Purplebricks issues profit warning after dramatic new instructions slump

Solihull-based estate agent has said it expects to make a EBITDA loss of around £8.8m for the 12 months to April 30.

The firm has blamed a major drop in instructions since it announced its interim results in January – down from 58,043 in 2021 to 40,141 over the last 12 months.

Last year, the company reported EBITDA of £12m.

Purplebricks says that revenues for the year will come in at around £70m – down from almost £91m in 2021.

The news marks the end of a tough year for Purplebricks, which saw it facing a £9m pay-out over a deposit scheme error and its CEO stepping down in March.

The company will report its full year results on July 12.