Wednesday 11 May 2016 7:51 am

Neil Woodford-backed estate agent Purplebricks on course for triple-digit full year growth

Purplebricks Group, the hybrid estate agent backed by Neil Woodford, has said it expects full year growth to reach "some 445 per cent".

The figures

The group, which will release official figures for the full year to 30 April on 16 June, said revenues would come in at around £18.5m, giving it a triple-digit growth on last year. 

Its recruitment of local property experts is ahead of plan, with 205 LPEs on the books by the end of April, while customer service is rated excellent, averaging 9.4 from more 5,000 Trustpilot reviews.   

As a result, the company is on course to meet the board's full year expectations. 

Why it's interesting

Purplebricks is still in its first year of trading since it went public in December, and has released a succession of bullish trading updates over the course of the last few months, including interim profits soaring 814 per cent, which will no doubt please direct investors as well as those who have exposure through Woodford. 

The largest single stake is held by Woodford Investment Fund and Woodford Patient Capital Trust, which control 28.68 per cent of the shares through Nortrurst Nominees, down slightly after the placing from 30.62 per cent.

Woodford bought his 30 per cent for £7m last summer, marking his new fund’s biggest investment in a private firm. 

What Purplebricks said

Michael Bruce, Chief Executive, said:  "We enter the new financial year with the benefits of a full national rollout, a growing brand presence, upgraded technology through the recent launch of the Purplebricks' app, the in-house Data Sales Unit and a strong cash position.  

"With solid underpinnings, momentum and the size of the market opportunity, we are confident in proving the business model and delivering value for all of our shareholders."  

In short 

Purplebricks is continuing to surge and strong growth looks likely to continue for a while yet.