Purplebricks Group disputes broker note findings as shares slide
Source - SMW
Purplebricks Group said it contested the findings of a research report by broker Jefferies that was issued subsequent to a large fall in its share price.
'Jefferies estimated Purplebricks' completion rate is based on a single month's data and does not include properties that have completed but have yet to be uploaded to the Land Registry, which can take several months,' the company said.
'Equally the research does not take into account properties which have exchanged, have reached sold subject to contract, or are on marketing breaks.'
'Purplebricks reiterates its most recently published sales conversion rate from instruction to sale agreed of 78%, which it believes more accurately reflects its sales performance, although this figure itself does not include those properties in the sales pipeline at the end of the period which will in due course sell.'
At 8:16am: (LON:PURP) Purplebricks Group PLC share price was -17.2p at 435.8p