Online estate agency Purplebricks Group has outlined plans to either sell or close its US business, after its losses swelled by 88% to £52m.
The agency, which is also retreating from the Australian market, admitted it had expanded too quickly over the past few years.
It made a total annual operating loss of £52.3m in the year ending 30 April. However, revenue rose by 55% to £136.5m.
UK revenue grew by 21% to £90.1m, with operating profit increasing to £5.3m, from £2.2m.
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