Belfast Telegraph

Purplebricks builds first UK profit despite 'tough' market

Digital estate agency Purplebricks has recorded its maiden profits in the UK as the group's revenue soared in the first half of the year.

The AIM-listed firm said overall turnover shot up 159% to £18.7 million in the six months to October 31, with UK profit coming in at £300,000.

On a group level, Purplebricks narrowed losses from £6 million to £2.2 million.

Chief executive Michael Bruce said: "Although we recognise that the UK market backdrop is tough, we continue to have a confident outlook for the future.

"We have momentum, a superior, low fixed-cost flexible business model and a strong balance sheet, which we will leverage further in the early part of the busier spring market so as to build on our success to date."

The company said it sold and completed on £2.5 billion of property in the period.

Its Australian business, launched at the end of August, has got off to a successful start, it added.

Purplebricks is backed by fund manager Neil Woodford and a group of prominent investors.