Purplebricks has provided more evidence online estate agents are quietly nabbing market share from their more conventional peers, after revenues rose more than 150 per cent.
Group revenues rose 151 per cent to £46.7m in the year to the end of April, the company said today, with UK revenue rising 132 per cent to £43.2m.
That pushed adjusted earnings before interest, taxation, depreciation and amortisation in the UK up to £1.7m, from a £9.7m loss last year.
Meanwhile, gross profit rose to £25.8m, from £10.6m last year.
The company said its network of local property experts (never "agents") rose 118 per cent to 448, while average income per instruction rose 14.8 per cent to £1,035.
It said it had completed on £5.8bn of transactions during the year, agreeing a sale every nine minutes.
Shares were up 4.45 per cent at 416.75p in mid-morning trading.
Why it's interesting
The property market has been one of the slower sectors to adapt to technology, but a rash of so-called proptech startups is putting paid to that.
Purplebricks, which charges a small fee, rather than commission, on transactions, is quickly making a name for itself. The company, which floated on Aim 2015 and unveiled a share placing in February to raise cash for its expansion into the US, has even received the backing from legendary investor Neil Woodford.
Having launched in Australia at the end of last year, the company said it is operating in five key states, and added plans for that US launch "continue at pace".
What Purplebricks said
Chief executive Michael Bruce said:
With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory. Just eight months in and Purplebricks already operates in five key states, which represent 85 per cent of all Australian property transactions. The launch of our Commisery campaign in Australia from May 2017 will further accelerate progress. All of this bodes well for the US, where plans to launch, first in California, in the second half of the calendar year are progressing at pace.