Purplebricks Group (LON:PURP), a leading estate agency business, has announced a trading update for the six months ended 31 October 2019 ahead of reporting interim results on 12 December 2019.
During the period, there was a weakening in the overall UK property market as political and economic uncertainty impacted confidence, reducing home sale volumes. This was particularly notable in the South East.
Against this backdrop, Purplebricks maintained its 4% overall market share and also expects to report an improvement in the marketing-to-revenue ratio as planned efficiencies are now being realised.
The Canadian business modestly outperformed expectations over the period.
At a Group level, pro forma revenue is expected to be broadly flat relative to the same period last year and the significant losses incurred in the prior period have now been reversed and the Group enjoyed profitable trading in the First Half.
The Company will announce its interim results and also update on the strategic initiatives flagged at its full year results in July 2019, on Thursday, 12 December 2019.
The results will be published at 07.00am through the regulatory news service and on the Company’s website www.purplebricksplc.com.