PHOTO: Purplebricks
The UK real estate giant’s full-year reports reveal the extent of the company’s marketing efforts that ultimately failed to attract an Australian audience.
Purplebricks Group PLC is publicly listed on the London Stock Exchange, where it filed its full-year FY2019 results on 3 July.
In FY18, Purplebricks posted an operating loss of £13.2 million ($23.4 million), which ballooned to £18.8 million ($33.3 million) the time it decided to exit the Australian market in May this year. The group’s marketing as a percentage of sales was 106 per cent in FY19, compared to 31 per cent for its Canadian business and 29 per cent for its UK business.
“The closure of the Australian operations is expected to result in a net cash outflow during FY20,” the group said in a statement.
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