Purplebricks Reports Higher Losses Despite Turnaround Plan

  • Purplebricks’ revenue fell 16% to £34.5 million.
  • Reported an operating loss of £11.7 million.
  • CEO assures investors that its turnaround plan is working.

Purplebricks announced its half-year results on Thursday, which saw the group fall further into the red despite a new turnaround plan for the company.

The online estate agent reported revenue of £34.5 million, down 16% from the prior year period. In addition, Purplebricks reported an operating loss of £11.7 million, falling 5%.

Despite the decline in its earnings, CEO Helena Marston assured investors that its turnaround plan is “working and is being delivered at pace.” Marston added that the financial benefits were starting to come through in “the second half of the year.”

As a result, the group anticipates FY23 revenue guidance of between £67.5 million and £72.5 million, whilst FY23 EBITDA is expected to be in line with market consensus.

Purplebricks is currently trading 4.61% higher on Thursday following the announcement.

Source: TradingView

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