M Winkworth (WINK) H2 2025 TU earnings summary

Executive summary

• Network revenues for FY25 increased by approximately 6% year-over-year, with sales revenues up 9% and lettings revenues up 2%.

• Trading conditions softened in H2 FY25 due to a broader market slowdown ahead of the Autumn Budget, leading to H2 revenues being flat year-over-year.

• Four new offices were opened and seven offices were resold to new franchisees during FY25, with a strong pipeline for FY26.

Financial highlights

• Adjusted pre-tax profits for FY25 are expected to be approximately £2.1m, down from £2.35m in FY24 and 20% below current market expectations.

• Net cash at year end is expected to be at least £3.9m, compared to £4.1m at the end of FY24.

• Total ordinary dividend for FY25 declared at 13.2p per share, up 7.3% from 12.3p per share in FY24.

Outlook and guidance

• Early 2026 enquiry levels are strong, with expectations that deferred transactions will progress as market confidence improves.

• Easing mortgage rates in 2026 are anticipated to support improved trading conditions.