Purplebricks chief Michael Bruce's ambition undimmed by share slide

Purplebricks founder Michael Bruce has taken the online estate agent’s share slide since its float last month “on the chin”, but his resolve to tackle traditional rivals is undimmed, he said.

Bruce, who charges around four times less than bricks-and-mortar agents, posted a maiden £6.4 million pre-tax loss for the six months to October 31 but the float raised £22.8 million and the firm is cash generative.

The company’s shares have slipped from a float price of 100p to 76.5p however, valuing it at £180 million.

“At the end of the day we have to continue with the plan. If we continue to take business from traditional agents the share price will look after itself,” he said.