Purplebricks said on Thursday that it expects annual adjusted earnings to be in line with current market expectations as it reported a jump in instructions in the second half.
In an update for the year to 30 April, the online estate agent highlighted a “strong” instructions performance as the UK housing market continued its recovery into 2021, helped along by the extension of the stamp duty holiday.
Total instructions rose 12% to 60,238, with second-half instructions ahead of market expectations.
Purplebricks also said that it plans to pay back all the furlough money it received thanks to its “continued strong trading into the second half” and a strong balance sheet.
“Overall, the company expects to report full year adjusted EBITDA in line with current market expectations. This reflects the increase in instructions in the second half and operating cost control more than offsetting the additional £1m of furlough funds repaid,” it said.
Chief executive officer Vic Darvey said: “I am pleased to see the housing market continue its recovery as lockdown measures ease and buyers are aided by the stamp duty holiday.
“We have made good progress on executing our strategic initiatives, including advancing the review of our pricing strategy in spite of the pandemic. We look forward to providing more detail on these new initiatives at our full year results in July.”
At 0920 BST, the shares were up 1.6% at 98p.
