Wynnstay Properties

Wynnstay Properties Dividend Analysis and Summary

• Type: Interim dividend
• Amount: 10.5p per share (+5.0% YoY vs 10.0p)
• Ex-dividend date: 13/11/2025
• Record date: 14/11/2025
• Payment date: 15/12/2025
• Total cash cost: £282k
• Half-year EPS: 21.6p; interim dividend cover c. 2.1x
• Prior distributions: Final dividend of 17.0p paid 31/07/2025 (FY25 total dividends: 27.0p; FY25 EPS: 58.1p, cover c. 2.2x)

• Coverage: Solid. H1 EPS of 21.6p comfortably covers the 10.5p interim (~2.1x). On a trailing basis, FY25 EPS of 58.1p covered total dividends of 27.0p by ~2.2x.
• Cash support: H1 operating cash flow of £1.15m more than covers the proposed interim cash out of £282k. Net property income remains healthy at £1.01m.
• Balance sheet: Moderate leverage with borrowings of £11.38m and cash of £0.61m (net debt ~£10.8m). Against investment properties of £45.9m, net LTV is c. 23–24%, supportive of dividend resilience.
• Earnings trajectory: Rental income grew +2.8%, though operating income was slightly lower due to higher property costs (EPC and lease-related spend). Leasing progress is positive, with nine new/renewed leases at higher rents and minimal arrears.
• Growth outlook: Interim dividend up 5%, underpinned by rental uplifts, an accretive acquisition (Waterbeach) and very low vacancy (c. 0.4%). This supports a steady-to-modest dividend growth trajectory if trading/occupancy remain robust.