Purplebricks Group PLC Pre-close Trading Statement and Notice of Results (1981Z)
May 20 2021 - 1:00AM
UK Regulatory
TIDMPURP
RNS Number : 1981Z
Purplebricks Group PLC
20 May 2021
20 May 2021
Purplebricks Group plc
("Purplebricks" or the "Company")
Pre-close Trading Statement and Notice of Results
Strong performance with instructions ahead of expectations
Purplebricks Group plc, the leading UK tech-led estate agency
business, is pleased to announce a trading update for the year to
30 April 2021.
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.
Total instructions increased by 12% to 60,238 (FY20: 53,680),
with instructions in the second half performing ahead of market
expectations.
In H2 FY2020 and H1 FY2021, the Company claimed a total of
GBP1.0m(1) under the Government's Coronavirus Job Retention Scheme
initiative having furloughed a number of customer-facing employees.
Due to our continued strong trading into the second half, and the
strength of our balance sheet, the Board has made the decision to
pay back all furlough monies received.
Overall, the Company expects to report full year Adjusted
EBITDA(2) in line with current market expectations(3) . This
reflects the increase in instructions in the second half and
operating cost control more than offsetting the additional GBP1.0m
of furlough funds repaid.
Our balance sheet remains strong with cash at 30 April 2021 of
GBP74.0m (31 October 2020: GBP75.8m).
Commenting on today's announcement, Vic Darvey, CEO, said:
"We have delivered a strong performance across the Company with
instructions up 12%. I am pleased to see the housing market
continue its recovery as lockdown measures ease and buyers are
aided by the stamp duty holiday.
We have made good progress on executing our strategic
initiatives, including advancing the review of our pricing strategy
in spite of the pandemic. We look forward to providing more detail
on these new initiatives at our Full Year results in July.
I am proud of the Board's decision to pay back all furlough
monies received and of the robust performance over the last year.
As lockdown restrictions continue to ease across the UK, we remain
confident of continuing our strong trading performance into the new
financial year."
Notice of Results
The Company will publish its Full Year results for the year
ended 30 April 2021 on Tuesday 6 July 2021.
Notes
1. CJRS furlough payments received: GBP0.3m in FY20 and GBP0.7m
in FY21.
2. Adjusted EBITDA is defined as operating profit, adding back
depreciation, amortisation, share based payment charges/credits,
results of associates/joint ventures and exceptional items.
3. See:
https://www.purplebricksplc.com/investors/analyst-and-consensus/.
Enquiries
Purplebricks Group plc +44(0) 77 1044 0158
Andy Botha, Chief Financial
Officer
Fiona O'Nolan, Equitory Investor investors@purplebricks.com
Relations
Zeus Capital (NOMAD) +44(0) 20 3829 5000
Daniel Harris, James Hornigold
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 the UK's leading tech-led estate agent.
Purplebricks combines highly experienced and professional Local
Property Experts 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTKZGMKKLLGMZM
(END) Dow Jones Newswires
May 20, 2021 02:00 ET (06:00 GMT)
Purplebricks (LSE:PURP)
Historical Stock Chart
From Apr 2024 to May 2024
Purplebricks (LSE:PURP)
Historical Stock Chart
From May 2023 to May 2024