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EYE NEWSFLASH: Purplebricks reports strong progress while more woe for Countrywide

Reposit NS

Purplebricks reported ‘strong progress’ across its business this morning, with revenues up and a ‘smooth’ launch in America.

There are now 640 Local Property Experts in the UK, up from 540 only three months ago.

This morning’s trading update did not, however, mention what profits the company expects to make.

It said: “Strong progress has been made across the business since the start of the financial year on 1 May 2017. Trading in the UK and Australia remains on course to meet the full year guidance provided at the final results in June: revenues of £80m for the UK and £12m for Australia.

“H1 revenues in the UK are likely to be more than double the same period last year and many times ahead in Australia, although they had only been trading two months in the comparable period. Local Property Experts have recently increased in the UK from 540 as at 29 June 2017 to 640 and from 77 to 100 in Australia.

“On 15 September 2017 the Group launched into the $70bn US real estate market, commencing a region-by-region rollout in the city of Los Angeles. The launch date was ahead of plan and has gone smoothly.”

It said that the initial response to the launch has been “encouraging with the volume of website visits and valuations booked exceeding both the UK and Australia at the same period in their development”.

Purplebricks also said that it was well funded, with nearly £65m of cash and no debt.

CEO Michael Bruce said the company’s focus will “remain on providing an excellent customer experience”. He added: “We are relentless at working to ensure we understand our customers’ needs and meet their expectations and are proud of our 27,000 Trustpilot reviews.”

For Countrywide, today has started much less well after its shares sank to a miserable new low of 108p – down 4.42% yesterday.

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Source:: EYE NEWSFLASH: Purplebricks reports strong progress while more woe for Countrywide