The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this information is considered to be in the public domain.
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 SEPTEMBER 2026
10 November 2026
CHAIRMAN’S STATEMENT
As the Managing Director explains in his report below, the six months ended 29 September 2026 have been a very busy period for the management of the portfolio and I am delighted to report to shareholders on the resulting steady financial performance for the period.
Interim Financial Results
The unaudited results are summarised in the table below and should be read in conjunction with the following commentary and financial statements:
29 September 2026 | 29 September 2025 | ||
Rental Income | +1.5% | £1,428,000 | £1,407,000 |
Property Income | +1.3% | £1,435,000 | £1,416,000 |
Operating Income | -1.5% | £997,000 | £1,012,000 |
Income before Taxation | -2.7% | £758,000 | £779,000 |
Earnings per share | -1.9% | 21.2p | 21.6p |
Net Asset Value per share | +3.6% | 1,215p | 1,173p |
Interim Dividend per share | +4.8% | 11.0p | 10.5p |
Rental Income for the half-year increased by 1.5% compared to the same period last year to £1,428,000 (2025: £1,407,000). While we have lost the income from the Weston-super-Mare property sold in April 2026, we are now receiving income from the rent increases negotiated on the eight new leases in the period, details of which are given in the Managing Director’s Report, and a full six months’ income from the property at Waterbeach, Cambridge which was purchased in May 2025.
Operating Income reduced marginally by 1.5% to £997,000 (2025: £1,012,000) principally reflecting an increase of £11,000 in property costs expended on the portfolio during the period which rose to £109,000 (2025: £98,000) and the disposal costs of £17,000 on the Weston-super-Mare property. The flow through from these items also accounts for the marginal reductions in Income before Taxation and Earnings per share of 2.7% and 1.9% respectively.
The Weston-super-Mare property was valued by our independent valuers at £490,000 in their valuation for the year ended 25 March 2025. The property was put up for sale at auction on 24 March 2026 and achieved a sale price of £665,000. Pending the sale completion in April 2026 the property was treated in accounting terms as an asset held for sale in our accounts for the year ended 25 March 2026. The resulting gross profit realised on this sale was thus recognised within the revaluation surplus in those accounts; and the small net loss on disposals shown in this half-year of £17,000 (2025: £nil) reflects the auction and legal costs of sale that followed.
Borrowings from Handelsbanken of £10.597 million at the end of the half-year (2025: £11.384 million) reflect our five-year loan of £9.997 million fixed at a rate of 3.61% from December 2021 plus £0.600 million of drawings made under our revolving credit facility set at variable rates linked to the base rate. At the end of the half-year, we held cash balances of £0.533 million available for future use in the business. In addition, we have available £4.4 million undrawn under our £5.0 million revolving credit facility with Handelsbanken. Our existing facilities mature in December 2026, and we are continuing to progress the formal processes and documentation for the new facilities that we announced in the Annual Report in June. An announcement will be made when the new facilities are formally completed.
Dividend
In light of the financial results, the Board has decided to pay an increased interim dividend of 11p per share (2025: 10.5p) on 18 December 2026 to those shareholders on the register at the close of business on 4 December 2026. The shares will become ex-dividend on 3 December 2026.
The Board understands the importance to many shareholders of regular increases in their dividend income from their investment in Wynnstay and of maintaining an attractive yield on the Company’s shares. The increase in the interim dividend for this half-year is 4.8% compared to the same period last year.
Shareholder communications
Following the publication of the Annual Report in June and prior to the Annual General Meeting in July, we provided an overview of our annual results and answered questions in an online presentation on the Investor Meet Company platform. We were pleased with the response to this and the previous presentations which remain available for viewing on the platform.
A short update on the interim results will be provided on the platform at 2pm on 10 November 2026 and will remain available to be viewed after that date. Shareholders who have not already registered to take part in or view presentations may do so at https://www.investormeetcompany.com/wynnstay-properties-plc/register-investor. We encourage shareholders to view all the online presentations if they have not already done so and welcome feedback.
Board Succession
In the Annual Report, we described our plans for Board succession with the anticipated retirement of several Directors. On 25 September 2026 we announced that, following a recruitment process using a specialist recruitment firm, Forrester & Partners, which considered both existing Directors and external candidates, the Board had appointed Hugh Ford as Chairman Designate with effect from 30 September 2026. Hugh will succeed me as Chairman from the commencement of the next financial year on 26 March 2027 and in the meantime we will work together to ensure an orderly transition and handover. During this period further Non-Executive Directors will be appointed to the Board through a recruitment process using Forrester & Partners and announcements will be made as appointments are confirmed.
Hugh has made a substantial contribution to Wynnstay since his appointment to the Board in March 2023. His listed PLC background and his experience in the real estate sector, including financial and treasury functions, have been invaluable in our Board discussions. I am confident that he will prove to be a very effective Chairman in leading Wynnstay forward through the next stage of its development.
Outlook
Since I reported to shareholders in June, the economic outlook has deteriorated as a result of domestic fiscal and economic policy uncertainties and various geopolitical conflicts and events. This deterioration is reflected in the latest report by the Office for Budget Responsibility and in the reaction to the budget on 28 October. Contrary to the position in June, when interest rates were still expected to fall, rising domestic inflation, driven in particular by the rise in oil prices, led the Bank of England on 5 November to raise the Bank’s base rate for the first time in over three years to 4%. The Bank also indicated that further increases in base rate may be necessary in the coming months in order to combat anticipated rising inflation in 2027.
However, despite these economic conditions the Board is encouraged by visits made in September to a number of our properties. During these visits, conversations with several small business tenants, both established and new, suggested that these businesses were managing to cope for now with the adverse conditions and uncertainties. As reported in the Managing Director’s Review below, rent collection for the third quarter has been strong. We continue to be vigilant in monitoring rent receipts. At present, unless there is further deterioration in the economy, we anticipate a satisfactory outcome to the financial year. We consider that we can continue to grow income and build value through investment in the portfolio and by strategic acquisitions.
We will provide further updates to shareholders in our next Annual Report, which will be published in mid-June 2027 and shareholders will also be updated in the meantime on any significant developments through London Stock Exchange announcements. The 2027 Annual General Meeting will take place, as usual, at the RAC Club on Wednesday 14 July 2027.
On behalf of the Board, I would like to wish our shareholders a Happy Christmas and a prosperous New Year and thank them for their continued investment in and support for Wynnstay.
Philip Collins
Chairman
10 November 2026
MANAGING DIRECTOR’S REVIEW
Eight new leases were completed over the first six months of the year. Six of these were renewals to existing tenants in Aylesford, Heathfield, Norwich and Stevenage whilst new open market lettings were completed for a unit in Uckfield and the open storage land in Liphook. In aggregate, the annual rent reserved by these new leases is £275,510 per annum, representing a 4% increase over the estimated rental values used in the independent portfolio valuation dated 25 March 2026. The portfolio is currently fully let.
Since the end of the half-year, we have completed a significant lease renewal in Banbury for a 10-year term and the new letting of the vacant unit in Liphook that was highlighted as being under offer in our AGM Trading Update. These transactions comprise £150,000 per annum of rent which is 9.8% over the estimated rental values used in the independent portfolio valuation dated 25 March 2026. As a result, the Company’s annual rent roll is anticipated to exceed £3 million for the first time.
Occupancy and rental income have also been maintained because the tenant decided to remain in occupation in all three instances where tenant break options could have been exercised in the first six months.
The new letting in Liphook is to an existing tenant on the estate. The business was sold 12 months ago and the new owner wanted to move to a different unit that better suited their growth plans. The result is that their existing two units will become vacant in the second half of the year. We intend to take the opportunity to comprehensively refurbish the larger one at the entrance to the estate. Dilapidations payments to be received from the tenant will be utilised for part of the cost.
We are currently in negotiations on seven rent reviews with reversionary potential and on eight further lease renewals due this financial year.
96% of the rent due for the third quarter commencing 29 September 2026 has been received to date whilst one tenant remains in arrears for just over £2,000 of rent due in the second quarter of the financial year. In both cases, we consider that payment will be made.
Working closely with our tenants, we have carried out a refurbishment project to over-sheet the existing roofs of three units in Heathfield that were at the end of their serviceable lifespan and to replace energy-inefficient gas-fired heating with air-source heat pumps in two of them. The improvements helped achieve successful lease renewals with two of the tenants and it is anticipated that rental and capital growth will be enhanced over time.
On 18 June, the Government announced its response to the consultation on Minimum Energy Efficiency Standards. This confirms the ambition to achieve an Energy Performance Certificate (EPC) rating of at least B, but crucially now only for buildings over 1,000 sq m (10,765 sq ft). Whilst clarification of what constitutes a building is needed, this new size threshold is positive for our portfolio. Also welcome is the removal of an interim requirement to achieve a C rating in 2027 and the grant of an additional year to achieve a B rating, now in 2031. On this basis, there are only three units in the portfolio where energy efficiencies will definitely need to be made, and we are planning the opportune moment for these to be carried out. Having said that, we are seeing occupiers in the market wanting to occupy energy efficient premises and therefore, we will continue to assess and prioritise, working with our tenants where appropriate, good opportunities to improve EPC ratings across the portfolio.
Chris Betts
Managing Director
10 November 2026
1. STATEMENT OF COMPREHENSIVE INCOME | |||||
Unaudited | Unaudited | Audited | |||
29 September | 29 September | 25 March | |||
2026 | 2025 | 2026 | |||
£'000 | £'000 | £'000 | |||
Property Income | 1,435 | 1,416 | 2,890 | ||
Property Costs | (109) | (98) | (149) | ||
Administrative Costs | (312) | (306) | (717) | ||
Net Property Income | 1,014 | 1,012 | 2,024 | ||
Movement in Fair Value of Investment Properties | – | – | 1,048 | ||
Loss on Sale of Investment Properties | (17) | – | – | ||
Operating Income | 997 | 1,012 | 3,072 | ||
Investment Income | 10 | 15 | 24 | ||
Finance Costs | (249) | (248) | (498) | ||
Income before Taxation | 758 | 779 | 2,598 | ||
Taxation | (186) | (196) | (662) | ||
Income after Taxation and Total Comprehensive Income | 572 | 583 | 1,936 | ||
Basic and diluted earnings per share | 21.2p | 21.6p | 71.8p | ||
The Company has no other items of Comprehensive Income. | |||||
2. STATEMENT OF FINANCIAL POSITION | |||||
Unaudited | Unaudited | Audited | |||
29 September | 29 September | 25 March | |||
2026 | 2025 | 2026 | |||
£’000 | £’000 | £’000 | |||
Non-Current Assets | |||||
Investment Properties | 46,479 | 45,898 | 46,305 | ||
Investments | 3 | 3 | 3 | ||
46,482 | 45,901 | 46,308 | |||
Current Assets | |||||
Trade and Other Receivables | 370 | 242 | 300 | ||
Cash and Cash Equivalents | 533 | 609 | 539 | ||
903 | 851 | 839 | |||
Non-current Assets held for Sale | – | – | 665 | ||
903 | 851 | 1,504 | |||
Current Liabilities | |||||
Trade and Other Payables | (826) | (726) | (934) | ||
Income Taxes Payable | (564) | (685) | (377) | ||
Bank Loans Payable | (10,597) | – | (11,190) | ||
(11,987) | (1,411) | (12,501) | |||
Net Current (Liabilities)/Assets | (11,084) | (560) | (10,997)) | ||
Total Assets less Current Liabilities | 35,398 | 45,341 | 35,311 | ||
Non-Current Liabilities | |||||
Bank Loans Payable | – | (11,384) | – | ||
Deferred Tax Payable | (2,623) | (2,338) | (2,623) | ||
(2,623) | (13,722) | (2,623) | |||
Net Assets | 32,775 | 31,619 | 32,688 | ||
Capital and Reserves | |||||
Share Capital | 789 | 789 | 789 | ||
Capital Redemption Reserve | 205 | 205 | 205 | ||
Share Premium Account | 1,135 | 1,135 | 1,135 | ||
Treasury Shares | (1,732) | (1,732) | (1,732) | ||
Retained Earnings | 32,378 | 31,222 | 32,291 | ||
32,775 | 31,619 | 32,688 | |||
Net Asset Value pence per share | 1,215p | 1,173p | 1,212p | ||
3. STATEMENT OF CASH FLOWS | |||||
Unaudited Six months ended | Unaudited Six months ended | Audited Year | |||
29 September 2026 | 29 September 2025 | 25 March 2026 | |||
£’000 | £’000 | £’000 | |||
Cash flows from operating activities | |||||
Income before Taxation | 758 | 779 | 2,598 | ||
Adjusted for: | |||||
Increase in Fair Value of Investment Properties | – | – | (1,048) | ||
Interest Receivable | (10) | (15) | (24) | ||
Interest and Finance Costs payable | 242 | 248 | 498 | ||
Amortised loan fees | 7 | 18 | – | ||
Loss on Sale of Investment Properties | 17 | – | – | ||
Changes in: | |||||
(Increase) / decrease in Trade and Other Receivables | (70) | 102 | 44 | ||
(Decrease) / increase in Trade and Other Payables | (108) | 232 | 109 | ||
Increase in Income Taxes payable | 186 | – | 21 | ||
Cash generated from Operations | 1,022 | 1,364 | 2,198 | ||
Income Taxes paid | (186) | (196) | (377) | ||
Net Cash from Operating Activities | 836 | 1,150 | 1,821 | ||
Cash flows from investing activities | |||||
Interest and Other Income received | 10 | 15 | 24 | ||
Sale of Investment Properties | 648 | – | – | ||
Purchase of / Additions to Investment Properties | (173) | (2,988) | (3,012) | ||
Net cash generated from Investing Activities | 485 | (2,973) | (2,988) | ||
Cash flows from financing activities | |||||
Interest paid | (242) | (248) | (485) | ||
Dividends paid | (485) | (459) | (741) | ||
Drawdown of Loans net of fees | – | 1,407 | 1,600 | ||
(Repayment) of Loans net of fees | (600) | – | (400) | ||
Net Cash used in Financing Activities | (1,327) | 700 | (26) | ||
(Decrease) / increase in Cash and Cash Equivalents | (6) | (1,123) | (1,193) | ||
Cash and Cash Equivalents at beginning of period | 539 | 1,732 | 1,732 | ||
Cash and Cash Equivalents at end of period | 533 | 609 | 539 | ||
4. STATEMENT OF CHANGES IN EQUITY | ||||||
UNAUDITED SIX MONTHS ENDED 29 SEPTEMBER 2026 | ||||||
Share Capital | Capital Redemption Reserve | Share Premium Account | Treasury Shares | Retained Earnings | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance at 26 March 2026 | 789 | 205 | 1,135 | (1,732) | 32,291 | 32,688 |
Total Comprehensive Income for the period | – | – | – | – | 572 | 572 |
Dividends | – | – | – | – | (485) | (485) |
Balance at 29 September 2026 | 789 | 205 | 1,135 | (1,732) | 32,378 | 32,775 |
UNAUDITED SIX MONTHS ENDED 29 SEPTEMBER 2025 | ||||||
Share Capital | Capital Redemption Reserve | Share Premium Account | Treasury Shares | Retained Earnings | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance at 26 March 2025 | 789 | 205 | 1,135 | (1,732) | 31,096 | 31,493 |
Total Comprehensive Income for the period | – | – | – | – | 585 | 585 |
Dividends | – | – | – | – | (459) | (459) |
Balance at 29 September 2025 | 789 | 205 | 1,135 | (1,732) | 31,222 | 31,619 |
AUDITED YEAR ENDED 25 MARCH 2026 | ||||||
Share Capital | Capital Redemption Reserve | Share Premium Account | Treasury Shares | Retained Earnings | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance at 26 March 2025 | 789 | 205 | 1,135 | (1,732) | 31,096 | 31,493 |
Total Comprehensive Income for the year | – | – | – | – | 1,936 | 1,936 |
Dividends | – | – | – | – | (741) | (741) |
Balance at 25 March 2026 | 789 | 205 | 1,135 | (1,732) | 32,291 | 32,688 |
5. 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 AIM, a market operated by the London Stock Exchange (ISIN: GB0009842898). The Company’s registered number is 00022473 and registered address is Riverbank House, 2 Swan Lane, London EC4R 3TT. The material accounting policies are summarised below.
Basis of preparation
These unaudited condensed interim financial statements have been prepared in accordance with UK-adopted International Accounting Standards (“IAS”) IAS 34 Interim Financial Reporting. They do not constitute statutory accounts as defined in section 435 of the Companies Act 2006. Accordingly pursuant to section 435(2), this announcement does not include an auditors’ report.
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 March 2026 which were prepared in accordance with IAS. The financial information for the six-month periods ended 29 September 2026 and 29 September 2025 has not been audited and the auditors have not reported on or reviewed these interim financial statements.
The financial information for the year ended 25 March 2026 contained in the announcement is taken directly from the statutory accounts for that year. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.
The statutory accounts for the year ended 25 March 2026 have been delivered to the Registrar of Companies.
Comparative information
The information for the year ended 25 March 2026 has been extracted from the latest published audited financial statements.
Investment Properties
All the Company’s Investment Properties are independently revalued annually and stated at fair value at 25 March. The aggregate of any resulting increases or decreases is taken to Operating Income within the Statement of Comprehensive Income.
Investment Properties are recognised as acquisitions or disposals based on the date of contract completion.
Depreciation
In accordance with IAS 40, freehold Investment Properties are included in the Statement of Financial Position at fair value and are not depreciated.
Disposal of Investments
The gains and losses on the disposal of Investment Properties and other investments are included in Operating Income in the year of disposal. Gains and losses are calculated on the net difference between the carrying value of the properties and the net proceeds from their disposal.
Rental Income
Rental Income is recognised on a straight-line basis over the period of the lease and is measured at the fair value of the consideration receivable. Lease deposits are held in separate designated deposit accounts and are thus not treated as assets of the Company in the financial statements. All income is derived in the United Kingdom. When there are changes to a tenancy agreement it is considered whether any lease incentives were given. Lease incentives are amortised over the lease term.
Deferred Income
Deferred Income arises from rents received in advance of the period.
Taxation
Current and deferred tax are recognised and measured in accordance with IAS 12. 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.
Trade and Other Receivables
No receivables carry interest and all are short term in nature.
Cash and Cash Equivalents
Cash and Cash Equivalents comprise cash at bank and on demand deposits.
Trade and Other Payables
All trade and other accounts payable are non-interest bearing.
Pensions
Pension contributions are charged to the Statement of Comprehensive Income as incurred.
Borrowings
Borrowings are classified as Other Payables under Current Liabilities unless the Company has a right to defer settlement of the liability at the end of the reporting period for at least 12 months, in which case they are classified as Bank Loans Payable.
Dilapidations
Dilapidations receipts are recognised in the Statement of Comprehensive Income when the right to receive them arises. They are recorded in revenue as Other Property Income unless a property has been agreed to be sold whereby the receipt is treated as part of the proceeds of sale of the property.
Treasury Shares
Shares acquired by the Company under the authority to make market purchases of its shares approved at the General Meeting on 19 July 2022, including all the costs directly associated with the share buy-back, are included within Treasury Shares in the Statement of Financial Position.
6. PROPERTY INCOME
Unaudited | Unaudited | Audited | |||
Six months ended | Six months ended | Year | |||
29 September 2026 | 29 September 2025 | 25 March 2026 | |||
£’000 | £’000 | £’000 | |||
Rental Income | 1,428 | 1,407 | 2,866 | ||
Other Property Income | 7 | 9 | 24 | ||
1,435 | 1,416 | 2,890 |
Rental Income comprises rents earned and apportioned over the lease period taking into account rent free periods and rents received during the period. Other Property Income comprises received Dilapidations and miscellaneous income arising from letting of properties.
7. DIVIDENDS
Period | Payment Date | Per share (pence) | Amount paid/proposed £’000 |
6 months to 29 September 2026 | 18 December 2026 | 11.0 | 298 |
6 months to 29 September 2025 | 15 December 2025 | 10.5 | 284 |
Year ended 25 March 2026 | 31 July 2026 | 18.0 | 483 |
8. EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE
Basic earnings per share are calculated by dividing Income after Taxation and Total Comprehensive Income attributable to Ordinary Shareholders of £572,000 (2025: £583,000) by the weighted average number of 2,696,617 (2025: 2,696,617) Ordinary Shares in issue during the period excluding shares held in treasury. Net Asset Value per share is calculated by dividing Net Assets of £32,775,000 (2025: £31,619,000) by the number of 2,696,617 Ordinary Shares in issue at the reporting date excluding shares held in treasury. There are no options and no instruments in issue that would have the effect of diluting Earnings per Share.
For further information please contact:
Wynnstay Properties PLC
Philip Collins (Chairman)
Chris Betts (Managing Director)
Tel: 07469 042389
Zeus Capital Limited (Nominated Adviser and Broker)
Darshan Patel
Mike Coe
Alex Slater
Tel: 020 3829 5000
LEI number: 2138006MASI24JYW5O76
For more information on Wynnstay visit:
www.wynnstayproperties.co.uk
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