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Gloucestershire Business News

Estate agent business reveals £26.1m loss

Online estate agency, Purplebricks, has reported a pre-tax loss of £26.1m.

Losses at the company have escalated following expansion overseas, as reported by the BBC.

Purplebricks launched its business in the US last September and Australia in 2016. It has recently moved into the Canadian market.

The company's UK business continues to grow rapidly, with UK operating profit rising to £6.5m from £1.1m in the past financial year.

Losses at the newly-launched US business increased to £16m from £100,000 in the previous 12 months. Losses in Australia rose to £11.8m from £6.1m.

Total revenue at Purplebricks rose to £93.6m from £46.7m in the previous 12 months.

Punchline says: "We won't be shedding any tears over Purplebricks' losses. This company and many others like it are threatening the high street, with 6,000 estate agents feeling the pressure."

Just last week, the UK's biggest estate agent Countrywide issued its second profit warning  of the year.

Photo credit: BBC

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