M Winkworth plc
M Winkworth Plc is the franchisor of the Winkworth-branded estate agency network, earning commissions and subscriptions from independent franchisees operating ~100+ offices across London, regional UK and an Asia Pacific desk, covering residential sales, lettings and property management. The Group also directly owns a small number of estate agency offices (Tooting Estates, Lumley 1, Winkworth Development and Commercial Investment, and until its December 2025 disposal, Crystal Palace Estates). All revenue is earned in the UK.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 22 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
M Winkworth, which runs the Winkworth estate agency franchise and owns a few offices itself, reported revenue of £10.7m for 2025, almost unchanged from £10.8m the year before. Profit before tax fell to £2.1m from £2.4m. The report says sales across its network got a lift early in the year as buyers rushed to beat a stamp duty change, then slowed as worries grew about the Autumn Budget. Running costs rose, mainly because of one-off spending the company does not expect to repeat. Profit was helped by a one-off gain of £305,000 from selling its Crystal Palace office. The company ended the year with £3.9m in cash and no borrowings, and raised its dividend for the year to 13.2p a share from 12.3p. Management said early 2026 trading was resilient and the sales pipeline was in line with expectations, but warned that mortgage costs and inflation look more uncertain. The auditor raised no concerns and found no doubt about the company's ability to keep going. Key risks include higher interest rates and the London housing market.
From the reportevery line sits on the page it namesWhat drove revenueFranchise commissions/subscriptions earned at 8% of franchisee sales and lettings income under 10-year franchise agreements
Revenue represents the value of commissions and subscriptions due to the group under franchise agreements... the group earns a straight 8% by value on all sales and lettings income generated by the franchisees
page 32AndNetwork sales revenue, boosted by Q1 2025 stamp-duty-deadline rush then weakening on Autumn Budget uncertainty
Sales revenue in H1 2025 was 20% ahead of H1 2024, but after a slower H2, full year revenue rose by 10% from 2024, increasing from £32.7m to £35.8m
page 4What moved the marginheadwindOne-off administrative expenditure, higher legal/professional fees, marketing investment and AI/digitalisation spend
Administrative costs have increased compared to 2024 at £7.40m (2024: £6.84m), driven primarily by one-off expenditure not expected to recur in future periods
page 7AndtailwindLower cost of sales versus 2024's elevated legal/franchisee settlement costs and improved owned-office agent commission terms
Cost of sales were reduced compared to 2024 due to high legal costs in the prior year relating to franchisee settlements. Additionally, the owned offices saw a significant reduction in agents commission costs as a result of more favourable business terms
page 6One-offs in the year£305k credit: Profit on disposal of subsidiary (Crystal Palace Estates Limited)
page 24What management saidEarly 2026 trading across our network has been resilient, with sales applicant registrations and agreed sales broadly in line with recent years... We continue to expect modest house price growth in 2026 as real incomes recover but recognise that the near-term outlook for mortgage costs and inflation is considerably more uncertain than it was at the start of the year.
page 11After the year endOn 14 January 2026, M Winkworth Plc declared a dividend of 3.3p per share for Q4 2025
page 51The dividendQuarterly dividends; full-year ordinary dividends of 13.2p per share declared for 2025 (2024: 12.3p), described as strong and entirely self-funded from the Group's debt-free cash position
page 5Going concern and the auditFinancial statements prepared on a going concern basis; directors satisfied Group/Company have adequate resources for at least 12 months from approval, based on reverse stress testing and severe-but-plausible scenario testing. Auditor Crowe UK LLP (senior statutory auditor Peter Gilligan) issued an unqualified opinion that the financial statements give a true and fair view; no material uncertainties relating to going concern identified. Sole key audit matter: completeness of revenue (franchise commissions).
page 20The risks it names first- Geopolitical developments and interest-rate risk: prolonged rise in borrowing costs could negatively impact housing prices and reduce transaction volumesp.8
- Competition: consolidation among corporate operators or low-cost service models could pressure commission rates and revenuesp.8
- Sales market sensitivity, particularly to changes in the London market where a substantial portion of franchise revenue is generatedp.8
- Lettings market: increasing regulation and the Renters' Rights Bill discouraging buy-to-let landlords, worsening rental stock shortagep.9
Read from C000789-AR-2025-ch.
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