Purplebricks results
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Latest property news
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.
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Purplebricks UK profits jump but Oz and US continue to haemorrhage cash
Latest Purplebricks results for the past six months to 31st October 2018 show increasing revenue and profits in the UK and record numbers of LPEs.
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Purplebricks revenues in UK more than double
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…
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Latest property news
Purplebricks results: company reports first profits despite ‘challenging’ market
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,”…
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