Interim Results

M Winkworth Plc

16 September 2026

 

M Winkworth Plc

Interim Results for the six months ended 30 June 2026

M Winkworth Plc ("Winkworth" or the "Company") is pleased to announce its unaudited interim results for the six months ended 30 June 2026.

Highlights for the period:

·      Network revenues 1% lower at £31.6 million (H1 2025: £32.0 million)

o  Network sales revenues down by 5% to £16.1 million (H1 2025: £16.9 million)

o  Network lettings revenues up by 3% to £15.5 million (H1 2025: £15.1 million)

·      Network sales revenues accounted for 51% of total network revenues (H1 2025: 53%)

·      Winkworth revenues down by 10% at £4.7 million (H1 2025: £5.20 million), largely due to the winding down of DCI and the deconsolidation of Crystal Palace

·      The majority-owned offices generated revenues of £1.16 million and LBT of £0.01 million (H1 2025: revenues of £1.67 million; PBT: £0.08 million)

·      Profit before taxation down by 5% to £0.78 million (H1 2025: £0.83 million), after £0.11 million of exceptional legal costs incurred during the period

·      Net cash generated from operating activities up by 39% to £1.33m (H1 2025: £0.96m)

·      Cash balance at 30 June 2026 of £3.73 million (30 June 2025: £3.86 million); no bank debt at either period end

·     Changes in office network during the period to 30 June 2026:

o   Four new offices opened: Chipping Campden, Shipston on Stour, Stratford Upon Avon and Wellesbourne

o   Three offices closed: Dartmouth, Milford on Sea and Paddington

o  At the end of H1 2026 there were 104 offices across the UK

·       Ordinary dividends of 6.6p (H1 2025: 6.6p) per share were declared during the period

·   Whilst underlying profit before exceptional costs is expected to be slightly ahead of market expectations, ongoing legal and advisory costs, which are considered exceptional in nature, are expected to result in reported profit before tax for FY 2026 being materially below market expectations.

Dominic Agace, CEO of the Company, commented: "After a very strong H1 in sales in 2025, our year-on-year performance in H1 2026 against a more challenging background was robust. While the path of interest rates in the UK, more than ever a key determinant for the property market, is hard to read, we remain confident of our position and the further outperformance of our franchisees."

Investor presentation

Dominic Agace, CEO of the Company, and Andrew Nicol, CFO of the Company, will present the Interim Results via the Investor Meet Company platform on 16 September 2026 at 10:30 BST.

The presentation is open to all existing and potential shareholders who can sign up and register to participate for free at:

https://www.investormeetcompany.com/m-winkworth-plc/register-investor

Investors who already follow Winkworth on the Investor Meet Company platform will automatically be invited.

For further information please contact:

M Winkworth Plc                                                                 Tel : [phone]

Dominic Agace (Chief Executive Officer)

Andrew Nicol (Chief Financial Officer)

Milbourne (Public Relations)                                              Tel : [phone]

Charlotte McMullen                                                              email: [e-mail]

Shore Capital (Nominated Adviser and Broker)            Tel : [phone]

David Coaten

Henry Willcocks

George Payne

About Winkworth

Winkworth is the leading London franchisor of residential real estate agencies with a pre-eminent position in the mid to upper segments of the sales and lettings markets. The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a long-established brand name and to benefit from the support and promotion that Winkworth offers.

Winkworth is admitted to trading on the AIM Market of the London Stock Exchange.

For further information please visit: www.winkworthplc.com

CEO's Statement

The year started briskly, with mortgage costs declining and the anticipation of further interest rate cuts driving demand. Once again, however, geopolitical developments and consequent inflationary fears dampened enthusiasm in the sales market. But despite tough comparisons with H1 2025, when rising stamp duty costs in April 2025 led to a very strong first quarter, the positive start to 2026 meant that trading was not far behind the previous period, with sales 5% lower and lettings and management 3% ahead. Our overall network revenue fell by 1%, with the balance of sales and lettings hovering around the 50/50 mark. The ratio of sales to lettings in H1 2026 stood at 51/49 compared to 53/47 in H1 2025. Central London and the country markets performed particularly well.

Within our lettings and management income, it was notable that whilst letting income fell by 3%, a 4% increase in management revenue more than offset this decline, demonstrating how well our franchisees have been adapting to the new Renters' Rights Act, with an increasing number of landlords wishing to use the additional management service to guide them through the changes. Within our overall income, lettings accounted for 32% of the total and management income for 68% (H1 2025: 34/66%).

New franchising benefitted from the Leamington Spa franchisee's acquisition of Peter Clarke Estate Agents, supported by Winkworth through its assisted acquisition programme.  The acquisition added four offices to the network and created a new regional hub, providing the Group with another point of growth. This new hub is trading in line with expectations.

In addition to supporting new operators to buy existing offices, this acquisition aligns with our policy of backing talented franchisees to expand their businesses, bringing in additional revenue for Winkworth as they grow. While market conditions remain uneven and unpredictable, we believe that this approach, combined with exiting situations where an office has not been successful, further strengthens our network. As a result, our franchisees benefit from incremental leverage within the network and are well placed to transact under all market conditions and to maximise opportunities when markets are on the rise. We have seen the benefits of applying this approach consistently over many years, with our market share of London sales agreed increasing by 24% between 2021 and 2026¹.

We have also seen the benefits of a strengthened network in the way that our franchisees have adapted to the change in legislation in the letting industry as part of the new Renters' Rights Act, which came into being in May 2026. Over the following two months, our lettings revenue was ahead of 2025 despite a lacklustre market. The will to evolve has also been visible in our franchisees' adoption of AI. The group has the funds available to take advantage of differing propositions, allowing the network to trial solutions and ensure the best ones can be found to support the customer without compromising the personal touch that is so important to making a people-based business a success.

Having wound down our Development and Commercial Investment business and exited our ownership of Crystal Palace last year, our equity offices now form a smaller part of our business. We are seeing positive growth at the remaining two offices and, in due course, intend to increase the local management's share in these businesses and return one or both to full franchised ownership. The Group considers varying strategic options when looking to manage offices in its portfolio in need of change. One example is taking ownership to protect a revenue stream in an area where the office may otherwise be lost, with a view to improving it and reselling to new management. Another is where we invest in an underperforming office in an area with great potential and appoint an exceptional manager to boost its performance, thus maximising our return.

As ever, we recognise the dedication and professionalism of our franchisees, who have adapted to changes in market conditions and regulation whilst maintaining the personal level of service expected by their clients. Our network has gone from strength to strength. We will continue to invest in technology to exploit opportunities within our network and support our franchisees to deliver the best outcomes.

Note¹:  Source - Twenty EA

Dominic Agace

Chief Executive Officer

16 September 2026

CFO's Statement

The underlying trading business remained resilient in H1 2026.  Against a mixed background, gross revenues of the franchised network of £31.6m were 1% lower year-on-year (2025: £32m). Total sales income was 5% lower at £16.1m (2025: £16.9m) in comparison with the exceptional comparative period.  Lettings and management revenue increased by 3% to £15.5m (2025: £15.1m).

At £4.7m, Winkworth's revenues were 10% lower than H1 2025 (H1 2025: £5.2m), largely due to the winding down of DCI and the deconsolidation of our Crystal Palace office, two of our equity-owned interests. In the previous period they accounted for revenue of £0.79m, compared with £0.12m in H1 2026. Operating profit (before exceptional costs) of £0.84m was up by 9% (2025: £0.77m), but profit before taxation fell by 5% to £0.78m (H1 2025: £0.83m) after the exceptional costs of £0.11m.

Net cash generated from operating activities increased by 39% to £1.33m (H1 2025: £0.96m) and the Group's cash, having invested £0.50m in prepaid assisted acquisition support and £0.13m in upgrades to our website, stood at £3.73m at 30 June 2026 (H1 2025 £3.86m).  Our cash position provides us with the capacity to continue to explore new opportunities as well as to absorb exceptional costs incurred in 2026.

Dividends of 6.6p per ordinary share were declared for the first half of the year (H1 2025: 6.6p).  

Andrew Nicol

Chief Financial Officer

16 September 2026

Outlook 

With quality operators across the Winkworth network working with unswerving commitment to their clients, we see our performance remaining resilient in a market influenced by macro factors which are beyond our control. It is becoming evident that the balancing point for mortgage rates is currently around 4.5%, with rates above this level slowing transactional activity and rates below this level increasing it. We are currently experiencing fluctuations in rates, but there is underlying demand to transact and we expect this to continue to be the case. 

After price falls in prime central London, activity has now picked up and the Board expects prices to stabilise.  More broadly, with activity being driven by the trajectory of interest rates, the Board expects prices to remain static overall for the next six months. Should mortgage rates reduce, the Board would expect small price increases.

In lettings we have now adapted to the new legislation and whilst we are still seeing some attrition of landlords, this has now slowed since the new legislation has been in place and we expect our revenue to remain stable, with ongoing opportunities for growth through assisted acquisitions of portfolios by our franchisees as well as organic growth opportunities outside of London where the economics are better for landlords due to lower leverage requirements. 

Against this background we expect to continue to see opportunities to bring new talent into the Winkworth network, helping support organic growth in an uncertain market. 

The Group's underlying trading performance remains resilient, and the Company expects the underlying profit before exceptional costs for FY 2026 to be slightly ahead of market expectations. Related legal and advisory costs of £105,000 were incurred during the six months ended 30 June 2026, with a further £376k incurred and committed between 1 July and 15 September 2026. Further costs are expected, although the total amount remains uncertain and will depend on how matters progress. 

The Board now expects these ongoing legal and advisory costs to result in reported profit before tax for FY 2026 being materially below current market expectations. The final impact remains uncertain and will depend on how the ongoing proceedings and related discussions progress.

While the Board recognises the associated cost, it believes the work being undertaken is necessary and is continuing to consider ways to strengthen the Board and the Company's wider governance arrangements.

On behalf of the Board

Dominic Agace

Chief Executive Officer

16 September 2026

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the period 1 January 2026 to 30 June 2026

							(Unaudited)			(Unaudited)
							Period			Period
							1.1.26			1.1.25		(Audited)
							To			To		Year ended
							30.6.26			30.6.25		31.12.25
							£000's			£000's		£000's
CONTINUING OPERATIONS
Revenue		2					4,701			5,202		10,736
Cost of sales							(746)			(764)		(1,646)
GROSS PROFIT							3,955			4,438		9,090
Other operating income							1			-		6
Profit on disposal of subsidiary							-			-		305
Administrative expenses							(3,120)			(3,668)		(7,404)
OPERATING PROFIT BEFORE  EXCEPTIONAL COSTS							836			770		1,997
Exceptional costs		3					(105)			-		-
OPERATING PROFIT AFTER EXCEPTIONAL COSTS							731			770		1,997
Finance costs							(25)			(29)		(52)
Finance income							76			84		163
PROFIT BEFORE TAXATION							782			825		2,108
Taxation							(209)			(218)		(491)
PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD							573			607		1,617
Profit and total comprehensive income attributable to: Owners of the parent							574			615		1,633
Non-controlling interests							(1)			(8)		(16)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD							573			607		1,617
Earnings per share expressed
in pence per share:		4
Basic							4.45			4.77		12.65
Diluted							4.32			4.63		12.28

                 M WINKWORTH PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2026

							(Unaudited)		(Unaudited)		(Audited)
							30.06.2026		30.06.2025		31.12.2025
		Notes					£000's		£000's		£000's
ASSETS
NON-CURRENT ASSETS
Intangible assets			5				1,160		1,192		1,141
Property, plant and equipment							670		801		519
Prepaid assisted acquisitions support							1,323		926		906
Investments							7		7		7
Trade and other receivables							1,047		823		1,080
							4,207		3,749		3,653
CURRENT ASSETS
Trade and other receivables							1,544		1,770		1,023
Tax receivable							-		34		32
Cash and cash equivalents							3,726		3,860		3,904
							5,270		5,664		4,959
TOTAL ASSETS							9,477		9,413		8,612
EQUITY
SHAREHOLDERS' EQUITY
Share capital							65		65		65
Share premium							179		179		179
Other reserves							12		-		6
Retained earnings							6,236		6,366		6,514
							6,492		6,610		6,764
Non-controlling interests							16		8		18
TOTAL EQUITY							6,508		6,618		6,782
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables							507		567		275
Deferred tax							129		159		138
							636		726		413
CURRENT LIABILITIES
Trade and other payables							2,139		2,045		1,294
Tax payable							194		24		123
							2,333		2,069		1,417
TOTAL LIABILITIES							2,969		2,795		1,830
TOTAL EQUITY AND LIABILITIES							9,477		9,413		8,612

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period 1 January 2026 to 30 June 2026

	Share		Retained		Share Premium			Other				Non controlling				Shareholders'
	capital		earnings		account			reserves				interest				equity
	£000's		£000's		£000's			£000's				£000's				£000's
Balance at 1 January 2025	65		6,603		179			-				16				6,863
Total comprehensive income	-		615		-			-				(8)				607
Dividends paid	-		(852)		-			-				-				(852)
Balance at 30 June 2025	65		6,366		179			-				8				6,618
(unaudited)
Total comprehensive income	-		1,018		-			6				(8)				1,016
Dividends paid	-		(852)		-			-				-				(852)
Transfer on disposal	-		(18)		-			-				18				-
Balance at 31 December 2025	65		6,514		179			6				18				6,782
(audited)
Total comprehensive income	-		574		-			6				(2)				578
Dividends paid	-		(852)		-			-				-				(852)
Balance at 30 June 2026	65		6,236		179			12				16				6,508
(unaudited)

M WINKWORTH PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

for the period 1 January 2026 to 30 June 2026

			(Unaudited)		(Unaudited)
			Period		Period
			1.1.26		1.1.25		(Audited)
			To		To		Year ended
			30.6.26		30.6.25		31.12.25
	Notes		£000's		£000's		£000's
Cash flows from operating activities
Cash generated from operations	i		1,448		1,258		2,642
Interest paid			(1)		(2)		-
Tax paid			(116)		(300)		(474)
Net cash generated from operating activities			1,331		956		2,168
Cash flows from investing activities
Purchase of intangible fixed assets			(129)		(75)		(250)
Purchase of tangible fixed assets			(30)		(75)		(127)
Disposal of subsidiary, net of cash disposed			-		-		(25)
Prepaid assisted acquisition			(500)		(170)		(220)
Interest received			76		84		163
Net cash used in investing activities			(583)		(236)		(459)
Cash flows from financing activities
Payment of lease liabilities			(49)		(66)		(134)
Interest paid on lease liabilities			(25)		(27)		(52)
Equity dividends paid			(852)		(852)		(1,704)
Net cash used in financing activities			(926)		(945)		(1,890)
Decrease in cash and cash equivalents			(178)		(225)		(181)
Cash and cash equivalents at beginning of period			3,904		4,085		4,085
Cash and cash equivalents at end of period	ii		3,726		3,860		3,904

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

for the period 1 January 2026 to 30 June 2026

i.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

	(Unaudited)		(Unaudited)
	Period		Period
	1.1.26		1.1.25		(Audited)
	To		To		Year ended
	30.6.26		30.6.25		31.12.25
	£000's		£000's		£000's
Profit before taxation	782		825		2,108
Disposal of subsidiary	-		-		(305)
Depreciation and amortisation	305		287		589
Finance costs	26		29		52
Finance income	(76)		(84)		(163)
Profit/(loss) on disposal of fixed asset	-		1		-
Share option	6		-		6
	1,043		1,058		2,287
Decrease/(increase) in trade and other receivables	(488)		(373)		44
Increase/(decrease) in trade and other payables	893		573		311
Cash generated from operations	1,448		1,258		2,642

ii.           CASH AND CASH EQUIVALENTS

The amounts disclosed in the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet amounts:

	30.6.26		30.6.25		31.12.25
	£000's		£000's		£000's
Cash and cash equivalents	3,726		3,860		3,904

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED INTERIM RESULTS

for the period 1 January 2026 to 30 June 2026

1.           ACCOUNTING POLICIES

              Basis of preparation

The interim report for the six months ended 30 June 2026 and the comparative information for the periods ended 30 June 2025 and 31 December 2025 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  A copy of the most recent statutory accounts for the year ended 31 December 2025 has been delivered to the Registrar of Companies.  The auditor's report on these accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.

The financial information for the six months ended 30 June 2026 and 30 June 2025 is unaudited. The financial information for the year ended 31 December 2025 is derived from the group's audited annual report and accounts.

The annual financial statements are prepared in accordance with UK adopted International Accounting Standards (UK IFRS). The condensed set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'.

The accounting policies and methods of computation used in this financial information are consistent with those applied in the group's latest annual audited financial statements, except as noted below.

Taxation

Income tax expense has been recognised based on the best estimate of the weighted average annual effective income tax rate expected for the full financial year.

Deferred tax is recognised in respect of all material temporary differences that have originated but not reversed at the balance sheet date.

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED INTERIM RESULTS

for the period 1 January 2026 to 30 June 2026

2.          SEGMENTAL REPORTING

The Board of directors, as the chief operating decision making body, reviews financial information and makes decisions about the Group's business and has identified a single operating segment, that of estate agency and related services and the franchising thereof.

The directors believe that there are two material revenue streams relevant to estate agency franchising.

	6 months 2026 £000		6 months 2025 £000		12 months 2025 £000
Revenue
Corporate owned offices	1,162		1,669		3,252
Commissions and subscriptions due to the group under franchisee agreements	3,539		3,533		7,484
	4,701		5,202		10,736

All revenue is earned in the UK and no customer represents more than 10% of total revenue in either of the periods reported.

	6 months 2026 £000		6 months 2025 £000		12 months 2025 £000
Profit/(loss) before tax
Corporate owned offices	(11)		80		244
Commissions and subscriptions due to the group under franchisee agreements	793		745		1,864
	782		825		2,108

3.          EXCEPTIONAL COSTS

Exceptional costs disclosed on the face of the income statement relate to legal fees incurred up to 30 June 2026 in relation to matters concerning the Board of Directors. Management has determined that these costs are exceptional in nature as they are unrelated to the Group's trading performance and normal business operating activities.

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED INTERIM RESULTS

for the period 1 January 2026 to 30 June 2026

4.          EARNINGS PER SHARE

Basic and diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.

			Weighted
			average
			number		Per-share
	Earnings		of shares		amount
	£000's		000's		pence
Period ended 30.06.26
Basic EPS
Earnings/number of shares	574		12,909		4.45
Effect of dilutive securities	-		387		-
Diluted EPS
Adjusted earnings/number of shares	574		13,296		4.32
Period ended 30.06.25
Basic EPS
Earnings/number of shares	615		12,909		4.77
Effect of dilutive securities	-		387		-
Diluted EPS
Adjusted earnings/number of shares	615		13,296		4.63
Year ended 31.12.25
Basic EPS
Earnings/number of shares	1,633		12,909		12.65
Effect of dilutive securities	-		387		-
Diluted EPS
Adjusted earnings/number of shares	1,633		13,296		12.28

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED INTERIM RESULTS

for the period 1 January 2026 to 30 June 2026

5.          INTANGIBLE ASSETS

	Customer lists		Website development		Total
	£000's		£000's		£000's
Net book value at 1 January 2025	718		520		1,238
Additions	-		75		75
Amortisation	(34)		(87)		(121)
Net book value at 30 June 2025	684		508		1,192
Additions Disposals	- (147)		175 -		175 (147)
Amortisation	19		(98)		(79)
Net book value at 31 December 2025	556		585		1,141
Additions	-		129		129
Amortisation	(40)		(70)		(110)
Net book value at 30 June 2026	516		644		1,160

6.          FINANCIAL INSTRUMENTS

Categories of financial instruments

The group has the following financial instruments:
	30.06.2026		30.06.2025		31.12.2025
	£000's		£000's		£000's
Financial assets that are debt instruments measured at amortised cost
Trade receivables	922		1,196		512
Loans to franchisees	1,364		1,139		1,322
Other receivables	68		258		42
Financial liabilities measured at amortised cost
Trade payables	1,358		1,054		188
Lease liability	567		706		383
Other payables	6		37		32
Financial assets measured at fair value
Listed investments	7		7		7
Cash and cash equivalents	3,726		3,860		3,904

Listed investments are valued by reference to publicly available share prices and are considered at            level 1 under the IFRS 13 fair value hierarchy.

M WINKWORTH PLC

NOTES TO THE CONSOLIDATED INTERIM RESULTS

for the period 1 January 2026 to 30 June 2026

                 7.          RELATED PARTY DISCLOSURES

During the 6 months to 30 June 2026, total dividends of £433,558 (30 June 2025: £433,558) were paid to the directors.

8.          EVENTS AFTER THE REPORTING PERIOD

On 15 July 2026, M Winkworth Plc declared dividends of 3.3p per ordinary share for the second quarter of 2026.

In August 2026, the Company commenced proceedings in the High Court against Simon Agace, the Company's Non-Executive Chair, in relation to alleged breaches of confidentiality, certain provisions of his relationship agreement with the Company, and associated duties under the Companies Act 2006 (the SA Proceedings). The Company applied for interim injunctive relief, and a consent order has since been made by the Court, under which the injunction application was adjourned to 5 October 2026 and Mr Agace gave certain undertakings in the interim. The parties are continuing discussions with a view to resolving the matters between them. To date, there has been no determination by the Court in relation to the allegations or the Company's application.

9.          INTERIM RESULTS

Copies of the interim results are available at the Company's registered office at Cannon Place, 78 Cannon Street, London, EC4N 6AF, and on the Company's website at www.winkworthplc.com

 

END