Purplebricks Group PLC Half year trading update and notice of results (8507D)
November 02 2020 - 1:00AM
UK Regulatory
TIDMPURP
RNS Number : 8507D
Purplebricks Group PLC
02 November 2020
2 November 2020
Purplebricks Group plc
("Purplebricks", the "Company" or the "Group")
Half year trading update and notice of results
Purplebricks Group plc (AIM: PURP), the leading UK
technology-led estate agency business, today issues the following
trading update for the six months ended 31 October 2020.
As reported at our full year results in August, the UK housing
market began to recover in mid-May, with the easing of lockdown
restrictions and improved further following the announcement of the
stimulus of the Government's stamp duty holiday.
We have seen strong levels of new instructions during the last
five months, despite a slow start arising from the lockdown in May,
and we now expect to report an 8% increase in instructions for the
six month period to 35,387 (H1 FY20: 32,850), and a 20% increase
for the 5 months since June. We have continued to focus on
operational efficiency and as a consequence our adjusted EBITDA(1)
for the first half is expected to be comfortably ahead of the
Company consensus for the full year of GBP3.5m. Our cash position
remains strong and has improved since 30 April, with cash at the
end of October in excess of GBP75m (15 July 2020: GBP66m including
proceeds of GBP35m from the sale of the Canadian business).
Vic Darvey, CEO, commented:
"Our growth in instructions through the period demonstrates that
Purplebricks' proposition has never been more relevant,
particularly in the current market, and our strategic progress has
helped us to capitalise on the pick-up in market activity. We
expect to deliver a pleasing profit performance in the first half,
but it is too early to extrapolate this out to the second half of
the year given the expected end to the stamp duty holiday and the
potential impact of increased COVID-19 restrictions on the housing
market. As a result, we are planning cautiously around the outlook
for the full year."
The Company will publish its unaudited half year results for the
period ended 31 October 2020 on Tuesday 15 December 2020.
1: Adjusted EBITDA is defined as operating profit, adding back
depreciation, amortisation, share based payment charges and
exceptional items.
Enquiries
Purplebricks +44 (0)20 7466 5000
Vic Darvey, Chief Executive Officer investors@purplebricks.com
Andy Botha, Chief Financial Officer
Zeus Capital (NOMAD) + 44 (0)20 3829 5000
Daniel Harris, Nick Cowles
Citi +44 (0) 207 986 4000
Stuart Field, Robert Farrington
Peel Hunt +44 (0)20 7418 8900
Dan Webster, George Sellar
Buchanan +44 (0)20 7466 5000
David Rydell, Jamie Hooper, Kim van Beeck
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 a leading technology-led estate agency business,
based in the UK. Purplebricks combines highly experienced and
professional Local Property Experts 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.
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END
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