M Winkworth (WINK) H2 2025 earnings summary

Executive summary

• Celebrated 190 years with 103 offices, focusing on a franchise model charging 8% of gross revenue from franchisees.

• Achieved strong H1 2025 performance, with H2 impacted by pre-Autumn Budget and market uncertainty.

• Opened four new offices and re-franchised seven, investing in Prime Central London marketing and system automation.

• Largest sales agent in operating area by properties exchanged in 2025.

• Increased ordinary dividend per share by 7% year-over-year.

Financial highlights

• Network revenue rose 6% year-over-year to £68.7m; sales revenue up 10% to £35.8m, lettings up 3% to £32.9m.

• Company revenue declined 1% to £10.74m; profit before tax fell 11% to £2.11m.

• Gross margin stable at 84.6%; basic EPS at 12.53p, down from 13.73p in 2024.

• Cash at year-end was £3.90m, with no debt; ordinary dividend increased 7% to 13.2p.

• Net cash from operating activities increased to £2.17m from £1.69m year-over-year.

Outlook and guidance

• 2026 started well but lacks the Q1 2025 stamp duty surge; expects different market dynamics year-over-year.

• Focus on being the first choice for agents in prime markets and expanding the network.

• Ongoing investment in digital and platform improvements to attract top talent and maintain competitiveness.

• Management remains focused on progressive dividends and selective acquisitions.