UK's Purplebricks falls on wider core loss outlook

Purplebricks

17/02/2023 09:36

** Shares of UK's Purplebricks  PURP.L  decline up to 20% to
a record low of 8p
    ** Stock is top pct loser on the FTSE All-Share Index
 .FTAS , which is down 0.4%
    ** Co expects bigger adj. core loss of between 15 mln pounds
 ($17.9 mln) and 20 mln pounds vs earlier range of 8.8 mln and
11.3 mln pounds for the year ending April 30
    ** PURP announces strategic review after its turnaround plan
in Dec hampered sales more than expected, incurring 1.2 mln
pounds one-off costs in H2 2023
    ** Co says not in talk with any potential offerer and has
not received any possible offers
    ** Co cuts revenue outlook to between 60 mln pounds and 65
mln pounds from 67.5 mln to 72.5 mln pounds, due to lower
instruction numbers in Q3
    ** Stock set to record worst day since Dec. 13, 2021, if
losses continue
    ** Including session's losses, stock has fallen about 7% YTD
    ($1 = 0.8384 pounds)
 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))