WYNNSTAY PROPERTIES PLC

INTRODUCTION TO WYNNSTAY

A distinctive approach to commercial property investment primarily for private investors

Wynnstay is an AIM quoted property investment and development business. Its principal shareholders are private investors wishing to invest in a portfolio of quality secondary commercial properties for medium to long-term capital and income growth. The portfolio is currently focused on industrial, including trade counter, units.

Strategy

Wynnstay aims to achieve capital appreciation and generate rising dividend income for shareholders from a diversified and resilient commercial property portfolio in Central and Southern England, with diversity and resilience being reflected in the location, number and nature of the properties, and the mix of lease terms, tenants and uses.

For location, the focus is on areas where there is strong occupational demand and often limited supply. Modest rents generally provide opportunity for further rental growth over time as rent reviews and new lettings are concluded and high levels of occupancy can be maintained.  While many tenants have been in occupation for a considerable time, voids can be managed and re-lettings achieved successfully. The relatively small lot sizes of our assets also appeal, when marketed for sale, to a wide range of investors.

The majority of properties are multi-let, resulting in a number of individual tenancies in most locations, reducing exposure to any single tenant and risk of loss of rental income in the case of defaults and voids.

Leases are mainly for terms of five years or more with upward-only rent reviews based on market rates.  Short-term agreements of two years or less are typically avoided. Flexibility in addressing tenant needs and requirements generally mean that the terms agreed result in a mutually beneficial outcome for both parties.

Tenants comprise a broad spread of occupiers and types of business, also reducing risk exposure, and include both well-known national trading chains as well as regional and local businesses. Uses include manufacturing and services; storage and distribution; and trade counter and out-of-town retail.

Active direct management and close engagement and constructive business relationships with tenants, together with refurbishment and selective development over time, underpin capital value and increase income.

Managed for shareholders

The portfolio is directly, rather than externally, managed. Finance is partly outsourced to an external provider to meet specific needs with day-to-day accounting undertaken in-house. All report to the Board, the majority of whom are Non-Executive Directors.

Management remuneration comprises salary and, where appropriate, a cash bonus. Wynnstay does not offer incentive schemes, such as share plans, share options or share bonuses.

As a result, both management and the Board are focused on Wynnstay's performance for the benefit of shareholders, operational costs are closely controlled, and dilution of shareholders' investment and potential conflicts of interest are minimised.

Incremental growth

The portfolio has been built incrementally, with opportunities being taken to dispose of assets as and when the time is appropriate and to reinvest in assets that offer better long-term return, enhance the quality of the portfolio and broaden its geographic spread.

This is achieved gradually over time, without the need for deal-driven activity in pursuit of corporate or portfolio expansion.

Funding

Wynnstay adopts a prudent, pragmatic approach to funding. Investments are funded in part by retained profits and recycling capital receipts from disposals and in part from borrowings, the majority at a fixed rate and held at a modest loan-to-value level, from an experienced and supportive property lender. This provides security at times of uncertainty in debt markets.

Valuation

The portfolio is valued each year by independent professional valuers. Valuations are inherently subjective due to the assumptions and judgements made by the valuers. Commercial property is a cyclical market that can exhibit significant upward and downward movements. Steadiness and progression over the medium and long-term are most likely to be in the shareholders' interests. 

The annual valuation is undertaken under accounting standards for use in our financial statements in accordance with RICS Global Standards and values each property as a separate asset on the basis of a sale of that property in the open market. Therefore, the valuation does not take account of any additional value that might be realised if the portfolio as a whole were to be offered on the open market or any other special factors that may be relevant in the case of individual potential purchasers, such as sales to other property investors, existing tenants or adjoining owners.

Wynnstay on AIM

Wynnstay's shares were quoted on its AIM introduction in 1995 at a mid-market price of 150p. On the day prior to the approval of this report, the mid-market price was 835p, an increase of 557%. The dividend paid in 1995 was 4.0p per share. The dividend paid and proposed for the current year will be 27.0p per share, an increase of nearly 675%.

Performance

Wynnstay's distinctive approach has delivered on its strategy over both the medium and long term. Shareholders have benefitted from substantial increases in net asset value per share and dividends as the portfolio and its management have delivered strong results over those periods.

Corporate Performance over five years

In assessing the performance of the portfolio, several key measures are used. In addition to the overall property income and portfolio value, underlying growth in both property income and value from those properties held in the portfolio throughout the previous five years are assessed.

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Like-for-like underlying rental income and portfolio value growth demonstrate the ability to acquire and retain properties that are attractive to existing and new tenants, to manage them well and to grow average rents over time thus increasing income and capital value. On this analysis, the core portfolio has performed very well over five years, delivering rental income growth of 19.4% and portfolio value growth of 26.0%.

Occupancy and rent collections are also key performance measures for the portfolio. Occupancy demonstrates the ability to retain tenants at renewal and to let vacant premises when tenants do not renew which, in turn, underpin rental income and shareholders' dividends as well as capital value. Ensuring that rents are collected is essential to ensure that the portfolio delivers the best results for shareholders and shareholders' dividends are protected.  Wynnstay's excellent record of rental collections and occupancy has been maintained at or very close to 100% over the past five years.

The weighted average unexpired lease term of the portfolio as a whole provides guidance on the anticipated continuity of rental income in future years. Most leases are for five years and some (but not all) longer leases, such as for ten years, may contain a break clause after five years. Typically, over the past five years, our weighted average unexpired lease term has been between 2.4 and 3.1 years to lease break and between 3.7 and 4.5 years to lease expiry.

Our passing (i.e. current) rental income relative to the estimated rental value for the portfolio used by our valuers in the annual valuation gives an indication of the potential additional income that may be realisable, depending on market conditions, when rent reviews fall due or when properties become vacant and are offered for reletting. Over the past five years, this has typically demonstrated a % reversionary income potential in the range of 7.5% to 12.0%.

Share Price Performance

Wynnstay is quoted on AIM and therefore is not a constituent of the FTSE 350 Real Estate Investment Trusts Index, which contains a good cross-section of quoted property companies of various forms, all much larger than Wynnstay. Wynnstay's share price relative to the FTSE 350 Real Estate Investment Trusts Index is shown in the chart below. Wynnstay's share price has substantially outperformed the index over the ten-year period.

Source: Alpha Terminal

Wynnstay's share price has also substantially outperformed the market indices for the leading AIM companies and for other much larger companies within the main market in the FTSE-350 index as shown in the chart below.

Source: Alpha Terminal

WYNNSTAY PROPERTIES PLC

CHAIRMAN'S STATEMENT

I am pleased to report to shareholders on another year of steady and very satisfactory progress at Wynnstay, delivering further increases in net asset value and in dividends, and thus in total accounting return, for shareholders. 

We made two disposals of longstanding assets and, since the year-end, we have reinvested the proceeds in an acquisition with better growth prospects. The portfolio has also benefitted from a series of positive reversionary lease renewals and rent reviews.

Wynnstay's overall financial performance in the financial year, compared to the prior year, is summarised in the overview table below. The table should be read in conjunction with the following commentary and the financial statements.

Overview of Financial Performance: 2025 vs. 2024

*   Annual Rental Income is shown in note 2 of the Financial Statements and Underlying Rental Income is the like-for-like income from properties held in the portfolio throughout both years.

^†     Excludes £27,000 of non-recurring costs incurred in 2024 relating to new Board appointments.

^►  Total accounting return is calculated by combining movements in net asset value and dividends for the period expressed as a percentage
      of the opening net asset value per share.

Commentary on Financial Performance in 2025

Rental income for the financial year increased by 5.4% compared to the previous year to £2,679,000 (2024: £2,541,000).  This increase reflects the strong outcome of several successful rent reviews and new lettings within the existing portfolio after the previously reported sale of the Cosham and Midhurst properties in the first half of the financial year.

Other property income of £14,000 (2024: £58,000) comprised service charge related management fees.

Net property income rose to £1,883,000 (2024: £1,790,000) reflecting the higher property income noted above and the overall property costs of £113,000 (2024: £138,000) and administrative costs of £697,000 (2024: £671,000) in the financial year compared to the prior year.

Operating income benefitted from the sale of the Midhurst and Cosham properties which realised a net profit after costs of £52,000 (2024: £282,000) and after the fair value adjustment arising from the annual revaluation, was £2,618,000 (2024: £2,069,000). Earnings per share rose by 15.5% to 58.1p per share.

As a result of the fair value adjustment arising from the valuation, to which I refer below, the profit on disposal of Midhurst and Cosham properties and the positive income generation in the business, the net asset value per share rose by 2.8% to 1,168p per share (2024: 1,136p).

Managing Director's Review

Our Managing Director, Chris Betts, has prepared his review of the year which follows this statement. This provides detail on the transactions mentioned above and management activity in the portfolio.  

Valuation

Our Independent Valuers, BNP Paribas Real Estate, undertook the annual revaluation as at 25 March 2025 valuing the Company's portfolio at £42,910,000 (2024: £43,915,000). This represents a 1.7% increase of £725,000 on the like for like valuation of properties held as at 25 March 2024 and primarily reflects the transactions in the year already mentioned above as well as the benefits of the active management of the portfolio reported in the Managing Director's Review.

Finance, Borrowings and Gearing

Wynnstay remains in a strong financial position, with a low loan-to-value ratio under our secured facilities of 23.3 % (2024: 24.7%).

At the year-end, we held cash of £1.7 million (2024: £0.4 million) and our borrowings were £9.977 million (2024: £10.843 million). The increase in cash held and the decrease in our borrowing compared to the prior year resulted from the profitable disposals mentioned above. During this period we fully repaid £900,000 borrowed under our revolving credit facility.

The interest rate under our fixed term facility is fixed at 3.61% until December 2026. In addition to our available cash balance and positive cash flow from our property activities, our £5m revolving credit facility was undrawn at the year-end.

Dividend

Over recent years we have sought to pursue a progressive dividend policy that aims to provide shareholders with a rising income commensurate with Wynnstay's underlying growth and finances.

In the light of the satisfactory results for the year, the Board recommends a final dividend of 17.0p per share (2024:

16.0p). An interim dividend of 10.0p per share (2024: 9.5p) was paid in December 2024. Hence, the total dividend for this year of 27.0p per share (2024: 25.5p) represents an increase of 5.9% on the prior year.

Over the past five years, dividends have increased by 28.6% from 21.0p to 27.0p.

Subject to shareholder approval, the final dividend will be paid on 31 July 2025 to shareholders on the register at the close of business on 27 June 2025.

Wynnstay's Financial Performance in the longer-term

In the Annual Report three years ago, we introduced a new section, entitled Introduction to Wynnstay. This describes Wynnstay's distinctive approach to commercial property investment primarily for private shareholders and provides information both on the Company's performance and its share price performance over time.

I encourage all shareholders to read this explanation of Wynnstay's rationale and performance on pages 5 to 9 of the Annual Report. It highlights Wynnstay's continued strength over time across a range of measures.

Key points to which I would draw shareholders attention are illustrated on page 6 of the Annual Report. Wynnstay has delivered cumulative growth over five years in total accounting return (net asset value and dividends) of 47.5% and Wynnstay's share price has substantially outperformed established market indices. In managing the portfolio, we have achieved substantial underlying growth in rental income and portfolio value and maintained a consistent record of full occupancy and rent collections.

Changes at our registrars and auditors

Following the acquisition in May 2024 of our registrars, Link Group, by Mitsubishi UFG Financial Group Inc. (MUFG), our registrars are now known as MUFG Corporate Markets. There is no change in the services they provide as registrars and their updated contact details are shown on page 2 of the Annual Report.

On 31 March 2025 our auditors, who were part of the professional services division of Evelyn Partners LLP, separated from that group under new ownership. They are now known as S&W Partners Audit Limited and they report on our financial statements for the year under that new name on pages 30 to 34 of the Annual Report. The senior team responsible for the conduct of the audit has not changed.

Change of nominated adviser and broker

In July 2024 W.H. Ireland Group PLC sold its capital markets division including its corporate advisory and broking business to Zeus Capital Limited, which therefore became our nominated adviser and broker. Many of the W.H. Ireland team have remained with Zeus Capital and I am pleased to say that the transfer was completed smoothly so far as we are concerned.

Change of Company Secretary and Registered Office

Our Company Secretary, Susan Wallace, retired on 31 July 2024 and we appointed our solicitors' secretarial company, Fieldfisher Secretaries Limited, to succeed her and moved our registered office to their address in London which is shown on page 3 of the Annual Report.

Shareholder Matters

Shareholders will be aware from our Annual Reports in recent years that one issue that has been raised in the annual self-evaluation carried out by the Board is the effectiveness of the Company's communications with shareholders and potential investors.

Whilst we are pleased to hear from individual shareholders by phone or email from time to time, their enquiries are generally about their shareholdings and forthcoming dividend payments although we do also hear from some who read about developments affecting commercial property, such as energy efficiency, and want to ask about the impact of potential proposals on our portfolio.

In common with most other companies, attendance at our Annual General Meetings has declined substantially over the past ten years, particularly since the pandemic. Although it is encouraging to see how many shareholders still take the trouble to vote at the meetings by proxy, now only around half a dozen or so shareholders at most attend meetings.

In order to provide more information to shareholders, last year we undertook a complete redesign of our website which was launched in time for our Annual General Meeting in July. This redesign, incorporating additional material on Wynnstay's distinctive approach to commercial property investment and with new photographs and details of the portfolio is an important means of communicating with shareholders.

We have had several discussions with our nominated advisers and brokers, W.H. Ireland and subsequently Zeus Capital, about whether it might be appropriate for us to use one of the relatively new virtual platforms to communicate  with shareholders. Whilst we realise that not all shareholders are familiar with using the internet for online meetings, we know that many use it to communicate with families and friends at home and across the other side of the world.  Indeed, we have one shareholder who is 102 years old and is a regular user.

We do not consider that it is appropriate to abandon our physical meetings of shareholders or to move to holding hybrid meetings which combine physical and virtual presence by shareholders. While some companies have done this, they tend to be those with large share registers and mostly institutional shareholders or small companies, often with niche corporate or financial investors operating in specialist sectors. At Wynnstay, this change would require modifications to our Articles of Association and would add some complexity and cost which we do not consider is necessary.

However, we have decided on a trial basis to use an online platform, Investor Meet Company (IMC), to supplement our regular reports to shareholders following the Annual General Meeting and the publication of our Interim Report.  We may also add additional presentations if there are significant developments during the year. The presentations will enable us to introduce Wynnstay and present its recent results, for questions to be raised with us in writing through an online facility and for feedback to be provided to the Company following the meeting. The IMC facility will be available both to shareholders and to any other individuals, such as potential investors and financial advisers who register with IMC to attend.

Those shareholders who wish to take part in the IMC presentation will need to register in advance with IMC. This is a simple process and there is no cost to register or participate.  Shareholders will find the details of how to register in my letter accompanying this Annual Report.

The Board continues to monitor the liquidity and marketability of Wynnstay shares. We have a small, and rather unusual, share register on which there are around 240 accounts representing through nominee accounts around 300 shareholders, a significant number of which are connected through family relationships and are private investors rather than funds or institutions. In the main, they are long-term investors with some holdings having passed from generation to generation since the Company was founded in 1886. These long-term investors provide stability and continuity within the shareholder base.

As a result of this relatively small shareholder base the volume and proportion of Wynnstay shares traded in the market is less than for many quoted companies with larger share registers and more dispersed holdings. Fewer Wynnstay shares tend to be available to trade and then only usually in modest quantities and with a sizeable "spread" between the bid and offer prices. Shares are typically traded at a significant discount to the net asset value per share. However, both these features are also seen in other, much larger, quoted property companies. As already noted above, Wynnstay's share price has continued substantially to outperform the comparative real estate sector.

At the Annual General Meeting in 2022, shareholders gave Wynnstay authority to purchase its own shares so that the Company can act as a purchaser in the market where it is appropriate, and in the interests of shareholders generally, to do so. Other quoted property and investment companies, as well as other quoted companies, use share buybacks on a routine basis to enhance earnings and net asset value per share. Where shares are bought back dividends cease to be payable, thus conserving cash in the business and benefitting continuing shareholders and with the present intention being to hold any shares bought back in treasury so that they are available for reissue where there is market demand for shares or to facilitate individual property acquisitions.

The volume of shares traded in the past three years has been relatively small and the market has generally been able to absorb most of the shares offered. The authority has so far been used once, to acquire 15,000 Ordinary Shares at 710p in September 2022. The Board keeps the position under review and, provided not in a closed period, may exercise the authority when shares are available in the market and it is in the interests of shareholders generally to do so.

We also consider that, as in many prior years, Wynnstay's future development would be assisted if authority continued to be granted by shareholders to issue a limited number of shares without first offering them to existing shareholders. This gives Wynnstay flexibility, for instance, to issue shares for small fundraisings which might support a larger acquisition and allow the issue of shares as part consideration on individual property acquisitions to vendors, where the vendors wish to retain an interest in a broader portfolio of assets in a quoted company. Bringing in new investors with an interest in commercial property and in Wynnstay's distinctive approach to the share register would broaden the shareholder base and support its future development.

Outlook

After several years of economic, political and wider market instability and uncertainty, the outlook for the UK remains mixed. Whilst inflation appears to be trending down towards the Bank of England's target rate of 2%, it is still susceptible to short-term volatility. Interest rates appear to be on a downward slope with further cuts anticipated although their timing is uncertain.  However, against these positive signs, the potential change in international trading relationships that may follow the tariffs proposed by the new US administration, ongoing geopolitical unrest in various parts of the world and the UK government's actions following the Autumn 2024 budget and the challenges it faces in promoting growth and jobs while balancing spending, taxation and public debt could undermine business and consumer confidence.

Against this background, our portfolio has continued to evolve and perform well and our results reflect this.  We remain confident that our focused, stable and well-let portfolio can continue to deliver growth of capital and income for shareholders in the medium and long-term.

Colleagues and Advisers

Our Managing Director, Chris Betts, and his team have continued to work effectively to deliver for shareholders. I would like to thank them, as well as my colleagues on the Board and our professional advisers, for their support over the year.

Annual General Meeting

The AGM provides an important and valued opportunity for the Board to engage with shareholders. Our AGM this year will be held at 2.00 pm on Wednesday 16 July 2025 at the Royal Automobile Club, 89 Pall Mall, London SW1Y 5HS. The Notice of Meeting is to be found at the end of this Annual Report.

I urge all shareholders to complete and return their proxy forms so that their votes on the resolutions being put to the meeting can be counted.

Shareholders who have registered for Investor Centre online can also benefit from the ability to cast their proxy votes electronically, rather than by post. Shareholders not already registered for Investor Centre online will need their investor code, which can be found on their share certificate or dividend tax voucher, in order to register.

To maximise shareholder engagement, shareholders who are unable to attend the AGM are encouraged to submit in

writing those questions that they might have wished to ask in person at the meeting. Questions should be emailed to company.secretary@wynnstayproperties.co.uk at least 48 hours in advance of the AGM. You will receive a written response and, if there are common themes raised by a number of shareholders, we aim to provide a summary for all shareholders, grouping themes and topics together where appropriate, on the Company's website following the AGM.

As explained above and in the letter accompanying or advising of the publication of this Annual Report, any shareholders who are unable to attend the AGM will also have the opportunity to attend an online presentation on the IMC platform following the AGM.

Finally, on behalf of the Board, I would like to thank shareholders who have held their shares over many years for their continued support for and interest in Wynnstay and for those who have recently acquired their shares to extend a warm welcome to the Company.

Philip Collins

Chairman

16 June 2025

MANAGING DIRECTOR'S REVIEW

I am delighted to report that my first full year as Managing Director has delivered continued positive results from our operations.

Property Disposals

As already reported in our Interim Results, two properties were sold during the year. The property at North Street, Midhurst was sold in June 2024 for £345,000 realising a gross profit of £15,000 before costs over the net book value of £330,000 as at 25 March 2024.  The Grade II Listed building is let as a café until September 2026 and was bought by a private investor.

In September 2024 we completed the sale of Wynnstay House, High Street, Cosham, Hampshire also to a private investor at a price of £1,470,000. Wynnstay developed this 13,600 sq ft office building in 1991 and it is let to the government for use as a Jobcentre Plus until April 2028.  The sale realised a gross profit of £70,000 before costs over the net book value of £1,400,000 as at 25 March 2024.

In both cases, we considered that the prospects for income and capital growth were limited, and that our capital would be better utilised in other assets with greater potential. Pending reinvestment, part of the proceeds was used to repay short-term borrowings.

Post Year-End Property Acquisition

We have sought to invest in new investment opportunities that meet our criteria. A suitable property in Waterbeach, Cambridge was identified in February and as previously announced, completion of the purchase took place at the end of May. The total cost of the acquisition, which included stamp duty land tax and due diligence fees, is anticipated to be approximately £2.95 million and was funded approximately 60% from our cash reserves with the balance being drawn from existing borrowing facilities.

The freehold property comprises a terrace of five light industrial warehouse units located in an industrial estate beside the A10 approximately 3 miles from its junction with the A14 and the Cambridge Science and Business Parks.  Three units are occupied as warehouse space for a specialist manufacturing business, one by a national motor parts trade counter and the remaining unit is let on a long-leasehold interest.  The total rental income of £183,100 per annum is secured on leases with a Weighted Average Unexpired Lease Term of 7 years and provides a net initial yield of 6.2%.  This is expected to rise to 6.45% following rent reviews in 2028 and a lease expiry in 2029.

Our investment seeks to benefit from rental growth spurred by the strong local economy of Cambridge and the A14 corridor.  The tenant base further diversifies portfolio income, and the location complements the geographic spread of the portfolio.

Following these transactions, the portfolio now comprises 93 units in 16 locations that are let on 86 separate leases.

Portfolio Activity

Following the letting of a vacant unit in Aylesford that took place in April 2024, the portfolio was fully let for the remainder of the year.  One break option was exercised by a tenant in Aylesford effective on 25 March 2025 such that at year-end technically we had one unit vacant representing 0.7% of floorspace. However, our marketing had been successful, and we completed a new letting two days later at a rent 33% ahead of the estimated rental value used by the valuers in the March 2024 valuation.

Our record of strong tenant retention within the portfolio is demonstrated by the nine other lease termination options that were not exercised by tenants over the year.

We reported on the successful lease renewal of a unit at Riverdale Industrial Estate in Tonbridge in our Interim Results. The passing rent has increased by 49% over the five years since the prior rent review, which is better than anticipated at the time of purchase. One further lease renewal due in the year has been completed in Liphook where the rent achieved is 12% higher than the estimated rental value used by the valuers in the March 2024 valuation.

Two other lease renewals that were due in the year remain subject to negotiations.

Network Rail approached us to extend the term of their two leases in Liphook that were due to expire in July 2025 because the rail upgrade work that the occupied space was supporting was taking longer than originally planned. The result is that we were able to complete lease extensions for eight months at significantly increased rents.

The tenant of the Aldershot property also sought an early renewal of the lease due to expire in September 2025.  We were able to complete a reversionary lease that provides a term certain to March 2031.  The initial rent payable will be nearly 40% higher than that currently payable and will increase annually over the first five years of the new lease.

In addition, six rent reviews of small units in Liphook have been completed, all at rental levels showing a minimum increase of 10% over a three-year period.  Rent reviews due in the year for two units in Aylesford are still in negotiation.

At year-end, 98% of rent due for the year had been collected with only two instances of rent remaining in arrears.  One case involves a tenant with a business that was struggling financially and where part of the last quarter's was outstanding at the year-end but was received in May. The lease has subsequently been surrendered and the unit re-let at a rent 17% higher than previously passing.

The second case involves a tenant that went into administration on 3 February 2025.  £17,000 of the last quarter's rent was outstanding as at 25 March 2025 of which £7,000 due from 25 December 2024 to 3 February 2025 will be irrecoverable save as an unsecured debt. However, the business is in the process of being acquired by a competitor from the administrators, which has allowed us to demand and receive all rents due from 3 February 2025.

Property Valuation

For much of the year the commercial property market reflected improved optimism regarding the prospect of interest rate cuts. However, with the money markets discounting the extent of this prospect from the end of 2024, market yields within capital pricing have not altered significantly over the 12 months to 25 March 2025. The valuation of many of the properties in the portfolio has, however, been affected by the increased proximity of lease break option or expiry dates either through an increase in the valuation yield or in an assumed void period following the relevant date.

Nonetheless the impact of this methodology on the valuation was more than offset by rental growth in our portfolio and our active asset management. Wynnstay's like-for-like rental income initially receivable for the valuation increased by 3.7% and the current estimated rental value used by our valuers increased by 5% over the year. This reflects the strength of the industrial sector as a whole and the benefit of Wynnstay's diverse and well-let portfolio in that sector. As a result, on a like-for-like basis after excluding the two properties sold in the year, the portfolio value rose by 1.72% to £42,910,000.

Future

My report last year outlined our increased focus on the need to maintain, refurbish and upgrade our buildings generally, especially where this will result in increased rental income and enhanced capital value. These considerations are given greater urgency by the impact of the Minimum Energy Efficiency Standards legislation and minimum EPC ratings for properties.  We are developing plans to implement improvements across various properties in the portfolio on a phased cost-effective basis where opportunities arise, such as where properties are being relet, and carrying out changes to heating and lighting equipment at modest cost to improve energy efficiency, often in conjunction with our existing tenants. 

Chris Betts

Managing Director

16 June 2025

WYNNSTAY PROPERTIES PLC

STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 25 MARCH 2025

    The Company has no items of other comprehensive income.