Update on Lettings business & delay to Results

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.

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For further information, please contact

Purplebricks
Vic Darvey, Chief Executive Officer	[phone]
Fiona O'Nolan, Equitory, Investor Relations	[e-mail]
Zeus Capital (NOMAD)
Daniel Harris, Nick Cowles	+ 44 (0)20 3829 5000
Citi
Stuart Field, Robert Farrington	[phone]
Peel Hunt
Dan Webster, George Sellar	[phone]
Buchanan
David Rydell, Jamie Hooper, Kim van Beeck	[phone]

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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