The London-focused estate and lettings agent reported revenues of £2.5mln for the first six months of 2020, down 4.2% on last year.
Gross revenues from its franchised office network were down 11% at £18.9mln, as sales income fell 17% to £8.2mln and lettings and management declined 7% to £10.6mln.
This equated to a 55%/45% split towards lettings and management compared to 53%/47% a year earlier.
The departure of many international clients from London and the ban on all but essential travel during the pandemic, the central London business was the most sensitive, with a 27% reduction in income, while total income from outer London markets, which represent 60% of the business, fell 7%, and ‘country’ rentals business grew 8%.
One office was closed and one new office was signed this year, in Long Melford, Suffolk, and three further openings are said to be in the pipeline for the second half, but there has been a fall in new franchise applicants.
Profit before tax decreased to £0.46mln from £0.58mln a year earlier, with cash at June 30, 2020, standing at £3.3mln compared to £2.5mln a year ago.
Dividends of 3.08p were declared for the first half of the year and the board said while the outlook for the second half of the year remains hard to predict it “remains committed to paying a quarterly dividend”.