Agency plans five new offices a year despite profit slump

Winkworth says Covid and its aftermath will not derail plans to open five offices a year. 

In a trading statement to shareholders it says it’s opened a new office at Hellesdon in Norfolk this year and “have several further offices scheduled to open in 2021.”

Executive chairman Simon Agace says: “We will be adding new franchises in 2021 and will continue to use the company’s substantial resources to attract and back entrepreneurial estate agents in key growth areas of Southern England, acting opportunistically as opportunities arise.”

However, despite enlarging its network in 2020, revenue dropped by 1.24 per cent and revenues dipped £100,000 to £6.41m. Company profits fell 6.1 per cent to just £1.63m.

Even so, the agency says it’s now the second largest in London with a market share of 4.53 per cent; it also claims 11th spot in the UK.

Agace says: “Our business model was tested by extreme conditions in 2020 and proved to be very robust. The benefits of local expertise, highly motivated managers and a state-of-the-art digital platform meant that we were quick to emerge from lockdown and improve our market share.

“While challenges remain, we expect to see an increase in activity in 2021 and we are well positioned to further grow our network and respond to the evolving needs of our customers.”