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M Winkworth

  • BY: Andrew Hore |
  • POSTED: 08/09/2010 |

South east England-focused-estate agent M Winkworth has reported a 79% increase in pre-tax profit in the first half of 2010 but growth will be harder to come by in the second half because of more demanding comparatives.

Property transactions going through the franchised estate agency operations increased 78% in the six months to June 2010 but the pace of growth is slowing. Group revenues improved 21% to £1.68m, while pre-tax profit rose from £315,000 to £563,000. 

Net cash was £1.1m at the end of June 2010.

Winkworth is paying a dividend of 1p a share for the second quarter, taking the total for the year so far to 2p a share. A total dividend of 5p a share is forecast for the full year.

House broker FinnCap forecasts a rise in full year profit from £820,000 to £1.02m, suggesting a slightly lower second half contribution. House prices are not expected to strengthen significantly in the medium-term.

At 78p a share, M Winkworth is valued at £8.91m. The shares are trading on 12 times prospective earnings.

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