Trading Update
1st May 2025 07:00
WYNNSTAY PROPERTIES PLC
("Wynnstay" or "the Company")
Trading Update
1 May 2025
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 2025 ("Financial Year"):
o Wynnstay's portfolio of 18 properties, comprising 17 freehold properties and one virtual freehold property, was valued as at 25 March 2025 by BNP Paribas Real Estate, RICS Registered Valuers, acting in the capacity of external valuers (the "Valuers"). The valuation was undertaken on the basis of Fair Value in accordance with the requirements of the RICS Valuation - Global Standards 2024, effective 31 January 2025, the International Valuation Standards and the UK National Supplement 2023, effective 1 May 2024 reissued January 2025.
o The Valuers report that the total aggregate Fair Value of Wynnstay's portfolio at the Financial Year end was £42,910,000 (FY 2024: £43,915,000, after adjustment for properties subsequently sold as announced on 6 November 2024 in the Interim Results for six months ended 29 September 2024). The increase in the valuation on a like-for-like basis was £725,000 or 1.72%.
o Rental Income in the Financial Year rose to £2,663,420 (FY 2024: £2,541,390), an increase of 4.8%.
o Rental income in the Financial Year increased on a like-for-like basis by 9.4% to £2,621,310 (FY 2024: £2,395,734).
o Over 98% of the rental income due for the Financial Year has been collected.
o The portfolio was fully let at the end of the Financial Year, save for one small industrial unit where lease negotiations were ongoing and the new lease was completed in late March 2025.
o Borrowing at the end of the Financial Year was £9,977,250 (FY 2024: £10,843,625) 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 £8,244,844 (FY 2024: £10,446,276) and loan-to-value ratio was 23.3% (FY 2024: 24.7%).
The above figures are unaudited.
Wynnstay expects to announce its results for the Financial Year and to publish its Annual Report and Financial Statements, as usual, in mid-June 2025. As previously announced, the Company will hold its Annual General Meeting on 16 July 2025.
Commenting on the performance of the portfolio, Chris Betts, Managing Director, said:
"The combination of rental growth and active asset management within the portfolio was offset by a slight general softening of yields used by our valuers which reflect conditions in investment market, with significant increases in the value of some assets where we have agreed good rent uplifts on reviews or new leases during the year."
It is pleasing that the portfolio is fully let and that our rent collections have been excellent."
Philip Collins, Chairman, added:
"Our position at the end of the Financial Year reflects another year of steady progress at Wynnstay and demonstrates that our distinctive approach to commercial property investment can continue to generate growth in both income and capital from the portfolio even in the current unsettled economic conditions."
For further information please contact:
Wynnstay Properties PLC
Philip Collins, Chairman
Chris Betts, Managing Director
07469 042389
LEI number: 2138006MASI24JYW5076
Zeus (Nominated Adviser and Broker):
Mike Coe, Darshan Patel and Oscar Stack
0203 829 5000
For more information on Wynnstay, visit www.wynnstayproperties.co.uk