November 7, 2019 / 7:30 AM / 6 days ago

Purplebricks sees flat H1 revenue amid weak UK property market

(Reuters) - Purplebricks said on Thursday home sales volumes in the UK have fallen, most notably in the South East, and that it expects overall revenue in the first half to be broadly flat.

As it turned its focus to the UK and Canada businesses after exiting its loss-making businesses in the United States and Australia this year, the online estate agent said it enjoyed profitable trading in the first half.

The company, which expects to be cash-positive across the UK and Canada this year, said its Canadian business has performed better than expected.

Purplebricks has had a rough year that saw the departure of co-founder and CEO Michael Bruce and change in ownership after the Bruce family disposed of its stake to Axel Springer, making the German media company its largest shareholder.

The company, which has used a low-fee model to win business from bigger, established estate agents, also said it maintained its 4% overall market share.

Embattled investor Neil Woodford sold his stake in the company earlier this year, and fund administrator Link Fund Solutions owns 13.24% of Purplebricks.

Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry Jacob-Phillips

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