Annual operating losses at Purplebricks more than quadrupled last year as the disruptive online estate agency counted the cost of its aggressive expansion drive and an expensive marketing campaign.
Despite a surge in revenues to £93.7m in the year to the end of April, Purplebricks yesterday posted an annual operating loss of £21.3m, up from £5.1m the previous year.
The group set up shop in the US last year and cemented its position in the online property market in the UK, but it had to spend a total of £42.1m on marketing in the three countries where it operates to maintain its profile in the fiercely competitive sector of buying and selling homes.
