Purplebricks building towards solid results

AIM-listed online estate agency Purplebricks (LON:PURP) has seen its share price rise by 5.34% to 114.40p (as of 14:45 GMT) despite the company warning that the UK property market had weakened during the six months ended 30th September. Management said that the company had maintained its market share and expect to report an improvement in the marketing spend to revenue ratio.

The company also said that the Canadian branch was performing slightly ahead of expectations. As a consequence, group level revenue will be broadly flat but the significant losses incurred during the first half of last year have been reversed and the company should post a profit.