Trading Update

Wynnstay Properties PLC

28 April 2023

 

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

28 April 2023

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 2023 ("Financial Year"):

o  Wynnstay's portfolio, which comprises exclusively freehold properties, was valued as at 25 March 2023 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 was £39,320,000 (FY 2022: £38,975,000), which represents an increase of £345,000, or 0.9 per cent.

o  Rental income in the Financial Year, on a like-for-like basis, increased by 10.4 per cent. to £2,304,000 (2022 adjusted: £2,087,000*).

o  Collection of rental income exceeded 99.7 per cent. for the Financial Year.

o  The portfolio was fully let, with no voids, at the end of the Financial Year.

Net debt at the end of the Financial Year was £6,683,000 (2022: £6,447,000).

            *2022 rental income of £2,252,000 adjusted to exclude income from the Surbiton property sold in the prior year.

Wynnstay expects to announce its results for the Financial Year and to publish its Annual Report and Financial Statements, as usual, in mid-June 2023. As previously announced the Company will hold its Annual General Meeting on 18 July 2023.

For further information please contact:

Wynnstay Properties PLC:

Philip Collins, Chairman

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

 

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