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Winkworth records profit as home buyers seek more space

Winkworth performed valuations remotely during lockdown

Winkworth (LON:WINK) said on Thursday that it has seen a surge in house buying as people aim to ensure they have appropriate space to work from home.

However, the estate agent confirmed its profit before tax fell by 6% over the course of last year to £1.53m.

The company’s revenue was down to £6.41m, although it still declared a dividend of 6.68p per share.

The house seller’s profit fell lower than initially anticipated, while its revenue was in line with its forecast.

Simon Agace, chairman of Winkworth, praised the company’s efforts to operate when lockdowns came into effect.

“During both the first and second lockdowns, the benefit of our outlets being in key locations was once again proven. Our local experience meant that we were able to perform valuations remotely and it was noticeable that, on the lifting of lockdown, our clients were delighted to meet us in a controlled environment,” said Agace.

“We believe that this relationship helped to power our recovery, which confirms our confidence in Winkworth’s high street presence. It is not our intention to develop remote working – this pandemic has demonstrated that our business is reliant on teamwork and good communications.”

Agace also commented on changing market trends during the pandemic:

“In recent months we have seen some reduction in interest in lettings and, in particular, there has been lower demand in central London, especially in the foreign student market. As families re-plan their lives, however, the market has swung back towards sales,” Agace said.

“This has been driven by buyers seeking extra room for workspace and gardens, while still maintaining access to central London. Our country offices have experienced an influx of new buyers, while in the suburbs we have been inundated with buyers seeking additional or outside space. We expect this trend to continue.”

Winkworth is a London franchisor of residential real estate agencies positioned in the mid to upper segments of the sales and lettings markets. Winkworth is admitted to trading on the AIM Market of the London Stock Exchange.

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