M Winkworth Revenue Hit By Political And Market Conditions In UK

28th Mar 2018 10:28

LONDON (Alliance News) - Estate agency M Winkworth PLC said on Wednesday revenue was broadly flat in 2017 as the company faced challenging market conditions and a reduction in sales volumes.

The company reported revenue of GBP5.4 million for 2017, down from GBP5.6 million in the year prior. M Winkworth said unexpected UK snap election and the ensuing uncertainty surrounding the UK government's mandate to drive a Brexit deal through weighed on buyer sentiment.

"This led to a depressed level of transactions despite the positive underlying factors of high employment and low interest rates. Despite this, and as predicted, Winkworth reverted to a more normalised year. The mini boom caused by buyers looking to beat the additional stamp duty tax of 3% on second properties in the first half of 2016 was not repeated and, once again, we achieved more of our income in the second half", the company said.

Estate agency pretax profit was 2.8% lower, to GBP1.38 million from GBP1.42 million, but the company declared an increased dividend of 7.25 pence per share from 7.20p in prior year.

"We believe that a broadly flat market will continue to suit our franchise model. Our combination of local expertise, history and knowledge, combined with an evolving platform which drives leads to our office network under the umbrella of an established national brand, is a formula for success. We remain debt free, with a strong cash position and an increasing number of opportunities to grow in 2018," said Chief Executive Officer Dominic Agace.

Shares in M Winkworth were down 0.4% at 117.00 pence per share on Wednesday.

---

Related Shares:

M Winkworth