- Online estate agent Purplebricks reported an increased operating loss for the six months to 31 October 2018 and trimmed its full year revenue guidance.

Losses were up from £11.4m to £25.6m and the company refined its guided revenue range for the year to 30 April from £165m to £185m to £165m to £175m.

The company reported net cash of £103.1m and adjusted earnings from its UK business up 265% to £8.4m.

The company reported an operating loss of A$10.2m in Australia linked to a restructuring and repositioning of the business as well as substantial losses in the US as it rolls out its business here.

Chief executive Michael Bruce said: 'Our UK business continues to make good progress, with strong sales growth, market share gains and a step-up in both profitability and positive cashflow.

'It is this strength that will see Purplebricks emerge stronger from the ongoing industry shakeout, which is expected to continue to expose undercapitalised traditional and online competitors.

'Purplebricks has led industry change and through our strategy of relentless innovation will continue to do so. We are always looking to improve the customer experience and with over £100 million of net cash, we are uniquely placed to do so, investing in technology and first class people.

'We remain confident that our UK success will be replicated internationally and that we will deliver substantial value for our shareholders.'

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