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Winkworth latest agency to report extraordinary results

Company says its franchisees saw revenues jump by 36% during 2021 while its HQ profits leapt by 110%.

Nigel Lewis

Winkworth is the latest estate agency to report extraordinary results for last year including revenue generated by its franchisee network up by 36% to £68 million.

Its head office in London also saw revenues increase by 47% to £9.45 million and profits up by 110% to £3.21 million, helped by the opening of six new branches, with plans to eight branches this year. 

But unlike some other agencies, Winkworth is only comparing its performance during 2021 to the year before, not the pre-Covid year of 2019.

Warning

And while CEO Dominic Agace (main picture) welcomed the company’s overall performance saying that both sales and lettings exceeded all their previous records for turnover, he has cautioned that storm clouds may be gathering.

“We are mindful of the impact that the tragic situation in Ukraine may have on UK inflation, interest rates and consumer confidence, but have seen ongoing strong demand in the first quarter of the current year with encouraging numbers of applications for both sales and lettings,” he says.

“With new areas of regional expansion, our backing of ambitious operators building local businesses, and growth in our core business, where our long-established offices are benefiting from a revival in activity in their prime markets, we see opportunities to grow our business above market trend whilst both paying a progressive dividend and maintaining a healthy cash balance.”

Winkworth is listed on London’s AIM stockmarket and shareholders are to be paid a dividend of 2.7p a per ordinary share for the first three months of 2022.

Its share price rose by 7.43% following its upbeat results.

April 12, 2022

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