Shares in Purplebricks fell back on Friday afternoon after the firm issued a statement to the London Stock Exchange. This morning (Monday) it issued an additional statement.
The Friday statement, issued at 3.30pm just an hour before close of trading, said:
“Purplebricks Group plc
“Recent share price movement
“Purplebricks Group plc (AIM: PURP) (“Purplebricks”), the hybrid estate agent providing a new way to buy, sell or let property, notes the recent strong increase in the share price and confirms that it is not aware of any reason for the movement. Whilst the company has had a good start to the calendar year, the board’s expectations remain unchanged.”
This morning’s additional statement to the Stock Exchange said:
“Purplebricks Group plc (AIM: PURP) (“Purplebricks”), the hybrid estate agent providing a new way to buy, sell or let property, provides additional comment further to its announcement of 27 January 2017.
“As noted in the interim results announcement, the Company entered 2017 in its strongest positon ever with significantly increased LPE capacity, substantial growth in brand awareness, record instructions, sales and revenue together with a more advanced infrastructure.
“The Board confirms that, as expected with the start to the calendar year, the Company has seen record monthly valuations and instructions activity in January (as mentioned in a tweet by the Company on 26 January).
“As expectations are for trading to show year-on-year instruction growth, the record level of valuations and instructions in January is in line with such expectations.
“The Board reconfirms that the Company has had a good start to the calendar year and, with a number of key months ahead of us, its expectations for the financial year ending 30 April 2017 remain unchanged.”
The shares had been trading on Friday at an all-time high, the Daily Mail reported at the weekend.
Under the headline “Online agent claims to be mystified by its 80% rise”, the Mail’s Hugo Duncan wrote on Saturday: “What an incredible two months it has been for Purplebricks, the online estate agent backed by, among others, star fund manager Neil Woodford.
“Shares have soared in recent weeks, so much so that the board yesterday felt obliged to comment, with just an hour of trading to go before the stock market closed.”
He went on: “But what triggered the statement?
“Perhaps it was the rise in the share price from 104p at the start of December and 155.5p at the start of this week to an all-time high of 200p by early afternoon yesterday.
“Or perhaps it was a tweet from the company’s official Twitter account on Thursday, stating that ‘January has been a record-breaking month for valuations & instructions’.
“Either way, yesterday’s 3.30pm statement was enough to send the shares tumbling, with the stock closing the session down 4.9% or 9.5p at 183.5p. Not that investors will mind too much given the recent gains.
“The share price rally of almost 80% in the last two months has certainly been a boon for brothers Michael and Kenny Bruce who founded the company in 2014.
“Michael Bruce, who is chief executive, has seen the value of his stake jump by £34m since early December to £77.4m while his brother’s holding has gained £10.1m to £22.7m.
“Away from the shenanigans at Purplebricks, it was a subdued end to the week on stock markets…”
The Daily Mail article is here
The Purplebricks tweet is below
Apologies to those that have already read these comments posted on Friday’s article – but they are just as relevant to this one…
(dates amended)
Erm… I’m confused. I know it doesn’t take much – but will somebody help me on this, please?
Thursday, 10am:
“January has been a record breaking month for valuations & instructions” – Posed on company Twitter Page
Friday, 3.30pm:
“the company has had a good start to the calendar year” – Statement published on LSE
So which is it? “A good start”? – OR A RECORD-BREAKER?
Answers, on a purple postcard, please…
Or what about this:
Could someone at Purplebricks possibly advise whether this property –
http://www.rightmove.co.uk/property-for-sale/property-57862243.html
is one of their “record month”/”good start”/add another phrase (delete where applicable) ‘listings’?
Thanks.
Or how about this one –
http://www.zoopla.co.uk/for-sale/details/40706736#BiwRJlG14mIG1YiS.97
Can we assume this to be counted as a ‘listing’ towards your “record-breaking month”?
If you do nothing more – have a click on the last link, folks…
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its easy to break records when your 2 years old..i am just hoping that because they have had to count valuations it means that instructions aren’t record….. #peakoil.
can other members please get on twitter and balnce their propaganda please.
I feel ‘pay anyway’ model is very will create pressure selling in the industry and this isn’t fair on no sale no fee agents who have to live in the areas they work.
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In a few short months the end of year figures for Purplebricks are due in, only then will everyone know the true extent of what is going on.
Let’s see if the profits predicted for 14-15 trading year make an appearance, if just 1% of the HUGE profits predicted for 15-16 pop up and **** a nah nah na nah nah snook at their doubters.
3000 listings a month is apparently all it takes to show estate agents how the selling public thirst for a pay to list and wait method of selling property. At the end of April I look forward to seeing a turnover figure somewhere in the region of £38.1m which will show, based on their EBITDA story in December that Purplebricks have done what the said they were hoping to achieve 2 years ago; make a profit.
I doubt it will be the £17m or £24.9m profits, I doubt they will have the 480 listing reps or command 10% of all transactions we were told they would have by now, but If they have made £1 profit I will say a well earned well done.
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I don’t understand why their share price is even above its starting position, let alone not far off double last week, when they are clearly falling so far short of their projected targets. You would surely have expected the share price shortly after launch on the AIM to be based on expectancy of reaching those targets, wouldn’t you?
What I wouldn’t give to see their current true unique listings numbers over the last few months…. and the trend?
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When you say that “What I wouldn’t give” what have you got?
If you have an original Albon/DC Bambi diesel un-run in original box I might have what you’re looking for
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No but I’ve got an original Scalextric in the loft somewhere, a pack of Captain Scarlet cards, a commodore amiga and a zx spectrum………
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FAO Mary Whitehouse filter, please add large male chicken a snook to your exceptions list
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They have now confirmed in a further RNS this morning January as a record month What they dont tell us of course is how many instructions they took in December The RNS further flags up that the yearly total is in line with expecations Jnauary has certainly been a good month You woud expecct it to be after an expensive TV campaign As December was a poor month the increase has only picked up some of the shortfall in December They studiously avoid mentioning th elephant in the room- Lettings
http://www.quotehd.com/imagequotes/authors69/homer-simpson-quote-oh-people-can-come-up-with-statistics-to-prove.jpg
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PURP&share=purplebricks
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Any latest figures for January? These presumably including any possible re-listings?
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Thanks for that. I’m surprised the LSE operates on such little actual content and clarification
It reminds me of a trusting mum; “Yes I have done my homework, no I haven’t been playing with the big girls down the playing field or course it wasn’t me”
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They all took profits months ago,,they are just riding the wave at moment..daily mail, ALT figures….Australia is confusing people to..looks like a high growth business…it might be but a after a few years the valuation will have to come down..
in the meantime agents need to strike against rightmove to get PB removed from RM under grounds of pay any way model.
Rightmove and Zoopla are the kindling for these pay upfront agents.
Onthemakret are you listening??
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“They have now confirmed in a further RNS this morning January as a record month…”
Actually, Hillofwad71 – I would suggest that the statement is an attempt to confirm it as a record JANUARY:
“As expectations are for trading to show year-on-year instruction growth, the record level of valuations and instructions in January is in line with such expectations.“
The Devil being in the detail and all that…
Good work on the Broadstairs property, by the way.
Now that it has been briskly removed from Zoopla and Rightmove the question as to whether it is counted in any statistics – ESPECIALLY those that will be reported to The City – becomes the sixty-four thousand dollar question.
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So it’s the best January they have had since starting? That’s not really that surprising….but what are the true numbers? It’s interesting isn’t it….. how things that you say can lead people to believe what they think you are trying to say…and then you can always fall back on what technically you did say….in your defence.
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Well just counted them up for January and .its showing 2,012 on Zoopla as “just added “which we know may or may not include those that have been “rested “on a “Marketing Holiday” Will Amanda take them on holiday with her to A Place in the Sun” !
Confusing as I thought they had exceeded that figure beofre This is the problem when a company refuses point blank about being transparent aboutactual number of sales ,.% of properties being unsold after a year etc ,monthly totals
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2012……that’s way down on the 3,000 needed….I wonder how many of those are genuine new instructions.
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Couple or three points.
1. “We have no idea why share price jumped” – Err maybe because the unqualified comments regarding record month came out of the camp.
2. We all dislike PB as we know they do not offer a like for like product / service but imply they do. BUT be it 1500 or 3000 listings a month they are continuing to grow. Until a TV Campaign is launched regarding the benefits of a full service agent this will not stop.
3. Out of interest, and purely hypothetical (i have no plans to do this) who would be happy to contribute £100 – £200 per month for a couple of years to invest in TV advertising for full service high street agents? – Maybe cancel your second portal to find the budget?
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Me, me, me…… pick me (whilst jumping up and down ‘donkey like’ in the background)
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‘they are continuing to grow’…that is the problem, its being done off the back of a very public TV advertising campaign ridiculing what we do. If I were a member of the NAEA I would be asking them why they are turning a blind eye to this being done by one member of their organisation against the majority of their other members!!!
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V,
What you need to remember is NAEA is a “For profits” organisation. They have no interest in punishing their members as they could lose vital revenue.
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Agreed….but great pity that it is trying to makes all members in the publics’ eye look ‘as bad as one another’…..so then the only thing left to choose from is price!!
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Yes and to think they used to get annoyed about ‘touting’…. now we are being ‘flouted’ they are aligning themselves with them.
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The total according to Zoopla from Dec 1st so far is 3,550 or thereabouts showing that its less than 2,000 pcmonth for the last t 2months These stats are a complete bewilderment Smoke and mirrors A cold wind blew in December
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I wonder what the actual true numbers really are…..thanks Hillofwad71
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Havent got the foogiest
Peebee highlighted this property in Broadstairs and here is the following chat on Sat with Bricks who state its a fresh listing
Rebecca] Welcome to Purplebricks. My name is Rebecca, may I take your name please?
[Visitor] David Property In Broadstairs CT10 2JX. Can you advise me when this was first listed .Thanks
[Rebecca] Hi David, this property came to market with us today.
[Visitor] Yes I saw that .I am sure its been on before ?
[Rebecca] Not with us, it may have been on with another agent.
[Visitor] Ok Thanks
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Would you like to know the REAL history of it?
(by the way – it has since been #Delisted…)
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Yes !!!
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Come on PeeBee spill!
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EYE is not the right place – I do not wish to create a situation.
Erm… actually I PROBABLY already have – but let’s move this particular fight out of our beloved pub and into the street!
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“Public Realtions is at best promotion or manipulation . What it is never about is the freeflow of information ”
HEATHER BROOKE
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Lets make no bones about this…….for PB to exceed to the extent they want to with market share….many of us small independent agents have to go out of business or be destroyed……hence the insulting and ridiculing public propaganda campaign!!!
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sorry succeed not exceed
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Such a “move” would normally instigate the market watchdog taking a closer look?
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Sorry which “move” Woodentop?
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Share value, when a company is not making money?
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So does anyone have a reasonable idea as to how many new instructions PB actually listed in January 2017 ? Was it a record month ? did they perform well?
Or was it just hot air
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