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Purplebricks announces further losses despite revenue growth

Purplebricks, the online-only estate agency, announced pre-tax losses of £26.1m for the year ending 30 April 2018, up from losses of £6m in the previous year.

Although revenue doubled, the company’s recent expansion into Australia and the US appears to have taken a toll, with marketing costs ballooning from £18m to £42.1m.

The estate agent has suffered a spate of bad news recently, with the Advertising Standards Authority forcing it to change an online advert regarding the amount it claimed could be saved in fees, and seeing increased competition in the shape of a £100m merger of Tepilo, Emoov and

Purplebricks group chief executive Michael Bruce strikes a positive note, saying: “We have doubled revenues in tough markets, taking market share as we continue to win over consumers to the modern way of buying and selling property.” He also cites the group’s “£153 war chest for global growth” to further his case for optimism.

Purplebricks’ shares dropped 3.3 per cent in early trading on Thursday.



ASA rules Purplebricks misled consumers on fees

The Advertising Standards Authority has upheld a complaint against estate agent Purplebricks Group, about the “misleading” way it presented it charges in an online advertisement. The complaint, brought by a rival estate agency, Hunters Property Group, stated that Purplebricks didn’t clearly show there was additional £300 fee to pay for viewings, on top of its […]


Profits warning for estate agent amid slowdown in the housing market

  The slowdown in the housing market has caused the UK’s largest estate agent, Countrywide Properties, to issue its fourth profits warning in eight months. Shares in Countrywide plummeted by 20 per cent, to a new low of 59p, following this latest grim warning on the state of the housing market. Four years ago shares […]

Bricks building housing construction

Lenders see increased demand for bridging development loans

Property development continues to boom, with lenders seeing a 22 per cent increase in the value of bridging development loans in the first quarter of this year. Figures from the Association of Short Term Lenders show that £386.1m of development loans were arranged in these three months, of which £242.2m were categorised as bridging loans. […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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