Purplebricks said this morning that trading had been “resilient” in the face of subdued market conditions and that as a group it has been profitable.
This morning’s trading update relates to the six months to the end of October. The period is the first half of the online agent’s financial year.
It said that there has been an overall weakening in the UK property market, particularly in the south east.
However, it said it has maintained a 4% overall market share and expects to report an improvement in “marketing-to-revenue” ratio as planned efficiencies are now taking place.
In its short trading update, Purplebricks says its Canadian business has “modestly outperformed” expectations.
At group level, it expects revenue to be flat while “significant losses” have been reversed and that as a group it enjoyed “profitable trading” in the first half.
No figures were given but Purplebricks expects to say more next month when it announces its interim results.
Today’s update contains no reference to the US and Australian businesses, which it is wrapping up after disastrous expansion to those markets, or to the £100 increases in fees for sellers in the UK which were introduced at the end of October.
Separately, Belvoir has also this morning released an update to the stock exchange.
In it, it announces an exclusive eight-year agreement with Yorkshire based agent Dacre, Son & Hartley by which Belvoir will provide financial services to Dacres’ 20-office network.
This will expand Belvoir’s financial services offering and is set to add around £100,000 to Belvoir’s operating profit in the first year of operation. It will also expand Dacres’ current team of four financial advisers to ten.