Purplebricks eyes Australian expansion

Purplebricks has is targeting expansion into the Australian market which it estimates to be worth £3.3bn.

Purplebricks also reported its reseults with revenues of £18.6m in the year to 30 April 2016, a significant increase on the £3.4m during the previous year.

Chief executive Michael Bruce said: “In just our second full year of operation we are leading change in an industry that has long been stagnant and is only now waking up to the opportunities and threats posed by technological advance and changing consumer behaviour.

“While others are following we have retained our leading position, with 62 per cent of the non-traditional estate agency market and look to replicate this success in Australia.”

However, costs associated with the flotation widened pre-tax losses to £11.9m from £5.5m.

Bruce added: “We are confident in making continued rapid progress in the current financial year.

“Our investment in technology, building brand awareness and trust, expanding the data sales unit and the continued recruitment of local property experts, which we anticipate will rise to 245 by the end of June, should help us win further market share, the benefits of which are already starting to flow through our operationally geared business model.”

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