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Losses grow at Purplebricks amid sluggish property market

PUBLISHED: 17:08 13 December 2018 | UPDATED: 17:08 13 December 2018

Purplebricks has reported growing losses, owed in part to its international expansion and a sluggish UK housing market. Picture: ANTONY KELLY

Purplebricks has reported growing losses, owed in part to its international expansion and a sluggish UK housing market. Picture: ANTONY KELLY

Archant Norfolk 2017

Online estate agent Purplebricks has trimmed its full-year revenue guidance amid a sluggish UK property sector.

The AIM-listed company expects revenue for the financial year ending in April to be between £165m and £175m, against previous forecasts of £165m to £185m.

Purplebricks cautioned it does not expect any short-term improvement to “challenging market conditions” in the UK, although it does anticipate taking further market share from its competitors in the second half of the financial year.

It came as Purplebricks reported pre-tax losses widening to £27.3m in the six months to October 31, up from £11.4m a year earlier on higher costs as the group continues to expand internationally.

Marketing costs more than doubled to £39m from £18.3m.

But revenue increased 75% to £70.1m, driven by 39% sales growth in its main UK business to £48.3m.

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