Online estate agents Purplebricks today announced a jump in revenues as it sets its sights on the Australian property market.
Revenues for the 12 months ending 30 April were up by 448 per cent, rising from £3.4m in 2015 to £18.6m this year.
However, Purplebricks’ losses jumped over the period to £11.9m from £5.4m, in part due to £1.4m of costs relating to its initial public offering. However, it said it “anticipates that the UK business will move into profit in the current financial year”.
Visits to Purplebricks' website grew to 1.23m in April 2016 compared to 0.4m in April last year, and the company also launched an app. The property site plans to launch in Australia this year.
Why it's interesting
The online estate agency, backed up by equity investor Neil Woodford, listed on London's junior market in December last year and intends to invest £10m as it sets up operations in Australia.
The company has already hired an Australian management team as it eyes up the £3.3bn market Down Under.
What Purplebricks said
Michael Bruce, chief executive, said:
In just our second full year of operation we are leading change in an industry that has long been stagnant and is only now waking up to the opportunities and threats posed by technological advance and changing consumer behaviour.
We continue to demonstrate that our full service estate agency model has growing appeal, having sold and completed on £2.8bn of property this year and a further £1.7bn of property in the pipeline.
This fledgling company looks set to go from strength to strength.