PHOTO: Purplebricks

After announcing earlier this year their intention to exit the Australian market, Purplebricks have confirmed to investors that the group will withdraw from the US business which began trading in 2017.

In the financial year just ended (April 30) Group revenue increased by 55 per cent to GBP 136 million and UK revenue was up 21 per cent to GBP 90.1 million.

But the company’s operating loss for the year ended April 2019 doubled from FY 2018, amounting to GBP 52.3 million.

The Canadian business contributed GBP 23.7 million of revenue to the result.

Former Chief Operating Officer and now CEO Vic Darvey remained upbeat about the opportunity to focus on the core businesses of the UK and Canada.

“It’s been another year of strong revenue growth and we continue to build a highly relevant disruptive brand and defensible position in the market.