Purplebricks Group has issued a trading statement to the City - with another dramatic revenue increase and a claim that the hybrid agency’s recruitment of ‘Local Property Experts’ is running ahead of schedule.
The trading update, issued this morning, is ahead of the reporting of the agency‘s full year final results on June 16.
Today’s statement says in the second half of the year to the end of April, the agency “continued the strong growth experienced in the first half.”
Revenue for the full year is expected to be approximately £18.5m, a year-on-year increase of some 445 per cent.
It says its recruitment of Local Property Experts is ahead of plan, with 205 LPEs at the end of April, while customer service continues to be rated excellent, averaging 9.4 from over 5,000 Trustpilot reviews.
The company is on course to meet its full year expectations, it says.
Commenting on the results, Michael Bruce, Chief Executive, says: "Our rapid growth in the year demonstrates that customers are increasingly being won over to our hybrid model, which offers high quality service through our experienced Local Property Experts and innovative use of technology, as well as a competitive, flat fee.
"We enter the new financial year with the benefits of a full national rollout, a growing brand presence, upgraded technology through the recent launch of the Purplebricks' app, the in-house Data Sales Unit and a strong cash position. With solid underpinnings, momentum and the size of the market opportunity, we are confident in proving the business model and delivering value for all of our shareholders."
It was back in mid-December that Purplebricks floated on the Alternative Investment Market at 100p per share; yesterday, after well over three months of gains, the agency’s shares were around 175p.
The agency and some of its financial advisers have repeatedly said it intends to move into profit in 2017.