TIDMWINK
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 GBP26.4 million (H1 2022: GBP27.7 million)
- Network sales revenues down by 18% to GBP12.3 million (H1 2022: GBP15.0 million)
- Network lettings revenues up by 10% to GBP14.0 million (H1 2022: GBP12.7 million)
-- Network sales revenues accounted for 47% of total network revenues (H1 2022: 54%)
-- Winkworth revenues at GBP4.27 million in line with H1 2022 (H1 2022: GBP4.28 million)
-- Majority-owned offices generated revenues of GBP1.14 million (H1 2022: GBP1.19 million)
-- Profit before taxation down by 24% to GBP0.81 million (H1 2022: GBP1.07 million)
-- Cash balance at 30 June 2023 of GBP4.23 million (30 June 2022: GBP4.11 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 SSTC(1). 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 GBP26.4m
were 5% lower year-on-year (2022: GBP27.7m). 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 GBP12.3m (2022: GBP15.0m) while
Lettings and Management increased by 10% to GBP14.0m (2021:
GBP12.7m), producing a 47:53 revenue split between these two
activities compared to a 54:46 ratio in 2022.
At GBP4.27m, Winkworth's revenues were in line with H1 2022 (H1
2022: GBP4.28m), but profit before taxation fell by 24% to GBP0.81m
(H1 2022: GBP1.07m). The Group's cash stood at GBP4.23m at 30 June
2023 (H1 2022: GBP4.11m) 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.
Note(1): 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
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
GBP000's GBP000's GBP000'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
============ ============ ===========
Profit and total comprehensive
income attributable to:
Owners of the parent 559 797 1,951
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 GBP000's GBP000's GBP000'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
------------ ------------ ---------------
6,303 5,860 6,327
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
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000'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 GBP000's GBP000's GBP000'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)
------------ ------------ -----------
Increase/(decrease) in cash
and cash equivalents (1,017) (911) 232
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
GBP000's GBP000's GBP000'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
(Increase) in trade and other receivables (246) 265 106
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
GBP000's GBP000's GBP000'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 6 months 12 months
2023 2022 2022
GBP000 GBP000 GBP000
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
GBP000'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 Website
lists development Total
GBP000's GBP000's GBP000'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
GBP000's GBP000's GBP000'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
Weighted Weighted
average average
Number exercise Number exercise
of options price (p) of options 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
GBP375,121 (30 June 2022: GBP595,019) were paid to the
directors.
During the 6 months to 30 June 2023, the Company received a
dividend of GBP738,528 (30 June 2022: GBP1,171,458) from its
subsidiary undertaking Winkworth Franchising Limited. The balance
owed by Winkworth Franchising Limited to the Company at 30 June
2023 was GBP1,267,587 (30 June 2022: GBP1,267,587).
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 GBPNil (30 June 2022:
GBP15,130).
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 GBP136,500.
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
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END
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