Purplebricks has issued its second statement to the City on successive trading days - and its share price has risen by some seven per cent to 196.00p as its remarkable bull run on the London Stock Exchange shows no sign of ending.
Readers will recall that last week Estate Agent Today ran a story saying the hybrid agency’s shares were then trading at their highest-ever value, almost double their late 2015 launch value of 100.00p.
This surge followed a social media message on Twitter by the agency saying: “January has been a record-breaking month for valuations & instructions, so if there's a right time to start your property search, it's now!”
The Purplebricks board then issued a statement on Friday, stating it had no idea why its share price was rising so sharply, particularly compared to other publicly-quoted property sales firms and portals.
The agency’s share price dipped a little in response to the Friday statement.
However the share price went on an upward trajectory again following the release of yet another statement to the City yesterday morning.
This one confirmed last week’s tweet, saying that as expected the firm had seen record monthly valuations and instructions activity in January.
The Financial Times says the Monday statement was issued after conversations between the group’s nominated adviser, Zeus Capital, and the UK Listing Authority, which regulates the exchange.
The Monday statement by Purplebricks says: “As noted in the interim results announcement, the Company entered 2017 in its strongest position 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.”
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It's almost as if everyone has become immune to PB's spouting. It really is hard to get one's head around that share price, though.
So great to see them quantify this with detailed statistics! Success is in the sale on the instruction- at least it is for traditional agents. A findamentally self-centred goal and an empty boast for its consumers. Any journalist fancy doing some detective work and reporting on average instruction times, % of properties successfully sold, % of sales that fall through and how this all compares to the industry they are desperately trying to 'disrupt'?
Of course they are having a good start to the year!! Why not when they are still conning people to list with them?? When will the toothless dog that is the ASA force them to state on their "Commisery" adverts that their clients will pay regardless of whether they sell or not, and if they do not use their garbage conveyancers it will cost them a further £300.00 and the whole fee is payable upfront??
bring on a TV campaign to promote us high street agents. I would invest.
Your Move did one. According their marketing department it was an unmitigated disaster and a waste of millions of pounds.
Cannot really comment on the quality of their service, I have never used them. But one of the reasons of their success is their digital platform. It is nice to be able to do things at 10pm. It is not just about low price, it is also about convenience and simplicity.
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