Key facts
- Winkworth expects full-year 2026 profit before tax to be materially below market expectations.
- Legal and advisory costs related to a boardroom dispute reached £105,000 in the six months to June 30, 2026.
- A further £376,000 in costs were incurred and committed up to September 15, 2026.
- Network revenues for the first half of 2026 were £31.6 million, down 1% year-on-year.
- Pre-tax profits for the first half of 2026 were £0.78 million, a 5% decrease.
- The company's underlying trading performance remains resilient, with underlying profit expected to be slightly ahead of market expectations before exceptional costs.
London estate agent Winkworth Plc has warned that its full-year 2026 reported profit before tax will be materially below current market expectations due to ongoing legal and advisory costs associated with a boardroom dispute. The company initiated High Court proceedings against its current chair and former Chief Executive, Simon Agace, for breach of confidentiality.
In its interim results for the six months ended June 30, 2026, Winkworth reported that legal and advisory costs related to the proceedings amounted to £105,000. An additional £376,000 in costs were incurred and committed up to September 15, 2026, with further costs expected, though the total remains uncertain.
Despite these exceptional costs, Winkworth's underlying trading performance is described as resilient, with underlying profit before exceptional items expected to be slightly ahead of market expectations for the full year. For the first half of 2026, network revenues decreased by 1% to £31.6 million, driven by a 5% drop in sales revenues to £16.1 million, partially offset by a 3% rise in lettings revenues to £15.5 million. Overall company revenue fell 10% to £4.7 million, largely due to the winding down of its development and commercial business and the deconsolidation of Crystal Palace. Pre-tax profits were down 5% to £0.78 million, after accounting for £0.11 million in exceptional legal costs.