M Winkworth (WINK) H2 2024 earnings summary

Executive summary

• Celebrated 190 years of trading, focusing on franchising and a network of 100 offices, mainly in London and the UK.

• Achieved strong financial performance in 2024, meeting management expectations with record lettings revenue and robust sales growth.

• Opened 3 new offices and resold 5 in London, expanding network presence, with 15 more in the pipeline.

• Recruited top-tier operators and grew sales agreed market share in London more than any other top ten agent.

• Total shareholder return reached 185% since 2017, with 40% for the year.

Financial highlights

• Network revenue rose 12% year-over-year to £64.7 million, with sales up 18% and lettings up 6%.

• Actual revenue increased 17% to £10.79 million, driven by franchising and owned offices.

• Profit before tax grew 10% to £2.36 million; cash balance at £4.09 million.

• Ordinary dividends per share increased 5% to 12.3p.

• Gross margin improved to 84.5% from 83.0% in 2023.

Outlook and guidance

• Expectation for continued growth in both sales and lettings, with sales likely to outpace lettings in the near term.

• Plans to open more offices and accelerate portfolio management initiatives in 2025.

• Continued investment in digital platforms and evolving franchise options to attract new talent and grow territories.

• Ongoing evaluation of owned office performance and capital recycling.

• Management remains committed to a progressive dividend policy, balancing cash deployment for growth and shareholder returns.