Purplebricks posts strong first half numbers as market share grows

Purplebricks Group, the AIM-listed hybrid estate agent group reports revenue up 150% to £46.8mfor the six months to the end of October.

Broken down geographically, UK revenue was up 118% to £39.9m while Australian revenue increased to £6.8m.  

UK revenue guidance for the full year was upgraded 5% from £80m to £84m reflecting a strong first half.  The company is also on-course to achieve full year revenue guidance of £12m in Australia.

The company also revealed that UK business adjusted EBITDA increased to £4.7m and UK online market share increased to 74%.

US expansion

From an operational perspective, Purplebricks pointed out that percentage market share in Australia was higher than UK after first anniversary and that US expansion was ahead of plan.

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

He added: “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."