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Posted on September 29, 2017 by staff

Purplebricks expects to double half-year UK revenue

Estate agent disrupter Purplebricks is expecting to more than double its UK revenues in the first half of its current financial year.

The company said in a London Stock Exchange trading update that strong progress has been made across the business since the start of its financial year on 1st May 2017.

It added that trading in the UK and Australia remains on course to meet its full-year expectations: revenues of £80m for the UK and £12m for Australia.

First-half revenues in the UK are “likely to be more than double” the same period last year and “many times ahead” of Australia.

Purplebricks formally launched its business in the US on 15 September. This was followed by a TV advertising campaign which was aired under the banner of “Real misery, the misery you feel when you have paid too much in commission and got nothing more for your money”.

The group said the initial response has been encouraging with the volume of website visits and valuations booked exceeding both the UK and Australia at the same period in their development.

“Launching into the US market is an important and proud moment in the Company’s three year history,” group chief executive Michael Bruce said.

“The level of hard work, commitment and dedication from the team to achieve this, while continuing to deliver on UK and Australian expansion, is testament to the culture and breadth of talent within our business.

We will continue to invest in infrastructure and teams to support our rapid growth, while our focus will remain on providing an excellent customer experience.”