Purplebricks reports 12% jump in sales instructions this year

Company says results so far this year have been so good that it is returning its £1m furlough scheme payments to the Government.

Proptech purplebricks sign gold image

Purplebricks has reported a bumper first four months of the year in it latest trading update, helped largely by the huge boom in sales activity prompted by Rishi Sunak’s extended stamp duty holiday.

The company, which only reports instructions and not sales, says total instructions leapt by 12% to 60,238 from 53,680 last year.

Its figures are also helped by the comparison period – during April last year the market was in lockdown.

Covid cash

Purplebricks has also revealed that during the pandemic it has claimed a total of £1 million in Covid support from the government’s Job Retention Scheme after furloughing ‘a number’ of customer service staff.

But given the significant bounce-back seen in the market and the improvement in its financial performance this cash is to be returned to HM Treasury.

Ahead of its more detailed financial reporting later this year, Purplebricks says it is on course to deliver its full-year adjusted pre-tax turnover as expected in July. It still has £74 million in the bank.

“I am pleased to see the housing market continue its recovery as lockdown measures ease and buyers are aided by the stamp duty holiday,” says CEO Vic Darvey (pictured).

“We have made good progress on executing our strategic initiatives, including advancing the review of our pricing strategy in spite of the pandemic.

“We look forward to providing more detail on these new initiatives at our Full Year results in July.

“I am proud of the Board’s decision to pay back all furlough monies received and of the robust performance over the last year.

“As lockdown restrictions continue to ease across the UK, we remain confident of continuing our strong trading performance into the new financial year.”

 


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