UK business continues its rapid top line growth says Purplebricks CEO Michael Bruce

December 13, 2017

Purplebricks Group plc today released their interim results for the 6 months ended 31 October 2017.

Group revenue up 150% to £46.8m.

Impressive UK performance, raising average revenue per transaction 14%.

Commenting on the results, Michael Bruce, Group CEO, said:

“We have had a great first half, with strong trading, significant strategic progress and substantial operational upgrades. The UK business continues its rapid top line growth, which is driving a strong increase in profits and margin expansion.  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 hybrid offerings.

“As a result of our continued success we have seen the highly customer engaged Post Sales Support team more than double, the Conveyancing Sales team grow by more than 80% and our Purplebricks Concierge team expanded, with a view to them covering the whole of the UK. We have also made considerable strategic investments in people to support both UK and global growth. Our team in the UK, excluding LPEs, is now 375 strong.

“Our overseas expansion is progressing well with Australia on track, and the launch into the US in September ahead of schedule. While it is very early days we are greatly encouraged by the initial response from customers and the quality of applicants looking to be Local Real Estate Experts. We are pleased with our progress to date, confident in our future, and as a result upgrade our UK full year revenue guidance by 5% from £80m to £84m.” 

Read the interim results report for the 6 months ended 31 October 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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