(Alliance News) - Purplebricks Group PLC said on Thursday revenue in the first half of its financial year was broadly flat as it reported weakening in the overall UK property market.
The real estate agent said that during the six months ended October 31, the UK property market weakened, particularly in the South East of England.
Political and economic uncertainty impacted confidence and reduced home sale volumes, the company noted. However, Purplebricks said it has maintained its 4% market share.
Meanwhile its Canadian business "modestly outperformed" expectations in the first half.
"At a group level, pro forma revenue is expected to be broadly flat relative to the same period last year and the significant losses incurred in the prior period have now been reversed and the group enjoyed profitable trading in the first half," Purplebricks said.
For the 2019 financial year, which ended April 30, Purplebricks' pretax loss widened to GBP56.0 million from GBP29.2 million, the worsened losses prompting its decision to quit both the US and Australian markets. Vic Darvey took over as chief executive in May, promising to learn from the "mistakes" of the past.
Purplebricks shares were up 4.5% in London at 113.45 pence each on Thursday
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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