Wynnstay Properties, a London-listed property investment and development company, has announced an increase in pretax profit for the first half of the year. This growth can be attributed to a rise in property income following an acquisition. However, the company acknowledges that the economic uncertainty stemming from the U.K.’s political situation will likely persist until after the country’s next general election.
For the six months ended September 29, Wynnstay Properties reported a pretax profit of £658,000, compared to £587,000 from the previous year. Property income for the period rose from £1.1 million to £1.2 million, with rental income increasing by 12% to £1.2 million. This growth is primarily due to the acquisition of the Riverdale industrial estate in May.
The board of Wynnstay Properties has declared an interim dividend of 9.5 pence per share, marking an increase from the previous year’s dividend of 9.0 pence per share.
Chairman Philip Collins expressed optimism about the company’s current business outlook and emphasized that Wynnstay Properties is well-positioned to capitalize on opportunities and further enhance its portfolio.
Wynnstay Properties’ shares remained steady at 680 pence as of 1115 GMT.