By Anthony O. Goriainoff
Wynnstay Properties said pretax profit rose in the first half as property income increased on the back of an acquisition, and that the economic outlook stemming from the U.K.’s political uncertainty was likely to prevail until after the country’s next general election.
The London-listed property investment and development company said Tuesday that for the six months ended Sept. 29 pretax profit was 658,000 pounds ($812,104) compared with GBP587,000 the year before.
Property income for the period rose to GBP1.2 million from GBP1.1 million, while rental income was up 12% to GBP1.2 million, reflecting May’s Riverdale industrial estate acquisition.
The board declared an interim dividend of 9.5 pence a share, up from 9.0 pence the year prior.
“The board remains optimistic about the current outlook for Wynnstay’s business and considers that we are well positioned to take advantage of opportunities to continue to enhance the portfolio,” Chairman Philip Collins said.
Shares at 1115 GMT were flat at 680 pence.
Write to Anthony O. Goriainoff at [email protected]
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