15th Jan 2020 09:42
(Alliance News) - Shares rose in M Winkworth PLC on Wednesday as it said it expects annual profit and revenue to be ahead of market expectations.
Shares in the real estate franchisor were 14% higher at 149.00 pence on Wednesday in London.
For 2019, M Winkworth said, with network revenue higher compared to that in 2018, pretax profit and revenue for the year is expected to be ahead of market expectations.
Pretax profit for 2018 was GBP1.5 million on revenue of GBP6.0 million.
Despite an uncertain and difficult year dominated by political developments, the group said revenue growth was driven through portfolio management, despite lower new franchise openings.
There was also a stronger performance by Winkworth in the lettings and management sector, despite the effect of the tenant fee ban.
The fee ban was implemented in June 2019, and meant that landlords and agents would no longer be able to charge a number of fees for new tenancies signed on or after that date.
Winkworth declared a quarterly dividend of 2.10 pence per share, bringing the total annual payout to 7.80p, up 4.7% from 7.45p the year before.
By Dayo Laniyan; [email protected]
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