11th May 2016 07:14
LONDON (Alliance News) - Purplebricks Group PLC on Wednesday said it expects its full-year revenue to be more than four times the figure it reported for its previous financial year, and that recruitment of its property experts was ahead of schedule.
The company, which does not operate any high street branches and instead employs 'local property experts' who advise customers through the process of selling their home, said trading throughout the second half of its financial year to April 30 continued the strong growth seen in the first half.
Revenue for the full year is expected to be around GBP18.5 million, more than four times higher than its previous financial year revenue.
Purplebricks, which listed in London in December, said the recruitment of local property experts is ahead of plan, with 205 property experts recruited by the end of April.
The company had previously said it would be looking to have employed 300 property experts by April 2017, double the 150 it had at the end of October.
"Our rapid growth in the year demonstrates that customers are increasingly being won over to our hybrid model, which offers high quality service through our experienced local property experts and innovative use of technology, as well as a competitive, flat fee," said Chief Executive Michael Bruce.
"We enter the new financial year with the benefits of a full national rollout, a growing brand presence, upgraded technology through the recent launch of the Purplebricks' app, the in-house data sales unit and a strong cash position. With solid underpinnings, momentum and the size of the market opportunity, we are confident in proving the business model and delivering value for all of our shareholders," Bruce added.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PURP.L