Report: Purplebrucks first six months of 2019 fiscal year

Purplebricks announces revenue for the six months leading up to the end of October.

Purplebricks has posted revenue of £64.8 million for the six months to the end of October, the first half of its financial year. Most of the revenue, 73%, came from its UK operations and the rest from Canada.

Group loss for the period in which the businesses in the US and Australia were wound down, was £14.1 million, down from £27.8 million in the same period last year. Pre-tax losses for the six months were £3.4 million, up from £3.2 million for the same period the previous year.

In the UK, Purplebricks has reported an operating profit of £3.5 million for the six months, down 38.6% from the £5.7 million  it reported in the same period last year.

The interim results, posted this morning, claim that customers “saved more than £150 million in commission” in the first half of Purplebricks year.

Purplebricks puts its UK listings market share at 4.1%, and its share of completions at 5.3%. It puts brand awareness in the UK at 97%.

It raised its prices to sellers by £100, and said this morning that it will be trialing a new pricing strategy in the early New Year, including splitting the cost between listing and completion.

In the UK, it brought in £47.1 million of revenue, down 2.7% from the same period last year. The cost of sales was £17.1 million, similar to the sae period last year, and its gross profit was £30 million, down from £31.2 million. Marketing costs were £12.3 million, compared with £13.5 million, and operating profit was £3.5m, down from £5.7 million.

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