Bucking the current trend of companies cancelling or deferring dividend payments, Winkworth has announced that it is paying its shareholders 1.68p per share for the first quarter of 2020.

This is a 12% reduction compared to the dividend for Q1 of 2019.

In a statement the c.100 branch firm, founded in 1835, said:

“The board remains committed to paying a quarterly dividend.

“While the intention is to resume a progressive payment once trading conditions permit, the reduction in the first quarter dividend reflects the element of caution required as a result of the Covid-19 crisis.

“As it is the board’s objective to ensure that dividend pay-outs are covered by post-tax profits, the total distribution for 2020 is expected to be lower than 2019.”

The announcement follows publication on 6th April of the firm’s 2019 results which showed:

Franchised office network revenue of £48.3 million (2018: £46.5 million)

Revenues of £6.42 million (2018: £5.83 million)

Profit before taxation £1.63 million (2018: £1.45 million)

Year-end cash balance of £3.57 million (2018: £2.94 million)

Rental income 51% of total revenues (2018: 50%)