StockMarketWire.com - Estate agency Purplebricks swung to a full-year profit after its revenue rose and it booked a gain on the sale of its Canadian business.

Net profit for the year through April amounted to $7.7 million, compared to a year-on-year loss of £19.3 million, and included a £2.9 million gain on the Canadian sale.

Pre-tax profit was £3.6 million, swinging from a loss of £9.2 million. Revenue climbed 13% to £90.9 million.

Purplebricks, which has been re-focusing on the UK market after a failed offshore expansion drive, did not declare any dividends.

On its outlook, it said it it expected its full-year earnings before interest, tax, depreciation and amortisation to be flat year-on-year, in line with market expectations.

'The market for sales is buoyant at the moment, with fall through rates at their lowest in a long time, but with the very healthy demand currently outstripping new supply volumes,' it said.

'We expect supply and demand to return to more of a balance post Summer.'


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