Purplebricks turns a profit despite weakening UK property market

Estate agency business Purplebricks saw trading turn profitable over the six months ending on 31 October despite a weaker UK property market.

Purplebricks told investors on Thursday that interim pro forma revenues were expected to be broadly flat year-on-year and that the significant losses seen in the prior period had been reversed, with the group enjoying profitable trading in the first half.

The AIM-listed firm highlighted that it had managed to do this despite the impact of the political and economic uncertainty on confidence, reducing home sale volumes - something it added was "particularly notable" in the South East.

Purplebricks maintained its 4% overall market share and also expects to report an improvement in its marketing-to-revenue ratio as planned efficiencies were now being realised.

The firm also noted that its Canadian business had "modestly outperformed expectations" over the period.

Purplebricks will announce its interim results on 12 December.

As of 1100 BST, Purplebricks shares were up 4.46% at 113.45p.