Winkworth its pre-tax profits will be slightly ahead of market expectations at £1.3m, boosted mainly by its lettings business.
The agency franchise network used a trading update, ahead of disclosure of its full results for 2017 at the end of March, to reveal that expects its revenues to have dipped by just below 5% last year amid a slowdown in sales activity.
The update, which also announced a dividend of 1.85p per share for the fourth quarter of 2017, said: “As has been widely reported, the UK residential sales market experienced a reduced number of transactions in 2017.
“Against this challenging background, Winkworth is pleased to announce that, following further growth in its lettings business, the company’s total revenues for 2017 will be broadly in-line with market expectations.
“The revenue figure is expected to be less than 5% lower than 2016, a year which saw transactions in the first quarter boosted by buy-to-let investors completing purchases before the introduction of a higher rate of Stamp Duty.”
Winkworth said revenues in the second, third and fourth quarters of 2017 all grew year on year.
Dominic Agace, chief executive Officer of Winkworth, said: “At the national level, transactions were below average in 2017, although over the course of the year we experienced an improvement in activity in prime central London.
“Our lettings business is going from strength to strength and we are pleased to have proven the resilience of the brand under testing market conditions. While the outlook for the market in 2018 remains uncertain, we start the year with an increased number of offices and a pipeline of high quality applicants.”
Meanwhile, Winkworth has named Habitat for Humanity Great Britain as its official charity partner.
Habitat for Humanity already has the backing of a number of large businesses in the property industry, but Winkworth is its first UK estate agency partner.