Purplebricks announces interim results.
Purplebricks PLC today announces its interim results for the six months ended 31 October 2016 headlined ‘UK achieves maiden EBITDA profit, plans to accelerate market share growth‘.
Commenting on the results, Michael Bruce, CEO stated: “Our strong results are testament to the seismic shift that is underway in the estate agency market. We continue to win over an increasing number of customers by offering them a complete and seamless high quality estate agency experience at an attractive fixed fee. I am especially proud that currently we are agreeing a sale every 16 minutes, 24 hours a day and the number of properties sold in the first half is similar to the total number of properties sold during the whole of the previous year. These results demonstrate that the business model is working, with the UK generating a maiden half-year adjusted EBITDA profit whilst growing market share. ÿ
“We have also demonstrated that our team can internationalise our model with the successful launch of Australia which has performed better than any of the initial regional launches in the UK.
“Although we recognise that the UK market backdrop is tough, we continue to have a confident outlook for the future. 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.” ÿÿ
Read the interim results announcement from Purplebricks PLC in full click here
You May Also Enjoy
Section 21 reform divides landlords and tenants
70% of landlords anticipate rent rise due to Autumn Budget
Estate agent earnings fails to keep pace with inflation
Southern landlords face up to £22,000 tax hit
Corporate landlords cautiously optimistic after first six months of RRA
