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Purplebricks Group PLC reported on Wednesday a continuation in lower volumes of new instructions coming to the market which has hurt its level of net instructions for the year ended April 30.
The online estate agent said the net number of instructions had fallen to 40,141 from 58,043 the previous year. As a result, the company now expects annual revenue to be £70.0 million and adjusted earnings before interest, tax, depreciation and amortisation to swing to a £8.8 million loss.
In financial 2021, the Purplebricks posted revenue of £90.9 million and an adjusted Ebitda profit of £12.0 million. This would represent a 23% decline in revenue year-on-year.
Shares in Purplebricks were down 2.9% at 17.85 pence on Wednesday morning in London.
The company will report its full year result on July 12.
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