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