Winkworth reported a dip in profits for 2025 yesterday despite steady growth across its franchise network as market uncertainty weighed on activity in the second half of the year.
Revenue for the year to 31 December 2025 remained broadly flat at £10.74m, while profit before tax fell 11% to £2.11m. The group maintained a strong balance sheet, ending the year with £3.9m in cash and no debt.
Network performance was more positive, with franchised office revenue rising 6% to £68.7m, driven by a 10% increase in sales income and a 3% uplift in lettings.
Property management also continued to expand, reflecting growing demand from landlords navigating regulatory change.
SPLIT PERFORMANCE
The business added four new offices during the year and resold seven franchises, with further expansion already underway in 2026. However, performance was split across the year, with a strong first half offset by weaker activity in H2 as buyers paused ahead of the Autumn Budget.
Dominic Agace (main picture, inset), Chief Executive Officer at Winkworth, told the City: “Last year was very much one of two halves, with an excellent H1 in sales being tempered by a weaker H2.
“Lettings remained stable, with ongoing progress in property management. While the outlook for 2026 is subject to geopolitical developments, we continue to manage the Company with the interests of our customers, franchisees and shareholders at heart.
“We have welcomed four new offices already in 2026 and will progress further with openings and resales as the year progresses.”
REGULATORY DEMANDS
And Simon Agace, Non-Executive Chair at Winkworth, added: “2025 was characterised by an exceptional first quarter, driven by the rush to complete ahead of the reduction in the stamp duty exemption threshold for first-time buyers in April.
“This produced a sharp acceleration in completions and royalty income in the early months of the year, followed by the predictable normalisation of activity in the second quarter. The underlying market through the remainder of the year was steady, with sales volume in the middle market leading the way.
“Managed lettings income continued to grow throughout the year. Private landlords, faced with an increasingly demanding regulatory environment, are choosing in greater numbers to rely on Winkworth’s specialist skills to manage their investments.”
