Winkworth has reported a 15% rise in network revenues in the six months to 30 June 2025, underpinned by a 27% increase in sales income.
The group’s network revenues reached £32.0 million, compared with £27.9 million in the same period last year, while lettings revenues grew by 4% to £15.1 million.
Sales income now represents 53 per cent of total network revenue, up from 48% in H1 2024, reflecting a recovery in transactional activity, particularly in London.
Winkworth’s own revenues were broadly flat at £5.2 million, with profit before tax down 19% to £0.83 million. The decline was attributed to one-off costs, including the relocation of head office and a planned increase in marketing spend in prime central London.
EXPANSION STRATEGY
Net cash generated from operations doubled to £0.96 million, leaving the group with a cash balance of £3.86 million and no debt.
The group continued its expansion strategy, opening three new offices and reselling two existing franchises. Ordinary dividends were increased to 6.6p per share, up from 6.0p in H1 2024.
Dominic Agace (main picture), Chief Executive, said: “We are delighted with our performance in sales in H1 2025 and the solid contribution from lettings, where management fees are making an increasingly important contribution.
“Net cash generated by the business nearly doubled compared to the first half of 2024, and we have continued to invest in our franchisees while supporting them through new marketing initiatives. Further activity in our network should result in us finishing the year above our target of opening or reselling eight franchises.”
STRONG GROWTH
The company reported strong growth in its equity-owned offices, with Pimlico up 31% and Crystal Palace up 21% year-on-year.
Lettings management fees also increased by 10%, now representing a quarter of network turnover, reflecting landlords’ preference for professional management amid a tightening regulatory environment.
Winkworth said that first-half sales were boosted by a high volume of properties listed ahead of changes to stamp duty thresholds for first-time buyers in April 2025.
The group expects continued recovery in the housing market over the autumn, supported by lower mortgage rates following the Bank of England’s recent cut to 4 per cent.
