StockMarketWire.com - Real estate agency Purplebricks stuck to its annual revenue guidance after sales in its UK business rose by a fifth in the first half.

For the six months through October, UK sales rose 20%, the company said, while reiterating its full-year revenue guidance of between £165m and £185m.

'Purplebricks continues to win market share against a challenging market backdrop in the UK,' the company said.

Purplebricks has also been expanding rapidly overseas and said its US business employed 140 agents at the end of October operating in seven states.

'While most of these states are in the very early stages of development, sellside listings are growing and buyside revenue is increasing,' it said.

In Australia, however, Purplebricks said it had experienced some challenges amid a tough market backdrop.

Recent changes made to its customer proposition in Australia had been 'well recieved' and resulted in a significant increase in conversion from valuation to instruction.

'Despite a slowdown in performance across the summer months, October showed over 35% growth in new instructions on the month of September following the launch of the new customer proposition,' it added.

'There has also been a significant strengthening of the team over the last few months.'






At 9:30am: [LON:PURP] Purplebricks Group PLC share price was +7.45p at 188.75p



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