Winkworth this week announced resilient results against a challenging background with revenues only slightly down 2.7% for the full year, compared to the previous full year 2016.
Dominic Agace, Chief Executive Officer of the Company, commented: "These good results were achieved against a testing background and we believe that a broadly flat market will continue to suit our franchise model. Our combination of local expertise, history and knowledge, combined with an evolving platform which drives leads to our office network under the umbrella of an established national brand, is a formula for success. We remain debt free, with a strong cash position and an increasing number of opportunities to grow in 2018."
Winkworth continued expansion by opening seven new offices in 2017; two in the Capital, and five in the country. The new franchising team has also started 2018 on a positive note having already opened two new offices in Banstead in Surrey and Poringland in Norfolk, and have a strong pipeline for the rest of the year.
Property management across the network of circa 100 offices grew by 15% in 2017 while group rental income was 6% higher year on year. As a result of the increase in this rental revenue, Winkworth moves further towards their goal of achieving a 50/50 split between lettings and sales. At the end of 2017, revenue split was 46% lettings and management and 54% sales, up from a 44/56 split in 2016. Sales revenue in central London rose by 16% on 2016, with an increase in transactions of 8%, thus supporting the London overall performance, which came in broadly flat.
Winkworth also launched an updated website in March last year which was consequently recognised as website of the year at the Negotiator awards in November 2017. "The website has provided a robust platform for our digital evolution. We aim to continue to build on its success in 2018 through continued investment, ensuring we have the best in class website to offer existing and new franchisees," comments Dominic.
For further details and full results please see the Annual Reports and Results page of Winkworth's parent company; M Winkworth PLC.