17th Jun 2025 12:54
(Alliance News) - Wynnstay Properties PLC on Tuesday increased its dividend and reported "steady and very satisfactory progress" as its net asset value increased.
The London-based property investment and development company owns and manages a portfolio of office, retail, warehouse and industrial properties.
Pretax income rose 33% to GBP2.2 million in the 12 months to March 25 from GBP1.6 million the previous year.
Net asset value rose 2.7% to 1,168 pence from 1,136p.
The company raised its final dividend 6.3% to 17.00p per share from 16.00p, bringing the total dividend for the year to 27.00p, up 5.9% from 25.50p a year ago.
Annual rental income was up 5.4% to GBP2.7 million from GBP2.5 million. Earnings per share grew 16% to 58.1p from 50.3p.
Wynnstay said the increased rental income reflects several successful rent reviews and new lettings within the existing portfolio.
Chair Philip Collins said: "We made two disposals of longstanding assets and, since the year-end, we have reinvested the proceeds in an acquisition with better growth prospects. The portfolio has also benefitted from a series of positive reversionary lease renewals and rent reviews."
Looking ahead, Collins said the outlook for the UK remains mixed amid market instability and uncertainty.
"Interest rates appear to be on a downward slope with further cuts anticipated although their timing is uncertain. However, against these positive signs, the potential change in international trading relationships that may follow the tariffs proposed by the new US administration, ongoing geopolitical unrest in various parts of the world and the UK government's actions following the autumn 2024 budget and the challenges it faces in promoting growth and jobs while balancing spending, taxation and public debt could undermine business and consumer confidence," Chair Collins said.
The portfolio has "continued to evolve and perform well" and the company is confident that it can continue to deliver growth in the medium and long-term, Collins added.
Shares in Wynnstay Properties were down 4.0% at 802.00 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Wynnstay Props.