Purplebricks said trading since the start of the new financial year on 1 May was very encouraging, with little discernible impact following the EU referendum on the 23 June. For the period, UK instructions were up 121% year-on-year and continued to grow month-on-month culminating in 3,156 instructions in August. Furthermore, the company's market share versus online peers strengthened to 65% at the start of September. The recruitment of Local Property Experts (LPEs) is ahead of plan and on-course to deliver on the target of achieving 360 LPEs by April 2017. As of 14 September 2016 we had 300 LPEs recruited, an increase of 46% since 30 April 2016. Purplebricks said it continues to roll out the share option scheme to LPEs. The launch of Purplebricks Australia in late August is said to progressing very well and was executed on time and within budget. Early indications from the first two weeks were very encouraging, with the number of valuations substantially ahead of the UK business at the same point in its development. The company said it is well funded with over £28 million of cash and is on course to meet the board's full year expectations, with the UK business moving into profitability this financial year. The company will report its interim results in early December. Chief executive Michael Bruce said: "We continue to win market share through a combination of our compelling customer proposition, increased brand awareness and the ongoing recruitment of high quality Local Property Experts, which is driving our local service across the country. "We are confident that the same model and the quality of the local management team will prove successful in Australia. "The way consumers transact residential property is changing and this is being led by the Purplebricks model. "Our technology, marketing expertise and strong culture, coupled with our low fixed cost business model makes us best placed to win in this market. We are confident in the future and delivering value for all of our stakeholders."
+2.75p (+1.75%)delayed 18:15PM