Purplebricks soars after H1 update

The price of shares in AIM-listed estate agent Purplebricks (LON:PURP) jumped 16.40% to 88p (as of 15:25 GMT) despite revenues for the six months ended 31st October dropping by 6%. Management said that the business had been busy since the market reopened with instructions up by 20% in the last five months.

CEO Vic Darvey commented: “We are now emerging from the pandemic in a very strong competitive position. As a result of continued financial discipline and operational excellence across the business we have experienced strong growth in adjusted EBITDA, up 110%, and a significant improvement in cash generation compared to last year.

“Our focus for 2021 will be to re-accelerate the growth of our core business by continuing to enhance our digital innovation, our virtual capabilities and increasing agent productivity through automation and efficiency. This period has shown that our technology-led business model is now more relevant than ever, as customers continue to shift to being more comfortable buying and selling their homes digitally.“