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Purplebricks to report pukka post-Covid lockdown profits

first_imgPurplebricks is feeling bullish about its half-year profits which could give the struggling hybrid agency a much-needed boost and helping its share price rise by nearly 6% yesterday.Its trading update for the six months ending 31st October details strong levels of new instructions during the last five months, despite a slow start after the lockdown, which would see it report an 8% increase to 35,387 instructions.But it’s too early to say whether the new ‘Gold’ fee trial introduced in September, offering London vendors a £399 upfront service followed by a £4,100 completion fee, has helped to deliver more customers.Purplebricks sold its Canadian business in order to concentrate on the UK a year after closing both its failed Australian and US operations. It says this focus means adjusted EBITDA for the first half of the year is expected to be comfortably ahead of the company consensus for the full year of £3.5m. It’s also sitting on more than £75m in cash reserves after the sale.Market pickupCEO Vic Darvey (pictured, above) believes its proposition has never been more relevant, particularly in the current market, and says its strategy has helped capitalise on the pick-up in market activity.“We expect to deliver a pleasing profit performance in the first half, but it is too early to extrapolate this out to the second half of the year given the expected end to the stamp duty holiday and the potential impact of increased COVID-19 restrictions on the housing market,” says Darvey. “As a result, we are planning cautiously around the outlook for the full year.”The platform will publish its full unaudited half-year results on 15th December.Purplebricks vic darvey November 3, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Purplebricks to report pukka post-Covid lockdown profits previous nextAgencies & PeoplePurplebricks to report pukka post-Covid lockdown profitsCompany says its got plenty of cash following Canadian business sale and saw instructions lift by 8% over past six months.Nigel Lewis3rd November 202001,220 Viewslast_img read more