11 September 2020
By Maynard Paton
Results summary for M Winkworth (WINK):
- A very acceptable lockdown performance, with underlying half-year revenue down 17% and profit down 20%.
- Temporary stamp-duty changes have supported a “significant uplift in activity” and ought to herald a much stronger second half.
- Extremely impressive market-share gains continue to be won from London rival Foxtons.
- Despite a number of accounting re-jigs, the books remain in good shape with respectable margins and net cash.
- A possible P/E of 11-14 and potential income of at least 4% may offer upside should earnings one day regain their momentum. I continue to hold.