Online hybrid estate agent Purplebricks (PURP) delivered a very strong trading statement for the year to April 2017, with year-on-year instruction growth of 83 per cent in the second half. So despite an increased marketing spend, the UK operation is expected to deliver a cash profit for the year, building on the £300,000 reported in the first half.
Trading has also been strong in Australia, following launches in Perth and Adelaide, adding to sites in New South Wales, Victoria and Queensland. With average revenue per listing of A$5,000, Purplebricks estimates that customers are saving over A$12,000 on average compared with the traditional commission structure.
Local property expert numbers have grown strongly to 525, exceeding the 360 target set in January 2016. Plans to expand into the US market are progressing well, and an initial launch is expected in the second half of 2017.
