In its latest results online
estate agent Purplebricks Group Plc said that both group revenue and losses
were up in the year ended 30 April 2019, and that it is closing its business in
The company said that group
revenue was up by 55% to £136.5m compared to £87.8m in 2018 and that it had an
operating loss of £52.3m compared to £27.8m in 2018.
It was upbeat about its UK business which it said returned an operating profit of £5.3m, and also about its Canadian operation which it said ‘continues to meet management expectations’. It added that its intention is to secure 10% of the UK market.
On the closure of the US
operation as a result of a strategic review Purplebricks Vic Darvey CEO
commented: “The outcome of the strategic review was that while there remains a
significant opportunity to disrupt the US market, it would take substantially
more management time and resources than the Company is able to commit at this
time. Therefore, a decision was taken to withdraw from the US and either
sell or close the business.”
It has been a turbulent year for Purplebricks, with the departure of founders Michael and Kenny Bruce and closure of its Australian operation. Of these results and the US closure many will say ‘we told you so’. However, it will be interesting to see how Purplebricks performs in the UK over the coming year now that the company appears to be refocusing around its core.