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Franchise agency banks on ‘unfulfilled’ sales backlog to boost volumes

Winkworth remains confident about its sales pipeline for the rest of the year, with transactions agreed in the first six months of 2022 still to complete.

The listed franchise network revealed in a trading update yesterday that while sales were down 40% annually in the first half of 2022 – skewed by last year’s stamp duty holiday – volumes were 50% higher than the same period of 2019.

The update said: “The directors believe that there is a backlog of unfulfilled sales transactions which are being carried over into the second half of the year and are encouraged by the good levels of both sales applications and valuations, which should provide further support to sales volumes in the second half of 2022. The outlook for lettings continues to be strong.”

Winkworth said it expects that full year pre-tax profits will be in line with the market forecast of £2.1m, “marking a substantial increase on the outcome for 2019.”

It also announced that it will pay a dividend of 2.7p per ordinary share for the second quarter of 2022.

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