Purplebricks posts 7% revenue growth despite subdued UK housing market

UK-based property franchising group Purplebricks posted a 7% year-on-year rise in first-half revenue to £43.30 million, even as it contended with a sluggish housing sales market.

Adjusted basic earnings per share for the period climbed 8% year-over-year to £0.13, while the interim dividend was raised by 10%.

Adjusted EBITDA amounted to £16.20 million, and adjusted pretax profit totaled £15.50 million for the half-year.

The company credited the growth to its diversified franchise model and recurring revenue base. According to CEO Gareth Samples, the expansion of platform initiatives, including Privilege and MarketMore, also helped drive revenue growth.

Financial Services revenue rose 10%, supported by the purchase and integration of SAFS.

For the full year, Purplebricks stated that trading is expected to meet market consensus. The company also foresees its lettings business benefiting from structural demand and a favourable regulatory backdrop.

The sales market is projected to stay weak, but the pipeline of agreed sales should support completions in the second half.

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