Brief: Purplebricks Posts FY Adj EBITDA Loss Of 8.8 Mln Stg

Purplebricks

02/08/2022 07:51

Aug 2 (Reuters) - Purplebricks Group PLC  PURP.L :
    * FY OPERATING LOSS -31.7 MILLION STG
    * FY LOSS -42 MILLION STG
    * FY ADJUSTED EBITDA LOSS -8.8 MILLION STG VERSUS 12 MILLION
STG
PROFIT YEAR AGO
    * FY REVENUE FROM CONTINUING OPERATIONS 70 MILLION STG
    * PURPLEBRICKS - FY PERFORMANCE WAS SIGNIFICANTLY IMPACTED
BY
CHALLENGES RESULTING FROM IMPLEMENTATION OF OUR NEW OPERATING
MODEL
    * PURPLEBRICKS - FY PERFORMANCE WAS ALSO SIGNIFICANTLY
IMPACTED BY
INVESTMENT IN MARKETING THAT DID NOT DELIVER EXPECTED RESULTS
    * PURPLEBRICKS  - ASSESSING ADDITIONAL REVENUE STREAMS
INCLUDING
OUR NEW MORTGAGE PROPOSITION WHICH WE EXPECT TO LAUNCH BY END OF
THIS FINANCIAL YEAR.
    * FY INSTRUCTIONS DOWN 31% TO 40,141 (FY21: 58,043)
    * FY AVERAGE REVENUE PER INSTRUCTION ("ARPI") INCREASED BY
4% TO
£1,568, DRIVEN BY HIGHER AVERAGE FEES
    * VOLUMES AND REVENUE IN Q1 OF FY23 SHOWED AN IMPROVED
TRAJECTORY
COMPARED WITH SECOND HALF OF FY22
    * SUPPLY DYNAMICS IN UK HOUSING MARKET LIKELY TO REMAIN
CHALLENGING FOR REMAINDER OF YEAR
    * POSITIVE CASH GENERATION EXPECTED IN EARLY FY24
    * RECOVERY PLAN ALONGSIDE SALES AND MARKETING ACTIONS
EXPECTED TO
DELIVER FY23 REVENUE IN RANGE OF £67.5-£72.5M

Source text for Eikon:  ID:nRSB5817Ua 
Further company coverage:  PURP.L 

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