Purplebricks UK business now in profit

June 29, 2017

Purplebricks Group plc, today announces its final results for the year ended 30 April 2017.

UK expectations upgraded, Australia on track, US beckons.

Group revenue up 151% to £46.7m (FY16: £18.6m) – UK revenue up 132% to £43.2m (FY16: £18.6m)

Commenting on the results, Michael Bruce, Group Chief Executive, said:

 “This has been a very successful year in the early development of the Purplebricks model and brand.   We have materially grown our national footprint and have built a growing brand awareness and reputation for delivering customers a more convenient, transparent and cost effective service. In tandem with our growth we have invested in the business and strengthened the management team. This has allowed us to significantly grow our number of positive reviews on the independent review site Trustpilot (currently with over 20,000). We have retained our rating of excellent. Purplebricks is now in a strong position to become the no.1 estate agent in the UK for both listings and sales.  

 “With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory. Just eight months in and Purplebricks already operates in five key states, which represent 85% of all Australian property transactions. The launch of our Commisery campaign in Australia from May 2017 will further accelerate progress. All of this bodes well for the US, where plans to launch, first in California, in the second half of the calendar year are progressing at pace.

“We are confident that we have a compelling proposition and the strategy, team and Balance Sheet strength to deliver on it for all stakeholders.”

Read the Final Results announcement 29th June 2017 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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