Purplebricks has revealed its latest financial results for this year covering the key post-Brexit months from May to October, which have produced its first profits since launching in 2015.
The results released this morning show that the business generated a profit of £300,000 compared to a loss of £600,00 during the same six-month period last year.
The company says it is also on course to reach its target Local Property Expert total of 340 by the end of this year.
But while it has also increased its revenue per customer by 20.6% to £1,000 and reported a 108% increase in instructions, Purplebricks says the property market is a “challenging” place to do business.
This has helped slow its earlier spectacular growth. The company generated revenue of £18.7m during the period, up 159% up on last year although not the extraordinary 448% growth it revealed when it last reported in May.
Cost of sales have also increased from £3.1 million to £8.3m compared to the same period last year, although how much it spends on sales and marketing stayed the same.
“Although we recognise that the UK market backdrop is tough, we continue to have a confident outlook for the future,” says CEO Michael Bruce.
“We have momentum, a superior, low fixed cost flexible business model and a strong balance sheet, which we will leverage further in the early part of the busier spring market so as to build on our success to date.”
The company also revealed the first revenue from the recently-established Australian business, generating a revenue of £400,000.