Interim Results

Wynnstay Properties PLC
28 November 2000


INTERIM RESULTS FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
CHAIRMAN'S STATEMENT

Following the excellent results for the last financial year on
which  I  reported  in June, I am pleased  to  inform  you  of
further satisfactory progress in Wynnstay's activities  during
the first half of the current year.  The headline figures are:

                                            2000       1999
Profit before exceptional  items                              
and taxation:                    - 8.9%    £228,521   £250,754
Profit before taxation:          + 40.4%   £228,521   £162,743
Earnings per share:              + 39.5%       5.3p       3.8p
Interim dividend per share:      + 4.2%      1.875p       1.8p

Despite  the  disposals announced with  last  year's  results,
property income, totalling £701,391, remained almost unchanged
compared  with last year, reflecting a full contribution  from
the industrial property at Aldershot acquired in July 1999.

Following  a  series of interest rate rises in late  1999  and
early 2000, net finance costs increased by £8,055 to £238,999,
whilst  property outgoings of £36,545 were some £7,982  higher
owing  to  certain irrecoverable repair items.  Administration
and  other  overheads, totalling £197,326, were again  tightly
controlled,  showing  a year on year increase  of  only  1.9%,
despite  incurring  significant unbudgeted costs  relating  to
various  actions  taken  by  our former  shareholder,  Panther
Securities PLC, including the Extraordinary General Meeting it
requisitioned which was held on 9th May.

Having included a Balance Sheet last year, this interim report
also  incorporates  for the first time a  Cashflow  Statement.
Shareholders'   funds   at   29th  September   2000   totalled
£6,988,964, equivalent to 221 pence per share, representing an
increase  on the corresponding figure of £6,589,572,  or  209p
per  share,  last year.  As a result of disposals  and  strong
cashflow, borrowings reduced significantly and net gearing  at
the half-year was 79.3%, compared with 101.5% last year.

Since 29th September, we have concluded the profitable sale of
our  last  remaining retail property at Swindon.  Shareholders
will recall from my last Chairman's statement that we disposed
of  the  two other Swindon properties towards the end of  last
year.   We  have now decided to market certain  of  our  other
retail properties and are actively considering other disposals
in  pursuance of our strategy of re-orientating the portfolio.
With  this  strategy in mind we have investigated a number  of
potential  property acquisitions in central southern  England.
Although  our offers have not always proved successful,  I  am
pleased  to  report  that we expect very shortly  to  exchange
contracts for the purchase of an 11,000 sq.ft. industrial unit
in  north Hampshire.  We have also taken steps to explore  the
possibility of enlarging and improving one of our major office
properties.   This is a longer-term project given the  current
letting of the premises.
                               
At  the  time  of writing, prospects for the full year  appear
satisfactory.  The future direction of interest rates  remains
unclear, with commentators being almost equally divided as  to
whether the next move will be up or down.  We have a portfolio
that  is  fully let to a diverse range of tenants in a variety
of  business  sectors  and are well placed  to  make  further,
selective  investments  as  and when  we  identify  attractive
opportunities.  From a corporate perspective, we  continue  to
review  a  number of opportunities to expand and  develop  the
Company.

In  the  light of the results, the Directors have  decided  to
increase  the interim dividend by 4.2% from 1.8p per share  to
1.875p  per share and this will be paid on 18th December  2000
to shareholders on the register at 8th December 2000.

I  take this opportunity both to remind Shareholders that next
year's  Annual  General Meeting will  be  held  at  The  Royal
Automobile Club on Thursday 26th July 2001, which  I  hope  as
many as possible will be able to attend and, in conclusion, to
wish  you and your families a period of peace, reflection  and
happiness over the Christmas and New Year holiday.

Philip G.H. Collins
Chairman
28th November 2000


                    WYNNSTAY PROPERTIES PLC
                UNAUDITED PROFIT & LOSS ACCOUNT
         FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
                               
                                    Six Months ended          Year ended
                                     29th September          25th March
                                      2000    1999               2000
                                       (Unaudited)            (Audited)
                                         £          £                 £
                                                                   
Gross Rental Income                687,670    696,096         1,424,475
Fees and Commissions                13,721      7,809            18,249
Sales of Trading Properties              -          -           590,000
                                    ---------   ---------- ------------
Property Income                     701,391   703,905         2,032,724
                                              
Cost of Sales of Trading                  -         -           595,070
Properties                                    
Property Outgoings                   36,545    28,563            56,705
                                    --------  ---------    ------------
                                    664,846   675,342         1,380,949
                                                     
Administration and Other Costs      197,326   193,644           383,558
                                    --------  -------      ------------
                                    
Operating Profit                    467,520   481,698           997,391
                                                        
Finance Costs (Net)                 238,999   230,944           476,718
                                    --------  -------      ------------
                                    
Profit on Ordinary Activities                           
before Exceptional Items and        228,521   250,754           520,673
Taxation                                      
                                                        
Exceptional Items                         -   (88,011)          (20,611)
                                              
                                    --------  -------      ------------
Profit on Ordinary Activities                           
before Taxation                     228,521   162,743           500,062
                                                        
Taxation                             61,948    43,784           102,808
                                    --------  -------      ------------
                                                       
Profit on Ordinary Activities                           
after Taxation                      166,573   118,959           397,254
                                                        
Interim Dividend                                        
2000: 1.875p 1999: 1.8p              59,161    56,795
                                                        
Total Dividend 1999-2000: 6.0p                                  189,316
                                    --------  -------      ------------
Profit Retained                     £107,412  £62,164          £207,938
                                    --------  -------      ------------
                                                        
Basic & Diluted Earnings per                                  
share (Note 2)                          5.3p     3.8p             12.6p


      
      Notes
      
       1. The   figures   in   this   statement   do   not
           constitute  statutory accounts; those  for  the
           year  ended 25th March 2000 are extracted  from
           the  Group Accounts which have been filed  with
           the  Registrar of Companies and which  received
           an  unqualified  report from the  Auditors  and
           did  not  contain  a  statement  under  Section
           237(2)  or  (3) of the Companies  Act  1985  as
           amended.
      
       2. Basic  and Diluted Earnings per share have  been
           calculated    on    profits   after    taxation
           attributable   to   ordinary  shareholders   of
           £166,573  (1999:  £118,959)  and  on  3,155,267
           ordinary  shares,  being the  weighted  average
           number in issue during both periods.
      
       3. The  interim  dividend of 1.875p per share  will
           be   paid  on  18th  December  2000  to   those
           shareholders  on the register at  8th  December
           2000.
       
       4. This  interim  report  is being  posted  to  all
           shareholders   and   will   be   available   on
           application to the Company's registered  office
           at  Cleary Court, 21 St. Swithin's Lane, London
           EC4N 8AD.
       
       

                    WYNNSTAY PROPERTIES PLC
             UNAUDITED CONSOLIDATED BALANCE SHEET
                   AS AT 29TH SEPTEMBER 2000
                               
                               
                                  29th        29th     25th March
                               September   September      2000
                                  2000        1999      (Audited)
                               (Unaudited) (Unaudited)
                                    £          £           £
Fixed Assets                                           
Tangible Assets                13,086,293  13,107,191  13,089,548
Investments                        52,641      51,677      52,641
                               ----------  ----------  ----------
                               13,138,934  13,158,868  13,142,189
                                                       
Current Assets                                         
Trading Properties                -           495,000           -
Debtors                           125,839      94,878     351,429
Cash at Bank and in Hand          239,232     300,298     601,863
                               ----------  ----------   ---------
                                  365,071     890,176     953,292
Creditors: Amounts falling due                         
within one year                  (733,085)   (468,068)   (731,973)
                               ----------  ----------  ----------
Net Current                                            
(Liabilities)/Assets             (368,014)    422,108     221,319
                               ----------  ----------  ----------

Total Assets Less Current                              
Liabilities                    12,770,920  13,580,976  13,363,508
Creditors: Amounts falling due                         
after more than one year       (5,781,956) (6,991,404) (6,481,956)
                               ----------  ----------  ----------
Net Assets                     £6,988,964  £6,589,572  £6,881,552
                               ----------  ----------  ----------

Capital and Reserves                                   
Share Capital                     788,817     788,817     788,817
Capital Redemption Reserve        204,528     204,528     204,528
Share Premium Account           1,135,249   1,135,249   1,135,249
Capital Reserve                   151,400     151,400     151,400
Revaluation Reserve             2,362,641   2,341,682   2,362,641
Distributable Reserves          2,346,329   1,967,896   2,238,917
                               ----------  ----------  ----------
Equity Shareholders' Funds     £6,988,964  £6,589,572  £6,881,552
                               ----------  ----------  ----------



                    WYNNSTAY PROPERTIES PLC
          UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
         FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
                         
                                     Six Months   Year ended
                                        ended     25th March
                                        29th         2000
                                      September    (Audited)
                                        2000
                                     (Unaudited)
                                            £           £

Cash Flow from Operating Activities                    
(Note 1)                               715,947     1,335,337
Returns on Investment and Servicing              
of Finance                                    
Dividends Received                                        66
Interest Received                       17,074        18,489
Interest Paid                         (265,354)     (402,783)
                                      --------   ------------
                                                 
Net Cash (Outflow) from Returns on               
Investment and Servicing of Finance   (248,245)     (384,228)
                                      --------   ------------

Taxation Paid                                -       (27,963)
Taxation Refunded                        2,643           534
                                      --------   ------------
                                         2,643       (27,429)
                                      --------   ------------
                                                 
Capital Expenditure and Financial                
Investment
Purchase of Tangible Fixed Assets            -      (787,934)
Disposal of Tangible Fixed Assets            -       163,489
Sinking Fund Policy Premium               (455)         (910)
                                      --------   ------------
                                                 
Net Cash (Outflow) from                          
Investing Activities                      (455)      (625,355)
                                       --------   ------------
                                                 
Equity Dividends Paid                 (132,521)      (181,428)
                                      --------   ------------
                                                 
Net Cash Inflow before Financing       337,369        116,897
                                      --------   ------------

Financing                                        
Drawdown of Bank Loan                        -        764,747
Repayment of Bank Loan                (700,000)      (509,448)
                                      --------   ------------
                                      (700,000)       255,299
                                      --------   ------------

(Decrease)/Increase in Cash in the   £(362,631)      £372,196
Period  
                                      --------   ------------
                                                
Reconciliation of Net Cash Flow to               
Movement in Net Debt                             
(Decrease)/Increase in Cash in the    (362,631)       372,196
Period                                       
Cash Outflow/(Inflow) from                       
Decrease/(Increase) in Debt            700,000       (255,299)
Financing
                                      --------   ------------
                                                 
Movement in Net Debt in the Period     337,369        116,897
                                                 
Net Debt at 25th March 2000         (5,880,093)    (5,996,990)
                                    ----------   ------------
                                                 
Net Debt at 29th September 2000    £(5,542,724)   £(5,880,093)
(Note 2)
                                    ----------   ------------



                 NOTES TO CASH FLOW STATEMENT
                         
                         
(1)Reconciliation of Operating Profit to Net
   Cash Inflow from Operating Activities

                                 Six Months      Year ended
                                   ended         25th March
                               29th September       2000
                                    2000
                                     £               £
Operating Profit                     467,520        997,391
Depreciation and Amortisation          3,710         12,871
Profit on disposal of Motor                                  
Vehicle                                    -         (4,100)
Decrease in Stock of Trading                               
Properties                                 -        570,000
Decrease/(Increase) in Debtors       225,590       (237,550)
Increase/(Decrease) in                19,127         (3,275)
Creditors
                                ------------    -------------

Net Cash Inflow from Operating                             
Activities                          £715,947     £1,335,337
                                ------------    -------------


(2)Analysis of Net Debt           
              
                                  25th       Cash       29th
                                 March     Movement   September
                                  2000                  2000
                                   £          £           £
Cash at Bank and in Hand        601,863    (362,631)    239,232
Debt due after more than one (6,481,956)    700,000  (5,781,956)
year                           ---------  ---------  ----------

Net Debt                    £(5,880,093)   £337,369 £(5,542,724)
                               ---------  ---------  ----------