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Purplebricks set to beat forecasts as housing market recovers
StockMarketWire.com
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Online estate agent Purplebricks said it expects to 'comfortably' beat its adjusted earnings forecasts when it reports its interim results next month.
In a trading update for the six months to 31 October, the company expected adjusted EBITDA for the first half to be 'comfortably ahead' of the company consensus for the full year of £3.5 million.
Purplebricks said the UK housing market began to recover in mid-May with the easing of lockdown restrictions, and improved further following the announcement of the stimulus of the Government's stamp duty holiday.
The firm saw 'strong' levels of new instructions during the last five months, despite a slow start arising from the lockdown in May, and now expects to report an 8% increase in instructions for the six month period to 35,387, compared to 32,850 in the same period last year, and a 20% increase for the five months since June.
Purplebricks CEO Vic Darvey said, 'We expect to deliver a pleasing profit performance in the first half, but it is too early to extrapolate this out to the second half of the year given the expected end to the stamp duty holiday and the potential impact of increased Covid-19 restrictions on the housing market.
'As a result, we are planning cautiously around the outlook for the full year.'
At 9:28am: (LON:PURP) Purplebricks Group PLC share price was +4.85p at 62.25p
Story provided by StockMarketWire.com
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