Purplebricks Group PLC Pre-Close Trading Statement (5887V)
November 06 2017 - 2:00AM
UK Regulatory
TIDMPURP
RNS Number : 5887V
Purplebricks Group PLC
06 November 2017
6 November 2017
Purplebricks Group plc
Pre-Close Trading Statement
On-course for the full year
Purplebricks Group plc ('Purplebricks' or 'the Group'), the
leading hybrid estate agency, confirms that following the closing
of the first half of the financial year, it remains on course to
meet the board's expectations for the full year.
The Group's Interim Results will be released on 13th
December.
For further information, please contact:
+44 (0) 20 7457
Purplebricks 2020
Michael Bruce, James Davies
+44 (0) 20 3829
Zeus Capital (NOMAD) 5000
Nicholas How, Benjamin Robertson
+44 (0) 20 7418
Peel Hunt (Broker) 8900
Dan Webster, George Sellar
+44 (0) 20 7597
Investec Bank (Broker) 5970
Keith Anderson, Carlton Nelson
+44 (0) 20 7457
Instinctif Partners 2020
David Simonson, Mark Reed,
George Yeomans
Notes to Editors
Purplebricks is a leading next generation estate agency
operating in the UK, Australia and the US. Purplebricks combines
highly experienced and professional Local Property Experts and an
innovative use of technology to help make the process of selling,
buying or letting so much more convenient, transparent and cost
effective. Purplebricks is transforming the way people perceive
estate agents and estate agency. Building on its UK success,
Purplebricks launched into Australia in August 2016 and the US in
September 2017.
Unlike traditional agents, where customers only pay upon the
sale of the property, which effectively means that those that do
sell pay more in order to cover the costs of those that do not
sell, Purplebricks believes it is more equitable that everyone
should pay, charging a flat fee at instruction. This helps to avoid
the industry issue of timewasters and those that are merely
'testing the water' and underpins the low, flat fee model.
Customers in the UK and Australia can choose to pay at
instruction or defer, at no extra cost, to the earlier of ten
months from the date of instruction or the date of sale. If a
customer wishes to defer payment, they are required to use
Purplebricks' conveyancing services for the sale.
Purplebricks charges GBP849 (inc. VAT) for a sale anywhere in
the UK besides London and surrounding areas, where there is a
charge of GBP1,199 (inc. VAT). There are additional charges if the
customer wants Purplebricks to undertake the viewings on their
behalf, if they require an energy performance certificate or a
Rightmove premium display, amongst other services that are
available.
The business model is low cost, flexible and cash generative,
without the need for an expensive leased estate. LPEs are
self-employed and receive a flat fee per instruction and can earn
additional fees from the sale of ancillary services including, but
not limited to, conveyancing, mortgage referrals and insurance.
Purplebricks listed on the Alternative Investment Market (AIM)
in December 2015, raising GBP25m of growth capital before listing
costs at 100p per share. In February 2017 Purplebricks raised an
additional GBP50m (gross) through a share placing to fund US
expansion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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