Estate agent continues to build on strong foundations
ESTATE agent Purplebricks is building on strong foundations as it continues to make faster progress than expected.
Ahead of its AGM today, it told shareholders that trading since May had been “very encouraging, with little discernable impact following the EU referendum”.
It reiterated its expectation that its UK business will move into profitability this financial year.
UK instructions were up 121% in the 19 weeks to September 14, and are growing month-on-month, while it online market share has strengthened to 65%.
It said the launch of Purplebricks Australia in late August was “progressing very well”, with the number of valuations substantially ahead of the UK business at the same point in its development.
Purplebricks chief executive Michael Bruce said: “We continue to win market share through a combination of our compelling customer proposition, increased brand awareness and the ongoing recruitment of high quality Local Property Experts, which is driving our local service across the country. We are confident that the same model and the quality of the local management team will prove successful in Australia.”
The Solihull-based business floated on the Alternative Investment Market in December and its market value has since risen by more than 30% to around £320m.
