Purplebricks revenues in UK more than double
The interim report for past six months of its financial year shows business doing well, particularly in the UK where revenues and number of LPEs have increased significantly.
Purplebricks has revealed its interim results for the past six months ending October 31st which include UK revenue up by 118% to £39.9 million and a doubling of its Local Property Expert team to 650.
Its overseas operations in Australia and the US are doing well too including revenue of £6.8 million in Oz and “solid progress” in the US where it now has 40 ‘local real estate experts’.
But it’s most successful market remains the UK where Purplebricks has increased average revenue per instruction by 14% to £1,138.
The UK operation also now claims to have 74% of the hybrid online agency market, with the next largest behind it, Emoov, a minnow by comparison.
Online reviews
One item sticks out in the results – Purplebricks’ reliance on its controversial listing with Trustpilot, on which it highlights a ‘five-star’ rating in all three markets. No mention is made of its recently-reinstated listings on allAgents.
Purplebricks says that once the results are finalised it expects to report revenues of £84 million and £12 million in Australia.
“We continue to win UK market share from traditional operators in what is a challenging market and consolidate our leading position with competing digital and hybrid offerings,” says Michael Bruce, Purplebricks’ Group CEO (pictured).
The company also reveals in the results that it has more than doubled its post-sales team in the UK, as has its conveyancing team. It has also been investing heavily in a ‘concierge team’ which helps vendors get their homes sold – a nod to criticism of Purplebricks online for its lack of support once sellers have signed up.
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