LONDON (ShareCast) - (ShareCast News) - London-based property investment firm Wynnstay Properties had investors in a groovy kind of mood after increasing the dividend thanks to a strong rise in first-half property income and net assets bolstered by new lettings in Aylesford and Liphook, and contractual rent reviews on its properties in Lichfield and Surbiton.
Wynnstay reported 16% income growth to £1.17m in the six months to 29 September and after-tax income of £581,000 against the £423,000 a year earlier thanks to profits from the sale of its Gosport and Colchester properties.

As a whole, the group increased its net asset value (NAV) per share 15.9% to 685p.

Wynnstay chairman Philip Collins said, "In view of the very satisfactory financial results, I am pleased to say that we are in a position to continue our recent pattern of increasing the dividend."

If not quite another day paradise, it was at least a heavenly moment for investors as Collins and colleagues lifted the interim dividend an impressive 18% to 6.5p per share.

Looking forward, Collins suggested against all odds of the uncertainties arising from Brexit, the board was "encouraged that the portfolio remains fully let and with rising rents being achieved and are confident about the company's future given the broad spread of the portfolio and range of tenants".

As of 1430 GMT, shares were down 1.75% to 560.00p.

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