Winkworth has just announced its final results for the year ended 31 December 2023.

The financial performance in 2023 was in line with management expectations, with higher revenues from lettings helping to balance a subdued sales market.

The the London franchisor of estate agencies says that the quality of its platform and franchisees meant that it agreed more sales and lettings than any other agent within our operating area.

Highlights:

+ Revenues of £9.27 million in line with 2022 (2022: £9.31 million).

+ Franchised office network revenue down 8% at £57.8 million (2022: £63.1 million).

+ Sales revenues 48% of total revenues (2022: 54%).

+ Profit before taxation down 15% to £2.15 million (2022: £2.47 million).

+ Clean Balance Sheet: Year-end cash balance of £4.55 million (2022: £5.25 million) with no debt.

+ Four new offices opened in the year (2022: two offices opened).

+ Ordinary dividends of 11.7p per ordinary share declared (2022: 11.0p per ordinary share).

Dominic Agace, CEO of the company, commented: “Winkworth’s business remained strong, and we continue to execute our plan of recruiting new talent in order to create significant uplifts in revenue. We have already opened three new offices in 2024 and have the potential to open or relaunch eight new franchisees in London over the next 18 months.

“Our portfolio management initiatives include revitalising ambition and growth right across the business, and with sales agreed to the end of March 23% ahead of the same period in 2023, we are excited by the outlook for the current year.”

Investor presentation

Dominic Agace and Andrew Nicol, CFO of the firm, will present the Final Results via the Investor Meet Company platform on 18 April 2024 at 1pm.

The presentation is open to all existing and potential shareholders who can sign up and register to participate for free here.