Online estate agent Purplebricks sees UK profit, eyes Australia market

By: |
June 16, 2016 12:19 PM

The company, which made its market debut in December, said it had recruited an Australian management team and a maximum planned investment of 10 million pounds ($14 million) would be funded from existing cash resources over the next two years.

Purplebricks, which was founded in 2014 by brothers Michael and Kenny Bruce, reported a wider adjusted core loss of 9.7 million pounds in the year ended April 30. (Website)Purplebricks, which was founded in 2014 by brothers Michael and Kenny Bruce, reported a wider adjusted core loss of 9.7 million pounds in the year ended April 30. (Website)

Purplebricks Group Plc, a British online estate agency backed by fund manager Neil Woodford, said its UK business would be profitable in the current financial year and that it would launch its platform in Australia in 2016.

The company, which made its market debut in December, said it had recruited an Australian management team and a maximum planned investment of 10 million pounds ($14 million) would be funded from existing cash resources over the next two years.

Purplebricks, which was founded in 2014 by brothers Michael and Kenny Bruce, reported a wider adjusted core loss of 9.7 million pounds in the year ended April 30.

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