23 September 2019
By Maynard Paton
Results summary for M Winkworth (WINK):
- A standstill London property market left first-half revenue down 3% and profit unchanged.
- Subdued trading conditions have persisted since the Brexit vote and are likely to continue until the “political and economic uncertainty” clears.
- Further market-share gains have been won from London rival Foxtons, while the online competition continues to struggle.
- The accounts remain simple, high-margin and cash-flush.
- A possible P/E of 10 and yield of 6.6% do not appear expensive should earnings ever resume their momentum. I continue to hold.