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M Winkworth (WINK) investor relations material
M Winkworth H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Celebrated 190th year, operating a franchising model since 1981 with 100 UK offices, focusing on prime and mid-to-upper family house markets, especially in London and commuter belts.
Delivered strong H1 2025 results, meeting management expectations, with network revenues up 15% to £32.0m, driven by a 27% rise in sales and a 4% increase in lettings.
Opened three new offices and refranchised two, with further expansion expected to exceed the annual target of eight franchise openings or resales.
Net cash from operating activities doubled to £0.96m, supporting franchisee expansion.
Increased ordinary dividend per share by 10% to 6.6p.
Financial highlights
Network revenue up 15% to £32m in H1; sales revenue up 27% to £16.9m, lettings revenue up 3–4% to £15.1m.
Company revenue up 1% to £5.2m; owned offices revenue up 11% to £1.67m.
Profit before tax down 19% to £0.83m, impacted by one-off costs including office relocation and increased marketing.
Cash at period end £3.86m–£3.90m, with no debt.
Basic EPS was 4.77p (H1 2024: 5.88p); gross margin improved to 85.4%.
Outlook and guidance
Focus on attracting new franchisees, growing existing territories, and maintaining a top-three market position.
Ongoing investment in digital capabilities and talent acquisition to drive future growth.
Progressive dividend policy to be maintained, with quarterly payments.
Renewed sales interest and a potential boost from lower mortgage rates and a positive house price outlook.
Plans to recycle capital and evaluate owned office performance as opportunities arise.
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