Sunday, 5 December 2021

Purplebricks UK revenue to more than double in first half

Purplebricks UK

LONDON: AIM-listed hybrid estate agency Purplebricks said on Friday that UK revenue for the first half is expected to have more than doubled compared to the previous year following “strong” progress across the business since May.

In an update for the period from 1 May to 28 September, the company said trading in the UK and Australia remains on course to meet the full-year guidance provided at the final results in June, with revenue of £80m for the UK and £12m for Australia.

It added that first-half revenues in the UK are likely to be more than double from the same period a year ago and be “many times” ahead in Australia, although they had only been trading two months in the comparable period.

Purplebricks said its launch in the US, which kicked off with Los Angeles on 15 September, was ahead of plan and has gone “smoothly”. The initial response to its US TV advertising campaign has been encouraging, with the volume of website visits and valuations booked ahead of both the UK and Australia at the same period in their development. In addition, the company received its first buy side mandate soon after its launch campaign went live.

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