Online estate agent Purplebricks has reported a 12.5% increase in revenues to £64.8m in its half-year trade update.
For the six months ended 31 October 2019, the group said it had a “resilient” performance with “diverse” revenue streams and strong ARPI growth balancing out “declining market conditions”, resulting in positive revenue growth during the period.
However, UK adjusted EBITDA decreased to £5.5m, down from £8.4m recorded during the same period last year. Loss for the period, including discontinued businesses, amounted to £14.1m, down from £27.8m in 2018.
Vic Darvey, group chief executive officer, said: “We are very pleased with the progress made in the period in light of the market backdrop. We’ve seen resilient trading in the First Half,with our diverse revenue streams and strong ARPI growth improving the quality of earnings and balancing out declining market conditions.
“We end the first half having now stabilised the business and the significant losses incurred last year have now been reversed with the group enjoying profitable trading.”
He added: “Our focus on operational excellence and improvements in our technology-led proposition, along with proactive management of our pricing structure will enable us to continue to achieve profitable growth. We remain confident of meeting our medium-term objective to gain a 10% share of the UK market.”