Purplebricks made a gross profit of £45.1m in the UK, on revenue of £78.1m, the business announced to the stock market this morning.
It also said that it sold (SSTC) 3.1 times the number of properties than the next largest UK estate agent brand in the last financial year, increasing to 3.3 times in the second half.
While it gave no numbers, it said that it also sold more houses than any other group of estate agents – meaning that it claims to have sold more properties than the likes of Countrywide, LSL and Connells with their various brands.
It added that it had the highest level of conversions to sale, sold homes faster, and secured the best price, with an average uplift of £6,000 on properties priced in the £250,000 to £300,000 range.
Purplebricks said it was number one at selling houses in the UK, with 81% of its listings sold within 12 months, and had the largest market share across all price brands up to £1m.
Average revenue per instruction rose to £1,168 in the UK.
CEO Michael Bruce insisted: “We are focused on completion not on a commission, so can offer unrivalled attention and conflict-free advice for customers.”
Reporting its full year results to the end of April this morning Purplebricks said that its profit margin in the UK was 57.7%, with an adjusted operating profit of £6.5m and EBITDA of £8.1m – up from £1.7m the year before.
All the figures were up from the previous financial year, when revenue in the UK was £43.2m.
On a group basis, for the 12 months to the end of April, Purplebricks made an EBITDA loss of £19.6m, on revenues of £93.7m – around double the group revenue of £46.7m the year before, when it chalked up group losses of £4.5m.
In Australia, it made an EBITDA loss of £11.8m, and in the US, a loss of £16m, bringing group EBITDA to minus £19.6m.
The period was marked by expansion, with Purplebricks launching in the US last September.
It said financial highlights included average income per instruction in the UK up 7%. It also ended the year with a strong balance sheet, with cash of £152.8m.
Group revenues for the current financial year are expected to soar to £165m-£185m, with Purplebricks expecting to take over 10% of market share in the UK.
Group chief executive Michael Bruce said: “We have doubled revenues in tough markets, taking market share as we continue to win over consumers to the modern way of buying and selling property.
“As the latest independent UK research by TwentyCi released July 2018 shows, we sell more of our properties and complete faster than any of the top 10 largest agencies in the country, saving consumers thousands of pounds in the process.
“We are confident that Purplebricks’ market leadership will continue, given the strength of its brand, the continuing investment into team, technology and processes and our £153m war chest for global growth, following the strategic investment by Axel Springer.
“Purplebricks’ goal to build a modern global estate agency business demonstrates unrivalled ambition and, in just four years, huge progress. We look forward to the years ahead with excitement and confidence.”
In Australia Bruce said Purplebricks had made the progress expected, with average revenue per instruction up 22% to £3,170.
In the US, it said it was “excited” by the progress it was making.
Purplebricks said it would be “premature” to consider declaring a dividend.
City analyst Anthony Codling of Jefferies was swift to react.
He said: “Purplebricks continues to tell us it sells lots of houses, without backing up that rhetoric with actual figures. Sold Subject to Contract does not mean sold.
“Perhaps more telling is that the number of UK LPEs is now lower than it was six months ago. If the model is the lifeboat for a sinking high street does the lifeboat itself have a leak?”
He said that at the half year Purplebricks had 650 UK LPEs, and at the full year, 630.
“It seems odd to us that if Purplebricks really is the lifeboat for a sinking high street, why are there fewer people in the boat?”
He said that group EBITDA losses had widened from £4.5m to £19.6m, and said: “In our view Purplebricks’ model remains unproven and we reiterate our underperform rating on the shares.”