M Winkworth Plc Trading Update and Dividend Declaration (7946Z)
15 January 2020 - 6:00PM
UK Regulatory
TIDMWINK
RNS Number : 7946Z
M Winkworth Plc
15 January 2020
15 January 2020
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
2019.
In an uncertain and difficult year that was dominated by
political developments, we continued to drive the business forward
and increase our market share. This was particularly the case in
London, where Winkworth ranked second in Sales Subject to Contract
with a market share of 4.2%, up from 3.6% in 2018, and new listings
held steady in fifth place, with an increased share of just over
3%(1).
Prices remained broadly flat, having bottomed in 2018, some 20%
below their 2014 peak in prime central London and 10-15% in outer
London, with low supply underpinning prices. While our activity in
the London market remained subdued, we recorded an upturn in
transactions outside of London as buyers decided to get on with
their lives after years of watching and waiting.
Despite the tenant fee ban, initiatives in the lettings and
management sector continued to bear fruit, with revenue growth once
again increasing year-on-year.
New franchise openings were held back by caution over the
political backdrop but, nonetheless, we opened three new offices
over the course of last year. In addition, we continued to see
significant growth in revenue from our portfolio management
initiatives, where a new generation of franchisees is
re-invigorating key offices. In 2019, a further three offices were
resold to new operators.
Total network revenues were slightly up on 2018 figures while,
subject to audit, consolidated group turnover and profits before
tax are expected to be modestly ahead of market expectations. The
Company plans to announce its final results for the year ended 31
December 2019 on or around 2 April 2020.
Winkworth ended the year with a strong net cash position and the
directors are pleased to announce that the Company will pay an
increased dividend of 2.1p (2018: 1.9p) per share for the fourth
quarter of 2019, bringing total dividend payments declared for the
year to 7.8p (2018: 7.45p).
The dividend timetable is as follows:
Ex-Dividend Date * 23/01/20
Record Date ** 24/01/20
----------
Expected Payment Date 20/02/20
----------
* 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:
"We are very pleased with the progress made against a difficult
market in 2019 and, once again, to be in a position to raise our
dividend payment. Our professional network and robust model have
led to further gains in market share and we look forward to
welcoming new operators. At the start of 2020, new applications for
both sales and lettings have risen sharply and, with borrowing
rates remaining low and a more visible political agenda, we
anticipate that these will translate into increased activity in
coming months."
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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