Gs Task Bwm5 Feb 2018 17:07
GS falling knife ............. dead cat bounce any body fancy Purple bricks?? 7.2 % down today 30 odd points.
Hey guys listen to this! Jefferies down graded them and Purple bricks came back and ripped into Jefferies for down grading them . See below
Purplebricks Group plc
Statement Re Share Price Movement & Trading Update
Purplebricks Group plc (AIM: PURP) ("Purplebricks" or "the Group"), the hybrid
estate agent, notes its share price decline yesterday afternoon. Purplebricks
knows of no reason for the share price fall other than the research note
published by Jefferies International Ltd. ("Jefferies") after market close.
Purplebricks contests the findings of the Jefferies research report. Jefferies
estimated Purplebricks' completion rate is based on a single month's data and
does not include properties that have completed but have yet to be uploaded to
the Land Registry, which can take several months. Equally the research does
not take into account properties which have exchanged, have reached sold
subject to contract (SSTC), or are on marketing breaks. Purplebricks
reiterates its most recently published sales conversion rate from instruction
to sale agreed of 78 per cent, which it believes more accurately reflects its
sales performance, although this figure itself does not include those
properties in the sales pipeline at the end of the period which will in due
course sell.
Purplebricks firmly refutes the criticism in the research note of its revenue
recognition policy and stands behind both the fully audited results and the
accounting policy itself.
Trading Update
Purplebricks provides an update for the start of the important spring market:
� 6,160 instructions in January 2018, up 66% year-on-year resulting in
further overall market share growth
� Agreed sales in January 2018 alone on 4,618 UK properties
� Online market share increased in January 2018 to 77%
� Purplebricks has now sold and completed on over �10bn of UK property
� Australia continues to build and remains on-track
� The US is proceeding to plan and work continues at pace towards launch
in New York
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