In July, when Purplebricks reported its full-year result, Purplebricks chairman Paul Pindar said the Australian business “continued to track the UK performance at the same time in its development” and was expected to “reach monthly profitability within 12 months”.
In its latest interim accounts filed to the London Stock Exchange, Purplebricks said the underlying performance in Australia had been “held back by market conditions and some operational issues”.
The company attributed the 10.2 million loss to “one-off costs in connection with the recent restructuring and re-positioning the business which we have taken steps to correct”.
“Some further one-off restructuring costs are also expected in the second half of the year,” the company said. …
Read the full article at: https://www.afr.com/real-estate/residential/restructuring-costs-purplebricks-interim-losses-blow-out-to-18m-20181217-h196u5