- Strong end to the first half, with October revenues year-on-year up 579%
- Completed the full national roll-out, launching in London in July and Scotland in November
- Recruitment of LPEs increased 90% since November 2014 to 150 by the end of October 2015
- Launched the in-house Data Sales Unit in October to develop and analyse the database to drive sales
- Customer service continues to be rated “excellent”, averaging 9.4 from over 3,500 Trustpilot reviews
- Increase in online market share from 43% in April 2015 to 60% as at 31 October 2015
- Fourth largest estate agent (Note 2) within 18 months of launch
- Net cash at 31 October 2015 of £9.7m bolstered subsequently by the net £22.8m of growth capital raised in the December listing on the Alternative Investment Market (AIM)
Current trading & outlook
Trading in the second half of the financial year has started well with a 275% year-on-year increase in the number of instructions, with January alone currently at 1,660 and expected to exceed 2,000. This has been supported by our new marketing campaign, which went live on Boxing Day 2015. The strength of trading has resulted in the decision to accelerate the recruitment of LPEs, with a view to doubling their number by April 2017.
Early indications suggest that the launch in October of the Data Sales Unit to collect and analyse data is generating new leads and instructions. With the strength of trading and the continued successful execution of the strategic plan the Board remains confident in meeting its expectations for the financial year.
Commenting on the results, Michael Bruce, Chief Executive, said:
“We have made great progress across the business in the last six months, culminating in our listing on the AIM market in December. The money raised will be used to deepen our national coverage through the recruitment of top quality local property experts and further investment in technology and marketing. This will build on our position as the number one next generation estate agent.
“Our compelling proposition of personalised, high quality service and affordable fees provides the best of both worlds, resonating with a growing number of customers and posing a fundamental challenge to traditional estate agents, who currently dominate the £4bn market.
“As a newly listed company, our focus is on executing the strategy in order to generate attractive returns for all our shareholders. I am pleased with the progress to date and I am confident that we can build a substantial share in this market.”
1 Adjusted EBITDA is defined by the Group as loss/profit before tax, depreciation, amortisation, net finance costs, fees incurred in relation to the IPO, and share based payments charges
2 Purplebricks figure is based on annualised number of instructions received in September 2015, which is higher than the actual number of instructions received over the year to September 2015. The other figures have been obtained from publicly available information or estimated by management, may represent different 12 month periods and are based on completed sales numbers