NEWSFLASH: Purplebricks announces revenue of £18.5m

Purplebricks, whose shares hit a new high on Monday at 180p giving it a market capitalisation of £417.28m, issued a trading update this morning emphasising “strong growth”.

Revenue for the year ending April 30 is expected to be around £18.5m, a year-on-year increase of some 445%.

It also said that the recruitment of local property experts is ahead of plan with 205 in place at the end of April.

The update, which comes ahead of Purplebricks announcing its final results for the year to April 30 on June 16, underlined that customer service “continues to be rated excellent” averaging 9.4 from 5,000 Trustpilot reviews.

Michael Bruce, chief executive, said: “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.”

The announcement this morning stressed that Purplebricks is “the leading hybrid estate agency providing a new way to sell, buy or let property”.

The company launched on to the stock market just before Christmas with shares priced at £1.

One Comment

  1. Frown Please

    Time to check how much tax they have paid I think…

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