Lettings income has saved the bacon of franchise agency Winkworth after a sales slump hit profits.
A trading statement from the agency says that while revenue across the branch network in the first half of the year was down five per cent to £26.4m, sales income was down by a huge 18 per cent to £12.3m.
Lettings revenue was up 10 per cent to £14m.
“These results reflect a slower sales market but ongoing strength in lettings,” says agency chief executive Dominic Agace.
“Our business remains robust and our focus continues to be on providing a platform that can allow an independent business to compete as a top three contender in its local marketplace and, by doing so, ensuring a franchisee can generate a healthy return under differing market conditions.”
During the half year Winkworth opened two new branches.
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