Purplebricks reports $10 million losses in Australia

The low-cost estate agents Purplebricks has reported its first full-year profits in the UK, with its expansion into Australia keeping the group in the red.

Full-year annual results show Purplebricks accelerated its revenue from property sales for the year to April 2017 - up 151% to £46.7 million ($78 million) of which £3.5 million ($5.9 million) came from its Australian business.

Purplebricks launched in Australia in September last year and to date it has sold about 800 homes and secured 1600 listings.

It listed in the UK in December 2015 worth £250 million ($423 million) and is now valued at more than £1 billion ($1.69 billion), the Australian Financial Review noted.

Full-year annual results show Purplebricks's Australian business generated a £6.1 million ($10 million) loss with revenues exceeded by a big marketing spend (£3.8 million or $6.42 million) and administration costs (£3.9 million or $6.6 million).

Co-founder Michael Bruce expressed satisfaction with the Australian business performance to date.

"With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory," Bruce said.

Purplebricks forecast full-year revenues to reach £80 million ($135 million) in the UK over the next 12 months and to grow to £12 million ($20 million) in Australia. The company recently announced plans to expand into the US.