StockMarketWire.com - Estate agency business Purplebricks Group has reported group revenue was up 12.5% to £64.8m for the six months ended 31 October 2019 in a 'challenging' first-half for the group.

In its interim results for the period, the group announced gross profit of £39.4m, down 0.3%, and an operating loss of £1.2m in the first half of 2020.

It reported a loss for the period including discontinued businesses £14.1m.

The number of properties coming onto the UK market fell to its lowest level in a decade, but the group maintained its 4% listings market share in the UK and increased share of the number of houses sold by 280bps to 5.3% of the market.

UK revenue was £47.1m, a decrease of 3%, while operating profit was £3.5m, down 38.6%.

Purplebricks Group chief executive Vic Darvey said: 'We are very pleased with the progress made in the period in light of the market backdrop. We've seen resilient trading in the first half, with our diverse revenue streams and strong ARPI growth improving the quality of earnings and balancing out declining market conditions.

'We end the first half having now stabilised the business and the significant losses incurred last year have now been reversed with the group enjoying profitable trading.'

Purplebricks also announced that its senior independent non-executive director Mike Wroe is stepping down from the board as of 12 December.

Simon Downing, independent non-executive director, has been appointed as the company's senior independent director, and Paul Pindar will assume the role of chairman of the audit committee.


At 8:33am: [LON:PURP] Purplebricks Group PLC share price was +0.8p at 104.4p



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