M Winkworth (WINK)

Sector:

Real Estate

Index:

FTSE AIM All-Share

 195.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 208.00
  • 52 Week Low: 132.00
  • Currency: UK Pounds
  • Shares Issued: 12.91m
  • Volume: 0
  • Market Cap: £25.17m

Winkworth confident despite mini-budget speedbump

By Josh White

Date: Tuesday 22 Nov 2022

LONDON (ShareCast) - (Sharecast News) - Estate agency franchisor M Winkworth said in a trading update on Tuesday that market conditions remained "strong" in the third quarter, with network sales up 38% year-on-year.
The AIM-traded firm put that performance down to both an overhang of uncompleted transactions from the second quarter, and "still strong" levels of demand.

Lettings were ahead 13% over the same period, with London rentals continuing to be driven by higher prices, rather than a significant increase in new mandates.

After the announcement of the 'mini budget' at the end of September, which led to a sharp rise in the cost of borrowing, new buying registrations fell significantly, Winkworth said.

Sales already underway, however, continued to progress, with a limited number of fall-throughs, with results for October described as "good".

With the steps taken by the government to reverse most of the measures from the mini budget, the firm said it expected to see mortgage rates continuing to moderate, and sales demand rebounding in November before entering the "traditionally quiet" Christmas period.

Rental demand remained strong, with a shortage of available properties continuing to underpin the market.

The company said it had a healthy pipeline of three new offices due to come on board over the coming 12 months.

As a result of the "buoyant" level of activity in the second half, Winkworth said its full-year revenues were expected to exceed management forecasts, with its full year pre-tax profits to be ahead of the current market forecast of £2.1m.

"Winkworth has performed well in 2022 - a year that has been marked by both political and economic uncertainty but, ultimately, benefited from strong levels of UK employment," said chief executive officer Dominic Agace.

"While higher mortgage rates are leading the consensus to point to a weaker property market in 2023, we believe that our performance next year will be underpinned by the unfulfilled needs of homeowners to move, renewed interest in London property from international buyers and rising prices in the rentals market."

At 1446 GMT, shares in M Winkworth were up 4.76% at 165p.

Reporting by Josh White for Sharecast.com.

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M Winkworth Market Data

Currency UK Pounds
Share Price 195.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 208.00
52 Week Low 132.00
Volume 0
Shares Issued 12.91m
Market Cap £25.17m

M Winkworth Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
8.76% above the market average8.76% above the market average8.76% above the market average8.76% above the market average8.76% above the market average
17.95% above the sector average17.95% above the sector average17.95% above the sector average17.95% above the sector average17.95% above the sector average
Price Trend
71.53% above the market average71.53% above the market average71.53% above the market average71.53% above the market average71.53% above the market average
80.95% above the sector average80.95% above the sector average80.95% above the sector average80.95% above the sector average80.95% above the sector average
Income
26.08% above the market average26.08% above the market average26.08% above the market average26.08% above the market average26.08% above the market average
7.14% above the sector average7.14% above the sector average7.14% above the sector average7.14% above the sector average7.14% above the sector average
Growth
70.29% below the market average70.29% below the market average70.29% below the market average70.29% below the market average70.29% below the market average
36.84% below the sector average36.84% below the sector average36.84% below the sector average36.84% below the sector average36.84% below the sector average

M Winkworth Dividends

  Latest Previous
  Q1 Q4
Ex-Div 18-Apr-24 18-Jan-24
Paid 16-May-24 15-Feb-24
Amount 3.00p 3.00p

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

M Winkworth Key Personnel

CEO Dominic Agace
CFO Andrew Nicol

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