Business
M Winkworth : Trading Update, Dividend Announcement and Special Dividend
M Winkworth : Trading Update, Dividend Announcement and Special
About this update from M Winkworth Plc
M WINKWORTH PLC PRESS RELEASE Press Office 020 7355 0220 [email protected] 4th Floor 1 Lumley Street Mayfair London W1K 6TT Trading Update, Dividend Announcement and Special Dividend 12.01.22 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 2021. Sales activity in Q4 2022 remained brisk, with continued interest in relocation post the heightened level of transactions triggered by the stamp duty holiday, which ended in September. For the year as a whole, our sales agreed were 13% higher than in 2020 and 42% above those of 2019. Our rental business experienced some normal seasonal slowdown after several months of intense activity but remained strong in London. Prime Central London continues to show signs of recovery, although the outlook for international interest remains dependent on travel restrictions. Two more offices were opened, bringing the total number of offices opened in 2021 to six. Five of these offices were opened by existing franchisees and we expect our local networks to continue to grow, led by talented, proven and ambitious franchisees whose expansion we are supporting. Following the strength in the market, we also expect to see an increase in approaches for franchises from new applicants. Since our trading update of 11 November 2021, our business has continued to be strong. Winkworth's full year revenues have again exceeded management expectations and pre-tax profits are expected to be ahead of market forecasts at the time of the last trading update. The Company expects to announce its final results for the year ended 31 December 2021 on or around 12 April 2022. For the current year, with a good outlook for sales and an improved rental market in London, we look forward to the continued underlying growth of the business. The directors of Winkworth are pleased to announce that the Company will pay an ordinary dividend of 2.7p (2020: 1.8p) per share for the fourth quarter of 2021, together with a special dividend of 3.8p per share, in recognition of the continued strong performance in the second half of the year. This brings the total dividend payments declared for the year to 17.0p (2020: 6.68p). The timetable for the payment of the ordinary and special dividend is as follows: Ex-Dividend Date * 20/01/22 Record Date ** 21/01/22 Expected Payment Date 17/02/22 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 Dominic Agace, Chief Executive Officer of Winkworth, commented: "We are conscious of the rising interest rate environment, but the cost of finance remains at a record low and we believe that there is still pent up desire from households to relocate. Buyer demand over the end of year break has been reported at record levels and sellers finally seem to be returning to the market. While this may hold back the solid growth in prices of the last two years, it bodes well for the number transactions and we expect another busy year." - ENDS - winkworth.co.uk