Stewart & Wight Regulatory News (STE)

Stewart & Wight PLC

Preliminary results for the year ended 31 March 2010

Chairman's Statement

I am delighted that after two dismal years I am now able to report positive results both in property income and values.  Property income for the year ended 31 March 2010 rose to £1,111,110 and a revaluation of the property portfolio by the directors amounted to £15,790,000.  On a like for like basis, the value of the portfolio increased by 1.1%.

Administrative expenses were less during the year as was the interest paid on our bank borrowings.  As a result of the increase in both the value of the property portfolio and the rental income, the net profits of the Company were £713,154 after provision for corporation tax.  An interim dividend of 20 pence per ordinary share was paid in April of this year and the Board has decided to recommend a final dividend for the year of 2 pence per ordinary share payable on 15 October 2010 to holders of ordinary shares registered at close of business on 24 September 2010.  The total dividend for the year to 31 March 2010 is, therefore, 22p per share compared with 21p per share in the previous year.

During the year, we sold a small property investment in Morriston where there were little prospects of growth and bought a larger property in Falmouth which we believe has a long-term future.  In order to part- fund the difference in price, we disposed of our remaining two traded endowment policies at a book loss of £73,459, although the actual loss over the original purchase price of the policies was approximately £24,000.

The Board remains of the opinion that there is a long-term future in property investment.  They continue to monitor the market and investigate prospective acquisitions.  They also continually review the existing property portfolio to decide whether properties should be sold or held or lease terms revised.  As mentioned in last year's Statement, there is always the risk that leases expire and tenants do not renew with the result that there is a liability for all outgoings in respect of the properties.  Tenants are also requesting incentives in order to renew or extend their tenancies.

Based on the Balance Sheet, the net asset value of each ordinary share was £7.97 at 31 March 2010 compared with £7.73 at the end of the previous year.

Since the end of the year the Company has sold by auction a retail property in Baxtergate Doncaster for £790,000 which price exceeded the expectations of the joint auctioneers and the Board. Negotiations are now advanced for the reinvestment of the proceeds of sale in the purchase of another investment property

It is with great sadness that I have to inform you that Walter Millsom passed away in May 2010.  Wally was a member of our Board for thirteen years and his guidance and contribution to the affairs of the Company were greatly valued.  We extend our sincere condolences to his family.

In conclusion, I would like to thank my Co-directors and the Company's advisors for their assistance and advice over the past year.

MICHAEL CONN

Chairman

16 June 2010    

Stewart & Wight PLC

Consolidated income statement (unaudited)

for the year ended 31 March 2010

Stewart & Wight PLC

Consolidated balance sheet (unaudited)

as at 31 March 2010

Stewart & Wight PLC

Consolidated Statement of Changes in Shareholders' Equity (unaudited)

from 1 April 2008 to 31 March 2010

Shareholders' funds include non-equity shareholders' funds of £11,630 (2009: £11,630)

Stewart & Wight PLC

Consolidated cash flow statement (unaudited)

for the year ended 31 March 2010

Stewart & Wight PLC

Notes to the accounts