Winkworth has just released its audited final results for the year to 31 December 2022, revealing a sharp fall in pre-tax profits.
The company says that the financial performance in 2022 is in line with management expectations but below the exceptional 2021 level. Revenues and pre-tax profits both markedly higher than 2019.
Highlights:
- Franchised office network revenue down 3% to £63.1 million (2021: £64.8 million).
- Sales revenues 54% of total revenues (2021: 60%).
- Revenues of £9.31 million in line with 2021 (2021 £9.45 million).
- Profit before taxation down 23% to £2.47 million (2021: £3.21 million).
- Clean Balance Sheet: Year-end cash balance of £5.25 million (2021: £5.02 million) – no debt.
- Two new offices opened in the year (2021: 6).
- Ordinary dividends of 11.0p per ordinary share declared (2021: 9.3p per ordinary share excluding Special Dividends).
Dominic Agace, CEO of Winkworth, commented: “After an exceptionally strong performance in sales in 2021, we continued to make good progress across the business in 2022, in lettings and management in particular, and have delivered a set of results which we consider to be very satisfactory against a background that was at times challenging. Many of our key metrics for 2022 are up by some 50% on 2019, the pre-pandemic year.”
“While the outcome for the current year is shrouded, now that mortgages rates having fallen from their peak and are settling at more historic norms of around 4%, we see a rebased market emerging. Rental prices are showing greater stability and we expect a further healthy contribution from our lettings and management business in 2023.”
Investor presentation
Dominic Agace and Andrew Nicol, CFO of the company, will present the final audited results for the year to 31 December 2022 via the Investor Meet Company platform tomorrow at 3pm.
The presentation is open to all existing and potential shareholders who can sign up and register to participate for free by clicking here.
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