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BRIEF-Purplebricks CEO Steps Down With Immediate Effect

Published 07/05/2019, 04:22 pm
Updated 07/05/2019, 04:30 pm
© Reuters.  BRIEF-Purplebricks CEO Steps Down With Immediate Effect
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May 7 (Reuters) - Purplebricks Group PLC PURP.L :

* PURPLEBRICKS GROUP - TRADING UPDATE AND DIRECTORATE CHANGES

* PURPLEBRICKS GROUP PLC - CONFIRMS THAT IT EXPECTS GROUP REVENUE TO BE WITHIN £130-140 MILLION RANGE IT GUIDED TO ON 21 FEBRUARY 2019.

* PURPLEBRICKS GROUP PLC - WHILST UK PROPERTY MARKET REMAINS CHALLENGING, COMPANY CONTINUES TO OUT-PERFORM MARKET

* PURPLEBRICKS GROUP PLC - CASH BALANCES AS AT 30 APRIL 2019 WILL BE NOT LESS THAN £62 MILLION.

* PURPLEBRICKS GROUP PLC - BOARD REMAINS "CONFIDENT" ABOUT FUTURE OF BUSINESS

* PURPLEBRICKS GROUP PLC - GROUP'S CANADIAN BUSINESS CONTINUES TO PERFORM WELL AND TRADING IS IN LINE WITH MANAGEMENT'S EXPECTATIONS

* PURPLEBRICKS GROUP PLC - BOARD HAS CONCLUDED THAT PROSPECTIVE RETURNS FROM AUSTRALIA ARE NOT SUFFICIENT TO JUSTIFY CONTINUED INVESTMENT

* PURPLEBRICKS GROUP PLC - CHOSEN TO EXIT AUSTRALIAN MARKET

* PURPLEBRICKS - MICHAEL BRUCE, FOUNDER AND CHIEF EXECUTIVE OFFICER IS STEPPING DOWN FROM BUSINESS WITH IMMEDIATE EFFECT

* PURPLEBRICKS GROUP PLC - BUSINESS IN AUSTRALIA HAS BEEN PUT INTO AN ORDERLY RUN DOWN WITH IMMEDIATE EFFECT, PENDING CLOSURE

* PURPLEBRICKS - APPOINTED VIC DARVEY, PREVIOUSLY PURPLEBRICKS' CHIEF OPERATING OFFICER, TO ROLE OF CHIEF EXECUTIVE

* PURPLEBRICKS GROUP PLC - MANAGEMENT PROPOSES TO EXAMINE OPTIONS FOR DELIVERING NEXT PHASE OF GROWTH IN U.S.

* PURPLEBRICKS SAYS "WE ARE VERY CONSCIOUS THAT GROUP'S PERFORMANCE HAS BEEN DISAPPOINTING OVER LAST 12 MONTHS"

* PURPLEBRICKS GROUP SAYS "WITH HINDSIGHT, OUR RATE OF GEOGRAPHIC EXPANSION WAS TOO RAPID AND AS A RESULT QUALITY OF EXECUTION HAS SUFFERED"

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