RNS Number:8451U
Wynnstay Properties PLC
28 November 2000
INTERIM RESULTS FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
CHAIRMAN'S STATEMENT
Following the excellent results for the last financial year on
which I reported in June, I am pleased to inform you of
further satisfactory progress in Wynnstay's activities during
the first half of the current year. The headline figures are:
2000 1999
Profit before exceptional items
and taxation: - 8.9% #228,521 #250,754
Profit before taxation: + 40.4% #228,521 #162,743
Earnings per share: + 39.5% 5.3p 3.8p
Interim dividend per share: + 4.2% 1.875p 1.8p
Despite the disposals announced with last year's results,
property income, totalling #701,391, remained almost unchanged
compared with last year, reflecting a full contribution from
the industrial property at Aldershot acquired in July 1999.
Following a series of interest rate rises in late 1999 and
early 2000, net finance costs increased by #8,055 to #238,999,
whilst property outgoings of #36,545 were some #7,982 higher
owing to certain irrecoverable repair items. Administration
and other overheads, totalling #197,326, were again tightly
controlled, showing a year on year increase of only 1.9%,
despite incurring significant unbudgeted costs relating to
various actions taken by our former shareholder, Panther
Securities PLC, including the Extraordinary General Meeting it
requisitioned which was held on 9th May.
Having included a Balance Sheet last year, this interim report
also incorporates for the first time a Cashflow Statement.
Shareholders' funds at 29th September 2000 totalled
#6,988,964, equivalent to 221 pence per share, representing an
increase on the corresponding figure of #6,589,572, or 209p
per share, last year. As a result of disposals and strong
cashflow, borrowings reduced significantly and net gearing at
the half-year was 79.3%, compared with 101.5% last year.
Since 29th September, we have concluded the profitable sale of
our last remaining retail property at Swindon. Shareholders
will recall from my last Chairman's statement that we disposed
of the two other Swindon properties towards the end of last
year. We have now decided to market certain of our other
retail properties and are actively considering other disposals
in pursuance of our strategy of re-orientating the portfolio.
With this strategy in mind we have investigated a number of
potential property acquisitions in central southern England.
Although our offers have not always proved successful, I am
pleased to report that we expect very shortly to exchange
contracts for the purchase of an 11,000 sq.ft. industrial unit
in north Hampshire. We have also taken steps to explore the
possibility of enlarging and improving one of our major office
properties. This is a longer-term project given the current
letting of the premises.
At the time of writing, prospects for the full year appear
satisfactory. The future direction of interest rates remains
unclear, with commentators being almost equally divided as to
whether the next move will be up or down. We have a portfolio
that is fully let to a diverse range of tenants in a variety
of business sectors and are well placed to make further,
selective investments as and when we identify attractive
opportunities. From a corporate perspective, we continue to
review a number of opportunities to expand and develop the
Company.
In the light of the results, the Directors have decided to
increase the interim dividend by 4.2% from 1.8p per share to
1.875p per share and this will be paid on 18th December 2000
to shareholders on the register at 8th December 2000.
I take this opportunity both to remind Shareholders that next
year's Annual General Meeting will be held at The Royal
Automobile Club on Thursday 26th July 2001, which I hope as
many as possible will be able to attend and, in conclusion, to
wish you and your families a period of peace, reflection and
happiness over the Christmas and New Year holiday.
Philip G.H. Collins
Chairman
28th November 2000
WYNNSTAY PROPERTIES PLC
UNAUDITED PROFIT & LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
Six Months ended Year ended
29th September 25th March
2000 1999 2000
(Unaudited) (Audited)
# # #
Gross Rental Income 687,670 696,096 1,424,475
Fees and Commissions 13,721 7,809 18,249
Sales of Trading Properties - - 590,000
--------- ---------- ------------
Property Income 701,391 703,905 2,032,724
Cost of Sales of Trading - - 595,070
Properties
Property Outgoings 36,545 28,563 56,705
-------- --------- ------------
664,846 675,342 1,380,949
Administration and Other Costs 197,326 193,644 383,558
-------- ------- ------------
Operating Profit 467,520 481,698 997,391
Finance Costs (Net) 238,999 230,944 476,718
-------- ------- ------------
Profit on Ordinary Activities
before Exceptional Items and 228,521 250,754 520,673
Taxation
Exceptional Items - (88,011) (20,611)
-------- ------- ------------
Profit on Ordinary Activities
before Taxation 228,521 162,743 500,062
Taxation 61,948 43,784 102,808
-------- ------- ------------
Profit on Ordinary Activities
after Taxation 166,573 118,959 397,254
Interim Dividend
2000: 1.875p 1999: 1.8p 59,161 56,795
Total Dividend 1999-2000: 6.0p 189,316
-------- ------- ------------
Profit Retained #107,412 #62,164 #207,938
-------- ------- ------------
Basic & Diluted Earnings per
share (Note 2) 5.3p 3.8p 12.6p
Notes
1. The figures in this statement do not
constitute statutory accounts; those for the
year ended 25th March 2000 are extracted from
the Group Accounts which have been filed with
the Registrar of Companies and which received
an unqualified report from the Auditors and
did not contain a statement under Section
237(2) or (3) of the Companies Act 1985 as
amended.
2. Basic and Diluted Earnings per share have been
calculated on profits after taxation
attributable to ordinary shareholders of
#166,573 (1999: #118,959) and on 3,155,267
ordinary shares, being the weighted average
number in issue during both periods.
3. The interim dividend of 1.875p per share will
be paid on 18th December 2000 to those
shareholders on the register at 8th December
2000.
4. This interim report is being posted to all
shareholders and will be available on
application to the Company's registered office
at Cleary Court, 21 St. Swithin's Lane, London
EC4N 8AD.
WYNNSTAY PROPERTIES PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 29TH SEPTEMBER 2000
29th 29th 25th March
September September 2000
2000 1999 (Audited)
(Unaudited) (Unaudited)
# # #
Fixed Assets
Tangible Assets 13,086,293 13,107,191 13,089,548
Investments 52,641 51,677 52,641
---------- ---------- ----------
13,138,934 13,158,868 13,142,189
Current Assets
Trading Properties - 495,000 -
Debtors 125,839 94,878 351,429
Cash at Bank and in Hand 239,232 300,298 601,863
---------- ---------- ---------
365,071 890,176 953,292
Creditors: Amounts falling due
within one year (733,085) (468,068) (731,973)
---------- ---------- ----------
Net Current
(Liabilities)/Assets (368,014) 422,108 221,319
---------- ---------- ----------
Total Assets Less Current
Liabilities 12,770,920 13,580,976 13,363,508
Creditors: Amounts falling due
after more than one year (5,781,956) (6,991,404) (6,481,956)
---------- ---------- ----------
Net Assets #6,988,964 #6,589,572 #6,881,552
---------- ---------- ----------
Capital and Reserves
Share Capital 788,817 788,817 788,817
Capital Redemption Reserve 204,528 204,528 204,528
Share Premium Account 1,135,249 1,135,249 1,135,249
Capital Reserve 151,400 151,400 151,400
Revaluation Reserve 2,362,641 2,341,682 2,362,641
Distributable Reserves 2,346,329 1,967,896 2,238,917
---------- ---------- ----------
Equity Shareholders' Funds #6,988,964 #6,589,572 #6,881,552
---------- ---------- ----------
WYNNSTAY PROPERTIES PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 29TH SEPTEMBER 2000
Six Months Year ended
ended 25th March
29th 2000
September (Audited)
2000
(Unaudited)
# #
Cash Flow from Operating Activities
(Note 1) 715,947 1,335,337
Returns on Investment and Servicing
of Finance
Dividends Received 66
Interest Received 17,074 18,489
Interest Paid (265,354) (402,783)
-------- ------------
Net Cash (Outflow) from Returns on
Investment and Servicing of Finance (248,245) (384,228)
-------- ------------
Taxation Paid - (27,963)
Taxation Refunded 2,643 534
-------- ------------
2,643 (27,429)
-------- ------------
Capital Expenditure and Financial
Investment
Purchase of Tangible Fixed Assets - (787,934)
Disposal of Tangible Fixed Assets - 163,489
Sinking Fund Policy Premium (455) (910)
-------- ------------
Net Cash (Outflow) from
Investing Activities (455) (625,355)
-------- ------------
Equity Dividends Paid (132,521) (181,428)
-------- ------------
Net Cash Inflow before Financing 337,369 116,897
-------- ------------
Financing
Drawdown of Bank Loan - 764,747
Repayment of Bank Loan (700,000) (509,448)
-------- ------------
(700,000) 255,299
-------- ------------
(Decrease)/Increase in Cash in the #(362,631) #372,196
Period
-------- ------------
Reconciliation of Net Cash Flow to
Movement in Net Debt
(Decrease)/Increase in Cash in the (362,631) 372,196
Period
Cash Outflow/(Inflow) from
Decrease/(Increase) in Debt 700,000 (255,299)
Financing
-------- ------------
Movement in Net Debt in the Period 337,369 116,897
Net Debt at 25th March 2000 (5,880,093) (5,996,990)
---------- ------------
Net Debt at 29th September 2000 #(5,542,724) #(5,880,093)
(Note 2)
---------- ------------
NOTES TO CASH FLOW STATEMENT
(1)Reconciliation of Operating Profit to Net
Cash Inflow from Operating Activities
Six Months Year ended
ended 25th March
29th September 2000
2000
# #
Operating Profit 467,520 997,391
Depreciation and Amortisation 3,710 12,871
Profit on disposal of Motor
Vehicle - (4,100)
Decrease in Stock of Trading
Properties - 570,000
Decrease/(Increase) in Debtors 225,590 (237,550)
Increase/(Decrease) in 19,127 (3,275)
Creditors
------------ -------------
Net Cash Inflow from Operating
Activities #715,947 #1,335,337
------------ -------------
(2)Analysis of Net Debt
25th Cash 29th
March Movement September
2000 2000
# # #
Cash at Bank and in Hand 601,863 (362,631) 239,232
Debt due after more than one (6,481,956) 700,000 (5,781,956)
year --------- --------- ----------
Net Debt #(5,880,093) #337,369 #(5,542,724)
--------- --------- ----------
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