6th Nov 2024 14:07
(Alliance News) - Wynnstay Properties PLC on Wednesday said profit increased during the first six months of its most recent financial year, as higher passing rents and new lettings drove revenue growth.
The Powys, Wales-based agricultural and specialist merchanting firm said pretax profit for the six months that ended September 29 grew 25% to GBP824,000 from GBP658,000 last year. Property income rose 17% to GBP1.4 million from GBP1.2 million.
Net asset value per share on September 29 was 1,142 pence, up 2.5% from 1,114p a year ago.
The growth in property income reflected "higher passing rents negotiated on rent reviews, new lettings and changes in the portfolio arising from acquisitions and disposals", the company said.
Wynnstay declared an interim dividend of 10.0p per share, which was up 5.3% from 9.5p last year.
Chair Philip Collins said: "Looking forward, the economic outlook will now be largely determined by the emerging plans, policies and priorities of the new government on growth, job creation, spending, taxation and debt. At the present time, their impact on the UK economy is uncertain. External events, such as the conflicts in Ukraine and the Middle East may also impact the UK economy, notably in relation to energy prices. Against this uncertain background, the board remains cautiously positive about the current outlook for Wynnstay's business."
Shares in Wynnstay Properties were up 3.7% at 731.00 pence each in London on Wednesday afternoon.
By Emily Parsons, Alliance News reporter
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