**Summary**
M Winkworth Plc, a leading London franchisor of real estate agencies, released a trading update and dividend declaration for the financial year ended 31 December 2025 (FY25). Key highlights include
1. **Trading Performance**
Network revenues increased by approximately 6% compared to FY24, with sales revenues up 9% and lettings revenues up 2%.
Trading conditions softened in the second half of FY25 due to a broader market slowdown ahead of the Autumn Budget, deferring some transactions.
Adjusted pre-tax profits for FY25 are expected to be around £2.1m, 20% below market expectations, with net cash at least £3.9m.
2. **Franchise Management**
The company continued to strengthen its franchise portfolio, opening four new offices and reselling seven to new franchisees.
Equity-owned offices underperformed, but management changes are expected to improve trading in 2026.
The Crystal Palace office was sold to a neighboring franchisee, aligning with the strategy of recycling capital.
3. **Dividend Declaration**
An ordinary dividend of 3.3p per share was declared for Q4 FY25, bringing the total FY25 dividend to 13.2p per share, a 7.3% increase from FY24.
4. **Outlook**
Strong enquiry levels in January 2026 and easing mortgage rates are expected to boost deferred transactions and improve confidence.
The company remains well-positioned for growth in 2026, supported by its resilient franchise network and strategic investments.
CEO Dominic Agace expressed confidence in Winkworths position despite temporary slowdowns, highlighting continued investment in the franchise network and increased shareholder dividends.