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Certainly things a little more perky Sales finding their way through the system Should be a satisfactory Q1
Long standing franchisee in Pimlico Battersea and Clapham is on gardening leave having lost a court case over retaining his franchise
2 of those offices now appear on Google with the words permanantly closed -Battersea and Clapham which is a bit of a blow and a PR disaster .
https://www.linkedin.com/in/nick-goble-mnaea-marla-assocrics-5b217525b/?originalSubdomain=uk
Just a quick breeze through some of the franchisees accounts .Some very healthy looking numbers amongst them which will set them fair for stormy waters . Dulwich for example next accounts will be even more healthy when they appear next as sales have been trucking
https://find-and-update.company-information.service.gov.uk/company/05963459/filing-history
One of the problems which might arose for Winkies is when a franchisee becomes too successful and the desire to have their own name above the door ourweighs the benefits of being attached to a nationwide name no matter how respected they are ,
Let's hope tthatJamie Moore who has quickjly spread to 4 branches in the Norwich area doen't flit. An inventory in excess of 500 which is coming up close to 10% of the whole book .
Maybe the golden geese get a place ceon the BODS or share options to keep them vested. ?
Time for the Agaces to let out a few reefs .
Agents are in for a hard time.Lettings will save the day for most but the reduction in sales revenues will be worse than 20% YOY IMO.
good timing for Skipton to have bought CWD ?
you can't ask for anything more from their updates - a true picture they never overcook the goose always understayed without spin
anyone else would have dressed this as a major result total network revenue down just 6% in a challenging market is pretty impressive.
many agents are complaining about a lack of inventory .most of winkies branches are ticking along
the heavy artillery blackheath .beckjenham and harrin*** all decent enough inventories
steady as she goes in a challenging market
Revenue just 1% down for a difficult year If t hat can be repeated for this year that would be a major result With £5.25m in the Tommy and no debt what's not to like Al lthey need is theor Central London ftatnchisees to start firing again who are currently treading water
The shortage of inventory is starting to bite and they will be very luckly to emualate H2 2022 despite the fact that was impacted by the loss of stamp duty relief
Although their steady hand on the rudder is one of their strengths they could let out a few reefs .
Supportive of their strategy to help out existing franchisees to expand but they have yet to add to the winning formula of their direct investment in Tooting and Crystal Palace
Both major contributors to Group Profit
There must be some talented self starters who with a little financial help could mirror these and add maybe 1or 2 pa
Sales bouyant but a real shoratge of inventory for Q2 . Barnes which had a fantastic year with high ticket items hasn't taken on 1 single instruction in May
Unfortunately H1 is going to be very different to last year. Although sales are bouyant like everyone else there is a shortage of fresh inventory coming through to replace sold stock.Same rules apply elsewhere Be very surprised if the branches will top £30m revenue for H1
A number of branches still yet to garner their first instructions in April Good to see the out of town hubs expanding like Norwich and hopefully they add on a few franchisees where head office take a bigger cut of the cake like Tooting and Crystal Place which are profit boosters
Hopefully the Central London offices will start firing on all cylinders Would like to see them access the BTR market market and secure some block management contracts . Perhaps its time to introduce somebody new to the board?
Liquidity is a problem with the Agaces effectively controlling the show Simon is 80 and wonder where his stake might end up and whether the company would come into play ?
Certainly respect the considered apprach to incremental expansion with a steady hand on thecheque book but a little step up in gear wouldnt go amiss
It would be good to see a mor active trading market and maybe some shares being offered to franchiees to keep them vested
Certainly a hold as its almost impossibe to shift any without a substantial discount!
Great set of numbers again.
Whenever I get cash to pop into here the spread kills it though! Liquidity is an issue but once in the divi’s are fantastic.
Still on the watchlist for now though.
Good luck with your investments
Trek
Generous dividends howing lucky investors a return of 9% at current market va lue
Marvellous
Looking forward to hear Dominic's reporting for H1 Should be full of good news Good to see a couple of their existing franchiiess expanding especially the star act in Norwich at Poringland who has opened up a new territory
What has been particuarly pleasing is watching how well the 2 branches at Crystal Palace & Tooting are performing where they are under direct control
Everything outside Inner London going great guns . The company owned branches at Crystal Palace & Tooting going well where they keep all the pies
Stampede to the coast continues .Their Westbourne office has a hefty sales inventory of 312 with a staggering 282 in solicitors hands https://www.winkworth.co.uk/branches/westbourne/properties-for-sale
Exactly Class Act No hidden addendas
Amazing. I love companies who show they care about their shareholders.
there he goes again xxx
Adv
Bless your cotton socks
Winkies a polar opposite to Real Estate Investors in terms of reporting
No candy floss exactly as it says on the tin
As ever DYOR
...what this guy has to say. He has opinions on everything. Unfortunately, I don't care enough to unblock him.
Steady as she goes .A CEO who reports very conservatively without any candy floss
I guess the fact that the Agaces have a controlling interest keeps this under the radar .However the branches performing noticeably better than their listed brethren farming the same fields.
Certainly scope for them to stretch out further from the safety of their Greater London base. Prospective franchisees need only look at their branch in Poringland ,a small village outside Norwich where they have over 215 instructions and 180 either under offer or SSTC
The beast awakes. With predators all over the listed estate agents sector like a rash it would be no surprise to see the barbarians at the gate here tempting the Agaces with some juicy offers.
Notwithstanding many of the franchisees enjoying a bumper Q1 Some branches showing over 65% sales inventory either sold STC or under offer .
All roads lead to Damascus.
The problem will be replenishing stock
A casual stroll through Zoopla reveals that many of Winkies branches have an impressive amount of inventory under offer or SSTC .
Just the thorny bit of getting them over the line but certainly puts many of their peer group to shame
Winkworths look reasonably solid With a market capitalisation of £18m and a shareholding dominated by the Agace family where Simon is 78 maybe an opportunity for someone to get a toehold in the sector relatively pain free should the family be willing .
Reputation carved over the years but their Trustpilot reviews are a bit disappointing espeecially on the lettings side
Tried a top up this morning, but the spread just gets worse. 145 to buy, 130 to sell. Expected to find the actual prices would be in between ...but afraid not.