25 May 2022 07:00
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 investors@purplebricks.com
Fiona O'Nolan, Equitory, Investor Relations +44 (0)7710 440158
Zeus (Nominated Adviser & Broker)
Daniel Harris, James Hornigold (Investment Banking) +44 (0)20 3829 5000
Ben Robertson (Corporate Broking)
MHP Communications
Peter Hewer +44 (0)7709 326261
Alan Tovey +44 (0)7833 437044
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.