Winkworth reports profits down as sales fall again
The upmarket agency suffers in a falling market last year as it reveals profits for the last 12 months slumped.
Winkworth reported a fall in profits this morning as sales dropped for the second successive year.
The franchise company’s full-year profit figure was down from £1.98 million to £1.67 million, as the fall-out from higher mortgage rates took effect.
Other financial highlights include:
- Revenue of £9.27 million in line with 2022 (£9.31 million)
- Sales revenues 48% of total revenues (2022: 54%)
- Franchised office network revenue down 8% at £57.8 million (2022: £63.1 million)
Winkworth’s business remained strong.”
Dominic Agace, CEO at Winkworth (main picture), says: “Winkworth’s business remained strong, and we continue to execute our plan of recruiting new talent in order to create significant uplifts in revenue.”
He says the firm has opened three new offices so far this year, and plans to open or relaunch eight new franchisees in London in the next 18 months.
“Our portfolio management initiatives include revitalising ambition and growth right across the business, and with sales agreed to the end of March 23% ahead of the same period in 2023, we are excited by the outlook for the current year.”
20% fall
Winkworth suffered a sales fall of 20% in the first half of the year, a trading update revealed in July.
It then announced in February it was beefing up its franchise proposition and refocusing its compliance and training activities with the appoint of Tara Tan to its main PLC board.
Tan is a qualified solicitor with over 20 years’ experience and first joined the Winkworth team in 2001, becoming a Director of Winkworth Franchising Limited (WFL) in 2004 as Director of Legal and Business Affairs.
New offices
Four new offices were opened in 2023 with Wokingham and West Hampstead coming onboard, as well as a re-opening in Salisbury, and the merger of a business in Wimborne, Dorset.
There were closures in Battersea, and Clapham, and the sale of the Kennington lettings business to the sales franchisee.
There are plans to relaunch in Battersea and Clapham.
This year, three new offices opened up, in St Leonard’s, Leamington Spa and Stoke Newington.
