REG - M Winkworth Plc - Half-year Report
06/09/2023 07:00
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RNS Number : 4658L M Winkworth Plc 06 September 2023
M Winkworth Plc
Interim Results for the six months ended 30 June 2023
M Winkworth Plc ("Winkworth" or the "Company") is pleased to announce its
unaudited interim results for the six months ended 30 June 2023.
Highlights for the period
· First half impacted by a weaker second quarter for sales with some
completions being delayed into the second half of the year. Lettings revenues
continued to show strength
· Network revenues down by 5% to £26.4 million (H1 2022: £27.7
million)
- Network sales revenues down by 18% to £12.3 million (H1 2022:
£15.0 million)
- Network lettings revenues up by 10% to £14.0 million (H1 2022:
£12.7 million)
· Network sales revenues accounted for 47% of total network revenues
(H1 2022: 54%)
· Winkworth revenues at £4.27 million in line with H1 2022 (H1 2022:
£4.28 million)
· Majority-owned offices generated revenues of £1.14 million (H1 2022:
£1.19 million)
· Profit before taxation down by 24% to £0.81 million (H1 2022: £1.07
million)
· Cash balance at 30 June 2023 of £4.23 million (30 June 2022: £4.11
million)
· Two new franchised offices opened
· Ordinary dividends of 5.8p declared during the period (H1 2022: 5.4p)
Dominic Agace, Chief Executive Officer of the Company, commented: "The H1
results reflect a slower sales market but ongoing strength in lettings. Our
business remains robust and our focus continues to be on providing a platform
that can allow an independent business to compete as a top three contender
in its local marketplace and, by doing so, ensuring a franchisee can generate
a healthy return under differing market conditions."
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
Robert Finlay
David Coaten
Henry Willcocks
Chairman's Statement
We took a conservative view at the time of our first quarter results as the
pipeline of properties Sold Subject To Contract (SSTC) was building. Due to
various issues beyond our control, exchanges were hesitant, but we are pleased
to confirm that we achieved excellent results in the subsequent two months
despite the weaker market.
Our ability to achieve a high number of exchanges comes down to the skill of
our franchisees and the close working relationship of the group with a variety
of mortgage brokers and lenders, including our non-exclusive relationship with
Trinity Financial. We encourage the group to use local lawyer connections
rather than conveyancing factories or discounters; this has been essential in
securing exchanges during this period.
Since 2019, we have been actively pursuing a strategy of adding new lines of
business to our core activity as a leading franchisor. Besides using our cash
resources to assist our franchisees to grow, and upgrading our offices and
franchisee portfolio, we have continued to diversify Winkworth's revenue
streams.
To complement our commercial sales business, we have re-entered the new homes
business, the cost of investment being carried in the first half of 2023, an
area which is showing signs of promise, with benefits expected to be realised
in 2024. Finally, being less reliant on Chinese buyers, our China Desk has
been re-branded the Asia Pacific Desk to broaden its scope and this is again
becoming active.
All these initiatives, together with our investment in the Tooting and Crystal
Palace offices, have broadened Winkworth's streams of revenue. Inevitably,
this has had an impact on costs but, even with the slower market of 2023, we
are building new sources of profitability to add to reinvigorated franchise
royalty growth.
The policy of holding cash reserves is not only to underpin our dividend, but
also to increase revenues through assisting the purchase of new franchise
businesses or buying rental portfolios. For example, a recent assisted
purchase in Dorset was a predominantly sales-driven business that integrates
well with our dynamic group of franchisees in the Bournemouth/Poole/Ferndown
area. The purchase enabled a well-established husband and wife team to join
this dynamic regional hub. We remain focused on continuing to enhance our
franchise portfolio into 2024 and beyond.
Lastly, we recognise that the current composition of our non-executive board
members tends to skew towards more seasoned individuals, including myself.
We will in due course be expanding the diversity of our board members,
encompassing a range of experiences and perspectives. However, it is essential
to recognise that our collective wealth of experience has played a pivotal
role in steering our company successfully through challenging and unique
economic conditions, ensuring stability and minimising risks.
Simon Agace
Non-Executive Chairman
5 September 2023
CEO's Statement
After recovering from the uncertainty created by the mini budget in H2 2022
and the subsequent spike in lending costs going into 2023, sales
transactions in the first half of this year were constrained by a backdrop of
rising interest rates, mitigated to a degree by the trend towards fixed term
mortgages, which have dominated the market in recent years. Combined with a
high level of employment and wage inflation in the UK, alongside a sharp rise
in rental prices, the property market showed resilience, performing ahead of
many observers' predictions.
We are pleased to be able to report that, in the areas in which we operate,
Winkworth achieved the highest volume of SSTC of the top 10 operators in H1
2023 and the largest number of exchanges. In addition, we had the lowest
number of properties withdrawn from sale and were the fastest agent in SSTC¹.
These rankings reflect the excellent work of our franchisees and their
capacity to adapt to changing markets.
Pipelines of agreed sales have begun to rebuild since the start of the year
but, as transaction timeframes have been slow, many of these agreed sales will
not complete until H2 of this year. As a result, we would anticipate that the
number of completions will firm up as the year progresses.
Lettings saw a slight slowdown after a frenetic year in 2022. Although
applicants were down by 16% on H1 2022, the business remained very busy, with
Winkworth's H1 rental income 10% ahead. With an ongoing reduction of supply in
the private rental sector due to landlords exiting the market following
increasing costs and proposed new changes in legislation, the competition for
properties to rent continued to be extreme.
In H1 2023, gross revenues of the franchised network of £26.4m were 5% lower
year-on-year (2022: £27.7m). Growth in the country offices in recent years
underpinned the contribution from this part of the business, with gross
revenues down by a lesser 2%. Total sales income was down by 18% at £12.3m
(2022: £15.0m) while Lettings and Management increased by 10% to £14.0m
(2021: £12.7m), producing a 47:53 revenue split between these two activities
compared to a 54:46 ratio in 2022.
At £4.27m, Winkworth's revenues were in line with H1 2022 (H1 2022: £4.28m),
but profit before taxation fell by 24% to £0.81m (H1 2022: £1.07m). The
Group's cash stood at £4.23m at 30 June 2023 (H1 2022: £4.11m) and ordinary
dividends of 5.8p were declared for the first half of the year (H1 2022:
5.4p).
Two new offices were opened, in Wokingham and Dorset, building on the
localised networks' success. Four offices, which have made a marginal
contribution for several years and have suffered from the fall in market
volumes, were closed. One of these is set to be reopened by a new operator in
H2.
As part of our management of the network, we proactively introduce new buyers
to offices that may be looking to exit or for whom the platform is no longer
suitable. In certain cases, if the group's conditions of business are not met,
we are compelled to negotiate the exit of a franchisee to maintain our high
standards. We have this year had to take these steps on several valuable
franchise territories that we will look to re-franchise to
talented operators in the near future. As a result of this, we anticipate no
net change in the number of offices this year, but are confident of going into
2024 with a stronger portfolio.
The change in market conditions has led some of the national networks to slow
their pace of acquisition. We see opportunities for our own increasingly
established network of country franchisees to strengthen and grow their
footprint through expansion supported by our balance sheet.
In London, we have identified further opportunities to both introduce new
blood to existing businesses and to significantly improve the sales
performance of offices with strong underlying lettings businesses. We believe
that in certain situations we may be able to increase the available franchise
revenue three or four-fold, the equivalent of opening multiple cold start
offices.
The offices in which we have an equity stake continue to show operational
improvements. In H1, Tooting maintained its position as the leading agent by
the number of sales agreed in its area (2022 Number 1 SSTC) while Crystal
Palace's market share continues to grow, moving up to second in sales agreed
in its area (2022 Number 4 SSTC). Both performances come after a poor end to
last year and a positive start to 2023, with extended transaction times
pushing the bulk of their completions from sales agreed in H1 into H2. This,
combined with the busiest letting months traditionally falling in August and
September, means that their contribution will be more heavily weighted towards
H2 than usual. We are in ongoing negotiations for a new opportunity to
replicate the successful models of Crystal Palace and Tooting.
Despite being more affected by the cost of finance then residential property
due to its transactional nature, our commercial property business continued to
grow and is on track to exceed 2022 revenues. Our market share of mixed-use
properties for sale in London now stands at 4.5%.
As planned, we launched a new homes business to further our commercial
activity, providing more properties to the network to sell and increasing
revenue for both our commercial property business and our franchisees. In a
difficult market for new homes, we see an opportunity to gain market share
through the breadth and strength of our network. These two entities are
increasingly integrating with our Asia/Pacific desk, which in turn is
experiencing an uptick in clients seeking to invest in London property.
Outlook
The outlook for the rest of the year depends to a large extent on
the perceived and actual end of the tightening cycle and the Bank of
England's success in managing inflation down towards its target. This will
continue to impact directly on the stability of the mortgage market and the
number of products available as well, of course, on buyers' confidence. We
expect, however, sales market activity to be underpinned by strong employment,
sellers coming to the market to manage mortgage cost increases, and buyers
motivated by the lack of availability of suitable rental accommodation.
Expectations are increasingly that, having entered a new era of structurally
higher interest rates, we will not be returning to the ultra low levels
previously seen. The growing belief is, therefore, that there is no purpose in
further delaying a purchase if suitable funding can be arranged.
With post pandemic factors fading, we expect to see a slowing of applicants
for lettings. But with supply also reducing, competition for properties will
remain intense. This will support rental prices, but affordability ceilings
are beginning to limit further increases and we anticipate that these will
revert to tracking wage inflation.
Our focus continues to be on providing a platform that can allow an
independent business to compete as a top three contender in its local
marketplace and, by doing so, ensuring a franchisee can generate a healthy
return under differing market conditions. Our experience shows that, in the
areas in which we chose to operate, there should always be
sufficient transactions for a top three operator to maintain healthy income
throughout the cycle. Our strategy remains to match this positioning with
best-in-class operators to continue to make the network greater than the sum
of its parts.
Note¹: based on postcodes where Winkworth has listed a property - Source:
TwentyEA
Dominic Agace
Chief Executive Officer
5 September 2023
About Winkworth
Established in Mayfair in 1835, Winkworth is a leading 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 well-respected 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.
For further information please visit: www.winkworthplc.com
(https://url.avanan.click/v2/___http:/www.winkworthplc.com___.YXAxZTpzaG9yZWNhcDphOm86ZTQyYzk2MmZhZTZjM2U3MTIzMmEyYTllYWMwZWE4MWI6NjoyN2EzOjIyOTZlZjU0ZTk5ZmYwOWZkZmJlODY1NDRlMWQzNGVmM2E3OTRiMTVlMzQ4ZGEyMDg4MGIwYmI1YWZiMzg5MWI6cDpU)
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period 1 January 2023 to 30 June 2023
(Unaudited) (Unaudited)
Period Period
1.1.23 1.1.22 (Audited)
To To Year ended
30.6.23 30.6.22 31.12.22
£000's £000's £000's
CONTINUING OPERATIONS
Revenue 2 4,267 4,281 9,307
Cost of sales (776) (769) (1,594)
GROSS PROFIT 3,491 3,512 7,713
Other operating income 1 1 1
Administrative expenses (2,696) (2,433) (5,246)
Negative goodwill - - -
OPERATING PROFIT 796 1,080 2,468
Finance costs (19) (19) (38)
Finance income 34 11 39
PROFIT BEFORE TAXATION 811 1,072 2,469
Taxation (249) (265) (488)
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 562 807 1,981
559 797 1,951
Profit and total comprehensive income attributable to:
Owners of the parent
Non-controlling interests 3 10 30
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT
562 807 1,981
Earnings per share expressed
in pence per share: 3
Basic 4.33 6.26 15.32
Diluted 4.25 6.22 15.18
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2023
(Unaudited) (Unaudited) (Audited)
30.06.2023 30.06.2022 31.12.2022
Notes £000's £000's £000's
ASSETS
NON-CURRENT ASSETS
Intangible assets 4 930 963 906
Property, plant and equipment 596 807 666
Prepaid assisted acquisitions support 624 402 503
Investments 33 51 41
Trade and other receivables 321 484 385
2,504 2,707 2,501
CURRENT ASSETS
Trade and other receivables 1,454 1,449 1,146
Cash and cash equivalents 4,234 4,108 5,251
5,688 5,557 6,397
TOTAL ASSETS 8,192 8,264 8,898
EQUITY
SHAREHOLDERS' EQUITY
Share capital 65 64 64
Share premium 179 - -
Share option reserve - 51 51
Retained earnings 6,059 5,745 6,212
6,327
6,303 5,860
Non-controlling interests 105 82 102
TOTAL EQUITY 6,408 5,942 6,429
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 400 508 433
Deferred tax 86 87 91
486 595 524
CURRENT LIABILITIES
Trade and other payables 1,030 1,354 1,575
Tax payable 268 373 370
1,298 1,727 1,945
TOTAL LIABILITIES 1,784 2,322 2,469
TOTAL EQUITY AND LIABILITIES 8,192 8,264 8,898
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period 1 January 2023 to 30 June 2023
Share Share Non controlling
Share Retained Premium option Shareholders'
capital earnings account reserve interest equity
£000's £000's £000's £000's £000's £000's
Balance at 1 January 2022 64 6,145 - 51 72 6,332
Total comprehensive income - 797 - - 10 807
Dividends paid - (1,197) - - - (1,197)
Balance at 30 June 2022 64 5,745 - 51 82 5,942
Total comprehensive income - 1,154 - - 20 1,174
Dividends paid - (687) - - - (687)
Balance at 31 December 2022 64 6,212 - 51 102 6,429
Issue of share capital 1 - 179 - - 180
Total comprehensive income - 610 - (51) 3 562
Dividends paid - (763) - - - (763)
Balance at 30 June 2023 65 6,059 179 - 105 6,408
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
for the period 1 January 2023 to 30 June 2023
(Unaudited) (Unaudited)
Period Period
1.1.23 1.1.22 (Audited)
To To Year ended
30.6.23 30.6.22 31.12.22
Notes £000's £000's £000's
Cash flows from operating activities
Cash generated from operations i 313 995 3,333
Interest paid (1) (1) -
Tax paid (353) (300) (521)
Net cash from operating activities (41) 694 2,812
Cash flows from investing activities
Purchase of intangible fixed assets (127) (108) (123)
Sale of tangible 69 - -
Purchase of tangible fixed assets (103) (10) (18)
Assisted acquisition support (168) (165) (316)
Interest received 39 11 39
Net cash used in investing activities (290) (272) (418)
Cash flows from financing activities
New lease in year 119 - -
Payment of lease liabilities (203) (117) (240)
Interest paid on lease liabilities (19) (19) (38)
Equity dividends paid (763) (1,197) (1,884)
Share issue 180 - -
Net cash used in financing activities (686) (1,333) (2,162)
(1,017) (911) 232
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period 5,251 5,019 5,019
Cash and cash equivalents at end of period ii 4,234 4,108 5,251
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the period 1 January 2023 to 30 June 2023
i. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
(Unaudited) (Unaudited)
Period Period
1.1.23 1.1.22 (Audited)
To To Year ended
30.6.23 30.6.22 31.12.22
£000's £000's £000's
Profit before taxation 811 1,072 2,469
Depreciation and amortisation 256 259 531
(Reversal of) Impairment of fixed asset investments 7 20 30
Finance costs 19 19 38
Finance income (34) (11) (39)
Loss on disposal of fixed asset - - -
1,059 1,359 3,029
(246) 265 106
(Increase) in trade and other receivables
Increase/(decrease) in trade and other payables (500) (629) 198
Cash generated from operations 313 995 3,333
ii. CASH AND CASH EQUIVALENTS
The amounts disclosed in the cash flow statement in respect of cash and cash
equivalents are in respect of these balance sheet amounts:
30.6.23 30.6.22 31.12.22
£000's £000's £000's
Cash and cash equivalents 4,234 4,108 5,251
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED INTERIM RESULTS
for the period 1 January 2023 to 30 June 2023
1. ACCOUNTING POLICIES
Basis of preparation
The interim report for the six months ended 30 June 2023 and the comparative
information for the periods ended 30 June 2022 and 31 December 2022 do not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. A copy of the most recent statutory accounts for the year ended 31
December 2022 has been delivered to the Registrar of Companies. The
auditor's report on these accounts was unqualified and did not contain a
statement under section 498 of the Companies Act 2006.
The financial information for the six months ended 30 June 2023 and 30 June
2022 is unaudited. The financial information for the year ended 31 December
2022 is derived from the group's audited annual report and accounts.
The annual financial statements are prepared in accordance with UK adopted
International Accounting Standards (UK IFRS). The condensed set of financial
statements included in this interim financial report has been prepared in
accordance with International Accounting Standard 34 'Interim Financial
Reporting'.
The accounting policies and methods of computation used in this financial
information is consistent with those applied in the group's latest annual
audited financial statements, except as noted below.
Taxation
Income tax expense has been recognised based on the best estimate of the
weighted average annual effective income tax rate expected for the full
financial year.
Deferred tax is recognised in respect of all material temporary differences
that have originated but not reversed at the balance sheet date.
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED INTERIM RESULTS
for the period 1 January 2023 to 30 June 2023
2. SEGMENTAL REPORTING
The board of directors, as the chief operating decision making body, review
financial information and make decisions about the group's business and have
identified a single operating segment, that of estate agency and related
services and the franchising thereof.
The directors believe that there are two material revenue streams relevant to
estate agency franchising.
6 months 2023 6 months 2022 12 months 2022
£000 £000 £000
Revenue
Estate agency and lettings business 1,134 1,185 2,781
Commissions and subscriptions due to the group under franchisee agreements
3,133 3,096 6,526
4,267 4,281 9,307
All revenue is earned in the UK and no customer represents more than 10% of
total revenue in either of the years reported.
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED INTERIM RESULTS
for the period 1 January 2023 to 30 June 2023
3. EARNINGS PER SHARE
Basic and diluted earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the period.
Weighted
average
number Per-share
Earnings of shares amount
£000's 000's pence
Period ended 30.06.23
Basic EPS
Earnings/number of shares 559 12,909 4.33
Effect of dilutive securities - 217 (0.08)
Diluted EPS
Adjusted earnings/number of shares 559 13,126 4.25
Period ended 30.06.22
Basic EPS
Earnings/number of shares 797 12,733 6.26
Effect of dilutive securities - 87 (0.04)
Diluted EPS
Adjusted earnings/number of shares 797 12,820 6.22
Year ended 31.12.22
Basic EPS
Earnings/number of shares 1,951 12,733 15.32
Effect of dilutive securities - 122 -
Diluted EPS
Adjusted earnings/number of shares 1,951 12,855 15.18
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED INTERIM RESULTS
for the period 1 January 2023 to 30 June 2023
4. INTANGIBLE ASSETS
Customer lists Website development
Total
£000's £000's £000's
Net book value at 1 January 2022 540 385 925
Additions - 108 108
Amortisation (23) (47) (70)
Net book value at 30 June 2022 517 446 963
Additions - 15 15
Amortisation (22) (50) (72)
Net book value at 31 December 2022 495 411 906
Additions - 103 103
Amortisation (22) (57) (79)
Net book value at 30 June 2023 473 457 930
5. FINANCIAL INSTRUMENTS
Categories of financial instruments
The group has the following financial instruments:
30.06.2023 30.06.2022 31.12.2022
£000's £000's £000's
Financial assets that are debt instruments measured at amortised cost
Trade receivables 872 985 657
Loans to franchisees 599 646 664
Other receivables 48 46 38
Financial liabilities measured at amortised cost
Trade payables 218 271 393
Lease liability 556 752 633
Other payables 27 10 22
Financial assets measured at fair value
Listed investments 26 44 64
Listed investments are valued by reference to publicly available share prices
and are considered at level 1 under the IFRS 13 fair value hierarchy.
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED INTERIM RESULTS
for the period 1 January 2023 to 30 June 2023
6. SHARE CAPITAL
The following reconciles the share options outstanding at the beginning and
end of year:
2023 2022
Number of options Weighted average exercise price (p) Number of options Weighted average exercise price (p)
Balance at beginning of year 562,331 128.00 562,331 128.00
Exercised during the year (175,554) (102.38) - -
Balance at end of year 386,777 139.62 562,331 128.00
At 30 June 2023, all options were exercisable. 175,554 options were exercised
in 2023. The share options outstanding at the year-end had a weighted average
contractual life of 3.8 years.
7. RELATED PARTY
DISCLOSURES
During the 6 months to 30 June 2023, total dividends of £375,121 (30 June
2022: £595,019) were paid to the directors.
During the 6 months to 30 June 2023, the Company received a dividend of
£738,528 (30 June 2022: £1,171,458) from its subsidiary undertaking
Winkworth Franchising Limited. The balance owed by Winkworth Franchising
Limited to the Company at 30 June 2023 was £1,267,587 (30 June 2022:
£1,267,587).
The balance owed by the Fulham franchise, which is owned by Dominic Agace's
wife and her business partner, to Winkworth Franchising Limited at 30 June
2023 was £Nil (30 June 2022: £15,130).
8. POST BALANCE SHEET EVENTS
On 12 July 2023, M Winkworth Plc declared dividends of 2.9p per share for the
second quarter of 2023.
On 1 July 2023, Winkworth Franchising Limited acquired the remaining 10% of
Tooting Estates Limited, which operates the Winkworth franchise in the Tooting
area, for £136,500.
9. INTERIM RESULTS
Copies of this notice are available to the public from the registered office
at 13 Charles II Street, St James's, London, SW1Y 4QU, and on the Company's
website at www.winkworthplc.com
(https://url.avanan.click/v2/___http:/www.winkworthplc.com___.YXAxZTpzaG9yZWNhcDphOm86ZTQyYzk2MmZhZTZjM2U3MTIzMmEyYTllYWMwZWE4MWI6NjoyN2EzOjIyOTZlZjU0ZTk5ZmYwOWZkZmJlODY1NDRlMWQzNGVmM2E3OTRiMTVlMzQ4ZGEyMDg4MGIwYmI1YWZiMzg5MWI6cDpU)
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