M Winkworth Plc Trading Update and Dividend Declaration (0575C)
17 January 2018 - 6:00PM
UK Regulatory
TIDMWINK
RNS Number : 0575C
M Winkworth Plc
17 January 2018
17 January 2018
M Winkworth plc
Trading Update and Dividend Declaration
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
2017.
As has been widely reported, the UK residential sales market
experienced a reduced number of transactions in 2017. Against this
challenging background, Winkworth is pleased to announce that,
following further growth in its lettings business, the Company's
total revenues for 2017 will be broadly in-line with market
expectations. The revenue figure is expected to be less than 5%
lower than 2016, a year which saw transactions in the first quarter
boosted by buy-to-let investors completing purchases before the
introduction of a higher rate of stamp duty. It is pleasing to
report that the Company's revenues in the second, third and fourth
quarters of 2017 all grew year-on-year and, subject to audit,
profits before tax are expected to be slightly ahead of market
expectations of GBP1.3m.
Over the course of the year the Company opened seven new
offices, raising the total number of franchised outlets at year end
to 99 (versus 94 in 2016). An additional three offices will open in
the first quarter of 2018 and we expect further opportunities both
to convert existing businesses to the Winkworth brand and to grow
new franchises.
The Company expects to announce its final results for the year
ended 31 December 2017 on or around 28 March 2018.
Winkworth ended the year with an improved net cash position and
the directors are pleased to announce that the Company will pay a
dividend of 1.85p per share for the fourth quarter of 2017,
bringing total dividend payments for the year to 7.25p (2016:
7.2p).
The timetable is as follows:
Ex-Dividend 25/01/18
Date *
----------------- ---------
Record Date 26/01/18
**
----------------- ---------
Expected Payment 26/02/18
Date
----------------- ---------
* Shares bought on or after the ex-dividend date will not
qualify for the dividend
** Shareholders must be on the Winkworth share register on this
date to receive this dividend
Dominic Agace, Chief Executive Officer of Winkworth,
commented:
"At the national level, transactions were below average in 2017,
although over the course of the year we experienced an improvement
in activity in prime central London. Our lettings business is going
from strength to strength and we are pleased to have proven the
resilience of the brand under testing market conditions. While the
outlook for the market in 2018 remains uncertain, we start the year
with an increased number of offices and a pipeline of high quality
applicants."
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
Stockdale Securities Ltd (NOMAD and Broker) Tel : 020 7601 6100
Robert Finlay
Ed Thomas
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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