The very strong growth in LPEs (see exhibit 3, page 3) is the main driver of Purplebricks’ growth in instructions, revenues, gross profit and value. The 121% growth UK instructions is impressive, but is lower than the increase in average number of LPEs in 1H17e which we calculate has risen 137% to 270 (our analysis is on page 3). Average productivity is expected to recover when new LPEs have gained experience and activity in the UK property market normalises. We take this opportunity to
