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Purplebricks Group reports rising revenues in H1

LONDON
2019-12-12 16:29

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LONDON, Dec.12 (Xinhua) -- Online estate agent Purplebricks Group reported a slight increase in revenue on Thursday for the six months of 2019 that ended on Oct. 31.

According to the group's financial statement, revenues for the period totaled 64.8 million British pounds (85.22 million U.S. dollars), up 1.9 percent on the same period last year.

Figures showed that revenues generated by the group in the British market accounted from 73 percent of total revenue and reached 47.1 million British pounds, down 2.7 percent year-on-year.

"This was a challenging First Half for the group with the number of properties coming onto the UK market falling to the lowest level in a decade as consumers adopted a 'risk off' mentality," said the statement.

"The Canadian business modestly outperformed expectations, with strong growth in Alberta, Manitoba and Ontario," it said.

Purplebricks said it would focus on both Britain and Canada, accelerating "the growth of the core business and starting the journey towards management's goal of a 10 percent UK market share."

Vic Darvey, chief executive officer at Purplebricks Group, said that "We are very pleased with the progress made in the period in light of the market backdrop."

"We've seen resilient trading in the first half, with our diverse revenue streams and strong ARPI (average revenue per instruction) growth improving the quality of earnings and balancing out declining market conditions," Darvey said.

"Our focus on operational excellence and improvements in our technology-led proposition, along with proactive management of our pricing structure will enable us to continue to achieve profitable growth," Darvey added.
 
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