M Winkworth Plc Trading Update (4559L)
13 Janvier 2021 - 8:00AM
UK Regulatory
TIDMWINK
RNS Number : 4559L
M Winkworth Plc
13 January 2021
13 January 2021
M Winkworth plc
Trading Update
M Winkworth plc ("Winkworth" or the "Company"), the leading
franchisor of real estate agencies, is pleased to announce the
following trading update for the financial year ending 31 December
2020.
Despite the stop/start market conditions brought about by
government mandates to control the spread of coronavirus, 2020 was
marked by the underlying strength of demand in the sales market.
After a brisk start to the year following Boris Johnson's election,
putting an end to the political uncertainty which overshadowed the
residential market in 2019, the first lockdown in early Spring
created new challenges to which we responded rapidly and
effectively. We were, therefore, well placed for the ensuing post
lockdown boom, fuelled by the stamp duty holiday incentive. The
second half of the year remained strong, not only as a result of
catch-up but also supported by a new category of buyers and sellers
looking to change their lifestyles. Once again, Winkworth increased
its market share of Sales Subject to Contract, most notably in
London where we ranked second with a market share of 4.6% in 2020
up from 4.2%(1) in 2019.
Lettings and management revenues suffered far less in the first
lockdown, due to the renewal of contracts and property management
services, so trading for the year showed greater consistency.
Business was driven by a catch-up following the pause rather than
an increase in demand and, until international interest recovers,
we see reduced rental prices in London limiting growth.
The rate of new office openings was, unsurprisingly, subdued in
2020, but nonetheless we opened two new offices and transferred one
office, Crystal Palace, to our ownership. We have four new offices
at advanced stages of negotiation at the start of 2021, with
promising early discussions on a further four. Over the course of
2020, we avoided making significant cost cuts to our infrastructure
and teams to ensure that we were well placed to support our
franchisees and help them to grow market share once conditions
improved.
Despite the market upheaval, Winkworth's total revenues were
broadly flat on 2019. Profits before tax are expected to be lower
than those achieved in 2019 and as a result, the total dividend
pay-out for the year has been reduced by some 15%. The Company
expects to announce its final results for the year ended 31
December 2020 on or around 8 April 2021.
We are relieved that estate agencies are to remain open for
business during the current lockdown and with our Q4 2020 sales
applications up 44% and lettings applications up 12% year-on-year,
and with a record pipeline of sales still to feed through to
trading in Q1 2021, we have entered the current year with
considerable momentum.
The directors of Winkworth are pleased to announce that the
Company will pay a dividend of 1.8p (2019: 2.1p) per share for the
fourth quarter of 2020, bringing total dividend payments declared
for the year to 6.68p (2019: 7.8p).
The timetable is as follows:
Ex-Dividend Date * 21/01/21
Record Date ** 22/01/21
----------
Expected Payment Date 18/02/21
----------
* 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
(1) Source: TwentyCI
Dominic Agace, Chief Executive Officer of Winkworth,
commented:
"Last year will be remembered primarily for the Covid crisis.
Our thanks go to our franchisees and employees for working so hard
to adapt to changing demands, and to our customers for their
patience and loyalty. We are pleased to have once again increased
our market share and, notwithstanding the latest lockdown, look
forward to our company's future with great confidence."
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
Robert Finlay
David Coaten
Henry Willcocks
About Winkworth
Winkworth is a leading franchisor of residential real estate
agencies and is admitted to trading on the AIM Market of the London
Stock Exchange.
Established in Mayfair in 1835, Winkworth has a pre-eminent
position in the mid to upper segments of the central London
residential sales and lettings markets. In total the company
operates from some 100 offices, having expanded consistently in
recent years.
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. Franchisees deliver
in-depth local knowledge and a highly personalised service to their
clients.
www.winkworthplc.com
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END
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