(Alliance News) - Purplebricks Group PLC on Thursday reported a strong performance, taking instructions for properties above market expectations in the second half of its recently-ended financial year.
The online estate agent said it expects to report earnings before interest, tax, depreciation and amortisation for the financial year ended April 30 in line with market expectations.
"The UK housing market continued its recovery into 2021, resulting in strong instructions performance for the year, which was aided by the extension of the government's stamp duty holiday," the company said.
The tax break, which reduces stamp duty land tax to zero on any residential properties under GBP500,000, has been extended to the end of June, from its original March-end deadline. After this, the same applies to any residential property under GBP250,000 until the end of September.
Purplebricks highlighted that it exceeded market expectations in terms of instructions in the second half. Total instructions rose 12% to 60,238 in the recently-ended financial year from 53,680 the year before.
Due to the strong second half performance, the board has decided to repay GBP1.0 million of funds claimed under the government's Coronavirus Job Retention Scheme.
Chief Executive Vic Darvey praised the company's "robust performance over the last year", concluding that: "we remain confident of continuing our strong trading performance into the new financial year."
As at April 30, the company reported cash of GBP74.0 million, down GBP1.8 million from GBP75.8 million on October 31.
Purplebricks will publish full-year results on July 6.
Shares in Purplebricks closed down 5.7% at 91.00 pence in London on Thursday.
By Scarlett Butler; scarlettbutler@alliancenews.com
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