M Winkworth PLC - London-based residential real estate agencies franchiser - Declares 2.2 pence ordinary dividend for the second quarter, plus a 2.6p special dividend. Having paid an ordinary dividend of 2.2p and special dividend of 1.3p for the first quarter, Winkworth's total interim payout will be 8.3p per share, up from 3.08p a year before. Winkworth had cut its annual dividend by 14% to 6.68p in 2020 from 7.8p in 2019.
The property agent credits "an exceptionally strong performance in the sales division by the network" for its decision to bump up its payout. Network sales revenue in the first half of 2021 has exceeded the entire year in 2020, it says, and rental revenue is running ahead of 2020 and at a similar level to 2019. While Winkworth says it expects slower sales in the second half, due to the ending of UK stamp duty relief, it is "confident" that its results for the year as a whole will exceed market expectations.
Current stock price: 195.50p, up 4.3% on Wednesday
Year-to-date change: up 37%
By Tom Waite; thomaslwaite@alliancenews.com
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M Winkworth (WINK)