Purplebricks has delayed its releasing its full-year results report by a month. The results were due out on in a fortnight and have now been pushed back to the first week of August.
It is sticking to its previous indications of adjusted EBITDA of a loss of £8.8m for the year on revenues of £70m, following a 31% slump in instructions, despite a booming property market.
Purplebricks says it needs the extra time to complete the audit, due to additional procedures arising from new processes and controls, it has put in place since the last audit.
Not least of these would be its rectification of internal processes which led to £3.6m of deposits being incorrectly handled. It’s also facing court action over the nature of its employment contracts.
Among the difficulties it faced in 2021/2 is the sudden departure of its CEO Vic Darvey, who left the company in March this year. He has been replaced by Helena Marston in April. Her appointment was delayed for nearly two months while background checks were made as to her ‘appropriateness’ for the job, as is required by AIM listed companies.
Marston had been with Purplebricks for two years, first in the role of HR director and then Chief Operating Officer. This will be her first PLC results report as a CEO.