11th Sep 2019 10:59
(Alliance News) - Estate and letting agent franchisor M Winkworth PLC said Wednesday its interim profit and revenue dipped on a year prior amid weakness in property sales, despite strong lettings growth.
For the six month ended June, pretax profit narrowed to GBP588,000 from GBP594,000 the year prior. This was after revenue fell 3.6% to GBP2.7 million from GBP2.8 million the year before.
"While the sales market continues to be undermined by political and economic uncertainty, our ship remains steady, and we look forward to an eventual revival in activity," Winkworth Chief Executive Officer Dominic Agace said.
Winkworth - which pays quarterly dividends - distributed 3.8 pence per share during the first half of the year, up from 3.7p the year before.
"In the meantime, I am delighted by the ongoing growth in our lettings and management business as our franchisees have worked tirelessly to build this side of the business," Agace added. "We are confident of our proposition and very pleased to see continuing high numbers of potential new franchisees applying to join the group."
Shares in Winkworth were 3.4% higher at 116.80 pence in London on Wednesday.
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