13 Dec 2021 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
13 December 2021
Purplebricks Group plc
("Purplebricks" or the "Company")
Update on Lettings business and delay to Half Year Results
Purplebricks Group plc (AIM: PURP), the UK's leading tech-led estate agency business, is providing an update on its lettings management business.
During an internal review the Company recently became aware of a process issue in how it has been communicating with tenants on behalf of its landlords in relation to deposit registrations. Further enquiries into this matter are currently being conducted and the communications process is now being corrected.
In light of the above, the Company believes that it is prudent to provide for any potential future claims which could arise under the Housing Act in relation to this regulatory process issue. Early provisional estimates by the Company suggest a potential financial risk in the range of £2m-9m. Purplebricks is now in the process of finalising the level of provision required and associated disclosures and has therefore taken the decision to delay its results for the half year ended 31 October 2021 which were due to be published on 14 December 2021.
We will make a further announcement on the date of our half year results as soon as practical.
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For further information, please contact
Purplebricks |
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Vic Darvey, Chief Executive Officer | +44 (0)20 7466 5000 |
Fiona O'Nolan, Equitory, Investor Relations | investors@purplebricks.com |
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Zeus Capital (NOMAD) |
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Daniel Harris, Nick Cowles | + 44 (0)20 3829 5000 |
Citi |
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Stuart Field, Robert Farrington | +44 (0)20 7986 4000 |
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Peel Hunt |
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Dan Webster, George Sellar | +44 (0)20 7418 8900 |
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Buchanan |
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David Rydell, Jamie Hooper, Kim van Beeck | +44 (0)20 7466 5000 |
About Purplebricks
Purplebricks is a leading tech-led estate agency business, based in the UK. Purplebricks combines highly experienced and professional local property partners and innovative technology to help make the process of selling, buying or letting more convenient, transparent and cost effective. Purplebricks shares are traded on the London Stock Exchange AIM market.