M Winkworth plc ("Winkworth" or the "Company"), the leading franchisor of real estate agencies, is pleased to announce its results for the year ended 31 December 2020.
Highlights for the year
· Franchised office network revenue of £47.7 million (2019: £48.3 million)
· Revenues of £6.41 million (2019: £6.42 million)
· Profit before taxation £1.53 million (2019: £1.63 million)
· Year-end cash balance of £4.66 million (2019: £3.57 million)
· Rental income 50% of total revenues (2019: 51%)
· Two new franchises opened
· Dividends of 6.68p declared (2019: 7.8p)
Dominic Agace, CEO of the Company, commented: "Our business model was tested by extreme conditions in 2020 and proven to be very robust. The benefits of local expertise, highly motivated managers and a state-of-the-art digital platform meant that we were quick to emerge from lockdown and improve our market share. While challenges remain, we expect to see an increase in activity in 2021 and we are well positioned to further grow our network and respond to the evolving needs of our customers."