Winkworth has just announced its half-year results.
The financial performance for the six months ended 30 June 2024 was in line with management expectations, with higher revenues from sales contributing to overall company performance.
The London franchisor of estate agencies recently said that the quality of its platform and franchisees meant that it agreed more sales and lettings than any other agent within our operating area.
Highlights:
· Network revenues 6% higher at £27.9 million (H1 2023: £26.4 million)
· Network sales revenues up by 9% to £13.4 million (H1 2023: £12.3 million)
· Network lettings revenues up by 4% to £14.5 million (H1 2023: £14.0 million)
· Network sales revenues accounted for 48% of total network revenues (H1 2023: 47%)
· Winkworth revenues at £5.14 million up by 20% on H1 2023 (H1 2023: £4.27 million)
· Majority-owned offices generated revenues of £1.51 million (H1 2023: £1.14 million)
· Profit before taxation up by 26% to £1.02 million (H1 2023: £0.81 million)
· Cash balance at 30 June 2023 of £4.12 million (30 June 2023: £4.23 million)
· Three new offices opened and four refranchised
· Ordinary dividends of 6.0p per ordinary share declared during the period (H1 2023: 5.8p)
Dominic Agace (right), CEO of the company, commented: “Our first half results are in line with expectations and reflect an uptick in sales, with a greater number of properties coming to market and transactions returning to more normalised levels.
“Our lettings and management business has been more subdued but underpins a strong performance from the group. With an above average number of franchisees expected to be added in 2024, we are confident in the outlook for the second half and beyond.”
Investor presentation:
Dominic Agace, CEO of the Company, and Andrew Nicol, CFO of the Company, will present the company’s interim results via the Investor Meet Company platform today at 2pm.
The presentation is open to all existing and potential shareholders who can sign up and register to participate for free here.
