Franchising organisation Winkworth has reported rises in both revenues and profits for last year. Yesterday, its shares shot up in price.

It had revenues of £5.98m, up from £5.42m in 2017, and pre-tax profits of £1.45m, up from £1.38m.

Sales dropped 4% overall and 6% in London, but rental income increased, contributing 50% of total revenues.

A total of 12 new franchisees joined, opening six new offices between them, and six businesses were sold to new management.

Total gross revenues for the 100-strong office network rose by 1% in 2018 to £46.5m (2017: £46.2m) with sales 6% lower at £23.4m (2017: £24.8m) and rentals up 8% to £23.1m (2017: £21.3m).

London offices accounted for 81% of gross revenues (2017: 80%).

CEO Dominic Agace said: “We are pleased with our results for 2018, achieved in a sales market which remains testing.”

He said he expects to see new opportunities this year, with some agencies seeking to “plug into the Winkworth platform” and others looking to sell their portfolios.

Yesterday, Winkworth shares rose over 13%% to finish at about 119p.