StockMarketWire.com - Purplebricks has narrowed its FY pretax loss to £6.1m, from a loss of £11.9m, as its revenue soared to £46.7m, from £18.6m, in what it described as a very successful year.

During the 12-month period, Purplebricks sold and completed on more than £5.8bn of UK property, with a further £3.69bn in the pipeline.

"This has been a very successful year in the early development of the Purplebricks model and brand," said CEO Michael Bruce.

"We have materially grown our national footprint and have built a growing brand awareness and reputation for delivering customers a more convenient, transparent and cost effective service," he said.

"In tandem with our growth we have invested in the business and strengthened the management team.

"This has allowed us to significantly grow our number of positive reviews on the independent review site Trustpilot (currently with over 20,000). We have retained our rating of excellent. Purplebricks is now in a strong position to become the no.1 estate agent in the UK for both listings and sales."

Bruce said that with the UK business now in profit it was encouraging to see Australia following a similar growth trajectory.

"Just eight months in and Purplebricks already operates in five key states, which represent 85% 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.

"We are confident that we have a compelling proposition and the strategy, team and Balance Sheet strength to deliver on it for all stakeholders."






Story provided by StockMarketWire.com