StockMarketWire.com - Online estate agency Purplebricks Group posted a deeper annual loss and said it would withdraw from the US market.

Pre-tax losses for the year through April amounted to £56.0m, compared to losses of £29.2m on-year.

Revenue grew 55% to £136.5m, but marketing costs also ballooned as the company rapidly expanded its presence across seven US states.

In May, Purplebricks admitted that it expanded in the US too quickly and also said it was withdrawing from the Australian market.

'It's been another year of strong revenue growth and we continue to build a highly relevant disruptive brand and defensible position in the market,' chief executive Vic Darvey said.

'We have taken the difficult decisions to exit our businesses in both Australia and the US as it is very important that we now focus our resources on the UK and Canada, where we have a strong established presence and where there are significant opportunities to grow market share and deliver profitable growth for shareholders.'

'Both exits will be conducted in an orderly manner with the expectation they will be completed by the end of 2019.'





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