Purplebricks brand is ‘better recognised than Rightmove’

first_imgPurplebricks has released its latest financial results for the UK showing a profit of £4.2 million on revenues of £78.1 million and that its name is better known than the leading property portals, it has claimed.But it’s business is looking shakier abroad within its two key overseas territories, the US and Australia, its results show.In America, where it earlier this week launched into Florida, Purplebricks made a loss of £16.5 million on revenues of just £2 million, while its troubled Australian operation lost £12.4 million on a turnover of £13.5 million.But however much traditional agents might be hoping that the hybrid agency will crash and burn, there’s little sign of it in the UK.Purplebricks has doubled its number of registered users during 2018 to 13.82 million, seen instructions increase by 56.2% to 64,376 and average revenue per instruction increase by 12.9% to £1,168.Instructions into salesBut as always, Purplebricks doesn’t reveal how many of these instructions have been turned into sales, saying only that it sold 3.1 times the number of properties than its largest competitor.“We expect future developments in estate agency to continue to see a migration away from the high street as a highly fragmented market consolidates by virtue of the ease and simplicity that Purplebricks and its technology brings,” says Michael Bruce, its group CEO (left).The group’s overall finances look less healthy. Although revenues doubled to £93.7m and gross profits likewise, its losses increased dramatically from £6m in 2017 to £24.7m this year.Purplebricks remains very bullish about the future. It claims research shows more members of the UK public recognise its name than Rightmove and Zoopla and says it wants to be more than a sales and letting agency.Michael Bruce says he is going to use the Axel Springer cash to move into home products that make “everything much more simple, convenient, informative, innovative and supportive for our customers” and keep Purplebricks ‘front of mind’.Purplebricks Michael Bruce US profits America annual report Australia Florida September 27, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Purplebricks brand is ‘better recognised than Rightmove’ previous nextAgencies & PeoplePurplebricks brand is ‘better recognised than Rightmove’Company makes claim within latest Annual Report as it reveals 56% increase in instructions but substantial losses in US and Oz.Nigel Lewis27th September 201802,674 Viewslast_img read more