skip to content

Trading statements

Purplebricks makes strong progress since May

29 September 2017 07:28

Purplebricks said 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 remained 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 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.

Our US TV advertising campaign was aired under the banner of "Real misery, the misery you feel when you have paid too much in commission and got nothing more for your money".

The initial response was encouraging with the volume of website visits and valuations booked exceeding both the UK and Australia at the same period in their development. Furthermore, we received our first buy side mandate soon after our launch campaign went live.

We are extremely pleased with the quality of the local real estate experts (LREEs) who have already joined us and those that are in the process of applying to work with Purplebricks.

Valuation appointments went live on 24 September 2017 as we always allow time for LREEs to build up appointments in their diaries in advance of them completing their intensive training programme.

Local management and central teams are fully operational in California and New York, working alongside the LREEs to help and advise customers 24/7.

The company is well funded with over £64.9m of cash and no debt as at 30 August. It will report its interim results for the six months ended 31 October 2017 on 13 December.

CEO Michael Bruce said: "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."

Story provided by StockMarketWire.com

Related Company: PURP

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

aew-banner-180x255.jpg

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.