Source - SMW
Real estate agency Purplebricks booked a full-year loss after the Covid-19 crisis hit revenue and it was forced to beat a retreat from offshore markets, including the US, due to poor performance.

Pre-tax losses for the year through April amounted to £13.2m, widening from losses of £4.9m on-year.

Net losses, including losses from discontinued operations, were £19.2m, narrowing from losses of £54.9m on-year.

Revenue fell 2% to £111.1m. Purplebricks did not declare any dividends.

The company said the pandemic had materially impacted its performance in the latter part of the reporting period, with UK revenue flat for the first 10 months, but down 11% for the full year.

Purplebricks said it was in a 'strong' financial position, with a cash balance of £66.0m at 15 July following the disposal of its Canadian business.

'This year has seen some very difficult market conditions with political and economic uncertainty dominating the landscape as a result of both Brexit and the Covid-19 pandemic,' chief executive Vic Darvey said.

'But despite all of this, I'm pleased to say that we saw a resilient performance, with revenue decline of only 2% across the group.' 

'The group is encouraged by the early signs of the housing market rebounding well following the lifting of the lockdown and the government's stamp duty holiday.'

'We strongly believe that, in the current market, technology led estate agency is starting to emerge as the winning model and there is clear evidence that consumers are increasingly shifting towards apps and tech-based alternatives.'

'With our strengthened leadership team and balance sheet, we are in a strong position to accelerate our model, extend our market share and grow our value-add revenues.'




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