Preliminary Results

Wynnstay Properties PLC
20 June 2000


WYNNSTAY PROPERTIES PLC ('the Company' or 'Wynnstay')
PRELIMINARY RESULTS FOR THE YEAR ENDED 25 MARCH 2000

CHAIRMAN'S STATEMENT

I am pleased to report a year of solid achievement and a set
of excellent results for your Company:

Profit before exceptional items and taxation up  45.1% 
to £520,673 (£358,737)
Net asset value per share up 5.3% to 218p (207p)
Earnings per share up 16.7% to 12.6p (10.8p)
Recommended total dividend up 6.2% to 6.0p  per  share(5.65p)

During  the  year, we have continued to pursue the  strategy
outlined  to  you in last year's report of  disposing  of  a
number of properties with a view to reinvesting funds in new
investments where the principal emphasis will be on securing
longer term asset growth.

To  this  end,  we  disposed of our  two  remaining  trading
properties  at Colchester and Chelmsford.  In my  report  to
you   at   the   half  year,  I  explained  the   unexpected
difficulties  that  we  had experienced  during  the  latter
stages  of  an exciting retail development on the Colchester
site.   We  therefore  decided it  was  prudent  to  make  a
substantial provision against the value of the site.  In the
event, we were able subsequently to effect a sale at a price
that was substantially over the value as written down at the
interim  stage.  In addition, we were successful in securing
a  sale  at  a figure well in excess of book value  for  our
retail premises at Chelmsford.

During the year, we also disposed of two of our three retail
properties at Swindon.  These sales were achieved at auction
last  December where the prices realised were slightly below
book  value.   Since the year end, we have instructed  local
agents  to  market  the  third  property.  Based  on  offers
received,  the sale price achievable appears  likely  to  be
substantially in excess of both its current book  value  and
the  highest offer made at auction when it failed  to  reach
its reserve.

These  disposals reduced the Company's net gearing  to  85%.
Our  unutilised borrowing facilities together with available
cash   deposits  provide  us  with  substantial  funds   for
investment  in  appropriate  properties  where,  as  I  have
explained  previously, our strategy is to invest  a  greater
proportion  in  industrial  premises  in  central   southern
England.  At the half-year, I reported on our acquisition of
a  modern well-let industrial property of over 11,000 square
feet  at  Aldershot.  We have also considered  a  number  of
other potential investments but in a very competitive market
where  there is a dearth of suitable properties,  none  thus
far have met our criteria.

It  is  pleasing to note the improvement since last year  in
the value of our industrial investments as determined by our
valuers,  Messrs Chesterton, which rose by 5.6%  whilst  the
total  value  of  the  investment  portfolio  increased   to
£13,050,000.   Values were again adversely affected  by  the
further  increases  in  stamp duty announced  in  the  March
Budget.

We   are  progressively  improving  and  re-orientating  the
property portfolio and the Board remains determined to  grow
the  Company  further.  In my letter to  shareholders  dated
18th  April  I explained that your Board had been  examining
ways  in  which  the  Company could be repositioned  thereby
attracting a more favourable rating than currently  applies.
I also commented that I had recently spent considerable time
in  discussions  with several parties and  that  certain  of
these  were  continuing  with  the  principal  objective  of
improving  shareholder value.  I will, of course,  write  to
you again should these reach a stage where your Board is  in
a position to make a recommendation to shareholders.

Our  profits for the year benefited significantly  from  the
lower  prevailing interest rates compared with the  previous
year   and  by  continuing  to  pay  careful  attention   to
containing  property and administration costs, which  showed
only  a  minimal  increase of 1.4% this year  compared  with
1999.   Although  interest rates began to  rise  during  the
final months of the year, it does not appear that they  will
reach the 7.5% level last seen in 1998.  Indeed, at the time
of  writing, some commentators are suggesting that rates may
be  approaching  their  peak in the current  cycle.   Longer
term,  rates will no doubt be influenced by events in Europe
and the UK Government's attitude to joining EMU.

In  summary, we have entered the present year in a  stronger
position  and  we shall continue to pursue opportunities  in
order to provide longer term benefits for all shareholders.

Despite  my  personal efforts to maintain an  open  dialogue
with Panther Securities PLC, shortly after the year end this
shareholder requisitioned an Extraordinary General  Meeting,
appealing to you over the heads of your Directors to support
its own agenda including, inter alia, the liquidation of the
entire  property portfolio and a fundamental change  in  the
nature  of your Company.  It was especially gratifying  that
so  many  shareholders took the time and trouble to register
their votes and, as a result, valid proxies were cast for no
less than 87% of the shares in issue - and this figure would
have  been  91.5% but for the fact that further shares,  all
voted  in  favour of the Board, were received too  late  for
inclusion.

The  results  of  the poll, as circulated  to  shareholders,
represented   an   overwhelming   rejection   of   Panther's
proposals.   My sincere hope for the future is  that  having
been  defeated on three occasions, they will heed the wishes
of  the  large  majority of shareholders and pursue  a  more
positive and constructive stance towards the Wynnstay Board.
One  way  of  doing  so  would be  to  support  the  Special
Resolution  we have again included in the Notice of  Meeting
which, if approved, would enable the Company to purchase its
own  shares.  As I explained in my statement last year, this
arrangement  is  one  now commonly adopted  by  many  quoted
companies,  including  Panther and others  in  the  property
sector,  with  a  view  to improving  net  asset  value  and
earnings  per  share.  I know that Panther's  opposition  to
this   resolution  last  year  caused  considerable  concern
amongst a number of shareholders.

I look forward to seeing as many shareholders as possible at
the  Annual General Meeting to be held on 27th July 2000 but
please  note that due to refurbishment currently in progress
at  The  Royal  Automobile  Club  they  have  cancelled  all
bookings  during this period.  We have therefore transferred
this  year's  meeting  to  the Royal  Air  Force  Club,  128
Piccadilly,  London W1, the previous venue for our  meetings
over  a  number of years.  Shareholders might also  like  to
note  that  next year's meeting will be held  on  26th  July
2001.

Finally,  I would like to pay tribute to our small  team  of
full-time   staff.   They  have  worked  tremendously   hard
throughout  the year and continue to devote their  unstinted
effort  towards improving and growing the Company  for  your
benefit.


Philip G. H. Collins
Chairman


WYNNSTAY PROPERTIES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR ENDED 25TH MARCH
2000

                                        2000           1999
                                           £              £
                                                           
Gross Rental Income                1,424,475      1,341,647
Fees and Commissions                  18,249         22,579
Sales of Trading Properties          590,000              -
                                ------------   ------------
                                   2,032,724      1,364,226
                                                           
Cost of Sales of Trading             595,070              -
Properties
Property Outgoings                    56,705         62,063
                                ------------   ------------
                                   1,380,949      1,302,163
Administration and Other Costs       383,558        372,151
                                ------------   ------------
OPERATING PROFIT                     997,391        930,012
Finance Costs (Net)                  476,718        571,275
                                ------------   ------------
PROFIT ON ORDINARY ACTIVITIES                              
BEFORE EXCEPTIONAL ITEMS AND         520,673        358,737
TAXATION
                                                           
Exceptional Items                   (20,611)         40,898
                                ------------   ------------
PROFIT ON ORDINARY ACTIVITIES                              
BEFORE TAXATION                      500,062        399,635
Taxation on Profit from                                    
Ordinary Activities                  102,808         58,498
                                ------------   ------------
PROFIT AFTER TAXATION                                      
ATTRIBUTABLE TO ORDINARY             397,254        341,137
SHAREHOLDERS
                                                           
Appropriations:                                            
Dividends per share                                        
Interim Paid:1.80p          1999:1.70p      56,795         53,639
Final Payable:4.20p         1999:3.95p     132,521        124,633
                                ------------   ------------
Total:6.0p      1999:5.65p           189,316        178,272
                                ------------   ------------
RETAINED PROFIT FOR THE                                    
FINANCIAL YEAR
                                                           
Wynnstay Properties PLC              170,125        110,352
                                                           
Subsidiary Companies                  37,813         52,513
                                ------------   ------------
                                                           
                                     207,938        162,865
                                ============   ============
                                                           
BASIC AND DILUTED EARNINGS PER         12.6p          10.8p
SHARE
NORMALISED EARNINGS PER SHARE          13.4p           9.6p
                                                           


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                        2000           1999
                                           £              £
Profit for the Financial Year                              
after Taxation                       397,254        341,137
Unrealised Surplus on                                      
Revaluation of Investment            146,206        303,043
Properties
                                ------------   ------------
Total Recognised Gains and                                 
Losses for the Year                  543,460        644,180
                                ============   ============
                                                           
NOTE OF HISTORICAL COST PROFITS                            
AND LOSSES
                                                           
PROFIT ON ORDINARY ACTIVITIES                              
BEFORE TAXATION                      500,062        399,635
                                                           
Realisation of Property                                    
Revaluation Gains on Previous        125,247        687,052
Years
                                ------------   ------------
Historical Cost Profit on                                  
Ordinary Activities before           625,309      1,086,687
Taxation
                                ============   ============
Historical Cost Profit for the                             
Year Retained after Taxation                               
and Dividends                        333,185        849,917
                                ============   ============
                                                           



WYNNSTAY PROPERTIES PLC
CONSOLIDATED BALANCE SHEET AT 25TH MARCH 2000

                                  2000         1999
                                     £            £
                                                   
FIXED ASSETS                                       
Tangible Assets             13,089,548   12,348,279
                                                   
Investments                     52,641       51,677
                            ----------  -----------
                                              
                            13,142,189   12,399,956
                            ----------  -----------
                                        
CURRENT ASSETS                                     
Trading Properties at                              
Directors' Valuation                 -      570,000
Debtors                        351,429      112,735
Cash at Bank and in Hand       601,863      229,667
                            ----------  -----------
                                               
                               953,292      912,402
                                                   
CREDITORS: Amounts falling                         
due within one year          (731,973)    (558,293)
                            ----------  -----------
                                             
NET CURRENT ASSETS             221,319      354,109
                            ----------  -----------
                                              
TOTAL ASSETS LESS CURRENT                          
LIABILITIES                 13,363,508   12,754,065
                                                   
CREDITORS: Amounts falling                         
due after more than one    (6,481,956)  (6,226,657)
year
                            ----------  -----------
                                              
                                                   
NET ASSETS                   6,881,552    6,527,408
                            ==========  ===========
                                    
                                                   
CAPITAL AND RESERVES:                              
SHARE CAPITAL                  788,817      788,817
                                                   
RESERVES                                           
Capital Redemption Reserve     204,528      204,528
Share Premium Account        1,135,249    1,135,249
Capital Reserve                151,400      151,400
Revaluation Reserve          2,362,641    2,341,682
                            ----------  -----------
                                              
Non-Distributable Reserves   3,853,818    3,832,859
Distributable Reserves       2,238,917    1,905,732
                            ----------  -----------
                                               
EQUITY SHAREHOLDERS' FUNDS   6,881,552    6,527,408
                            ==========  ===========
                                    
                                                   

WYNNSTAY PROPERTIES PLC
CONSOLIDATED  CASH FLOW STATEMENT FOR THE  YEAR  ENDED  25TH
MARCH 2000

                                          2000          1999
                                             £             £
CASH    FLOW    FROM    OPERATING    1,335,337     1,009,051
ACTIVITIES
                                   -----------   -----------
RETURNS    ON   INVESTMENT    AND                           
SERVICING OF FINANCE
Dividends Received                          66            56
Interest Received                       18,489        10,497
Interest Paid                         (402,783)    (715,022)
                                   -----------   -----------
NET CASH (OUTFLOW) FROM RETURNS                             
ON INVESTMENT AND SERVICING OF       (384,228)     (704,469)
FINANCE
                                   -----------   -----------
                                                            
Taxation Paid                          (27,963)     (62,624)
Taxation Refunded                          534        31,283
                                   -----------   -----------
                                       (27,429)     (31,341)
                                   -----------   -----------
CAPITAL EXPENDITURE AND FINANCIAL                           
INVESTMENT
Purchase Of Tangible Fixed Assets    (787,934)             -
Disposal Of Tangible Fixed Assets      163,489       844,093
Purchase Of Sinking Fund Policy           (910)        (910)
Premium
Costs Relating To Aborted Merger                            
Negotiations                                 -        (8194)
                                   -----------   -----------
NET CASH (OUTFLOW)/INFLOW FROM                              
INVESTING ACTIVITIES                 (625,355)       834,989
                                   -----------   -----------
EQUITY DIVIDENDS PAID                 (181,428)    (167,228)
                                   -----------   -----------
                                                            
NET CASH INFLOW BEFORE FINANCING       116,897       941,002
                                                            
FINANCING                                                   
Drawdown of Bank Loan                  764,747             -
Repayment Of Bank Loan                (509,448)    (632,164)
                                   -----------   -----------
INCREASE IN CASH IN THE PERIOD         372,196       308,838
                                   ===========   ===========
                                                            
RECONCILIATION OF NET  CASH  FLOW                           
TO MOVEMENT IN NET DEBT
Increase In Cash In The Period         372,196       308,838
Cash (Inflow)/Outflow From                                  
(Increase)/Decrease In Debt          (255,299)       632,164
Financing
                                   -----------   -----------
                                                            
Movement  In  Net  Debt  In   The      116,897       941,002
Period
NET DEBT AT 25TH MARCH 1999         (5,996,990)  (6,937,992)
                                   -----------   -----------
NET DEBT AT 25TH MARCH 2000         (5,880,093)  (5,996,990)
                                   ===========   ===========

NOTES

1.   The  financial  information above does  not  constitute
     full  accounts  within  the  meaning  of  Section   240
     Companies  Act  1985  as  amended  (the  'Act').   Full
     accounts in respect of the year ended 25th March  1999,
     on  which  the  auditors reported without qualification
     and  which contained no statement under Section  237(2)
     or (3) of the Act, have been delivered to the Registrar
     of Companies.

2.   Basic   and  diluted  earnings  per  share  have   been
     calculated  on  profits after taxation attributable  to
     shareholders  of  £397,254  (1999:  £341,137)  and   on
     3,155,267  ordinary shares being the  weighted  average
     number  of shares in issue in both periods.  Normalised
     earnings  per  share  have been calculated  on  profits
     after  taxation attributable to shareholders  excluding
     exceptional items, of £423,512 (1999: £303,829) on  the
     same weighted average 3,155,267 shares.

3.   A  final  dividend of 4.20p (1999: 3.95p) per share  is
     being  recommended and will be paid on 1st August  2000
     to  shareholders  on  the  register  at  the  close  of
     business on 14th July 2000.

4.   The  2000 Annual Report & Financial Statements will  be
     posted  to  shareholders  shortly  and  copies  may  be
     obtained   by   writing  to  the  Secretary,   Wynnstay
     Properties  PLC,  Cleary Court, 21 St. Swithin's  Lane,
     London EC4N 8AD.