Belfast Telegraph

Purplebricks sees losses halved as online property sales soar

Revenues at digital estate agency Purplebricks more than doubled last year as people continue to desert traditional high street agents, helping the firm narrow losses.

Group revenue rocketed 151% to £46.7 million in the year to April 30 after it sold and completed on more than £5.8 billion worth of UK property on its platform.

This meant that losses halved from £11.9 million to £6 million.

Boss Michael Bruce said: "This has been a very successful year in the early development of the Purplebricks model and brand.

"We have materially grown our national footprint and have built a growing brand awareness and reputation for delivering customers a more convenient, transparent and cost-effective service."

Purplebricks, which also has operations in Australia, booked its first UK operating profit in the year, which came in at £196,290.

Average income per instruction for the UK was up 14.8% to £1,035 and its website visits increased to more than 2.5 million per month.

The firm said its UK revenue expectation for the current year stands at £80 million, a near doubling from the £43 million last year.

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