Good afternoon, welcome to the M Winkworth plc investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Dominic Agace, CEO. Good afternoon to you, sir.
Afternoon, hello to everyone. I'm Dominic Agace. I'm CEO of Winkworth, and this is Andrew Nicol, CFO of Winkworth. It's our pleasure to be here to talk through 2022, and the Winkworth business model as it sits today. A little bit of background for those of you who aren't so familiar with the model. Winkworth is a long-established brand, established in 1835, that was the first company to franchise in the U.K. in 1981. Since then, it has grown to 102 franchised offices, with the majority, 59 of those offices being in London. It grew initially from Knightsbridge outwards and has since grown into the country down to Exeter as far in the southwest.
Within the network, there are two offices that we own, and the rest are all independently owned and operated. The model works, on the fact every business is bar tool independent and operated, and we provide a platform for that business to compete in the top three in its marketplace. The aspiration being that someone who's currently working for a corporate estate agency can set up their own business and have the same offering as they were used to, when they were an employee to attract clients and provide them the best service. In return, we charge 8% of gross revenues, with some additional fees which equate to around 11% of the average franchise turnover.
The sort of key parts of that, I suppose, are that the business by the nature of its London profile, that really is sort of what separates it out from other franchise businesses. It grew at a time when it was possible to open independent businesses across central London and on an affordable basis. It's very hard, it'd be very hard to replicate the 59 offices that it has across London. That sort of defines its market positioning as a prime business and the locations it grows to. It grows to areas, and we grow to areas where which affiliate with London.
We will open an office, for example, Winchester, where lots of sellers in the Winchester market or surrounding areas are looking for an estate agency with access to London buyers in order to sell their home. By being part of Winkworth, they will be able to appeal to those sellers and generate good business. I think the other thing to quickly say at the front end is that's the sort of platform. Then, from our point of view, we grow, we look to grow in three different ways. We grow through new people coming to us, who've been working at competitor estate agencies, whether it be employees and setting up on their own.
They take the shop, in their name and the employee, and their employees and launch it, under our guidance with our brand and our support. The second way is that we will approach existing, estate agency businesses that are looking to, boost their market share or perhaps their profile and, see if they'd like to join us, and plug into our database and system and set up a brand in order to do so. The third way really is we are, central to us as a business, I suppose, is the importance of the individual. We're led, people-based business and led decisions we make by the people we find. As a business, there are, lots of opportunities.
Well, there's some very talented operators out there, and they may not have the funding required to open their own business. A new area of growth for us is where we may have an existing franchisee who may be looking to retire, and we're an old business from 1891. Several may be on that the road to the golf course. We can introduce new talent and provide the funding for that talent to buy the business. In these 2 occasions, buy the business and provide equity rewards for the talented operator achieving the goals we've jointly agreed. In due course, exit to that talented operator, sort of boosting the revenue from an existing business by introducing new energetic blood, and increasing our share of the revenue in return.
Really on that note, that's the sort of broad bit about Winkworth. Over to the operational highlights from Andrew.
Thanks very much, Dominic. 2022 was in line with expectations. That was down on the exceptional 2021 year, but significantly up on 2019, the last normal, in quotes, pre-pandemic year. In terms of the actual numbers for the year, network turnover dropped by 3% to GBP 63.1 million. That was made up of GBP 34.3 million of Sales revenue, down 12% on the previous year, and GBP 28.7 million of Lettings revenue. That was up 11% on the previous year. The split came down towards a more normal 54% Sales, 46% Lettings. Traditionally, it's roughly 50/50, heading back towards that sort of split. Our M Winkworth plc revenue was flat at GBP 9.31 million.
The point to note on that is that the revenue generated by our Owned Offices went up by over GBP half a million. There was some shrinkage in the Franchising revenue, a little bit from the network reduction. primarily though on our ancillary services that we offer through the Franchising business where COVID caught up with some of our longer established areas. Areas like we have a China desk that the pipeline that it relies on, dried up during COVID. It's now building that back up again, but that impacted last year quite significantly. The profit before tax was GBP 2.47 million. We have GBP five and a quarter million in the bank, and we declared in the year ordinary dividends of GBP 0.11 to put it into, as I say, a more realistic context and a comparison with 2019.
2022 versus 2019 revenue was up by 45%, PBT was up by 51%, and cash was up by 64%. We think 2022 was a good performance.
Just as a breakdown on the next slide, the different revenue in the different parts of our business. We sort of look at our business in broadly three areas, operating slightly differently with different dynamics behind them. Sort of Central London, we're international. Out of London, sort of domestically driven, city living and countries where it's outside of London. I suppose at no surprise To talk a little bit about the market, obviously we've come off a sort of tremendous boom post-pandemic, fueled by Stamp Duty rises, Stamp Duty cuts, holidays and a desire to move to larger purposes perhaps with home offices. Last year was really the year that that came to an end, sort of as cost of finance increased.
Despite that, you can see the revenue versus 2019 was a long way ahead. In terms of versus 2021, you can see that slightly further down the country, in large part that's because obviously the main part of the boom was the country, as everyone rushed to leave cities. Central London actually was up, and that's due to the fact that it didn't really get the post-pandemic boom as international travel was prohibited. It was last to wake up, post the pandemic and the lockdowns. As you can see, it is therefore sort of the least far ahead of 2019.
We would expect, I suppose the point to make is we would expect this to mean that it has a bit more to run in terms of growth, and certainly at the moment it is the most active part of the three regions we define. Looking on the next slide, we look at the all important Lettings part of our business and how that operated. Lettings has been incredibly busy since again, since the sort of the pandemic. There's been a huge amount of movement. Initially everyone stayed where they were and renewed, and then everyone, you know, large part of people moved out of the cities and then large number of people moved back into the cities. That has made for a incredibly active market.
Combined with a reduction in supply as some landlords have used a sort of more positive market to sell off their investments in the face of tax changes that have made them less profitable, meant that there'd be rapid price rises, rental price rises. Really you can see the different areas, and the growth, which, you know, the long-term trend for us of Lettings is around 6%-8% growth a year, since the early 2000s. You can see that currently it is trending above that. I think it will settle down in due course. The long-term trend, it is above that. In the sort of Lettings it always catches up. If it's quiet for 3 months in a year, people still need to move.
It's a liquid market. I think what we're seeing is this sort of that movement of people around the country, and from places where they had stayed put, causing sort of over performance and it remains a very busy part of our business this year. That sort of leads me on to the breakdown of the business, as a Sales and Lettings, business. Hope you're still with me. There we go. On the next slide. As a Sales and Lettings business, you can see we're fairly evenly divided, which is fantastic. You know, if one, goes down, then the other generally goes up as people always need somewhere to live.
You can see that it's Sales has been in the ascendancy of late, that wasn't the case, you know, it was barely the case in, or wasn't the case in 2019. It makes it a sort of fantastic... I suppose it makes a fantastic business defensively. It means we benefit from, you know, a sort of super profit, if you like, in a boom market as you saw in 2021. When Sales comes off, we see Lettings go up and that provides a hedge, which protects us as business and allows us a sort of solid platform to grow from. The income by area, really this is sort of say the three areas we look at. The interesting thing to note here is, you know, obviously we do...
I suppose we are older in London and more established, and therefore a large proportion of our revenue comes from London. Historically central London was a larger part of it. Central London has been in the doldrums a bit since the Brexit vote and perhaps sort of 2014 Stamp Duty impact. That was traditionally a 20% part of our revenue. And we would expect that to move back towards that share of revenue as it sort of comes, as Brexit's in the rear view mirror. And international travel is back upon us, and hopefully some more news will surprise the upside on the U.K. Just on the next slide, looking at the applicants. Actually, just a breakdown to give everyone an idea of how the year's compared over the last few years.
Obviously harking back to 2019 as the last normal year before we were disrupted by the pandemic and various other influences. You can see that it was still a very strong year. I think it's fair to say that it was, we were pursuing a gentle landing as cost of finance increased, and it remained very busy until the mini-budget in the autumn which caused everyone to go for an early Christmas. However, I think the market environment has really sort of settled back to that more gentle trajectory, I'd suggest, and activity has improved. On the Lettings side, again, this just reflects the sort of how busy it has been of late.
Moving to the next slide. This shows our dividend declarations for each year going back to 2012. What I like about it is the progressive nature. We were one of the few companies that continued to pay our quarterly dividends during the lockdown. We would look going forward to continue paying progressive dividends, providing the trading conditions warranted it.
We're just gonna talk a little bit about on the next slide, the Winkworth brand, really I suppose when we talk about the Winkworth brand, sort of a bit further on, next slide on actually, then we're just gonna say things we're doing. You know, we're an old established business. We have a big sort of high street footprint. That is the reason why people know us, and when we survey them, it is the main reason people know us because of that, we're on their local high street. That said, we are investing in other areas. This is part of the kind of ongoing maintenance and evolution of the business. Google is a big driver of leads. You know, people search through that and then choose their estate agent.
If you type estate agent in most areas that we cover, going through a few such as estate agent Fulham or estate agent in Islington, you know, we will come out in the top three on the search results. Actually, we've improved that, which is good. Whilst 86 of our offices came out in the top three in 2021, 90 now come out in the top three. We continue to invest in that and have great success, and that delivers a large number of leads to us and to our franchisees most importantly. I think the website delivers 25% of all valuations that the franchisees receive. Further down, we talk about properties for sale.
It's another sort of search term, you can see the trend there as well, albeit small, it's improving and we're fairly strong on our Google presence. Clearly that leads us onto social media, which is the new channel that we need to invest in and develop as a business. We have in total across our network 84,000 followers on Instagram. Where it says reach here, we've changed our strategy to a sort of brand awareness approach towards our social media, and that's meant that our reach has increased.
When they say reach has increased, that's increased by 80,000 people a month. Hopefully we will continue to grow that with sort of ongoing investment ensuring the business is competitive and enables our franchisees to appear in the top three of their respective markets. On the next slide, we talk a bit more about obviously the Winkworth brand. These are some metrics that are provided by an external research company called TwentyEA, who do a lot of information on the estate agency industry. Really what it shows is that in the area we cover, our addressable area, we sell more than anyone else, which is fantastic, and exchange more than anyone else. The bit below is perhaps more pleasing.
Clearly we have our unique geography, the 1 bits below show hopefully that we're doing a good job. Out of the sort of 10 best agents or highest ranking agents, in the areas we cover, we have the lowest withdrawal rate. Our clients generally stick with us and choose, you know, once they're instructed, they're happy, hopefully, go through to sell their property, which the next graph shows, in the fastest time, amongst our peers. Hopefully that shows that the business, the franchisees, running their own businesses are working well with their clients and achieving good outcomes. Next just moving on to the Franchising outlook, which is just there.
This gives you a sort of picture, all to know of gains and losses over the last 6 years and where we've grown. Last year we had, unfortunately, several fell through towards the end amid the Mini-budget we call chaos, but yes, Mini-budget issues. We did open 2, which is fantastic. These were actually fall into a category of offices that we help support talented existing franchisees acquire to grow their local networks and the Winkworth local network. Crediton is an extension of the Exeter franchisee who bought Tiverton the previous year. A nice network there. Bristol is a place called Bishopston in Bristol, which is with our Bath franchisee.
Again, these were Lettings portfolios that were part bank-funded, part us-funded, that kind of create new points of growth or develop existing points of growth. Going forward, we have a pipeline around 5, some in London, sort of, half with 3 in the country and 2 in London to give you a flavor. They do have variable time frames. There's lots of things, extension loans from banks, et cetera, take variable times these days, but hopefully they will start to feed through to keep the forward momentum. We sold 1 office last year. This is part of, I suppose, a fairly important part of our business. We are very long-established and have very successful and valuable individual businesses within us.
We do have a succession job to manage to ensure that, you know, we continue to regenerate and where we can introduce new blood, as we talked about there, you know, we can find that these offices will increase their revenue significantly. Actually, where we can resell an office, the effect could be the same as opening two or three new offices, particularly in London, where there's a higher potential revenue per outlet. By maximizing the assets in London, we're doing a good job of growing our revenue as well as opening new sites in new locations. That leads me on to the owned businesses slide. I sort of mentioned this a bit at the beginning, I suppose hopefully it was sort of clear.
Where we, where we've sort of evolved to as a business is we understand that there are, we want to go forward and open new locations, but it's not all about numbers of offices. It's about quality and making sure that the offices we have and the franchises we have are as good as possible in reaching their potential. In certain locations, we use the data, industry data we have to. Hopefully that's, yeah. The industry data we have to look at where perhaps there is a, "We're not performing to our potential." There, you know, we were prepared to buy. We have the right person in hand, prepared to buy the business and put that person in, and just changing the person can make a dramatic difference.
I mean, one of these businesses was doing a GBP 250,000 revenue turnover and did GBP 1.8 million last year, sort of four years later. In the course of that, the talented operator agent received shares for reward, which is obviously great appeal, hopefully, for someone to have some security and have some equity or skin in the game. A sort of hybrid between the franchise model and wholly ownership. We're staying true to our beliefs in the sort of power of the individual and the importance of them and rewards for them and their security and not trying to compete on a sort of like-for-like basis with networked wholly owned estate agency chains. It's more of a sort of partnership model.
you know, we, I suppose, take home a greater share of the of the spoils, and it's quite a good, say, helps move our revenue and profits forward. We have a second one that is evolving and is growing and it's currently moved up to currently trading, I think, at second in its market in terms of Sales agreed this year. Hopefully that will start to generate revenue. First one has hit maturity. And then we've also launched 18 months ago, two years ago, a commercial business. Again, following the sort of belief in the individual, we were sort of long known to me, a talented guy who runs has set up and run previous commercial development investment businesses.
Really these are focused on mixed-use properties or commercial properties and selling them or and then them then being developed to be sold as residential units. It also involves leasing of office space and letting of shop retail space. That's been growing pretty successfully. There's obviously a huge amount that can come more to come out of it. It's a very big area for us and something that's been missing for many, many years. Obviously, there are some very large firms that one day one would like to get close to.
That also leads us into the opportunity we see this year to spin into a new homes business, which we've sort of recruited for, to sell the products of the commercial and developments investments business as well as other new developments that are built. That would work in partnership with our local franchisees. They both get an opportunity to sell development. A specialist area, they haven't been able to attain those instructions without a specialist department in the middle, and so hopefully it's beneficial to all. Again, it's just another way, it should work in synergy with the network and create new revenue streams for Winkworth plc.
On the digital side, moving on, we actually have one of the longest established websites. Winkworth was one of the first, or the first agency to set up a website to help its business. We've been working on Winkworth Digital for a number of years, and we're starting to see the real benefits of that long-term thinking and the long-term investment. What we're able to do and what we've been doing the last couple of years is building on a decision we made 3 years ago to go to a very powerful CRM platform that comes with a lot of out-of-the-box functionality that enables us to take our understanding of our website, how it works, et cetera, to a completely different level.
This slide is an encapsulation of the vision about where we want to take that, understanding data, how we can use data both to improve the customer's experience in dealing with us, make that as smooth as possible, and the journey as sort of intuitive as possible. Also to help the offices and ourselves as franchisee, franchisor to understand the behaviors of clients, how they're interacting with the website, what's working, what's not working, so the resources can be appropriately focused. The slide was put together by the data firm that we've been working with. They have us sitting between data users and data experts at the moment. It's our intention to get to become data leaders in three to five years' time.
Just to give, moving on to the next slide, a practical understanding of what that actually means, these are some dashboards that we've put together with working with a team of some of the more tech-savvy managers in the offices that looks at the performance of their particular offices. This is taking the website data and at a glance you can see in your area which properties are really popular, which pages are being visited on the website, et cetera. It gives you a real feeling for what's going on, and clearly at the franchisor level, we can take a more aggregated view of that. I will be working with that group of managers to develop a tool and continue developing a tool that will provide real benefit to them.
I mean, clearly it's an area that we can invest a huge amount of money in. We are trying to be conservative about it, and we will take things one step at a time, very, very conscious of the need to deliver a valuable product for it. One of the key things that I think those of you who listened to the presentation last time would know about was our idea of cradle to grave. These dashboards are based very much on information coming from our website. What we're working on at the moment, what we've just kicked off, is a project looking at the data side of things so that we can integrate our back-end CRM system.
Actually we can see, once they are joined up and once that join works well, how a lead coming into the website ultimately, hopefully ends up transacting with Winkworth, selling a house or letting a property. That's sort of the franchisee office perspective and the sort of focus of resources. Moving on to the next slide. This slide looks at the number of leads that the website has generated for the business over the last few years. What it's shown is a step change since we changed platforms and since the pandemic. Last year we had 4.1 million visitors to the Winkworth website, averaging about 350,000 a month. The year before it was 5.4 million. Some big numbers of visitors to the site.
What we're very pleased about is that in 2022, those leads or those visits generated 70,000 leads, so that's valuations, viewings and inquirers. A conversion rate of 1.7%, which is very high. We're, as I say, pleased with that. What it means is that even if the numbers are dropping, the people who are engaging are engaging much more seriously.
Brilliant. Really just in summary, sort of looking back at the year and 2023 and beyond, the year was actually a very strong year for the market. It was the year that the boom came to the end of the post-pandemic boom. Lettings remained very strong. The sort of, some of the doomsayers were proved, I dare say, wrong, and hopefully the more optimistic outlook was proven to be the course that the property market has trodden. We're a people-led business, and we grow with initiatives with the right people, and we have an element of caution as a business as we look to maintain this dividend and progressive dividend going forward.
I think we're quite well placed at the moment with a sort of good split between Sales and Lettings, good individuals in place at early stages of growth in their businesses and opportunities to open new offices for further revenue growth going forward. I think that's us really as a presentation. I suppose it's time to turn to the questions and see if we can answer those.
Dominic, Andrew, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of the screen. Just while Dominic and Andrew take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we've received a number of questions throughout today's presentation. Dominic and Andrew, if I could just ask you to read out those questions and give responses where it's appropriate to do so. I'll pick up from you both at the end.
Sorry, I had a small technical glitch there. Is that the time to go through the questions now?
Yes, sir. It certainly is.
Okay. Good. Okay, right. My screen blanked on me. The first question, I'm very pleased to read out. "So pleasing to see that the various regional hubs are performing well. The new branch offices in Norwich have hit the ground running with very healthy inventories. Same goes for Bournemouth too, and steady progress in Devon." Fantastic. Yes, those are three areas we have identified as successful local networks that we wanna continue to invest in to grow at a rate that the franchisees are happy to grow. You know, I suppose with an element of not overstretching themselves, but it's going well and creating strong brand presence in those regions. The next question from Sam. "What is your view on the rentals and Lettings market over the next 12 months?" I think it's...
There's an awful lot that's been going on in Lettings, hopefully I conveyed, renters and Lettings market. I think my view is that it's not unsustainable. Last year, the activity is not sustainable in the Lettings market. It was not good for anyone really. The, you know, we were seeing 40 people queuing up to see a flat, which, yeah, therefore prices going up dramatically as well. I think a large, you know, there has been a sell-off because of government, the direction, perceived direction of travel of the government versus the individual landlord. I think that's probably a longer term challenge. In the next 12 months, the market will remain very busy.
There is a lot of demand and the supply hasn't grown for several years. I think we will see it cooler than last year, and actually our applicants so far are showing a drop off from Q1 2022, but still incredibly busy. I hope that covers that. I suppose the next question would be, "Could you explain how the financial model works with franchisees?" I suppose that's. Hopefully I can get the right answer for you there. It works on the basis of 8% of their gross revenue is paid to us for the platform and services we provide and brand and database. They, in return, they take the shop in their own name. They employ their own employees. It is their local business to operate within our guidelines.
The outcome in terms of their turnover and profitability does vary, obviously hugely dependent on area and performance. It's hard to answer on. Yes, I think hopefully that covers that. Next question. "Exactly of the house buyers in 2022, what is the split U.K. national and foreign buyers? Have buyers from Hong Kong increased significantly in the last few years?" Actually, yes, there has been an increase this year recently in Central London. I say that's why we sort of have three areas. Central London we see as the international market, out of London as the sort of domestic market, and then I think outside of there, you're looking at, you know, classic university towns like Bath, where foreign investment comes in to the student accommodation.
I don't think The U.K. has not had this got the same international demand as it had pre-2016 at the moment. It has improved, and there's been a certain amount of American buyers out there, and Central London property, especially houses, is incredibly popular. The Hong Kong buyers, well, I mean, the travel's been an absolute nightmare for several years, so with quarantine just ending, that hopefully is all returning. It's, you know, the Hong Kong buyers, if you like British National (Overseas) passport, were perhaps people coming, moving quickly to rent, rather than buy initially, certainly. There has always been a strong contingent of Hong Kong buyers, and I think that will remain the case.
I would say there's not been a dramatic increase, but there is an increase. Maynard Peterson-
Can you take this one, Dom?
Yes. Perfect. I'll hand you over to Andrew.
Maynard's asked, "Can management talk a little bit about the cost of Sales, which increased during the year as revenue declined? What do cost of Sales consist of, and what's a typical gross margin for the commission subscription side of the business and the conventional estate agency side?" If I start that answer, and I'm sure Dominic will jump in. On the cost of Sales side, that went up by GBP 300,000 in the year. A combination of the Owned Offices as they were growing and becoming more established, cost of Sales increasing there.
In the Franchising side of the business, we renewed the franchises for 19 offices last year. There were some legal fees associated with those franchise renewals and, you know, some general cost increases around our IT services, our marketing internal services, all of which are included within cost of Sales.
I suppose just jumping in there, the assisted, explain assisted acquisition support. Good point. Assisted acquisition support is where a franchisee of ours identifies a Lettings portfolio and would like to buy it. We will lend them money, or well, there's a blend of formulas we use. One part of the formula is lending money at a commercial interest rate, so that they can then use that money to buy the portfolio. That is blended with the fact that we do recognize the 8% that is being brought into the network. We will pay, say, 3x the 8% of the revenue of the target company as a goodwill payment to the franchisee to acquire the new business.
We're supporting them, in some cases with a part loan, part goodwill payment, and they in return are buying a Lettings portfolio or another estate agency business that they're rebranding to become Winkworth. The beauty is we obviously know and trust them, and work with the ones that we know have the talent, and so feel it's a good way to grow the business.
It used to be called goodwill. I'm old enough to remember it as goodwill before the name was changed. The real attraction from our point of view is, as Dominic Agace was saying, we have a methodology that sort of calculates it at 3x the 8% to give values. We supported, we gave about GBP 300,000 last year to offices in Maida Vale, Crediton, and Bishopston in Bristol. We write that goodwill off over 10 years, so we're in there for a long-term relationship. It's a good way to actually build that.
I just see-
David H, "How will you integrate AI to help grow the quality of service to clients?" It's something that we've been looking at, David, for some time. We have had chat facilities up on the website again for some time. Some offices really like it. Some clients really like it. Others don't and want the flexibility to actually be able to talk to people and individuals. I think its use will increase inevitably over the years. At the moment it's quite slow, and we wouldn't want to lose the personal touch that our sort of area experts in the relevant franchise offices provide.
On with another question. I think it might be time for the last question actually. Any international expansion plans? No is the honest answer to that. We never say never, and we are led by, you know, people and talent and opportunities always and are open-minded to all things. You know, we have a lot to focus on in the U.K. It's where it all fits neatly, and we add a lot of value. We, I suppose, focusing on that, I think is our priority. We feel you could, you could get a bit distracted by the bright lights of the international property scene.
Dominic, Andrew, thank you very much for that. I think you have addressed those questions you can from investors, and of course, the company will review all questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, we know it's particularly important to the company, Dominic, could I just ask you for a few closing comments?
I think really as a business, we are a very simple business, you know. We're a Sales and Lettings business. We have low fixed costs. We have a, we desire to grow, but we grow cautiously whilst respecting the dividend our shareholders expect and looking forward, and look to move that forward, by working with talented operators to grow the revenues of the business, and, thank those of you that are shareholders for being so.
Dominic, Andrew, thanks once again for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete but I'm sure will be greatly valued by the company. On behalf of the management team of M Winkworth plc, we'd like to thank you for attending today's presentation. Good afternoon to you all.