Wynnstay Properties : Final Results

Final Results - London Stock Exchange

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RNS Number : 1985Q Wynnstay Properties PLC
15 June 2015
Wynnstay Properties PLC
Preliminary Results for Year Ended 25th March 2014
CHAIRMAN'S STATEMENT
On behalf of the Board, I am delighted to report on another encouraging year for Wynnstay. We have ended the year with the portfolio being virtually fully-let and benefitting from an enhanced lease profile, with the annual revaluation producing a significant increase over the prior year and with net asset value per share rising substantially. We made two additions to the portfolio during the financial year and, since the year-end, we have exchanged contracts to make a further substantial acquisition.

Property income for the year, at just over £1.66 million, was slightly higher than last year, reflecting a number of underlying changes arising from the active management of the portfolio. Profits before fair value movement and taxation for the year, at just under £900,000 were slightly lower than in the prior year largely due to higher overall finance costs.
Our annual property revaluation delivered an increase over the value for the prior year and the resulting surplus of £1,530,000 has contributed to an increase of over 15% in net asset value per share.
Property Management and Portfolio
Wynnstay currently has a geographically dispersed portfolio focussed in various towns in the South and East of England with 59 tenants occupying over 71 separate properties in 19 locations. At the end of the financial year, the portfolio was virtually fully-let, with just one small vacant unit at our Quarry Wood Industrial Estate in Aylesford.
A considerable proportion of our tenants have been in occupation for many years; some tenants have joined us more recently. We aim to build strong, constructive relationships with our tenants and to meet their changing property needs, for instance by enlargement or reduction in space required, by undertaking alterations and improvements to the properties or by varying lease terms, where these are commercially practicable and beneficial.
During the course of the year, we have agreed lease renewals or extensions of leases with 8 tenants in 4 locations and have welcomed 7 new tenants. I reported on a number of these when I wrote to you in November 2014 with the interim results. Since then, we have also agreed new leases or lease extensions on one unit at Hailsham and on two units at St Neots and we have agreed lease variations that defer tenant breaks on two units at Basingstoke. However, the main focus in the second half of the year has been on our estate in Aylesford and on our property at Chessington.