Business
Pre-close Trading Update
Pre-close Trading Update.
About this update from Wynnstay Properties Plc
[{"type":"text","content":"\n RNS Number : 6172P Wynnstay Properties PLC 27 March 2009 \n \n\n\nWYNNSTAY PROPERTIES PLC\n('Wynnstay' or 'the Company')\n\nPre-close Trading Update \n\nFurther to the announcement of the Company's interim results for the six months ended 30 September 2008 and in advance of the announcement of its results for the year ended 25 March 2009, Wynnstay provides the following pre-close trading update:\n\n\n\nThe Company's Independent Valuers, Sanderson Weatherall, have revalued the Company's investment properties at 25 March 2009 in the sum of £20.745m. This compares to the interim revaluation of the entire portfolio by Sanderson Weatherall as at 29 September 2008 in the sum of £24.1m. \n\n\nUnder UK Generally Accepted Accounting Principles (UKGAAP) any revaluation adjustment, would be reflected in the balance sheet, rather than in the income statement. However, since the Company is now required to prepare its financial statements under International Financial Reporting Standards (IFRS) it is obliged to reflect any revaluation adjustment in full in its income statements which thus impacts on profits and earnings rather than only on net asset value per share. \n\n\nIt should be stressed that the revaluation reflects changes in market conditions and does not reflect the underlying performance of Wynnstay's core business of managing and securing rental income from its portfolio. \n\n\n\n\nWynnstay's property portfolio remains fully let and income producing and no material rental income remains outstanding at the year end. Property and administrative costs have been rigorously controlled and are expected to be significantly lower than last year. Finance costs, while benefiting from lower prevailing interest rates, will be higher than last year reflecting the increased borrowings to acquire the Aylesford industrial estate in June 2008. \n\n\nWynnstay has entered into a new five year £8.5m facility with one of Scandinavia's leading banking groups, Svenska Handelsbanken AB, to replace the previous facility for the same amount with N.M. Rothsch...