Business
Final Results for the year to 31 December 2015
Final Results for the year to 31 December 2015.
About this update from M Winkworth Plc
[{"type":"text","content":"\n \nRNS Number : 9553S M Winkworth Plc 23 March 2016 \n\nM Winkworth Plc (\"Winkworth\" or the \"Company\")\n \nAudited final results for the year to 31 December 2015\n \n \nFINANCIAL HEADLINES\n· Winkworth revenues up by 6.7% to £5.87 million (2014: £5.50 million) on franchisee turnover of £49.0 million\n· Profit before taxation down 1% to £1.91 million (2014: £1.93 million)\n· Basic earnings per ordinary share 11.95p (2014: 11.83p)\n· Cash generated from operations of £1.91 million (2014: £1.24 million) \n· Year-end cash position of £3.2 million (2014: £2.5 million)\n· Ordinary dividends payable up 10.2% to 6.5p per ordinary share (2014: 5.9p)\n· Special dividend declared of 1.8p per ordinary share\n \nBusiness Highlights\n \n§ Franchised offices sales down 2.4% to £49.0 million (2014: £50.2 million)\n§ 2 new offices opened and 8 franchises resold to new management\n§ London franchised offices sales accounted for 81% (2014: 81%) of the group total \n§ 38% of sales derived from lettings and management (2014: 35%)\n \nDominic Agace, CEO of the Company, commented:\n\"Despite headwinds for much of 2015 we reported broadly flat profitability for the year, increased the total dividend payout by 41% and continued to invest in new, centralised initiatives to drive growth in the medium term. After a strong finish to the year, we are now enjoying a positive start to 2016 across all our offices and an increase in franchisee applications.\" \n Chairman's Statement\n \nIn 2015, Winkworth focused on developing its offering, improving the overall quality of its franchises and optimising shareholder returns. Our increased investment in services, particularly the customer care service and the introduction of corporate relocations, has been very successful and enabled Winkworth to meet its gross turnover target for the year. Whilst having had an impact on profits in 2015, the full benefits of this investment will be felt late in 2016 and into 2017.\nThe increasing number of services introduced by the Company reinforces the strengths of the brand while increasi...