15th Jun 2015 14:49
LONDON (Alliance News) - Wynnstay Properties PLC Monday said its pretax profit rose in the last financial year, and it raised its dividend.
The property investment and development company said it made a pretax profit of GBP2.4 million in the year ended March 25, up from a GBP1.2 million profit a year earlier, despite revenue from properties rising only slightly to GBP1.7 million from GBP1.6 million.
The profit rise was caused by a GBP1.5 million gain from the movement of fair value in its investment properties, compared with a small GBP170,000 gain a year earlier. Pretax profit before that gain fell to GBP899,000 from just over GBP1.0 million.
Earnings per share for the year came in at 81.8 pence, up from 34.9 pence, and it increased its dividend for the full year to 12.3 pence, up 4.2% from 11.8 pence the year before.
Wynnstay's net asset value per share also rose to 532.0 pence from 461.0 pence.
"Against an encouraging background, Wynnstay is in robust health and, in the board's view, continues to offer opportunities for profitable growth. We will continue to make changes to enhance the value of the portfolio as and when opportunities to do so arise," it said.
Wynnstay shares were untraded on Monday, last trading at 384.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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