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REG - M Winkworth Plc - Final Results, AGM Notice & Electronic Comms

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RNS Number : 4750A  M Winkworth Plc  15 April 2026

M Winkworth Plc

("Winkworth" or the "Company" or the "Group")

 

Audited final results for the year to 31 December 2025

Notice of Annual General Meeting

and

Notice of Electronic Communications

 

M Winkworth plc, the leading franchisor of real estate agencies, is pleased to
announce its audited results for the year ended 31 December 2025.

 

 Highlights for the year:

 

After a strong performance in H1 2025, performance in H2 was impacted by
uncertainty ahead of the UK Government's Autumn Budget.

 

•             Revenue of £10.74 million was flat on 2024 (2024:
£10.79 million).

•             Profit before taxation was down 11% to £2.11 million
(2024: £2.36 million).

•             Strong balance sheet with year-end cash balance of
£3.90 million (2024: £4.09 million) and with no debt.

•             Full year dividends of 13.2p per ordinary share declared
(2024: 12.3p per ordinary share), an increase of 7% on the prior year.

•             Four new offices opened in the year (2024: three) and
seven franchises resold to new operators.

•             Franchised office network revenue up 6% at £68.7
million (2024: £64.7 million).

                         -     Network sales revenue up 10% to
£35.8 million (2024: £32.7 million).

                         -     Network lettings revenue up 3%
to £32.9 million (2024: £32.0 million).

•             Sales revenues 52% of total revenues (2024: 51%).

 

Dominic Agace, CEO of the Company, commented: "Last year was very much one of
two halves, with an excellent H1 in sales being tempered by a weaker H2.
Lettings remained stable, with ongoing progress in property management. While
the outlook for 2026 is subject to geopolitical developments, we continue to
manage the Company with the interests of our customers, franchisees and
shareholders at heart. We have welcomed four new offices already in 2026 and
will progress further with openings and resales as the year progresses."

Investor presentation

Dominic Agace, CEO, and Andrew Nicol, CFO, will present the final audited
results for the year to 31 December 2025 via the Investor Meet Company
platform on 15 April 2026 at 1.00 pm.

The presentation is open to all existing and potential shareholders who can
sign up and register to participate for free at:

https://www.investormeetcompany.com/m-winkworth-plc/register-investor
(https://protect.checkpoint.com/v2/r02/___https:/www.investormeetcompany.com/m-winkworth-plc/register-investor___.YXAxZTpzaG9yZWNhcDpjOm86ZjNjNWQ0Y2M0N2I1MzliZjdiN2I0YmZiNjZmYThlYjk6Nzo3NGQ3OmIzNzY2ZGRmZDk3NWU2NjQwZDk5NjRhMTE5NGU2MWU2MjUwMjAyNzZmNzc4NWY4MzdlMGZkZGUxN2EwM2IyNmE6cDpUOk4)

Investors who already follow Winkworth on the Investor Meet Company platform
will automatically be invited.

Notice of Annual General Meeting

The Company's Annual General Meeting ("AGM") will be held at The Lansdowne
Club, 9 Fitzmaurice Place, London, W1J 5JD on 21 May 2026 at 10.30 am.

The Notice of AGM will be made available on the Company's website at:
www.winkworthplc.com.

Printed copies of the 2025 Annual Report and Accounts will be mailed to
shareholders shortly, together with the Company's Notice of AGM.

Notice of Electronic Communications

The Company is writing to all registered shareholders to notify them of its
intention to adopt electronic communications for future shareholder documents,
as permitted under its articles of association. A letter outlining the
available options is being sent to shareholders, who may elect to continue
receiving hard copies by notifying the registrar by the specified deadline;
otherwise, they will be deemed to have consented to receiving documents via
the Company's website, with notifications provided when new materials are
published. Further details are set out in the letter, which will be available
on the Company's website.

 

 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 : 07921 881800

Charlotte McMullen

 

Shore Capital (NOMAD and Broker)
       Tel : 020 7408 4090

 David Coaten

 Henry Willcocks

 George Payne

 

 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 (TIDM: WINK) is admitted to trading on the AIM Market of the London
Stock Exchange.

 

For further information please visit: www.winkworthplc.com
(https://protect.checkpoint.com/v2/r02/___http:/www.winkworthplc.com___.YXAxZTpzaG9yZWNhcDpjOm86ZjNjNWQ0Y2M0N2I1MzliZjdiN2I0YmZiNjZmYThlYjk6NzphNmYwOjgzM2M0YWU0NGYyOTczZjdmNzhiZWRlMjY4YjcxYWM5NzlmMGViNmI0ZjY5YzgxYmY0OTcwMzQwMTIyMDNkMzc6cDpUOk4)

 

 

 

 

Chair's Statement

 

2025 was characterised by an exceptional first quarter, driven by the rush to
complete ahead of the reduction in the stamp duty exemption threshold for
first-time buyers in April . This produced a sharp acceleration in completions
and royalty income in the early months of the year, followed by the
predictable normalisation of activity in the second quarter. The underlying
market through the remainder of the year was steady, with sales volume in the
middle market leading the way.

 

Managed lettings income continued to grow throughout the year. Private
landlords, faced with an increasingly demanding regulatory environment, are
choosing in greater numbers to rely on Winkworth's specialist skills to manage
their investments. The structural shift from 'let only' instructions towards
full property management deepens our relationships with landlords, makes our
income stickier, and builds the kind of long-term tenant relationships that
are increasingly important in the current environment.

 

The sale of our equity-owned Crystal Palace office to a franchisee in 2025
provides an example of the flexibility of our owned-office model: backing a
manager, building a business, and recycling the capital on disposal as an
independent franchise. Meanwhile, our New Homes and Development business was
restructured through a new licensing arrangement with our West End franchisee.
This transition involved one-off costs in 2025, but we are already seeing an
uplift in new-build instructions from this new team and we expect the
arrangement to deliver improved results going forward.

 

One major operational project in 2025 was the redesign of the accounting
process across the business. Moving to cloud accounting and greater
digitalisation, we have streamlined our billing and supervisory processes and
rationalised the software used across the organisation. This programme, the
cost of which was largely capitalised in 2025, will be substantially completed
in 2026, creating greater transparency, enlarging capacity and reducing costs
from this year onwards.

 

Our most significant development so far in 2026 has been the integration of
Peter Clarke Estate Agents' operations with those of our Leamington Spa
franchisee. Peter Clarke operates across Leamington Spa, the north Cotswolds
and Stratford-upon-Avon, areas attracting considerable international interest,
not least from American buyers for whom the Cotswolds have become one of the
most sought-after destinations in the UK. Winkworth brings to this alliance
something an independent cannot replicate: national and international reach
through our annual flow of four million website visits leading to 50,000
enquiries, a fully integrated web and marketing platform, and direct access
to the overseas buyer pool. With this addition, Winkworth's combined
open-market stock reaches approximately 7,000 properties across more than 100
offices.

 

Adding complementary established agencies to the Winkworth brand accelerates
our reach, while preserving the proprietor-led territorial model that has
always defined us; locally expert and nationally connected.

 

At 31 December 2025, the Group held £3.9 million in cash with no debt,
alongside £1.32 million deployed in franchisee loans. Our aggregate capital
position is strong and entirely self-funded, supporting our dividend policy,
network growth, and the ability to act on consolidation opportunities as they
arise without recourse to external financing. A well-capitalised, focused
network is the right posture for unpredictable conditions. An uncertain
environment encourages well-run, independent agencies to consider the
advantages of joining an established franchise in their regional markets
rather than competing alone, and Winkworth is well placed to welcome them.

 

 

 

I remain confident in the principles that have sustained Winkworth's growth
since we introduced the franchise model in 1981: backing good people,
maintaining disciplined standards, keeping the balance between instructions
and buyers, and protecting the long-term interests of our franchisee families.

 

 

 

Simon Agace

Non-Executive Chair

14 April 2026

CEO's Statement

 

Exuberance in Q1, driven by the imminent ending of stamp duty concessions, led
to strong sales results in H1 2025. The subsequent increase in stamp duty
costs, however, interest rate cuts that were slow to feed through to cheaper
mortgages and, finally, rumours starting in August 2025 of potential new
taxation policies in the Autumn Budget led to a weaker H2 as buyers and
sellers adopted a wait and see approach.  In the end, the measures introduced
were not significant for the residential property market, but the damage had
been done. Sales revenue in H1 2025 was 20% ahead of H1 2024, but after a
slower H2, full year revenue rose by 10% from 2024, increasing from £32.7m to
£35.8m.  Within this, the outer London and country markets performed
strongly, with 12% growth in sales revenue increasing their market share of
network income from 30% to 31% and 14% to 15% respectively.  Concerns over
potentially punitive taxation policies weighed heavily on the more sentiment
driven markets of Central London, causing a 1% decline.

 

Despite the Autumn Budget being less onerous than expected for property, the
level of stamp duty and poor sentiment around UK growth meant that
international interest remained at a low level. Central London recalibrated to
focus on appealing to the domestic market and prices fell.  Residential areas
dominated by needs-based buyers fared better, but prime Central London
transactions stood at historic lows. Luxury properties in all areas remained
under downward pressure, as cost increases across the board led to a reining
in of budgets.

 

Revenue from lettings and property management was 3% ahead of 2024 at £32.9m,
up from £32.0m. Lettings revenue declined by 5% from £16.4m to £15.6m,
whilst property management income grew by 9% from £15.6m to £17.0m. For the
first time, property management accounted for a larger portion of the overall
network income than lettings income: 24.8% for property management versus
22.7% for lettings. This reflected a reduction in the number of landlords in
the sector, but also our franchisees securing more mandates to manage
properties for clients looking for guidance as we approached the date for the
implementation of the Renters Rights Bill.

 

Overall, despite a volatile year in terms of property market sentiment, it was
pleasing to see sales and lettings network revenue increase by 6% from £64.7m
in 2024 to £68.7m in 2025. Both sales and lettings revenue grew, with higher
sales activity leading to a 52:48 split in 2025 compared to 51:49 in 2024.
 By focusing equally on both aspects of the business, we are well-placed to
capitalise on shifts in activity within either sector. Market share
opportunities arise as activity shifts from lettings to sales, or vice versa,
all underpinned by a growing property management business.

 

Winkworth's revenue of £10.74m was flat (2024: £10.79m) and profit before
taxation fell by 11% to £2.11m (2024: £2.36m). Cash flows from operating
activities increased significantly in 2025 to £2.17m from £1.67m in 2024,
reflecting enhanced working capital management across receivables and
payables. Investment expenditure increased in 2025 as the Group accelerated
the modernisation of its core infrastructure, including automation of the
finance function, enhancement of the web platform, and the integration of
AI-driven capabilities, supported by external specialist expertise. Certain
other incremental charges were incurred during the year, including a move in
premises, a planned increase in marketing spend in prime central London, and
one-off costs relating to employee benefits and salaries. The Group remains
debt-free, with year-end cash balances remaining robust at £3.9m compared
with £4.1m in 2024. Dividends of 13.2p per ordinary share were declared for
the full year (2024: 12.3p per share).

 

During the course of 2025, we opened four new offices and resold seven
franchises to new operators, reflecting continued momentum in both network
growth and franchise succession.  We are delighted to have added four new
offices already in 2026 through our largest assisted acquisition to date,
building on our successful Leamington Spa operation. This creates a new hub
for the network to further expand from, complementing our highly successful
Devon and Norfolk localised networks.

 

In addition, we have one resale due to complete soon and four others at early
stages. All our resales have the potential for significant uplifts in revenue.

 

At the time of our trading update in January 2026, we commented on the weak
performance of our equity-owned office in Crystal Palace during the course of
2025 and its subsequent sale to an existing franchisee in December. This
office has since shown considerable improvement and its strong forecast
revenues are expected to benefit the Company in FY 2026. The two remaining
offices in which the Company retains equity ownership have started the year
well and significantly ahead of last year.

 

OUTLOOK

 

After a steady start to the year, early 2026 trading across our network has
been resilient, with sales applicant registrations and agreed sales broadly in
line with recent years. Demand remains focused on good-quality homes in
well-connected and established neighbourhoods. This offers some encouragement
for a busier H2 after a disappointing H2 2025. Geopolitical tensions, however,
including ongoing instability in the Middle East and its impact on energy
prices and sentiment, are likely to remain sources of uncertainty where only
time will tell the impact on the UK market.

 

The BoE's reductions in Bank Rate to 3.75% supported improved mortgage
affordability earlier in the year, with fixed rates reaching their lowest
levels since 2022. The conflict in the Middle East has led to a sharp
reversal, however, with major lenders raising fixed mortgage rates and
withdrawing products as swap rates have risen on inflation concerns. The
prospect of further Bank Rate cuts has receded for now. We continue to expect
modest house price growth in 2026 as real incomes recover but recognise that
the near-term outlook for mortgage costs and inflation is considerably more
uncertain than it was at the start of the year.

 

If the geopolitical situation stabilises and energy prices ease, buyer
confidence should recover, but the market will need to navigate a period of
heightened uncertainty first. In 2025, there were 73,000 transactions in
Greater London, less than in the year of the Global Financial Crisis in 2008,
and so we see significant upside to London transactions when activity is
unlocked again.

 

We expect the rental market to continue to stabilise in 2026, with rental
price growth already slowing materially from recent peaks, providing some
welcome relief for tenants after a period of steep rises and constrained
stock. In the mid-term, however, this structural undersupply is likely to keep
pressure on rents.

 

We will continue to invest in our platform to ensure that the business keeps
evolving its proposition to both clients and franchisees. We are in the
process of upgrading our website to facilitate greater use of AI integration
and are confident that our franchisees are well placed to achieve a top-three
market share in their local markets. Our focus remains on growing the business
through recruiting best-in-class operators, supporting our franchisees, and
expanding our network, positioning Winkworth to continue building market share
and delivering sustainable returns.

 

 

Dominic Agace

Chief Executive Officer

14 April 2026

 

 

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

 

                                                                       2025           2024

                                                         Notes         £'000          £'000
 CONTINUING OPERATIONS
 Revenue                                                               10,736         10,794

 Cost of sales                                                         (1,646)        (1,666)

 GROSS PROFIT                                                          9,090          9,128

 Other operating income                                                6                                       -
 Administrative expenses                                               (7,404)        (6,842)

 Profit on disposal of subsidiary                                      305            -

 OPERATING PROFIT                                                      1,997          2,286

 Finance costs                                                         (52)           (60)

 Finance income                                                        163            138

 PROFIT BEFORE TAXATION                                                2,108          2,364

 Tax                                                     4             (491)          (592)

 PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR                    1,617          1,772

 Profit and total comprehensive income attributable to:

 Owners of the parent                                                  1,633          1,756

 Non-controlling interests                                             (16)           16

1,617
   1,772

 
 

                                                                       2025           2024

                                                                       £              £

 Earnings per share expressed in pence per share:            6
 Basic                                                                 12.65          13.73
 Diluted                                                               12.28          13.61

 

2025

£

 

 

    1,772

 

2024

£

Basic

 

 

12.65

 

13.73

Diluted

 

 

12.28

 

13.61

 

 

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

 

                                                     2025         2024

                                         Notes       £'000        £'000
 ASSETS
 NON-CURRENT ASSETS
 Intangible assets                                   1,141        1,238
 Property, plant and equipment                       519          828

 Prepaid assisted acquisitions support               906          822
 Investments                                         7            7
 Trade and other receivables                         1,080        674

                                                     3,653        3,569

 CURRENT ASSETS
 Trade and other receivables                         1,023        1,539
 Tax receivable                                      32           26
 Cash and cash equivalents                           3,904        4,085

                                                     4,959        5,650

 TOTAL ASSETS                                        8,612        9,219

 EQUITY
 SHAREHOLDERS' EQUITY
 Called up share capital                             65           65
 Share premium                                       179          179
 Other reserves                                      6            -
 Retained earnings                                   6,514        6,603

 TOTAL EQUITY                                        6,764        6,847

 Non-controlling interests                           18           16

 TOTAL EQUITY                                        6,782        6,863

 LIABILITIES
 NON-CURRENT LIABILITIES
 Trade and other payables                            275          638

 Deferred tax                                        138          163
                                                     413          801

 CURRENT LIABILITIES
 Trade and other payables                            1,294        1,461
 Corporation tax payable                             123          94
                                                     1,417        1,555

 TOTAL LIABILITIES                                   1,830        2,356

 TOTAL EQUITY AND LIABILITIES                        8,612        9,219

 

 

 

 M WINKWORTH PLC
 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
 FOR THE YEAR ENDED 31 DECEMBER 2025

                               Called up share                                                                        Non-controlling

                                                                       Retained         Share    Other                                 Total
                               capital                                 earnings         premium  reserves  Total      interests        equity
                               £'000                                   £'000            £'000    £'000     £'000      £'000            £'000

 Balance at 1 January 2024     65                                       6,396           179       -         6,640       -               6,640

 Changes in equity
 Issue of share capital        -                                       -                -         -            -          -                -
 NCI on acquisition of shares  -                                            -           -         -             -      -                  -
 Dividends                     -                                       (1,549)          -         -        (1,549)        -            (1,549)
 Total comprehensive income    -                                        1,756           -         -         1,756         16            1,772

 Balance at 31 December 2024   65                                       6,603           179       -         6,847         16            6,863

 Changes in equity
 Dividends                     -                                       (1,704)          -         -        (1,704)        -            (1,704)
 Transfer on disposal          -                                       (18)             -        -         (18)       18               -
 Total comprehensive income    -                                        1,633           -         6         1,639        (16)           1,623

 Balance at 31 December 2025   65                                       6,514           179       6         6,764        18             6,782

 

 

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

 

                                                                2025                2024

                                                    Notes       £'000               £'000

 Cash flows from operating activities

 Profit before tax                                              2,108               2,364

 Share option                                                   6                   -

 Disposal of subsidiary                                          (305)  589                      -

 Depreciation charges                                           52                  568

 Finance costs
(163)              60

 Finance income
2,287
(138)

2,854

 Decrease/(increase in trade and other receivables              44                  (413)

 Increase/(decrease) in trade and other payables                311                 (56)

 Cash generated from operations                                 2,642               2,385

 Tax paid                                                       (474)               (700)

 Net cash from operating activities                             2,168               1,685

 Cash flows from investing activities
 Purchase of intangible fixed assets                            (250)               (158)
 Purchase of tangible fixed assets                              (127)               (70)
 Sale of fixed asset investments                                -                   56

 Disposal of subsidiary, net of cash disposed                   (25)                -

 Payments for prepaid assisted acquisitions                     (220)               (330)
 Interest received                                              163                 138

 Net cash used in investing activities                          (459)               (364)

 Cash flows from financing activities
 Payments of lease liabilities                                  (134)               (175)
 Interest paid on lease liabilities                             (52)                (60)
 Equity dividends paid                                          (1,704)             (1,549)

 Net cash used in financing activities                          (1,890)             (1,784)

 Increase/(decrease) in cash and cash equivalents               (181)               (463)

 Cash and cash equivalents at beginning of year                 4,085               4,548

 Cash and cash equivalents at end of year                       3,904               4,085

WINKWORTH PLC

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 

1.    STATUTORY INFORMATION

 

M Winkworth Plc is a public company, registered in England and Wales and
quoted on AIM. The Company's registered number and registered office address
can be found on the Company Information page of the Annual Report.

 

2.    ACCOUNTING POLICIES

 

Basis of preparation

The financial statements have been prepared under the historical cost
convention, with the exception of financial instruments as set out below, and
in accordance with UK adopted International Accounting Standards. The
financial statements are presented in pound sterling, which is also the
company's functional currency. The following principal accounting policies
have been applied consistently in dealing with items which are considered
material in relation to the financial statements.

 

Going concern

The Group has produced detailed budgets, projections and cash flow forecasts.
These have been stress tested to understand the impacts of reductions in
revenue and costs. The directors have concluded after reviewing these budgets,
projections and forecasts, and making appropriate enquires of the business,
that there is a reasonable expectation that the Group has adequate resources
to continue in operation for the foreseeable future. Accordingly, they have
adopted the going concern basis of accounting in preparing the financial
statements.

 

Revenue

Revenue represents the value of commissions and subscriptions due to the group
under franchise agreements, together with the value of fees earned by its
subsidiary lettings business. Revenue in respect of commissions due on house
sales is recognised at the point of the relevant property sale having been
completed by the franchisee. Revenue in respect of commissions due on
lettings, property management and administration services is recognised in the
period to which the services relate. The group earns a straight 8% by value on
all sales and lettings income generated by the franchisees.

 

In Tooting Estates Limited, Crystal Palace Estates Limited and Lumley 1
Limited, revenue in respect of commissions due on house sales is recognised on
completion. Revenue in respect of commissions due on lettings and property
management is recognised over the life of the rental agreement.

 

 

3.    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.

                                                                             2025    2024

                                                                             £'000   £'000
 Revenue

 Corporate owned offices                                                     3,252              3,446
 Commissions and subscriptions due to the group under franchisee agreements  7,484   7,348
                                                                             10,736  10,794

 

 

 

 

 

 

All revenue is earned in the UK and no customer represents more than 10% of
total revenue in either of the years reported.

                                                                             2025    2024

                                                                             £'000   £'000
 Profit before tax

 Corporate owned offices                                                     244                    200
 Commissions and subscriptions due to the group under franchisee agreements  1,864   2,164
                                                                             2,108   2,364

 

4.    TAXATION

 

      Analysis of tax expense

                                                                          2025    2024

                                                                          £'000   £'000
 Current tax:

 Taxation                                                                 490                  625
 Adjustment re previous years                                             7       (15)

 Total current tax                                                        497     610
 Deferred tax                                                             (6)     (18)
 Total tax expense in consolidated statement of profit or loss and other
 comprehensive

                                                                        491     592
 Income

 

 

 

Factors affecting the tax expense

 

The tax assessed for the year is higher than the standard rate of corporation
tax in the UK. The difference is explained below:

                                                                             2025    2024

                                                                             £'000   £'000
 Profit before income tax                                                    2,108   2,364
 Profit multiplied by the standard rate of corporation tax in the UK of 25%  527     591
 Effects of:
 Expense not deductible for tax purposes                                     26      17
 Adjustment in respect of prior periods                                      7       (15)
 Depreciation in excess of capital allowances                                15      17
 Income not taxable                                                          (78)    -
 Other movements                                                             (6)     (18)
 Tax expense                                                                 491     592

    5.    DIVIDENDS

                               2025                        2024

                               £'000                       £'000

                                            1,704           1,549
 Ordinary shares of 0.5p each

6.    EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.

 

                                                                                  2025
                                                 Earnings                         Weighted average number of shares  Per-share amount
                                                 £'000                            '000                               pence
 Basic EPS
 Earnings attributable to ordinary shareholders  1,633                            12,909                             12.65
 Effect of dilutive securities                   -                                387                                -

 Diluted EPS
 Diluted earnings                                1,633                            13,296                             12.28

 

                                                                                  2024
                                                 Earnings                         Weighted average number of shares  Per-share amount
                                                 £'000                            '000                               pence
 Basic EPS
 Earnings attributable to ordinary shareholders  1,772                            12,909                             13.73
 Effect of dilutive securities                   -                                                 387               -

 Diluted EPS
 Diluted earnings                                1,772                            13,296                             13.33

7.    CALLED UP SHARE CAPITAL

                                                  2025

                                                              2024
 Authorised:                                      £'000       £'000
 20,000,000              Ordinary shares of 0.5p  100         100
                                                  2025

                                                              2024
 Issued and fully paid:                           £'000       £'000
 12,908,792              Ordinary shares of 0.5p  65          65

 

8.    RESERVES

 

Retained earnings are earnings retained by the Company not paid out in
dividends.

 

Share premium is the premium paid on shares purchased in the Company.

 

Other reserves are the fair value equity components recognised over the
vesting period of share based payments.

 

9.    POST BALANCE SHEET EVENTS

 

On 14 January 2026, M Winkworth Plc declared dividends of 3.3p per share for
the fourth quarter of 2025.

 

On 8 April 2026, M Winkworth Plc declared dividends of 3.3p per share for the
first quarter of 2026.

 

10.  FINANCIAL INFORMATION

 

The financial information contained within this announcement for the year
ended 31 December 2025 is derived from but does not comprise statutory
financial statements within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2024 have been filed
with the Registrar of Companies and those for the year ended 31 December 2025
will be filed following the Company's annual general meeting. The auditors'
reports on the statutory accounts for the years ended 31 December 2025 and 31
December 2024 are unqualified, do not draw attention to any matters by way of
emphasis, and do not contain any statements under section 498 of the Companies
Act 2006.

 

11.  ANNUAL REPORT AND ACCOUNTS

 

Copies of the annual report and accounts for the year ended 31 December 2025
together with the notice of the Annual General Meeting to be held at The
Lansdowne Club, 9 Fitzmaurice Place, London W1J 5JD on 21 May 2026, will be
posted to shareholders shortly and will be available to view and download from
the Company's website at www.winkworthplc.com
(https://protect.checkpoint.com/v2/r02/___http:/www.winkworthplc.com___.YXAxZTpzaG9yZWNhcDpjOm86ZjNjNWQ0Y2M0N2I1MzliZjdiN2I0YmZiNjZmYThlYjk6NzphNmYwOjgzM2M0YWU0NGYyOTczZjdmNzhiZWRlMjY4YjcxYWM5NzlmMGViNmI0ZjY5YzgxYmY0OTcwMzQwMTIyMDNkMzc6cDpUOk4)

 

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.   END  FR EAXLLFLKKEFA



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