TIDMWINK
RNS Number : 8118I
M Winkworth Plc
06 April 2020
M Winkworth Plc
Audited final results for the year to 31 December 2019
M Winkworth plc ("Winkworth" or the "Company"), the leading
franchisor of real estate agencies, is pleased to announce its
results for the year ended 31 December 2019.
Highlights for the year
-- Franchised office network revenue of GBP48.3 million (2018: GBP46.5 million)
-- Revenues of GBP6.42 million (2018: GBP5.83 million)
-- Profit before taxation GBP1.63 million (2018: GBP1.45 million)
-- Year-end cash balance of GBP3.57 million (2018: GBP2.94 million)
-- Rental income 51% of total revenues (2018: 50%)
-- Six new franchisees with three offices opened and three resold to new management
-- Dividends of 7.8p declared (2018: 7.45p)
Dominic Agace, CEO of the Company, commented: "In 2019, we
recorded another good set of results against testing market
conditions, and the increase in our dividend reflects this
achievement. We are proud of the strength of our brand and the
balance in our business between sales and rentals. We are now
waiting to see how great an impact the coronavirus crisis will have
on the current year's trading and doing all we can to safeguard our
franchisees, customers and employees. The long-term fundamentals
for the housing market remain in place and with a strong financial
position and a proven, defensive model, we are well placed to
withstand this fast-moving situation."
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 Ltd (NOMAD and Broker) Tel : 020 7408 4090
Robert Finlay
David Coaten
Henry Willcocks
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
Update on Covid-19
Since the government's directive on the temporary closing of
high street branches came into effect on 24 March 2020, we have
undertaken a number of initiatives to help our franchisees through
this difficult time. Besides cutting non-essential marketing and
training courses, and passing on savings to our franchisees, we
have provided them with comprehensive help on business topics
including remote working, maintaining a dialogue with customers,
employment rights and government loan schemes. On top of the daily
flow of commercial information, our franchisees are providing us
with regular updates of their financial health so that we can
assess their individual situations and provide support where most
needed.
At Group level, we have modelled a range of scenarios to stress
test our liquidity in the current financial year. The Board is
comfortable that, even under the worst of these, the business has
the required financial resources for the foreseeable future.
Winkworth paid its 2019 fourth quarter dividend on 20(th) February
2020 as announced.
Chairman's Statement
As we report on a successful year in 2019, we are getting to
grips with the unprecedented outbreak of Covid-19 and government
directives on how best to respond to it. Our group will do all that
it can to mitigate the impact of this crisis while safeguarding the
health of all concerned.
On reading the Winkworth results, shareholders will note that,
since the Brexit vote, our gross turnover generated by franchisee
operations has fallen yet our profits have grown, and we are
satisfied that this is one of the strengths of the Winkworth
franchise model. Markets fluctuate, but as a boutique group of
franchised estate agents, Winkworth's managers have managed their
costs with agility and successfully promoted the overall
business.
Winkworth is in the fortunate position of being able to adapt to
the cycle. In 2014-15, the market peaked followed by market
turbulence due to substantial increases in stamp duty and
uncertainty over Brexit. Higher stamp duty has had a negative
impact on buying power and no one has yet found a way to borrow
money to pay it, so this remains a hurdle in the London market.
Since the increases, the volume of sales has reduced right across
the market, offset to some extent by growth in rentals.
Meanwhile, the trend to buying for investment was originally
propelled by mortgage interest offset encouraging investors to
compete with home buyers. Changes in tax treatment have caused this
to adjust, with landlords now buying through corporate envelopes
where mortgage relief and costs can be offset against income, and
net income paid as corporation tax. I believe, therefore, that we
are undergoing a period of adjustment from landlords in the rental
market.
Service and personal connections, rather than volume, have
always been key drivers of Winkworth's business. We continue to
expand our software and internet services to back this up and, with
a small increase in sales volumes, we anticipate that Winkworth
will benefit from the increased profitability that you would expect
from a business with a flexible cost base.
Finally, we are extremely pleased to be in the top ten of
YouGov's 2019 independent survey of most recommended property
brands, and fifth in the estate agency category, reflecting the
high standards that we set ourselves. We hope that through the
investment that we make in our Knowledge and Regulation team,
delivering increased training across the group both online and
through face to face sessions, we can maintain or improve this
position going forward. As a high touch advisory business,
continuing to evolve digitally and operating in prime local
markets, we believe that we can continue to grow market share and
attract the right individuals to join our group, rewarding their
efforts and enabling us to transition to the next generation of
quality operators.
Simon Agace
Non-Executive Chairman
4 April 2020
CEO's Statement
At the time of writing we are waiting to see how great an impact
the COVID-19 crisis will have on the current year's trading. Our
thoughts and sympathies go out to all that have been affected by
the virus either directly or indirectly.
After a good year's performance in 2019, we have entered the
crisis in robust financial health. The 2019 sales market was
characterised by strength in underlying demand, and it became
evident over the course of the year that people had moved on beyond
Brexit. Each time that the dramatic news-flow eased, sales picked
up significantly, in particular after the March delay and post the
November election and associated 'Boris bounce', the size of which
showed that the debate had moved on to fears over either the
potential impact of some of Labour's policies or an unending
political deadlock resulting from a hung parliament.
With asking prices significantly lower (by as much as 20% in
London) since the 2014 stamp duty changes, employment remaining
high and money cheap, we believe that there was, and still is,
significant pent up demand from those that have been holding off
moving for several years and want to take advantage of this
environment when they can, thus keeping up with their life
needs.
Winkworth saw an 8% increase in transactions across the board,
increasing its market share both nationally and in London in
particular, where we ranked second in Sales Subject to Contract
with a market share of 4.2%, up from 3.6% in 2018. Notwithstanding
some weakness in Central London, our total transactions in the
capital increased by 2% while our country offices marked a 15%
increase.
Lettings and management services underwent a significant year
with the ending of tenant fees in June. Our revenues continue to
grow despite this, with overall UK income up by 6% on 2018, driven
by our country offices growing at 16%. Our London offices recorded
a respectable 4% increase in revenues and represented 84% of total
lettings and management income (2018: 86%).
Within this division, revenues from property management
continued to show excellent growth, increasing by 12% to represent
20% of total gross revenues (2018: 18%). As the stickiest income
stream within our business, it is positive to see the network
responding to increased regulation by converting more landlords to
our management services proposition and building a closer
relationship to help them through the increased regulatory burden.
Converting service to a more advisory one adds value to our clients
and strengthens our overall business.
With commission levels stable, and both sales and lettings and
management services showing growth on 2018, total gross revenues
for the franchised office network rose by 4% to GBP48.3m (2018:
GBP46.5m) with sales up by 2% to GBP23.8m (2018: GBP23.4m) and
lettings and management up 6% to GBP24.4m (2018: GBP23.0m). London
offices accounted for 78% of gross revenues (2018: 81%) following a
1% rise, while total gross revenues were bolstered by a 16%
increase from our country offices.
This performance came just 4% short of the peak level achieved
by the Winkworth network in 2014, despite sales transactions in our
heartland of the South-East being significantly lower than they
were in that year. This reflects both the 6-10% per annum growth of
our lettings and management business over the past five years and
market share gains achieved in a weaker sales market.
Winkworth's revenues, incorporating six months trading of
Tooting Estates Limited, grew by 10% to GBP6.42m (2018 as restated:
GBP5.83m) and profit before taxation increased by 12% to GBP1.63m
(2018: GBP1.45m). The Group's cash stood at GBP3.57m (2018:
GBP2.94m). Dividends of 7.8p were declared for the year (2018:
7.45p).
Reflecting the ebb and flow of market uncertainty, new
applicants approached opening new offices with caution. Despite
this, we opened three new franchisee offices and, as part of our
portfolio management process, re-sold a further three franchisee
offices to new operators. This transition improves the quality of
the offices in our network and, when added to the portfolio
management of previous years, increases the pool of talented
operators that help us to grow dynamically.
At a time, outside of the impact of Covid 19, when the
profitability of pure lettings and management businesses is under
pressure from a shortening of supply, increased regulation, and the
loss of tenant fees, we believe that our business model, equally
balanced between rentals and the more profitable sales business,
not only benefits our existing franchisees but is also attractive
to new franchise talent looking for a blended proposition to suit
changing market conditions.
We backed one new franchisee through equity participation in
Tooting Estates Limited, looking to increase our financial return
to above the 8% that we receive as part of our regular franchise
agreement, and we remain open to repeating this approach where we
find the right local market and the right operator. This type of
endorsement can provide a quality operator, who otherwise would not
be able to take the step, to become their own boss and build a
business. Having analysed the data across all our London offices,
we see further opportunities to develop this approach in due
course.
We look forward to seeing the conclusions from the work of the
Regulation of Property Agents (ROPA) working group. Having always
focussed on the quality of the people in our network, we expect its
recommendations to be in line with our thoughts on the future for
the business. Our existing initiatives, such as the Knowledge and
Regulation hub that is accessible to all Winkworth agents, should
help us to maintain our position at the leading edge of the
industry.
We are now waiting to see how great an impact the coronavirus
crisis will have on the current year's trading and doing all we can
to safeguard our franchisees, customers and employees. The
long-term fundamentals for the housing market remain in place and
with a strong financial position and a proven, defensive model, we
are well placed to withstand this fast-moving situation.
Outlook
The first quarter of this year started extremely well, with
sales applicants rising by 30-40% on the comparable period in 2019.
We also saw a positive start in lettings, albeit with supply
reducing as fewer buy-to-let investors entered the market due to
additional stamp duty changes on second home purchases. Some
existing investors consolidated their portfolios or sold off
investments, taking advantage of the uptick in sales activity as
the reduction of relief on interest payments comes to an end.
Now, however, we have entered a period of considerable
uncertainty as measures are taken to defend the UK against the
spread of Covid-19. These are having an impact on the business of
each and every one of our franchisees and, whilst we have a very
robust business model and financial position, it is too early to
predict what the full effect will be on activity in the remaining
nine months of 2020. We will, of course, update shareholders on
trading as soon as we have some greater clarity on a return to more
normal trading conditions. In the meantime, our key concern is the
wellbeing and safety of our franchisees, customers and group
employees and we are taking all possible steps to mitigate health
risks.
Dominic Agace
Chief Executive Officer
4 April 2020
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE YEARED 31 DECEMBER 2019
2019 2018
as restated
Notes GBP'000 GBP'000
CONTINUING OPERATIONS
Revenue 6,416 5,831
Cost of sales (1,320) (1,547)
--------- -------------
GROSS PROFIT 5,096 4,284
Administrative expenses (3,561) (2,915)
Negative goodwill 68 -
--------- -------------
OPERATING PROFIT 1,603 1,369
Finance costs (29) -
Finance income 54 83
--------- -------------
PROFIT BEFORE TAXATION 1,628 1,452
Tax 4 (320) (288)
--------- -------------
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR
THE YEAR 1,308 1,164
========= =============
Profit and total comprehensive income attributable
to:
Owners of the parent 1,285 1,164
Non-controlling interests 23 -
--------- -------------
1,308 1,164
====== ======
Notes
Earnings per share expressed in pence per 6 2019 2018
share: GBP GBP
Basic 10.09 9.14
Diluted 10.07 9.14
--------- -------------
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2019
2019 2018
as restated
Notes GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Intangible assets 668 71
Property, plant and equipment 607 121
Prepaid assisted acquisitions support 541 603
Investments 43 53
Trade and other receivables 372 724
--------- -------------
2,231 1,572
--------- -------------
CURRENT ASSETS
Trade and other receivables 913 1,026
Cash and cash equivalents 3,571 2,935
--------- -------------
4,484 3,961
--------- -------------
TOTAL ASSETS 6,715 5,533
========= =============
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 64 64
Share based payment reserve 8 51 51
Retained earnings 4,867 4,550
--------- -------------
4,982 4,665
Non-controlling interests 97 -
--------- -------------
TOTAL EQUITY 5,079 4,665
--------- -------------
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 294 -
Deferred tax 66 17
--------- -------------
CURRENT LIABILITIES 360 17
Trade and other payables 1,085 722
Corporation tax payable 191 129
--------- -------------
1,276 851
TOTAL LIABILITIES 1,636 868
--------- -------------
TOTAL EQUITY AND LIABILITIES 6,715 5,533
========= =============
M Winkworth PLC
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
for the Year Ended 31 December
2019
Called
up
share Retained Share Other Non-controlling Total
capital earnings premium reserves Total interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2018 64 3,742 1,793 51 5,650 - 5,650
Changes in equity
Capital reduction - - (1,146) - (1,146) - (1,146)
Capital reduction expenses - (61) - - (61) - (61)
Transfer of excess share premium - 647 (647) - - - -
Dividends - (942) - - (942) - (942)
Profit and total comprehensive
income - 1,164 - - 1,164 - 1,164
------- -------- ------- -------- ------- --------------- -------
Balance at 31 December 2018 64 4,550 - 51 4,665 - 4,665
------- -------- ------- -------- ------- --------------- -------
Changes in equity
Dividends - (968) - - (968) - (968)
Acquired with subsidiary - - - - - 74 74
Profit and total comprehensive
income - 1,285 - - 1,285 23 1,308
------- -------- ------- -------- ------- --------------- -------
Balance at 31 December 2019 64 4,867 - 51 4,982 97 5,079
======= ======== ======= ======== ======= =============== =======
M WINKWORTH PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2019
2019 2018
as restated
Notes GBP'000 GBP'000
Cash flows from operating activities
Profit before tax 1,628 1,452
Depreciation charges 573 270
Profit on disposal of fixed assets - (3)
Reduction in fair value of fixed asset
investments 10 32
Negative goodwill (68) -
Finance costs 29 -
Finance income (54) (83)
2,118 1,668
Increase in trade and other receivables (1,464) (133)
Increase/(decrease) in trade and other
payables 1,621 77
--------- -------------
Cash generated from operations 2,275 1,612
Tax paid (255) 56
--------- -------------
Net cash from operating activities 2,020 1,668
--------- -------------
Cash flows from investing activities
Purchase of intangible fixed assets (170) (104)
Purchase of tangible fixed assets (9) (70)
Assisted acquisitions support (98) (15)
Purchase of fixed asset investments - (78)
Repayment of assisted acquisitions support - 21
Cash acquired on acquisition 116 -
Cash paid to acquire subsidiary (23) -
Interest received 54 83
--------- -------------
Net cash from investing activities (130) (163)
--------- -------------
Cash flows from financing activities
Capital reduction - (1,146)
Costs relating to capital reduction - (61)
Principal paid on lease liabilities (257) -
Interest paid on lease liabilities (29) -
Equity dividends paid (968) (942)
--------- -------------
Net cash from financing activities (1,254) (2,149)
========= =============
Increase/(decrease) in cash and cash equivalents 636 (644)
Cash and cash equivalents at beginning
of year 2,935 3,579
--------- -------------
Cash and cash equivalents at end of year 3,571 2,935
========= =============
M WINKWORTH PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARED 31 DECEMBER 2019
1. STATUTORY INFORMATION
M Winkworth Plc is a public company, registered in England and
Wales and listed on AIM. The company's registered number and
registered office address can be found on the Company Information
page.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards adopted by the European
Union ("IFRS"), under the historical cost convention, with the
exception of financial instruments as set out below. 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 directors have, at the time of approving the financial
statements, a reasonable expectation that the group has adequate
resources to continue in operational existence for the foreseeable
future. Various scenarios have been run on the potential impact of
COVID-19 (as detailed in the Report of the Directors on page 11 of
the full financial statements), which demonstrate that the group
has sufficient working capital for the foreseeable future. The
group has a strong cash base and no borrowings, with a high level
of discretionary expenditure, which can be cut at short notice.
Income would need to fall very substantially for a prolonged
period, beyond six months, before a cash shortfall arose, at which
point stronger measures would be taken to cut costs. Thus they
continue to adopt 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, 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. PRIOR YEAR ADJUSTMENT
The directors have reconsidered the nature of the payments made
to franchises on inception of a franchise arrangement, which are
intended to assist with branding and other costs. These had
previously been presented as an intangible asset under IAS 38, but
the directors are now of the view that the payments do not result
in the group receiving a distinct good or service from the
franchisee and, in consequence, consider them to meet the
definition of consideration payable to a customer under IFRS
15.
Consequently, this asset is described as "Prepaid assisted
acquisitions support" on the Group statement of financial position.
The asset continues to be amortised over 10 years on a
straight-line basis, however, the amortisation is now recognised as
a deduction in revenue rather than an amortisation charge to
administrative expenses. As a result, revenue and administrative
expenses reported at 31 December 2018 have been restated by
GBP148,639. There is no impact on the profit or net assets reported
for the year in 2018.
A full balance sheet as at 31 December 2017 has not been
presented in accordance with IAS 1 given the limited number of line
items affected. The effect of the adjustment posted to correct this
historical error has been included in the table below:
2018 2018 2018
As previously Effect of As restated
Presented Adjustment
GBP'000 GBP'000 GBP'000
Prepaid assisted acquisitions
support - 603 603
Intangible assets 674 (603) 71
2017 2017 2017
As previously Effect of As restated
Presented Adjustment GBP'000
GBP'000 GBP'000
Prepaid assisted acquisitions
support - 665 665
Intangible assets 796 (665) 131
4. TAXATION
Analysis of tax expense
2019 2018
GBP'000 GBP'000
Current tax:
Taxation 311 280
Adjustment re previous years 6 2
------- -------
Total current tax 317 282
Deferred tax 3 6
------- -------
Total tax expense in consolidated statement of profit
or loss and other comprehensive
Income 320 288
======= =======
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:
2019 2018
GBP'000 GBP'000
Profit before income tax 1,685 1,452
------- -------
Profit multiplied by the standard rate of corporation
tax in the UK of 19% (2018 - 19%) 320 275
Effects of:
Expense not deductible for tax purposes 7 1
Adjustment in respect of prior periods 6 10
Depreciation in excess of capital allowances 6 2
Income not taxable (17) -
Other movements (2) -
------- -------
Tax expense 320 288
======= =======
5. DIVIDS
2019 2018
GBP'000 GBP'000
Ordinary shares of 0.5p each 968 942
======= =======
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.
2019
Earnings Weighted Per-share
average amount
number of
shares
GBP'000 '000 pence
Basic EPS
Earnings attributable to ordinary shareholders 1,285 12,733 10.09
Effect of dilutive securities - 25 -
--------- ----------- ----------
Diluted EPS
Diluted earnings 1,285 12,758 10.07
========= =========== ==========
2018
Earnings Weighted Per-share
average amount
number of
shares
GBP'000 '000 pence
Basic EPS
Earnings attributable to ordinary
shareholders 1,164 12,733 9.14
Effect of dilutive securities - 4 -
--------- ----------- ----------
Diluted EPS
Diluted earnings 1,164 12,737 9.14
========= =========== ==========
7. CALLED UP SHARE CAPITAL
2019 2018
Authorised: GBP'000 GBP'000
20,000,000 Ordinary shares of 0.5p 100 100
========= ===========
2019 2018
Issued and f GBP GBP
u lly paid:
12,733,238 Ordinary shares of 0.5p 64 64
========= ===========
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.
On 24 July, 2018, the High Court of Justice of England and Wales
made an order approving a Reduction of Capital. Under the terms of
this arrangement, the Company's share premium account of
approximately GBP1.793 million was cancelled and approximately
GBP1.146 million of capital was returned to shareholders.
The balance of approximately GBP0.647 million, less the costs of
the Return of Capital, was transferred to the Company's profit and
loss account.
The share price at close of business on 23 July 2018, the day
before the High Court made the order was 130.0p for each 0.5p
share.
9. ACQUISITION OF SUBSIDIARY
On 1 July 2019, Winkworth Franchising Limited acquired 55% of
Tooting Estates Limited, which operates the Winkworth franchise in
the Tooting area, for GBP22,500. The consideration of GBP22,500 was
paid in cash. In addition, Winkworth Franchising Limited advanced
GBP92,500 of loans to Tooting Estates Limited at an interest rate
of 5% repayable over 5 years.
In addition to the financial impact, the acquisition of Tooting
Estates Limited as a subsidiary, will keep Winkworth in touch with
and learning from front end experiences and industry trends. It
will also provide a live platform to test and develop future
digital initiative and evolve our centralised CRM systems, which
will be of benefit to all our franchisees.
At 01/07/19 Fair value Fair value
adjustment of net
assets
GBP'000 GBP'000 GBP'000
Customer lists 192 304 496
Tangible assets 146 - 146
Trade and other receivables 52 - 52
Cash and cash receivables 116 - 116
Payables < 1 year -267 - -267
Payables > 1 year -333 - -333
Deferred tax 12 (58) -46
Net asset acquired (82) 246 164
Group share 91
Consideration paid 23
-----------
Negative goodwill 68
===========
The purchase consideration of GBP22,500 was settled in cash,
with negative goodwill included in the Consolidated Statement of
Profit or Loss and Other Comprehensive Income.
10. POST BALANCE SHEET EVENTS
Since the government's directive on the temporary closing of
high street branches came into effect on 24 March 2020, we have
undertaken a number of initiatives to help our franchisees through
this difficult time. Besides cutting non-essential marketing and
training courses, and passing on savings to our franchisees, we
have provided them with comprehensive help on business topics
including remote working, maintaining a dialogue with customers,
employment rights and government loan schemes. On top of the daily
flow of commercial information, our franchisees are providing us
with regular updates of their financial health so that we can
assess their individual situations and provide support where most
needed.
At Group level we have modelled a range of scenarios to stress
test our liquidity in the current financial year. The Board is
comfortable that, even under the worst of these, the business has
the required financial resources for the foreseeable future.
Winkworth paid its 2019 fourth quarter dividend on 20(th) February
2020 as announced.
11. FINANCIAL INFORMATION
The financial information contained within this announcement for
the year ended 31 December 2019 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 2018 have been filed with the Registrar of
Companies and those for the year ended 31 December 2019 will be
filed following the Company's annual general meeting. The auditors'
reports on the statutory accounts for the years ended 31 December
2019 and 31 December 2018 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.
12. ANNUAL REPORT AND ACCOUNTS
Copies of the annual report and accounts for the year ended 31
December 2019 together with the notice of the Annual General
Meeting to be held at the offices of M Winkworth Plc on 12 May
2020, will be posted to shareholders shortly and will be available
to view and download from the Company's website at
www.winkworthplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR UPUAUCUPUGUA
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