REG - Purplebricks Group - Update on Lettings business & delay to Results

PurplebricksAnnouncement

13/12/2021 07:00

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RNS Number : 3599V  Purplebricks Group PLC  13 December 2021

This announcement contains inside information for the purposes of Article 7 of
the EU Regulation 596/2014 as it forms part of the UK law by virtue the
European Union (Withdrawal) Act 2018

 

13 December 2021

 

Purplebricks Group plc

("Purplebricks" or the "Company")

 

Update on Lettings business and delay to Half Year Results

 

Purplebricks Group plc (AIM: PURP), the UK's leading tech-led estate agency
business, is providing an update on its lettings management business.

 

During an internal review the Company recently became aware of a process issue
in how it has been communicating with tenants on behalf of its landlords in
relation to deposit registrations. Further enquiries into this matter are
currently being conducted and the communications process is now being
corrected.

 

In light of the above, the Company believes that it is prudent to provide for
any potential future claims which could arise under the Housing Act in
relation to this regulatory process issue. Early provisional estimates by the
Company suggest a potential financial risk in the range of £2m-9m.
Purplebricks is now in the process of finalising the level of provision
required and associated disclosures and has therefore taken the decision to
delay its results for the half year ended 31 October 2021 which were due to be
published on 14 December 2021.

 

We will make a further announcement on the date of our half year results as
soon as practical.

 

-Ends-

 

For further information, please contact

 Purplebricks
 Vic Darvey, Chief Executive Officer          +44 (0)20 7466 5000
 Fiona O'Nolan, Equitory, Investor Relations  investors@purplebricks.com

 Zeus Capital (NOMAD)
 Daniel Harris, Nick Cowles                   + 44 (0)20 3829 5000
 Citi
 Stuart Field, Robert Farrington              +44 (0)20 7986 4000

 Peel Hunt
 Dan Webster, George Sellar                   +44 (0)20 7418 8900

 Buchanan
 David Rydell, Jamie Hooper, Kim van Beeck    +44 (0)20 7466 5000

 

 

About Purplebricks

Purplebricks is a leading tech-led estate agency business, based in the UK.
Purplebricks combines highly experienced and professional local property
partners 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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