15 January 2025
M Winkworth
plc
Trading
Update
and
Dividend
Declaration
M Winkworth plc ("Winkworth" or the
"Company"), the leading franchisor of real estate agencies, marking
its 190th anniversary since being established in
Mayfair, London, in 1835, is pleased to announce the following
trading update for the financial year ended 31 December 2024 ("FY
2024").
The cost of finance continued to
decline over the course of FY 2024 and, as a result of this and
households rebalancing their needs after a long period of
uncertainty, we saw a strong upturn in sales agreed. Having risen
by 19% year-on-year in H1 2024, the number of sales agreed rose by
27% in H2 2024 and by 23% for the year as a whole. Completed sales
in FY 2024 rose by 19%, compared with the prior period, and the
Board is pleased with the momentum going into FY 2025.
With buyers having been motivated by
real wage growth and the anticipation of lower interest rates, we
expect activity to remain positive in FY 2025, with a particular
weighting to Q1 as first-time buyers look to transact prior to
the ending of the stamp duty discount in April
2025.
The renewed focus on sales was
reflected in slower lettings activity. Lettings applicants in 2024
were 5% down on 2023 figures, but full year revenues are expected
to have risen by 5-6% due to rental price increases.
Winkworth's full year pre-tax
profits, subject to audit, are expected to be in line with current
market expectations of £2.35m (31 December 2023: £2.15m) with net
cash at year end to be at least £3.90m (31 December 2023: £4.55m).
The Company expects to announce its final results for the year
ended 31 December 2024 on, or around, 17 April 2025.
The directors of Winkworth are
pleased to announce that the Company will pay an ordinary dividend
of 3.3p per share for the fourth quarter of 2024 (Q4 2023: 3.0p per
share), bringing the total ordinary dividend payments declared for
FY 2024 to 12.3p per share (FY 2023: 11.7p per share) an increase
of 5.13%.
The timetable for the payment of the
ordinary dividend is as follows:
|
Ex-Dividend Date *
|
23/01/25
|
|
Record Date
**
|
24/01/25
|
|
Expected Payment
Date
|
20/02/25
|
* Shares bought on or after
the ex-dividend date will not qualify for the dividend
** Shareholders must be on the
Winkworth share register on this date to receive this
dividend
Dominic Agace, Chief Executive Officer of Winkworth,
commented:
"The positive trends in sales
activity witnessed in H2 2024 bode well as we enter 2025 and, as a
well-balanced sales and lettings business, we are in a good
position to take advantage of an increase in sales transactions. In
2024, we invested significantly in bringing new talent into the
business, acquiring existing offices and supporting the expansion
of existing franchisees. We expect these investments to bear
fruit in 2025 and 2026 and to further strengthen our market
position."
For further information please
contact:
M
Winkworth
Plc
Tel : 020 7355 0206
Dominic Agace (Chief Executive
Officer)
Andrew Nicol (Chief Financial
Officer)
Milbourne (Public
Relations)
Tel : 07903 802545
Tim Draper
Shore
Capital (NOMAD and
Broker)
Tel : 020 7408 4090
David Coaten
Henry Willcocks
About
Winkworth
Winkworth is the leading London
franchisor of residential real estate agencies with a pre-eminent
position in the mid to upper segments of the sales and lettings
markets. The franchise model allows entrepreneurial real estate
professionals to provide the highest standards of service under the
banner of a long-established brand name and to benefit from the
support and promotion that Winkworth offers.
Winkworth is admitted to trading on
the AIM Market of the London Stock Exchange.
www.winkworthplc.com