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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 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