Business
Half Yearly Report
Half Yearly Report.
About this update from Wynnstay Properties Plc
[{"type":"text","content":"\n \nRNS Number : 1377T Wynnstay Properties PLC 15 November 2013 \n \n\n \nWynnstay Properties PLC\n \nInterim Results for the six months ended 29th September 2013\n \nChairman's Statement\n \nI am pleased to report to you with the results of your company's performance for the first half of the financial year to 29th September 2013 which may be summarised as follows:-\n \n\n\n\n\n\n\n\n\n\n\n2013\n\n\n2012\n\n\n\n\nOperating income before movement in fair value of\n investment properties:\n\n\n \n(3.6)%\n\n\n \n£579,000\n\n\n \n£601,000\n\n\n\n\nIncome before Taxation\n\n\n(17.6)%\n\n\n£528,000\n\n\n£641,000\n\n\n\n\nEarnings per share\n\n\n(14.4)%\n\n\n15.4p\n\n\n18.0p\n\n\n\n\nNet Asset value per share\n\n\n(4.3)%\n\n\n446p\n\n\n466p\n\n\n\n\nInterim Dividend per share\n\n\n\n\n\n4.20p\n\n\n3.20p\n\n\n\n\n \n \nProperty income for the half-year was marginally reduced at £821,000 (2012 - £838,000) and, as we did not sell any properties in the period, we were unable to match the additional £100,000 of profits realised in the corresponding period in 2012. As a result, our operating income of £579,000 (2012 - £601,000) and our pre-tax profit of £528,000 (2012 - £641,000) were both lower than at the same time last year. \n \nManagement activity of the portfolio has been busy but rather less intense than in the recent past, reflecting a greater stability amongst our tenant base. During the period, we renewed leases with existing tenants at our office building at Cosham, and on two industrial units at each of St Neots and Norwich as well as welcoming two new tenants there.\n \nIn my statement accompanying the annual report and financial statements in June, I reported on the business failure of our longstanding tenant at Hertford. I am pleased to say that we have now leased one of the two units, which fronts onto the main road, to a national retail business on a new ten year lease with no tenant breaks and at a rent in excess of valuation and instructed solicitors in connection with the sale of the other unit to an owner occupier at what we consider to be an attractive sale price. \n \nAs a result of this activity, we have been successful in improving the lease profile of the portfolio and providing continuity of income ...