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Startups Awards-winning Purplebricks achieves £18m turnover just two years after launch

Winner of Innovative Business and Tech Business of the Year, the online estate agent has enjoyed a 427% increase in profits in the last 12 months

Purplebricks, the start-up that took home Innovative Business of the Year and Tech Business of the Year at the Startups Awards 2015, has announced that its revenues rose by 448% from £3.4m to £18.6m in the year to April 2016.

Founded in 2014 by Michael and Kenny Bruce, Purplebricks is an online estate agency which enables consumers to arrange property viewings, make listings and agree to offers from any internet enabled device, at any time.

Ranked in first place in the Startups 100 2015 index, the property business has also announced that its gross profits have risen from £2m to £10.6m – an impressive 427% increase.

The news comes after the company secured £58m – one of the largest rounds of 2015 – in its listing on the Alternative Investment Market (AIM) last December ahead of a planned expansion into the £3.3bn Australian property market.

Purplebricks’ Michael Bruce, pictured second from left, commented:

“In just our second full year of operation we are leading change in an industry that has long been stagnant and is only now waking up to the opportunities and threats posed by technological advance and changing consumer behaviour.

“We continue to demonstrate that our full service estate agency model has growing appeal, having sold and completed on £2.8bn of property this year and a further £1.7bn of property in the pipeline.”

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