Highlights for the period
· Revenues down 4.15% to £2.54 million (H1 2019 restated: £2.65 million)
· Profit before taxation down 20.24% to £461k (H1 2019 restated: £578k)
· Cash balance at 30 June 2020 of £3.27 million (30 June 2019: £2.51 million)
· Rental income increased to 55% of total revenues (H1 2019: 53%)
· One new office signed up
· Dividends of 3.08p declared and paid during the period (H1 2019: 3.8p)
Dominic Agace, Chief Executive Officer of the Company, commented:
“Winkworth emerged from lockdown with increased market share after rapidly adapting to the changed environment. As a result, in relative terms, our first half performance in sales was satisfactory and lettings and management proved solid. We have seen a spike in activity in the first two months of the second half and, if this carries through to the rest of the year, we hope to make up much of the ground lost in the second quarter. Our balance sheet continues to be strong and we are working hard to explore new opportunities for organic growth.”
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