UK's Purplebricks plunges as cash generation expectations hit

Purplebricks

09/05/2023 08:47

** Shares of UK's Purplebricks Group  PURP.L  fall 54% to
2.5p
    ** PURP top pct loser across London stocks, hits its
lowest-ever level
    ** Stock on track to post worst intraday pct fall ever, if
losses hold
    ** Co says previous expectation of returning to cash
generation in early financial year 2024 was unlikely
    ** Purplebricks, Britain's biggest online-only estate
agency, is exploring a sale to turn its fortunes around
    ** Co says it expects to have finished FY ended April 30
in-line with its expectations
    ** Adds a small number of parties remain in talks with co
regarding sale of some or all of its business and assets
    ** Including session's loss, PURP down about 78% YTD

 (Reporting by Muhammed Husain in Bengaluru)
 ((Muhammed.Husain@thomsonreuters.com;))