Trading Update and Notice of Results

RNS Number : 6847M

Purplebricks Group PLC

25 May 2022

 

This announcement contains inside information for the purposes of Article 7 of the EU Regulation 596/2014 as it forms part of the UK law by virtue the European Union (Withdrawal) Act 2018

 25 May 2022

Purplebricks Group plc

("Purplebricks" or the "Company")

Trading Update and Notice of Results

Purplebricks Group plc, the leading UK tech-led estate agency business, today announces a trading update for the 12 months ended 30 April 2022, a year of significant transformation for the business.

Since the announcement of our interim results in January, we have seen a continuation of lower volumes of new instructions coming to market¹. These market conditions have impacted the level of net² instructions which for the full year ended 30 April 2022 were 40,141 (FY21: 58,043). As a result, our revenue is expected to be approximately £70.0 million for the full year and Adjusted EBITDA³ is expected to be approximately £(8.8) million. Our cash balance at 30 April 2022 was £43.2 million, reflecting the lower instruction volumes and exceptional costs in line with guidance.

Notice of results

The Company will report its full year results on 12 July 2022.

Notes

1.  Source: TwentyCi Property & Homemover Report

2.  Net instructions is defined as the number of instructions won in the year net of the number of instructions refunded in the year

3.  Adjusted EBITDA is defined as operating profit, adding back depreciation, amortisation, share based payment charges/credits, results of associates/joint ventures and exceptional items.

Enquiries

Purplebricks

Helena Marston, Chief Executive Officer

Steve Long, Chief Financial Officer  [e-mail]  

Fiona O'Nolan, Equitory, Investor Relations  [phone]  

Zeus (Nominated Adviser & Broker) 

Daniel Harris, James Hornigold (Investment Banking)  [phone]

Ben Robertson (Corporate Broking)

MHP Communications

Peter Hewer   [phone]

Alan Tovey   [phone]

Forward-looking statements

This announcement includes statements that are, or may be considered to be, "forward-looking statements". By their nature, such statements involve risk and uncertainty since they relate to future events and circumstances. Results may, and often do, differ materially from forward-looking statements previously made. Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Except as required by law or by the AIM Rules of the London Stock Exchange, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations to reflect subsequent events or circumstances

About Purplebricks

Purplebricks is the UK's leading tech-led estate agent. Purplebricks combines highly experienced and professional Local Property Partners with great technology to make every home move amazing. The Company's technology and focus on customer experience makes the process of selling, buying or letting more convenient, transparent and cost effective. Purplebricks shares are traded on the London Stock Exchange AIM market.

 

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