Winkworth report raised profits as expansion continues

Pre-tax profits at AIM-listed Winkworth crept up from £1.1m to £1.2m last year.

Reporting on its preliminary results for the year to December 31, 2011, it said that gross property sales and lettings turnover was £35.9m. London property sales accounted for 83% of the group total.

Winkworth opened 11 new offices last year and plans to grow further after reporting an encouraging start to the current year.

Dominic Agace, CEO, said: “The opening months of the year have presented us with a mixed picture for London residential property but with some encouraging signs. The middle market of family houses in Greater London, where prices have risen but transaction volumes have been limited by a shortage of available stock, is finally showing renewed signs of life.

“It is encouraging to report that our offices have witnessed a 20% year-on-year increase in sales instructions over the first two months of the year and a 12% rise in buyer registrations. Over the same period, completed transactions rose by almost a quarter.  

“Having so far this year already added offices in Canterbury, Grantham, Worcester Park and Cheam, we will continue to invest in new offices outside of London in 2012 despite the ongoing low volume of transactions.

“With a number of exciting new initiatives lined up for launch in the second half of 2012, we are working to make our proposition even more compelling.

“The gains that we are making in market share lead us to believe that these are the right conditions under which to grow our footprint across the South-East and South-West of England and, in anticipation of an eventual upturn in transaction, to add value to the brand by acquiring revenues at depressed values.”