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Purplebricks claims UK revenue now double that of a year ago

Purplebricks' latest trading statement, issued this morning, claims "good progress" and says its revenue in the UK for the first half of 2017 is likely to have been double that of the same period in 2016.

The hybrid agency, which has its AGM for shareholders today, says it now has some 640 Local Property Experts, up by 100 on the figure reported by the firm in June. 

This morning's figures make no reference to profits - details on this point may emerge at the annual meeting later. However, the firm reports it has no debt and £65m in cash.

The financial statement reads: “Strong progress has been made across the business since the start of the financial year on 1 May 2017. Trading in the UK and Australia remains on course to meet the full year guidance provided at the final results in June: revenues of £80m for the UK and £12m for Australia.

“H1 revenues in the UK are likely to be more than double the same period last year and many times ahead in Australia, although they had only been trading two months in the comparable period.   Local Property Experts have recently increased in the UK from 540 as at 29 June 2017 to 640 and from 77 to 100 in Australia.

“On 15 September 2017 the Group launched into the $70bn US real estate market, commencing a region-by-region rollout in the city of Los Angeles. The launch date was ahead of plan and has gone smoothly.”

A statement by co-founder Michael Bruce says: "Launching into the US market is an important and proud moment in the Company’s  three year history. The level of hard work, commitment and dedication from the team to achieve this, while continuing to deliver on UK and Australian expansion, is testament to the culture and breadth of talent within our business. 

"We will continue to invest in infrastructure and teams to support our rapid growth, while our focus will remain on providing an excellent customer experience. We are relentless at working to ensure we understand our customers’ needs and meet their expectations and are proud of our 27,000 Trustpilot reviews and our NPS score of +80. Considerable progress has been made across the Group in the financial year to date and we are confident in our future and in meeting the Board’s full year expectations.” 

  • Simon shinerock

    This is a good thing for good agents, it will get rid of those irritating competitors who up until now have refused to just pack up and go home and replace them with the Purple tree full of low hanging fruit.

  • Kelvin Francis

    No mention of profits then. They are proud of their 27,000 TrustPilot reviews, but 73 less favourable ones on AllAgents warranted a legal action to have them removed. All fake apparently.

  • Ian Smith

    No mention of the Sh*t reviews on All Agents??????//

  • Daniel Latto

    In just scrolling down the front page of the news, it's interesting to note that THREE articles have all been about Purple Bricks compared with ZERO for all the other estate agencies combined.

    Seems a bit biased if you ask me. I mean - good luck to purplebricks if they're doing the work and all that - but why is there so much news about them on the front page ?

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