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(Alliance News) - Wynnstay Properties PLC on Thursday proposed a share buyback to its shareholders amid a "highly successful" year which saw its portfolio value surge.
In the year ended March 25, pretax income leaped 78% to GBP7.2 million from GBP4.0 million. Rental income rose 5.2% to GBP2.3 million from GBP2.1 million, while net property income was broadly flat at GBP1.6 million.
At March 25, its net asset value stood at 1,090 pence per share. At the same time a year prior, this figure totalled 911 pence per share, representing 20% growth year-on-year.
The London-based property development and investment company's portfolio currently comprises 77 tenancies in 83 premises at 15 separate locations. It was 100% let at March 25.
The value of the portfolio totalled GBP39.0 million at March 25, according to independent valuers. This was up 24% against the valuation given at the same time a year prior.
Wynnstay said off the back of this "highly successful" year and "excellent" financial performance, it will seek approval from its shareholders to buyback 406,742 shares.
The company declared a final dividend of 14.0 pence, up from 13.0p the previous year and resulting in a total payout of 22.5p - a 7.1% increase year-on-year.
Looking forward, Wynnstay said it has entered a period of global economic uncertainty in a "very health position". It said the company should continue to grow unless there is a significant disruption caused by external events beyond its control, such as the UK economy suffering a significant downturn.
Shares in Wynnstay Properties were up 5.9% at 699.20 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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