Purplebricks has confirmed that the company has not increased its market share in the UK and that sales volumes have dropped, particularly in the South East.
“The significant losses incurred in the prior period have now been reversed,” the company says. It has also confirmed that the overall group has returned to profitability.
The comments are made in a statement ahead of its interim results for the six months ended on 31st October within which the company says it has maintained its market share at 4%. This is despite comments by its CEO Vic Darvey recently that it will eventually reach 10% of the UK market.
The more detailed results are due to be published on 12th December, the day of the General Election.
It also says the company will report an improvement in the marketing-to-revenue ratio as ‘planned efficiencies are now being realised’.
And Purplebricks says its Canadian business, which it purchased and then rebranded in January, has done better than expected.
But despite the good news, the company is likely to be bracing itself for a lukewarm reaction from the City.
Its overall performance is expected to ‘flat’ when compared to the same period last year.