Purplebricks reports strong results

Purplebricks has more than doubled revenues in its half year results thanks to an increase in the number of properties sold and the launch of its Australian business.

According to the firms interim results for the six months ended 31 October 2016, turnover was £18.7m, up from £7.2m in the same period of 2015/16 and up on the full-year total of £18.6m achieved in the previous financial year.

It reported a pre-tax loss of £2.76m, down from a £6.39m loss the year before, as well as adjusted EBITDA of £300,000, up from a £6m loss.

Purplebricks sold and completed on £2.59bn of property in the first half of its financial year, compared to £2.77bn for the full year 2016.

It also launched its Australian business in Queensland and Victoria, which generated about £570,000 (AU$1.08m) of instruction fees in the first seven weeks to period end.

Chief executive Michael Bruce said: “Our strong results are testament to the seismic shift that is underway in the estate agency market. These results demonstrate that the business model is working, with the UK generating a maiden half-year adjusted EBITDA profit whilst growing market share.

“We have also demonstrated that our team can internationalise our model with the successful launch of Australia which has performed better than any of the initial regional launches in the UK.”

Purplebricks floated on the London Stock Exchange’s AIM market in December with a market capitalisation of £240.3m.

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