Purplebricks Group Plc (LON: PURP), a leading estate agency business, announced a trading update for the six months ended 31st October 2019 ahead of reporting interim results on the 12th December 2019.
During the period, there was a weakening in the overall UK property market as political and economic uncertainty impacted confidence, reducing home sale volumes. This was particularly notable in the South East.
Against this backdrop, Purplebricks maintained its 4% overall market share and also expects to report an improvement in the marketing-to-revenue ratio as planned efficiencies are now being realised.
The Canadian business modestly outperformed expectations over the period.
At a Group level, pro forma revenue is expected to be broadly flat relative to the same period last year and the significant losses incurred in the prior period have now been reversed and the Group enjoyed profitable trading in the First Half.
Purplebricks Group will announce its interim results and also update on the strategic initiatives flagged at its full year results in July 2019, on Thursday, 12th December 2019.