Earnings release
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14 January 2026 M Winkworth plc Trading Update Dividend Declaration and Notice of Results M Winkworth plc ("Winkworth" or the "Company"), the leading London franchisor of real estate agencies, announces the following trading update for the financial year ended 31 December 2025 ("FY25"). The Company expects to announce its audited final results for FY25 on, or around, 15 April 2026. Trading Update Following a strong performance in sales during the first half of FY25, and continued growth in lettings, trading conditions softened more than expected in the second half of FY25. This reflected a broader slowdown in market activity ahead of the Autumn Budget, when a number of transactions were deferred. As a result, Company revenues in H2 FY25 were broadly in line with the comparative period of H2 FY24. For FY25 as a whole, network revenues increased by approximately 6% compared with the financial year ended 31 December 2024 ("FY24"), with sales revenues up 9% and lettings revenues 2% higher. This performance reflects the resilience of the Winkworth network and its exposure to established London and regional markets, and was broadly in line with the board's expectations. Certain costs were incurred during the year, including one-off administrative costs and a planned increase in marketing spend in prime central London, most of which were highlighted at the time of the H1 FY25 results, when pre-tax profits fell by 19% on H1 FY24. These were largely one-off costs that are not expected to recur in future periods. As a result of the above and the factors detailed below, Winkworth's FY25 adjusted pre-tax profits, subject to audit, are expected to be, approximately £2.1m (FY24: £2.35m), 20% below current market expectations, with net cash at year end to be at least £3.9m (FY24: £4.1m). Notwithstanding that activity levels were temporarily impacted ahead of the Autumn Budget, the measures ultimately announced did not materially alter the underlying supply and demand dynamics in the Company's markets. With mortgage rates expected to ease further during 2026, the Board has been encouraged by strong levels of enquiry reported across the network so far in January 2026 and anticipates that deferred transactions will progress as confidence improves. During the year, the Company continued to actively manage and strengthen its franchise portfolio. The offices in which it owned an equity stake underperformed budget expectations during the year. Management changes have subsequently been made and the Board expects trading to improve in 2026. At Crystal Palace, turnover increased significantly following the Company taking back the franchise in 2020; however, profitability did not reach budgeted expectations during FY25. In line with the Company's stated strategy of recycling capital via equity office investment, Winkworth sold its stake in the office in December 2025 to a neighbouring Winkworth franchisee, and the office is trading successfully with strong forecast revenues expected to benefit the Company during FY26. Elsewhere, the Company continued to provide loans to selected franchise operators, with the expectation that this will support future revenue growth and market share gains. In total, four new
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offices were opened during FY25 and seven offices were resold to new franchisees. The Company enters FY26 with a healthy pipeline of further opportunities. Dividend Declaration The directors of Winkworth are pleased to announce that the Company will pay an ordinary dividend of 3.3p per share for the fourth quarter of 2025 (Q4 FY24: 3.3p per share), bringing the total ordinary dividend payments declared for FY25 to 13.2p per share (FY24: 12.3p per share) an increase of 7.3%. The timetable for the payment of the ordinary dividend is as follows: Ex-Dividend Date * 22/01/26 Record Date ** 23/01/26 Expected Payment Date 19/02/26 ISIN GB00B4TT7L53 GB00B4TT7L53 WINK * 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: "Despite a temporary slowdown in activity towards the end of the year, Winkworth has continued to invest in its franchise network and has increased dividends to shareholders. Early enquiry levels in 2026 have been encouraging, and with the outlook for mortgage rates improving, we believe the business is well positioned for the year ahead." The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication, this inside information is now in the public domain. For further information please contact: M Winkworth Plc Tel : 020 7355 0206 Dominic Agace (Chief Executive Officer) Andrew Nicol (Chief Financial Officer) Milbourne (Public Relations) Tel : 07921 881800 Charlotte McMullen Shore Capital (NOMAD and Broker) Tel : 020 7408 4090 David Coaten Henry Willcocks
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George Payne About Winkworth Winkworth is the leading London franchisor of residential real estate agencies with a pre-eminent position in the mid to upper segments of the sales and lettings markets. The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a long-established brand name and to benefit from the support and promotion that Winkworth offers. Winkworth is admitted to trading on the AIM Market of the London Stock Exchange. www.winkworthplc.com