13 September 2018
By Maynard Paton
Update on M Winkworth (WINK).
Event: Interim results for the six months to 30 June 2018 published 12 September 2018.
Summary: These results were quite satisfactory and actually revealed record first-half revenue — despite the estate-agency group remaining dependent on London’s difficult property market. In fact, the confident management narrative said sales commission rates had increased and also described online rivals as “digital experiments”. Meanwhile, the accounts seem in decent shape, the outlook appears relatively encouraging and the valuation is hardly extended. I continue to hold.