Purplebricks: revenues up, profits come later
Now Mr Bruce is heading to Australia with £10m in his pocket to establish Purplebricks.
Purplebricks, the most talked about agency in the UK, has announced revenues of £18.6m (up by 448 per cent) for its financial year ending in April.
However, investors will have to wait for profits, as the other side of the story is the reported loss of £12m – an even greater loss than in 2015, when they posted losses of £5.4m.
The loss is down to the agency’s massive expenditure on advertising, but Michael Bruce, CEO, says that it will move into profitability in the coming year.
The agency says that it completed on £28bn of property in the financial year.
Mr Bruce clearly enjoys a challenge – he also announced that Purplebricks is heading for Australia, with £10 million in his pocket, to get a slice of their booming property market.
He said, “ We are leading change in an industry that has long been stagnant and we are looking to replicate that success in Australia, said to be valued at £3.3bn.”
One thing is for sure – Mr Bruce has the right name to be welcomed ‘Downunder’.
Shares were trading at £1.34 as The Negotiator went to press, up from 97 pence at the beginning of 2016.
