Interim Results

Wynnstay Properties PLC
27 November 2001


WYNNSTAY PROPERTIES PLC
27 NOVEMBER 2001


          INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 SEPTEMBER 2001


CHAIRMAN'S STATEMENT

Wynnstay's financial year has started well.

I am pleased to report very satisfactory results and to bring you up to date
with recent developments in your Company's activities.

The headline figures for the half-year to 29 September 2001 are:
                                                                  2001     2000
*         Profit before exceptional items and
          taxation:                                   + 12.7% £258,000 £229,000
*         Profit before taxation:                     + 38.0% £316,000 £229,000
*         Earnings per share:                         + 39.6%     7.4p     5.3p
*         Interim dividend per share:                   +6.7%     2.0p   1.875p


You will note that, on all these important criteria, we are well ahead of the
position last year.

Furthermore, Shareholders' funds at 29 September 2001 totalled £7,691,000,
equivalent to 244p per share, representing an increase of 10.0% on the
corresponding figure of £6,989,000, or 221p per share, at the same time last
year.

Moving to the detail, property income rose slightly to £714,000 (£702,000)
reflecting, on the one hand, a full contribution from our industrial property
in Alton acquired in January 2001 and, on the other hand, the disposals of our
Epping and Cambridge properties in June this year.

The sale prices achieved were in excess of the amounts at which both
properties were valued at 25 March 2001 giving rise to a profit of £58,000
which has been taken as an exceptional item in the profit and loss account for
the half-year.

Following a series of interest rate reductions, net finance costs declined by
£26,000.  Property costs were 24% lower reflecting the low incidence of voids
across the portfolio. Administration and other costs rose by 9% due largely to
the costs associated with the establishment of a new term loan facility.

Indeed, a major focus of our activity in the first-half of the year has been
reviewing our loan facilities which were due to expire at the end of the
current financial year.  Over the past eight years, these facilities have been
provided by The United Bank of Kuwait PLC with whom we have enjoyed an
excellent working relationship.  The Board decided, however, that in the
current more competitive environment, it was appropriate also to consider
proposals from other specialists in commercial property lending.

It is pleasing to report, therefore, that during the period we were able
successfully to conclude a new £7.5 million 5 year term loan facility with
N.M. Rothschild & Sons Limited. We believe the terms agreed to be very
attractive and, in order to provide certainty in our financial planning, we
have taken advantage of the recent low rates to fix the interest payable on a
substantial portion of the facility until its expiry in 2006.

Net gearing at the end of the half-year was 70% compared with 79% last year,
although this has increased as a result of a further significant addition to
the portfolio made since the end of the half-year, involving the purchase of a
freehold industrial property in Crawley, West Sussex for a cash consideration
of £1,145,000.  Constructed in the late 1980's on a 0.85 acre site which
includes ample parking for commercial vehicles, it comprises a detached modern
industrial unit of 15,410 square feet including 2,140 square feet of offices
and ancillary accommodation.  It is situated adjacent to the A23, which is the
main access road from Crawley to Gatwick Airport.  Currently used as a
Parceline sorting depot, it is let to Geopost UK Limited, a subsidiary of La
Poste, the French Post Office, for a ten year term expiring in 2005 on full
repairing and insuring terms at an annual rent of £108,000, thus showing a
yield of approximately 9% after acquisition costs.

This quality acquisition, together with the other industrial units purchased
in Aldershot and Alton over the last two years, have made a significant change
to the structure of your Company's portfolio.  These properties are well let
and located in promising areas for economic growth in the industrial sector.

In my address to Shareholders at the Annual General Meeting at the end of
July, I referred to the turmoil in the stockmarkets and to the very
substantial falls in the main indices of share prices, including the AIM index
which had fallen by almost two-thirds between March 2000 and July 2001.
Recent tragic events, and the uncertainties in world stability and economic
outlook they have caused, have resulted in further turmoil in the financial
markets.

Your Company's share price has proved very resilient in these difficult times
in common with other companies in the quoted commercial property sector and I
hope that the financial markets and private investors will increasingly
recognise the value of well-managed, smaller quoted property companies as an
integral part of a balanced long-term investment portfolio.  With a more
fashionable property sector, a narrowing of the gap between asset and
capitalised values may result.

In the light of these results, the Directors have decided to increase the
interim dividend by 6.7% from 1.875p per share to 2.0p per share.  This will
be paid on 17 December 2001 to Shareholders on the register at 7 December
2001.

At the time of writing, prospects for the full year appear encouraging.  We
have the lowest base interest rates in the UK for forty years.  Wynnstay's
portfolio, which is broadly spread in terms of type and geography as well as
across business sectors, is fully let.  We plan to make other selective
disposals which, together with our cashflow and the certainty provided by our
new loan facility, should enable us to make further significant changes to
enhance the portfolio.

A number of Shareholders took the trouble to say how much they had enjoyed
this year's Annual General Meeting and I would like to urge as many of you as
possible to plan to spend a day in London and to attend this event next year,
which will again be held at The Royal Automobile Club on Thursday 25 July
2002.  It provides an opportunity to meet both other Shareholders and the
Board, to ask questions and to hear about recent developments in your
Company's affairs.

Finally, on behalf of the Board, I send all Wynnstay's Shareholders and their
families our best wishes for Christmas and for 2002.

PHILIP G.H. COLLINS
Chairman
27 November 2001


UNAUDITED PROFIT & LOSS ACCOUNT
for the six months ended 29 September 2001

                                        Six months      Six months   Year ended
                                     ended 29 Sept   ended 29 Sept     25 March
                                              2001            2000         2001
                                       (Unaudited)     (Unaudited)    (Audited)
                                             £'000           £'000        £'000

Gross Rental Income                            705             688        1,385
Fees and Commissions                             9              14           23
                                     -------------  --------------  -----------
Property Income                                714             702        1,408

Property Outgoings                            (28)            (37)         (65)
                                     -------------  --------------  -----------
                                               686             665        1,343

Administration and Other Costs               (215)           (197)        (384)
                                     -------------  --------------  -----------

Operating Profit                               471             468          959

Finance Costs (Net)                          (213)           (239)        (461)
                                     -------------  --------------  -----------

Profit on Ordinary Activities
before Exceptional Items and
Taxation                                      258             229          498

Exceptional Items                               58             -              7
                                     -------------  --------------  -----------

Profit on Ordinary Activities
before Taxation                                316             229          505

Taxation                                      (82)            (62)         (97)
                                     -------------  --------------  -----------

Profit on Ordinary Activities
after Taxation                                 234             167          408
                                               
Interim Dividend
2001: 2.0p 2000: 1.875p                       (63)            (59)

Total Dividend 2000-2001: 6.3p                                            (199)
                                                                          
                                     -------------  --------------  -----------
Profit Retained                                171             108          209
                                     -------------  --------------  -----------
Basic & Diluted Earnings per share
(Note 2)
                                              7.4p            5.3p        12.9p


Notes

1.  The figures in this statement do not constitute statutory accounts; those
for the year ended 25 March 2001 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 £233,669 (2000: £166,573)
and on 3,155,267 ordinary shares, being the weighted average number in issue
during both periods.

3.  The interim dividend of 2.0p per share will be paid on 17 December 2001 to
those shareholders on the register at 7 December 2001.

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.


UNAUDITED CONSOLIDATED BALANCE SHEET
As At 29 September 2001


                                        29 September  29 September     25 March
                                                2001          2000         2001
                                         (Unaudited)   (Unaudited)    (Audited)
                                               £'000         £'000        £'000

Fixed Assets
Tangible Assets                               13,340        13,086       14,178
Investments                                       54            53           54
                                      -------------- ------------- ------------
                                              13,394        13,139       14,232

Current Assets
Debtors                                          242           126          105
Cash at Bank and in Hand                         292           239          180
                                      -------------- ------------- ------------
                                                 534           365          285
Creditors: Amounts falling due
within one year                                (594)         (733)        (602)
                                               
                                      -------------- ------------- ------------
Net Current Liabilities                         (60)         (368)        (317)
                                      -------------- ------------- ------------
Total Assets Less Current
Liabilities                                   13,334        12,771       13,915
                                              
Creditors: Amounts falling due
after more than
one year                                     (5,643)       (5,782)      (6,397)
                                             
                                      -------------- -------------  -----------
Net Assets                                     7,691         6,989        7,518
                                      -------------- -------------  -----------
Capital and Reserves
Share Capital                                    789           789          789
Capital Redemption Reserve                       205           205          205
Share Premium Account                          1,135         1,135        1,135
Capital Reserve                                  151           151          151
Revaluation Reserve                            2,762         2,363        2,740
Distributable Reserves                         2,649         2,346        2,498
                                      -------------- -------------  -----------
Equity Shareholders' Funds                     7,691         6,989        7,518
                                      -------------- -------------  -----------


UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For The Six Months Ended 29 September 2001

                                    6 months to 29  6 months to 29   Year ended
                                    September 2001  September 2000     25 March
                                                                           2001
                                       (Unaudited)     (Unaudited)    (Audited)
                                             £'000           £'000        £'000
Cash Flow from Operating
Activities (Note 1)                            381             716        1,214
                                               
                                      ------------   ------------- ------------

Returns On Investment And
Servicing Of Finance
Interest Received                                7              17           23
Interest Paid                                (252)           (265)        (578)

                                      ------------   ------------- ------------
Net Cash (Outflow) from Returns on
Investment and Servicing of
Finance                                      (245)           (248)        (555)
                                      ------------   ------------- ------------

Taxation Paid                                 (23)               -        (143)
Taxation Refunded                                -               2            -
                                      ------------   ------------- ------------
                                              (23)               2        (143)
                                      ------------   ------------- ------------
Capital Expenditure and Financial
Investment
Purchase of Tangible Fixed Assets                -               -        (742)
Disposal of Tangible Fixed Assets              893               -           82
Sinking Fund Policy Premium                      -               -          (1)
                                      ------------   ------------- ------------
Net Cash Inflow/(Outflow) from
Investing Activities                           893               -        (661)
                                      ------------   ------------- ------------
Equity Dividends Paid                        (140)           (133)        (192)
                                      ------------   ------------- ------------
Net Cash Inflow/(Outflow) before
Financing                                      866             337        (337)

Financing
Drawdown of Bank Loan                        5,643               -          700
Repayment of Bank Loan                     (6,397)           (700)        (785)
                                      ------------   ------------- ------------
Increase/(Decrease) in Cash in the                                        
Period                                         112           (363)        (422)
                                      ------------   ------------- ------------
Reconciliation Of Net Cash Flow To

Movement In Net Debt
Increase/(Decrease) in Cash in the
Period                                         112           (363)        (422)
Cash Outflow from
Decrease in Debt Financing                     754             700           85
                                      ------------   ------------- ------------
Movement in Net Debt in the Period             866             337        (337)

Net Debt at 25 March 2001                  (6,217)         (5,880)      (5,880)
                                      ------------   ------------- ------------
Net Debt at 29 September
2001(Note 2)                               (5,351)         (5,543)      (6,217)
                                     =============   ============= ============

NOTES TO CASH FLOW STATEMENT

(1) Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
                                                Six months ended      Year ended
                                                     29 September       25 March
                                                      2001    2000         2001 
                                                     £'000   £'000        £'000
                 Operating Profit                      471     467          959
                 Depreciation and Amortisation           3       4            7
                 (Increase)/Decrease in
                 Debtors                             (116)     226          256
                 Increase/(Decrease) in
                 Creditors                              23      19          (8)
                                                       
                                               ----------- ------- ------------
                 Net Cash Inflow from
                 Operating Activities                  381     716        1,214
                                                       
                                               ----------- ------- ------------



(2) Analysis of Net Debt
                                      29 September 2001  Cash Movement 25 March
                                                                           2001

                                                  £'000          £'000    £'000
Cash at Bank and in Hand                            292            112      180
Debt due after more than one year                (5,643)           754   (6,397)

                                             ----------       --------  -------
Net Debt                                        (5,351)            866  (6,217)
                                             ----------       --------  -------