(Alliance News) - South and East England-focused investor Wynnstay Properties PLC said Thursday its annual profit dipped on a lower revaluation gain, while property income remained mostly flat.
For the year ended March 25, pretax profit declined to GBP2.2 million from GBP3.0 million the year before, due to a smaller gain from the fair value of investment properties at GBP771,000 from GBP1.6 million.
Property income meanwhile remained mostly flat at GBP2.2 million, as the loss of a Lewes tenant and several property disposals were offset by income from a trade counter estate of six units in Petersfield, acquired for GBP4.1 million in the second half of the year.
Net asset value per share as a March 25 was 807 pence, up 7.0% from 754p the prior year.
Wynnstay currently has 80 tenants occupying around 85 properties, with a portfolio value as at March 25 of GBP35.1 million, up 17% from GBP30.1 million.
The company proposed a final dividend of 12.0 pence per share, bringing the total payout to 19.0p, up 8.6% from 17.5p.
"While we are not exposed to the high street or to shopping centres where landlords, including some large property companies, are facing significant challenges, our business will be sensitive to adverse economic conditions that affect small businesses and the imposition of additional costs or burdens on such businesses," said Chair Philip Collins.
"While we have expanded and changed the focus of the business over recent years, we take a cautious, measured approach in developing Wynnstay's portfolio," Collins added.
Shares in Wynnstay Properties were up 2.6% at 600.00 pence on Thursday.
Wynnstay Props. (WSP)