TIDMWSP
RNS Number : 4619X
Wynnstay Properties PLC
19 November 2014
The following amendment has been made to the Half Yearly Report
announcement released on 19 November 2014 at 12.35 under RNS No
4581X.
The register date for the dividend is 28 November 2014 and not
the 27 November 2014 as released earlier.
All other details remain unchanged.
The full amended text is shown below.
Wynnstay Properties PLC
Interim Results for the six months ended 29th September 2014
Chairman's Statement
I am delighted to report the results of your company's
performance for the first half of the financial year to 29(th)
September 2014, which can be summarised as follows
2014 2013
Operating income before movement
in fair value of (2.9)% GBP562,000 GBP579,000
investment properties:
Income before Taxation (17.4)% GBP436,000 GBP528,000
Earnings per share (17.5)% 12.7p 15.4p
Net Asset value per share 4.5% 466p 446p
Interim Dividend per share 7.1% 4.5p 4.20p
Property income and operating income for the half-year were only
slightly lower than in the same period last year at GBP808,000
(2013 - GBP821,000) and GBP562,000 (2013 - GBP579,000)
respectively. Our pre-tax profit of GBP436,000 (2013 - GBP528,000)
was reduced over the same period last year due largely to the
higher financing costs under the terms of our new borrowing
facility which includes the higher margins now commonly imposed by
lenders in current conditions and which I have described in
previous statements.
The portfolio is currently 100% let and, in a busy half year on
the management side, we have attracted a new tenant to our
industrial estate at Aylesford: agreed a new five year lease with
the existing tenant of one of the retail units at Colchester and
completed a five year lease extension until 2021 with Superdrug on
our retail property in Gosport. Additionally lease extensions have
been negotiated with two of the existing business tenants at St
Neots and we have completed the removal of a tenant break option at
one of the industrial units at Basingstoke where the lease will now
run until 2020.
The pace of management activity is likely to quicken over the
next eight months as a number of leases come to an end and we are
already in discussions with the tenants as to their intentions.
Where we know that tenants are vacating, we are preparing and
negotiating dilapidations claims and engaging agents to undertake
advance marketing as well as discussing with adjacent tenants
whether they may want to expand or relocate. I hope that by the
time I write to you in June next year, we will have either
resolved, or have much greater certainty about, the future
occupation of these parts of the portfolio. In doing so, our
objective remains to continue to improve the lease profile of the
portfolio and secure continuity and increases of income while
minimising, as far as possible, the costs associated with vacant
properties.
Despite the concerns that I have conveyed to you over recent
years about economic conditions causing problems for our tenants,
it is pleasing to note that we did not suffer any material bad
debts in this period and that, at the time of writing, we have
collected 99% of the rental income due for the current quarter
commencing 29 September 2014.
I have already reported to you in my statement in June on our
latest acquisition of five trade counter units in Ipswich. We
continue to seek out further suitable acquisitions and have bid for
several properties in what has become a highly competitive sector
of the investment market. We are only willing to invest where we
can see medium and longer-term benefit for shareholders and various
opportunities remain under consideration.
When I wrote to you in June, I noted that although we did not
recommend payment of an increased final dividend for last year, we
would consider increasing the interim dividend in December 2014
assuming favourable conditions at the end of the half-year with a
view to aligning further the overall balance between the interim
and final dividends. In the light of the satisfactory performance
reported above, I am pleased to say that the Directors have decided
to pay an increased interim dividend of 4.5p per share (2013 -
4.2p). The interim dividend will be paid on 19th December 2014 to
those Shareholders on the register on 28th November 2014. However,
this should not be taken as any indication that the final dividend
will also be increased.
We continue to receive reports concerning unsolicited approaches
to shareholders over the telephone in relation to their investments
in which the caller mentions their holding in Wynnstay, and there
are frequent reports in the press of scams involving such
approaches. There is nothing that we can do to deter or stop these
approaches and I would urge all shareholders to be vigilant. On
Wynnstay's website (www.wynnstayproperties.co.uk), shareholders
will also find a warning and a link to other information about
unsolicited approaches regarding shares on the Financial Conduct
Authority's website.
Our Annual General Meeting next year will again be held at the
Royal Automobile Club, 89 Pall Mall, London SW1 on Thursday 16(th)
July 2015 at 12 noon. As always, I urge shareholders to see if they
can make arrangements to be in London on that day to participate in
the meeting and meet the Board and fellow shareholders. It provides
an important opportunity to discuss Wynnstay's performance and
future, formally and informally, as well as to socialise with other
shareholders. Whilst we benefit from high levels of participation
through proxy voting at our annual meetings, it is always good to
see and talk to shareholders in person.
Finally, on behalf of the Board, I wish all shareholders a Happy
Christmas and our good wishes for 2015.
Philip G.H. Collins
Chairman
19th November 2014
For further information please contact:
Wynnstay Properties Plc
Toby Parker, Finance Director 020 7554 8766
Charles Stanley Securities
- Nominated Adviser 020 7149 6000
Dugald J. Carlean / Carl
Holmes
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS
ENDED 29TH SEPTEMBER 2014
Six months ended Year ended
29th September 29th September 25th March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Property Income 808 821 1,609
Property Costs (31) (44) (79)
Administrative Costs (214) (197) (443)
--------------- --------------- -----------
562 579 1,087
Movement in fair value
of:
Investment Properties 170
Profit on Sale of
Investment Property 52
Operating Income 562 579 1,309
Investment Income 0 1
Finance Costs (126) (51) (129)
--------------- --------------- -----------
Income before Taxation 436 528 1,181
Taxation (91) (111) (235)
--------------- --------------- -----------
Income after Taxation 345 417 946
--------------- --------------- -----------
The company has no other items of comprehensive income
UNAUDITED STATEMENT OF FINANCIAL POSITION AT 29TH SEPTEMBER
2014
29th September 29th September 25th March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Non Current Assets
Investment Properties 19,595 18,645 18,515
Investments 3 3 3
---------------- --------------- -------------
19,598 18,648 18,518
Current Assets
Accounts Receivable 226 310 267
Cash and Cash Equivalents 683 387 776
---------------- --------------- -------------
909 696 1,043
Current Liabilities
Accounts Payable (503) (775) (876)
Bank Loans Payable - (5,996) -
Income Taxes Payable (330) (490) (235)
---------------- --------------- -------------
(833) (7,260) (1,111)
Net Current Assets 75 (6,564) (68)
Total Assets Less Current
Liabilities 19,672 12,084 18,450
Non-Current Liabilities
Bank Loans Payable (7,034) - (5,951)
---------------- --------------- -------------
Net Assets 12,639 12,084 12,499
================ =============== =============
Capital and Reserves
Share Capital 789 789 789
Treasury Shares (1,570) (1,570) (1,570)
Share Premium Account 1,135 1,135 1,135
Capital Redemption
Reserve 205 205 205
Retained Earnings 12,080 11,525 11,940
---------------- --------------- -------------
12,639 12,084 12,499
================ =============== =============
UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ENDED 29TH SEPTEMBER 2014
SIX MONTHS ENDED 29 SEPTEMBER 2014
Capital Share
Share Redemption Premium Treasury Retained
Capital Reserve Account Shares Earnings Total
GBP GBP GBP GBP
000 000 GBP 000 000 000 GBP 000
Balance at
26 March 2014 789 205 1,135 (1,570) 11,940 12,499
Total comprehensive
income for
the period - - - - 345 345
Dividends - - - - (206) (206)
Balance at
29 September
2014 789 205 1,135 (1,570) 12,079 12,638
========= ============ ========= ========= ========== ========
SIX MONTHS ENDED 29 SEPTEMBER 2013
Capital Share
Share Redemption Premium Treasury Retained
Capital Reserve Account Shares Earnings Total
GBP GBP GBP GBP
000 000 GBP 000 000 000 GBP 000
Balance at
26 March 2013 789 205 1,135 (1,570) 11,314 11,873
Total comprehensive
income for
the period - - - - 417 417
Dividends - - - - (206) (206)
Balance at
29 September
2013 789 205 1,135 (1,570) 11,524 12,083
========= ============ ========= ========= ========== ========
YEAR ENDED 25 MARCH 2014
Capital Share
Share Redemption Premium Treasury Retained
Capital Reserve Account Shares Earnings Total
GBP GBP GBP GBP
000 000 GBP 000 000 000 GBP 000
Balance at
26 March 2013 789 205 1,135 (1,570) 11,314 11,873
Total comprehensive
income for
the year - - - - 946 946
Dividends - - - - (320) (320)
Balance at
25 March 2014 789 205 1,135 (1,570) 11,940 12,499
========= ============ ========= ========= ========== ========
Six months ended Year ended
29 September 25 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Cashflow from operating
activities
Income before taxation 436 528 1,181
Adjusted for:
Amortisation of deferred
finance costs 3
(Increase)/Decrease in
fair value of investment
properties - - (170)
Interest income - - (1)
Interest expense 126 51 129
Profit on disposal of
investment properties - (52)
Changes in:
Trade and other receivables 41 (119) (93)
Trade and other payables (373) (46) 31
Income taxes paid (105) (380)
Interest paid (105) 51 (129)
Net cash from operating
activities 125 361 519
================= =================== ==================
Cashflow from investing
activities
Interest and other income
received - - 1
Purchase of investment
properties (1,080) (945) (945)
Sale of investment properties - 352
Net cash from investing
activities (1,080) (945) (592)
================= =================== ==================
Cashflow from financing
activities
Dividends paid (206) (206) (320)
Repayments on bank loans - (5,998)
Drawdown on bank loans 1,083 600 6,596
Net cash used in financing
activities 877 393 278
================= =================== ==================
Net (decrease)/ increase
in cash and cash equivalents (78) (191) 205
Cash and cash equivalents
at beginning of period 776 571 571
Cash and cash equivalents
at end of period 683 380 776
================= =================== ==================
NOTES
1. ACCOUNTING POLICIES
Wynnstay Properties PLC is a public limited company incorporated
and domiciled in England and Wales. The principal activity of the
Company is property investment, development and management. The
Company's ordinary shares are traded on the Alternative Investment
Market.
Basis of Preparation
These unaudited condensed interim financial statements have been
prepared in accordance with International Financial Reporting
Standard (IFRS) IAS 34 Interim Financial Reporting. They do not
constitute statutory accounts within the meaning of section 435 of
the Companies Act 2006.
The unaudited condensed interim financial statements should be
read in conjunction with the financial statements of the Company as
at and for the year ended 25(th) March 2014 which were prepared in
accordance with IFRS as adopted by the European Union and those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS, and have been reported on by the Company's auditors.
The financial information for the interim periods ended 29th
September 2014 and 29th September 2013 has not been audited and the
auditors have not reported on or reviewed these interim financial
statements. The information for the year ended 25th March 2014 has
been extracted from the latest published audited financial
statements.
Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management
to make judgements, estimates and assumptions that may affect the
application of accounting policies and the reported amounts of
assets and liabilities, income and expenses.
Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that
period. The key sources of estimation uncertainty that have a
significant risk of causing material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are those relating to the fair value of investment properties.
Investment Properties
All the Company's investment properties are revalued annually
and stated at fair value at 25th March. The aggregate of any
resulting surpluses or deficits are recognised through the
statement of comprehensive income.
Depreciation
In accordance with IAS 40, freehold and leasehold investment
properties are included at the reporting date at fair value, and
are not depreciated.
Depreciation of other plant and equipment is on a straight line
basis calculated at annual rates estimated to write off each asset
over its useful life of 5 years.
Disposal of Investments
The gains and losses on the disposal of investment properties
and other investments are included in the statement of
comprehensive income in the year of disposal.
Property Income
Property income represents the value of accrued charges under
operating leases for rental of the Company's properties. Revenue is
measured at the fair value of the consideration received. All
income is derived in the United Kingdom.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax. Current tax is the expected tax payable on the
taxable income for the year based on the tax rate enacted or
substantially enacted at the reporting date, and any adjustment to
tax payable in respect of prior years. Taxable profit differs from
income before tax as reported in the income statement because it
excludes items of income or expense that are deductible in other
years, and it further excludes items that are never taxable or
deductible.
Deferred taxation is the tax expected to be payable or
recoverable on differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profits, and is
accounted for using the financial position liability method.
Deferred tax liabilities are recognised for all taxable temporary
differences (including unrealised gains on revaluation of
investment properties) and deferred tax assets are recognised to
the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be
utilised. The Company provides for deferred tax on investment
properties by reference to the tax that would be due on the sale of
the investment properties.
Deferred tax is calculated at the rates that are expected to
apply in the period when the liability is settled, or the asset is
realised. Deferred tax is charged or credited in the statement of
comprehensive income, including deferred tax on the revaluation of
the asset.
Investments
Quoted investments are recognised as held at fair value, and are
measured at subsequent reporting dates at fair value, which is
either at the bid price, or the latest traded price, depending on
the convention of the exchange on which the investment is quoted.
Changes in fair value are recognised in profit or loss.
Trade and other accounts receivable
Trade and other receivables are initially measured at fair value
as reduced by appropriate allowances for estimated irrecoverable
amounts. All receivables do not carry any interest and are short
term in nature.
Cash and cash equivalents
Cash comprises cash at bank and on demand deposits. Cash
equivalents are short term (less than three months from inception),
repayable on demand and which are subject to an insignificant risk
of change in value.
Trade and other accounts payable
Trade and other payables are initially measured at fair value.
All trade and other accounts payable are not interest bearing.
Comparative information
The information for the year ended 25 March 2014 has been
extracted from the latest published audited financial
statements.
Pensions
Pension contribution towards employees' pension plans are
charged to the statement of comprehensive income as incurred. The
pension scheme is a defined contribution scheme.
2. DIVIDENDS
Payment Per share Amount absorbed
Period Date (pence) GBP'000
6 months to 29th September 19th Dec
2014 2014 4.50 122
6 months to 29th September 13th Dec
2013 2013 4.20 114
Year ended 25th March 16th July
2014 2014 7.6 206
3. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing income after
taxation attributable to Ordinary Shareholders of GBP345,000 (2013:
GBP417,000) by the weighted average number of 2,711,617 ordinary
shares in issue during the period (2013: 2,711,617). There are no
instruments in issue that would have the effect of diluting
earnings per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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