Purplebricks - hybrid online real estate agent (UK)

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Purplebricks - hybrid online real estate agent (UK)
ursprünglich UK, Expansion in USA und Australien;
Investment durch Axel Springer; JV mit Axel Springer in DE (homeday)
First-half losses double at Purplebricks as housing market stalls
Online estate agent’s shares down 12% after it cuts full-year revenue forecast to £175m

First-half losses have more than doubled at Purplebricks as the online estate agent warned that it saw little prospect for immediate improvement in the UK property market.

Purplebricks made a pre-tax loss of £27.3m in the six months to 31 October, up from £11.4m in the equivalent period last year. The company, listed on the AIM junior stock market, lowered the upper end of its full-year revenue forecast from £185m to £175m. Its shares slumped by 12% to 131.5p, which means the company has lost nearly three-quarters of its value from its 2018 peak of 489p.

In a statement, Purplebricks said it saw no short-term relief to “challenging market conditions”.

Michael Bruce, the Purplebricks chief executive, said the company would “emerge stronger from the ongoing industry shakeout, which is expected to continue to expose undercapitalised traditional and online competitors”.

The stalling housing market – weighed down by Brexit uncertainty on top of affordability issues after years of rapidly increasing prices – has put pressure on British estate agents. A direct rival to Purplebricks, eMoov, collapsed last week, while shareholders in Countrywide, previously the UK’s largest estate agent, were forced to inject £140m into the company in August to avert failure.

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This week the Royal Institution of Chartered Surveyors said its monthly market health check showed house prices falling by the most for six years, with Brexit highlighted as the main reason for buyers and sellers holding back.

Purplebricks, which earns fees from sellers for advertising their property but does not have any physical branches, remains profitable in the UK. British revenues rose by 39% to £48.3m. It made revenues of £70.1m worldwide during the period, up by 75% compared with the year before.

However, the company has staked its future on a rapid expansion overseas, with operations now open in the US, Canada, Germany and Australia. Purplebricks received a £125m investment from Axel Springer in March to fund the growth.

scheint einiges gar nicht rund zu laufen:

Purplebricks Group plc, a world leading hybrid real estate agency, provides an update in relation to current trading and changes to its non-Board leadership team.

Whilst the UK housing market has continued to be challenging for the estate agency industry, the Board still expects to report UK revenue for the current financial year of approximately 15-20% above the prior year. The Company also expects to maintain its 75% share of UK online instructions and for Purplebricks to continue to be the clear market leader in UK hybrid estate agency.

Although the Australian housing market has experienced a number of headwinds, the Board is encouraged by the new leadership team, the positive changes made in the model towards the end of 2018 and the current level and quality of activity. However, the anticipated amount of recognisable revenue will not be sufficient to meet expectations for this financial year.

In the US, the Company is making better than expected progress with conversion from opportunity to listing, listing to sale and sale to ancillary revenue, receiving positive reviews and feedback from customers. However, there has been a slower than expected response to the second US marketing initiative that concluded towards the end of January. There are some early positive signs from the third US marketing initiative and a recent change in business model to payment on completion. The vast majority of short-term investment will be focused on the Los Angeles and Florida markets. As a result of this, the Board does not expect the amount of US revenue to be sufficient to meet its expectations in this financial year.

The business in Canada has performed well and remains on track to meet management's expectations. The Board continues to be encouraged by current and future opportunities in this market.

The Company announces that Lee Wainwright, UK CEO, and Eric Eckardt, US CEO, will shortly be leaving the business.

After two years with Purplebricks, Lee Wainwright will leave the business for personal reasons. Lee played an important role in helping Purplebricks become the UK’s largest estate agent. His responsibilities will be taken on in the interim by Vic Darvey, Purplebricks’ Group Chief Operating Officer, who joined the business in January 2019 from MoneySuperMarket.com. Vic has extensive experience of leading strong tech-focused, customer-centric businesses and will play a key role in the future direction and next stage of growth for Purplebricks.

Eric Eckardt will also be leaving the Company after two years. Michael Bruce, Group CEO and co-founder who was instrumental in the growth of the Purplebricks business in the UK and has proven experience in bringing together marketing, technology and customer centric estate agency operations will take on day-to-day management of the US business with immediate effect.
ein mächtiger Bauchfleck in US and Australien.

Purplebricks is to exit the US market after the digital estate agency almost doubled its full-year loss and admitted it had expanded too quickly. 

The move adds to questions about Purplebricks’ aggressive growth strategy and the potential of the online agency model, which has seen market share level off in key territories despite heavy investment and marketing spend.

The group said on Wednesday it had taken the “difficult decision” to close its US business, which began trading in 2017 and will close by the end of the year. It had already decided to shut its nascent Australian operation.

Pre-tax losses increased 92 per cent to £56m in the year to April, it said — a year that was followed by the departure of founder and chief executive Michael Bruce in May as the company admitted its international growth had been “too rapid”. 

Purplebricks Group | 1,136 €
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Rightmove ist gut
Purplebricks Group | 1,136 €

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