 31 January 2025, the International Valuation
Standards and the UK National Supplement 2023, effective 1 May 2024 reissued
January 2025.

o  The Valuers report that the total aggregate Fair Value of Wynnstay's
portfolio at the Financial Year end was £42,910,000 (FY 2024: £43,915,000,
after adjustment for properties subsequently sold as announced on 6 November
2024 in the Interim Results for six months ended 29 September 2024).  The
increase in the valuation on a like-for-like basis was £725,000 or 1.72%.

o  Rental Income in the Financial Year rose to £2,663,420 (FY 2024:
£2,541,390), an increase of 4.8%.

o  Rental income in the Financial Year increased on a like-for-like basis by
9.4% to £2,621,310 (FY 2024: £2,395,734).

o  Over 98% of the rental income due for the Financial Year has been
collected.

o  The portfolio was fully let at the end of the Financial Year, save for one
small industrial unit where lease negotiations were ongoing and the new lease
was completed in late March 2025.

o  Borrowing at the end of the Financial Year was £9,977,250 (FY 2024:
£10,843,625) 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 £8,244,844 (FY 2024:
£10,446,276) and loan-to-value ratio was 23.3% (FY 2024: 24.7%).

 

The above figures are unaudited.

 

Wynnstay expects to announce its results for the Financial Year and to publish
its Annual Report and Financial Statements, as usual, in mid-June 2025. As
previously announced, the Company will hold its Annual General Meeting on 16
July 2025.

 

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

 

"The combination of rental growth and active asset management within the
portfolio was offset by a slight general softening of yields used by our
valuers which reflect conditions in investment market, with significant
increases in the value of some assets where we have agreed good rent uplifts
on reviews or new leases during the year."

 

It is pleasing that the portfolio is fully let and that our rent collections
have been excellent."

 

Philip Collins, Chairman, added:

 

"Our position at the end of the Financial Year reflects another year of steady
progress at Wynnstay and demonstrates that our distinctive approach to
commercial property investment can continue to generate growth in both income
and capital from the portfolio even in the current unsettled economic
conditions."

 

For further information please contact:

Wynnstay Properties PLC

Philip Collins, Chairman

Chris Betts, Managing Director

07469 042389

 

LEI number: 2138006MASI24JYW5076

Zeus (Nominated Adviser and Broker):

Mike Coe, Darshan Patel and Oscar Stack

0203 829 5000

 

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

 

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