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Wynnstay Properties PLC on Thursday proposed a share buyback to its shareholders amid a ‘highly successful’ year which saw its portfolio value surge.
In the year ended March 25, pretax income leaped 78% to £7.2 million from £4.0 million. Rental income rose 5.2% to £2.3 million from £2.1 million, while net property income was broadly flat at £1.6 million.
At March 25, its net asset value stood at 1,090 pence per share. At the same time a year prior, this figure totalled 911 pence per share, representing 20% growth year-on-year.
The London-based property development and investment company's portfolio currently comprises 77 tenancies in 83 premises at 15 separate locations. It was 100% let at March 25.
The value of the portfolio totalled £39.0 million at March 25, according to independent valuers. This was up 24% against the valuation given at the same time a year prior.
Wynnstay said off the back of this ‘highly successful’ year and ‘excellent’ financial performance, it will seek approval from its shareholders to buyback 406,742 shares.
The company declared a final dividend of 14.0 pence, up from 13.0p the previous year and resulting in a total payout of 22.5p - a 7.1% increase year-on-year.
Looking forward, Wynnstay said it has entered a period of global economic uncertainty in a ‘very health position’. It said the company should continue to grow unless there is a significant disruption caused by external events beyond its control, such as the UK economy suffering a significant downturn.
Shares in Wynnstay Properties were up 5.9% at 699.20 pence on Thursday morning in London.
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