Shares in Purplebricks experienced one of their most volatile days in the company’s history yesterday as the price yo-yoed during feverish trading.
Starting the day at £1.23p it then shot up to £1.48p a share, a jump of over 20%.
The share price then sank back down, finishing the day at £1.30p.
The unusual trading in the company’s stock came despite the continued financial gloom outlined in its annual report and accounts published last week.
It highlighted how the company’s misadventures in Australia and the US pushed its group losses to £52 million over the past 12 months and warned that its past problems in the two territories exposed it to potential litigation as the businesses are closed down.
The two closures are likely to cost the company between £6 million and £8 million next year, says Purplebricks.
Teams in both the US and Australia are still working at closing the businesses and fulfilling existing contracts with vendors.
But the report also confirmed the company’s ongoing progress in the UK including an increased share of the online/hybrid market of 76%, average revenue per sale up by 6% and an increased gross margin of 58.5%.
But the report also shows that the agency’s extraordinary growth is beginning to slow; during 2018 it doubled its revenues compared to the previous year but this year revenues have ‘only’ grown by 55%.