M Winkworth, a leading real-estate agent, has announced that its pretax profit for the first half of the year has fallen by 24%, reaching £811,000 ($1.0 million). This decline can be attributed to a weaker second quarter for sales, as some completions were delayed and pushed into the second half of the year.
Despite the decrease in profit, revenue remained stable at £4.3 million. However, the company's outlook for the rest of the year is dependent on various factors such as the end of the tightening cycle and the Bank of England's ability to manage down inflation. Nonetheless, M Winkworth believes that the sales market will be supported by strong employment, an increase in sellers motivated by rising mortgage costs, and buyers seeking suitable rental accommodation.
Chief Executive Dominic Agace remains optimistic about the business, stating that their focus is on providing a platform that allows independent businesses to compete as a top contender in their local marketplace. This approach ensures that franchisees can generate a healthy return even under varying market conditions.