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3 August 2020 Purplebricks Group Plc (“Purplebricks”, the “Company” Or the “Group”) Annual Results for the Year Ende

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3 August 2020 Purplebricks Group Plc (“Purplebricks”, the “Company” Or the “Group”) Annual Results for the Year Ende 3 August 2020 Purplebricks Group plc (“Purplebricks”, the “Company” or the “Group”) Annual Results for the year ended 30 April 2020 Resilient FY20 performance and strong trading since housing market reopened Purplebricks Group plc (AIM: PURP), a leading UK estate agency business, announces its results for the year ended 30 April 2020 (“FY 2020”) and provides an update on strategy and current trading. Full Year 2020 2019 Change Group* £m £m Revenue 111.1 113.8 -2% Gross profit 67.7 69.4 -3% Gross profit margin (%) 60.9% 61.0% -10 bps Operating loss (9.4) (1.5) -527% Adjusted EBITDA1 1.8 6.6 -73% Cash at year end2 31.0 62.8 - *Group refers to UK and Canada Financial and operational results • COVID-19 materially impacted trading at year end, business adapted quickly to remain open and conserve cash • UK average revenue per instruction (‘ARPI’)3 of £1,394, up 12% (2019: £1,243) • Revenue - Group revenue down by 2% to £111.1m (2019: £113.8m) - UK revenue flat through first 10 months until pandemic and down 11% for full year - UK instructions down 23% but underpinned by 12% increase in ARPI • Adjusted EBITDA - Group adjusted EBITDA from continuing operations reduced to £1.8m (2019: £6.6m) including loss of £1.4m from Canada which was sold post year end - UK adjusted EBITDA down to £4.8m (2019: £10.2m) reflecting impact of suspension of housing market in the last two months of the financial year • Including the results of the discontinued operations in the US and Australia, the Group’s total loss for the year was £19.2m (2019: £54.9m) • Strong financial position, cash balance of £66.0m at 15 July following disposal of the Canadian business and no bank debt • Improved UK marketing spend efficiency at 25.6% of revenue, down 400bps • Saved UK customers £77m in commission4 • 3.9%5 market share of instructions, 5.1%5 share of properties sold by volume Strategy update and current trading • Strategic focus now fully on the UK following disposal of the Canadian business • Strategic initiatives being delivered at pace with significant opportunity for further innovation • Continued to see new instructions through the pandemic and market recovering well since mid-May, supported by Government’s Stamp Duty holiday effective 8 July • Highest ever month for instructions in the UK, listing over 7,000 homes in July 1 • Clear evidence consumers are starting to shift towards apps and tech-based alternatives • Confident in the opportunity to drive leverage and scale by extending our market and growing value-add revenues • Despite market rebounding strongly, outlook for second half of year remains uncertain Vic Darvey, Chief Executive Officer, commented: “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 revenue decline of only 2% across the Group. This year has seen significant change for the Group, shifting our strategic focus back to the UK market and ensuring that we have a strong platform for growth. As a result, we are now emerging through the COVID-19 pandemic in a very strong position. 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. Alongside that, we’ve put in place a new and highly experienced digital leadership team. Despite the challenges of COVID-19, our strategic initiatives are being delivered at pace to accelerate our digital and data capabilities, and with a very healthy net cash balance of £66m, I’m confident that we can take advantage of the changing landscape. The Group is encouraged by the early signs of the housing market rebounding well following the lifting of the lockdown and the Government’s Stamp Duty holiday. We strongly believe that, in the current market, technology led estate agency is starting to emerge as the winning model and there is clear evidence that consumers are increasingly shifting towards apps and tech-based alternatives. With our strengthened leadership team and balance sheet, we are in a strong position to accelerate our model, extend our market share and grow our value-add revenues.” 1: The underlying performance of the Group is monitored internally using a number of alternative performance measures (“APMs”), which are not defined within IFRS. Such measures should be considered alongside the equivalent IFRS measures. For full definitions and reconciliations of APMs, please refer to note 4. FY 20 APMs are presented including the effects of adopting IFRS 16 (see note 2). As IFRS 16 was adopted using the modified retrospective approach, prior year comparatives have not been restated. Adjusted EBITDA is defined as Operating profit, adding back depreciation, amortisation, share based payment charges and exceptional items. 2. Cash position as at 15 July 2020 was £66.0m 3. ARPI: Average revenue per instruction equates to total fee income divided by the number of instructions published in the year 4. Fees paid by customers who sell with Purplebricks vs typical commission of 1.3% including VAT 5. Source: Independent research from TwentyCi dated June 2020 ---END--- 2 Analyst presentation Vic Darvey, CEO and Andy Botha, CFO are streaming a video presentation via webcast at 09:00am today followed by a live Q&A session for analysts and investors. The video webcast link is available via the registration page below. A replay will also be available on the Purplebricks website following the Q&A session. https://webcasting.brrmedia.co.uk/broadcast/5f11be1f4c167c1215797da7 Annual Report and Accounts The Company’s Annual Report and Accounts 2020 will be available on the website of the Company at https://www.purplebricksplc.com/investors/latest_results later today and is due to be posted to shareholders on or around 11 September 2020 along with the Company’s Notice of Annual General Meeting which is expected to take place on 8 October 2020. Enquiries Purplebricks +44 (0)20 7466 5000 Vic Darvey, Chief Executive Officer [email protected] Andy Botha, Chief Financial Officer Zeus Capital (NOMAD) + 44 (0)20 3829 5000 Daniel Harris, Nick Cowles Citi +44 (0) 207 986 4000 Stuart Field, Robert Farrington Peel Hunt +44 (0)20 7418 8900 Dan Webster, George Sellar Buchanan +44 (0)20 7466 5000 David Rydell, Jamie Hooper, Kim van Beeck About Purplebricks Purplebricks is a leading estate agency business, based in the UK. Purplebricks combines highly experienced and professional Local Property Experts and innovative technology to help make the process of selling, buying or letting more convenient, transparent and cost effective. Purplebricks shares are traded on the London Stock Exchange AIM market. Forward-looking statements This announcement includes statements that are, or may be considered to be, "forward-looking statements". By their nature, such statements involve risk and uncertainty since they relate to future events and circumstances. Results may, and often do, differ materially from forward-looking statements previously made. Any forward-looking statements in this announcement reflect management’s view with respect to future events as at the date of this announcement. Except as required by law or by the AIM Rules of the London Stock Exchange, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations to reflect subsequent events or circumstances 3 Chairman’s statement It has been a year of significant transition for Purplebricks, as we have sought to build on our exceptional six-year growth story and create a more mature organisation. An organisation that can offer even better service and greater transparency to our customers, while delivering the technology and propositions our people need to stay ahead of the competition and sell more homes. Above all, this has been a year in which we have focused strongly on our core strategy – simplifying what we do and supporting our people, while improving our structures and processes. This has been achieved by strengthening our leadership and culture. I am grateful to Vic Darvey and his executive team for the way they are leading the next phase for Purplebricks, especially against an extraordinary and difficult backdrop as the COVID-19 crisis hit during the last few weeks of our financial year. Focused on our core operations Unsurprisingly, this had an impact on FY 2020 performance, and contributed to Group revenue from continuing operations being down 2.4% to £111.1m (2019: £113.8m) and an operating loss of £9.4m (2019: £1.5m). Ongoing consumer uncertainty during the year and the lockdown from March, impacted our UK revenue, down 10.7% to £80.5m. Our Canada business, which was disposed of in July 2020, contributed £30.6m of revenue in its first full year of ownership, while our exits from the Australian and US markets have allowed us to concentrate on our key operations. Having already worked through a period of internal change during the year, I am immensely proud of the way our management team handled the business disruption due to COVID-19. They did everything that could have been expected of them – making the tough decision to put people on furlough, supporting our self-employed partners and, where possible, reinventing the way we do business with our customers by building on things we were doing anyway. As we come out of lockdown, Purplebricks colleagues are back in people’s houses, where appropriate and with full PPE, keeping our people and customers safe. Board priorities and changes The Board continues to ensure that the Group's ambitions are managed against risks, with sustainable growth at the heart of our business.
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