Purplebricks Group delivers a strong performance with instructions up 12%

Purplebricks Group plc (LON:PURP), the leading UK tech-led estate agency business, has announced 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 £1.0m1 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 EBITDA2 in line with current market expectations3. This reflects the increase in instructions in the second half and operating cost control more than offsetting the additional £1.0m of furlough funds repaid.

Our balance sheet remains strong with cash at 30 April 2021 of £74.0m (31 October 2020: £75.8m).

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: £0.3m in FY20 and £0.7m 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/.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Purplebricks plc

    More articles like this

    AssetCo plc

    AssetCo performs better than forecasts says Zeus

    AssetCo plc (LON:ASTO) has just completed its acquisition of River and Mercantile Group “RMG”, which has resulted in an increase in shares in issue from 8.4m to 14.4m. RMG has an “established and well-respected equities team

    Tatton Asset Management Plc

    Tatton Asset Management meeting or beating Zeus forecasts

    Tatton Asset Management plc (LON:TAM) results to March 2022 are in line with its April trading update, confirming profitable growth with high retention. Headlines are: ¨ Assets under management (“AUM”) rose 26.1% to £11.34bn (2021: £8.99bn)

    Castings plc

    Castings Plc outlook underpinned by new platforms says Zeus

    Castings plc (LON:CGS) FY22 results show a marked recovery on the pandemic impacted FY21 numbers with volumes broadly in line with pre-Covid levels, albeit c.5% below FY19 peak. Revenue increased 29.5% to £148.6m (FY21: £114.7m) with

    OnTheMarket Plc

    OnTheMarket “delivering on expectations” says Zeus

    OnTheMarket plc (LON:OTMP) full year results to January 2022 are in line with the February trading update: ¨ 32% rise in revenue to £30.4m (FY21: £23.0m); ¨ 12% rise in Group adjusted operating profit to £2.7m

    DWF Group Plc

    DWF Group is significantly undervalued says Zeus

    DWF Group plc (LON:DWF) has announced it is on track to deliver our FY22 adjusted PBT forecast despite some challenges particularly on utilisation during H2. Lock up days also continue to fall, and we sense increasing

    Redde Northgate buy back own shares

    Redde Northgate plc (LON:REDD) have today announced that on the 5th May 2022 it purchased the following number of its own shares to be held in treasury: Class of shares :  Ordinary shares of 50p (“shares”) Number

    boohoo Plc

    boohoo group total group sales +61% since FY2020

    boohoo group plc (LON:BOO) have today published final results for the year ended 28th February 2022. Investing for the future ·    Significantly increased market share in the UK and US since FY2020. Total group sales +61% since FY2020 ·    Extended