Purplebricks has announced a 75% rise in revenues in its Interim Results for the six months ended 31 October 2018.
Group revenue rose to £70.1m compared to £40.1m in H1 2018. UK revenue was up by 39% to £48.3m, a 25% rise. The company said international business now represents 31% of group revenue. It added that it has net cash of £103.1m and a UK hybrid market share of 74%.
However, Purplebricks reported a group operating loss of £25.6m, a substantial rise from a £11.4m loss in the previous year.
Michael Bruce, Group CEO, said: “Our UK business continues to make good progress, with strong sales growth, market share gains and a step-up in both profitability and positive cashflow. It is this strength that will see Purplebricks emerge stronger from the ongoing industry shakeout, which is expected to continue to expose undercapitalised traditional and online competitors.”
He added: “We remain confident that our UK success will be replicated internationally and that we will deliver substantial value for our shareholders.”
Purplebricks’ figures confound some observers who see a focus on growing sales, profitability and market share alongside widening losses. The company is also keen to emphasise the potential it sees in its overseas markets, although these seem the most difficult to crack.