REG - M Winkworth Plc - Trading Update and Dividend Declaration

M WinkworthAnnouncement

15/01/2025 07:00

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RNS Number : 3145T  M Winkworth Plc  15 January 2025

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 190(th) 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
(https://url.avanan.click/v2/r02/___http:/www.winkworthplc.com___.YXAxZTpzaG9yZWNhcDphOm86Njc1YzU5ZDFjNzBkNjYxZDA5NDlmZWI3ODhjZjEyZjA6Nzo0NTcwOjM1MDk5MzhlYmVlOGY0YjViNWNkMDI3OTM4YWUzY2ExM2MyNDE0NzU4NWU5YTE1ZjZjOTI2ZDg5OTYxNGU3OGY6cDpUOk4)

 

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