Purplebricks Group PLC Statement Re Share Price Movement & Trading Update (7179D)
02 February 2018 - 6:00PM
UK Regulatory
TIDMPURP
RNS Number : 7179D
Purplebricks Group PLC
02 February 2018
2 February 2018
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 GBP10bn 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
-- With a few key months remaining the Board of Purplebricks is
pleased with progress and confirms trading is in line with the
Board's expectations for the year ending 30 April 2018
Enquiries:
+44 (0) 20
Purplebricks Group plc 7457 2020
Michael Bruce, Group Chief Executive
Officer
James Davies, Chief Financial Officer
+44 (0) 20
Zeus Capital 3829 5000
Ben Robertson, Nicholas How
+44 (0) 20
Peel Hunt 7418 8900
Dan Webster, George Sellar
+44 (0) 20
Investec 7597 5970
Keith Anderson, Carlton Nelson
+44 (0) 20
Instinctif Partners 7457 2020
David Simonson, Mark Reed, George
Yeomans
About Purplebricks
Purplebricks is the leading next generation estate agency in the
UK with operations in Australia and the US that combines highly
experienced and professional Local Property Experts (Local Real
Estate Experts in the US) and an innovative use of technology to
help make the process of selling, buying or letting so much more
convenient, transparent and cost effective. Purplebricks is
transforming the way people perceive estate agents and estate
agency.
This information is provided by RNS
The company news service from the London Stock Exchange
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