Shares of Purplebricks Group Plc (LON: PURP) today surged 13.8% higher despite the online estate agent reporting a larger than expected annual loss given the challenging market conditions triggered by Brexit and the coronavirus pandemic.
The stock later gave up most of its gains to trade 5.14% higher.
The firm reported a £13.2 million loss for the financial year ended April 2020, which was a 169% increase from the £4.9 million loss reported in 2019. However, the company’s revenues only dipped 2% to £111.1 million from £113.8 million during the same period.
Vic Darvey, Purplebricks CEO said: “This year has seen some very difficult market conditions with political and economic uncertainty dominating the landscape as a result of both Brexit and the Covid-19 pandemic. But despite all of this, I'm pleased to say that we saw a resilient performance, with a revenue decline of only 2% across the group,”
“We exited the US and Australian markets, recently disposed of our Canadian business, and we've sharpened our focus on instilling financial discipline and operational excellence across the business,”
Purplebricks share price
Purplebricks share price has since given up some of its gains to trade at 49.05p from a high of 53.10p.