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M Winkworth PLC on Wednesday raised its dividend as the property market endures political volatility.
The London-based franchisor of real estate agencies announced it will increase its second quarter dividend in 2024 by 3.4% to 3.0 pence per share from 2.9p the previous year.
This follows two strong quarters with sales agreed 19% higher than last year in the first half.
Meanwhile, preliminary results show first half network sales rose 8.0% from £12.3 million, while network lettings grew 4.0% from £14.0 million.
In light of this, management expects pretax profit for the year as a whole to be in line with market expectations of £2.4 million, which would represent a 12% increase from £2.2 million generated in 2023.
‘The run up to the general election appears to have had a less dramatic impact on the property market than in previous instances except for on the demand for high-end properties, where a combination of the Conservative Party’s removal of non-domiciled status, the Labour Party’s stated intention of adding VAT to private school fees, and the higher cost of finance have weighed on this sector,’ M Winkworth said.
M Winkworth shares were up 2.3% to 199.50 pence each in London on Wednesday afternoon.
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