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Purplebricks Group Plc Annual Report 2021

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Purplebricks Group Plc Annual Report 2021 Purplebricks Group plc Annual Report 2021 Brand Technology Experience Making every home move amazing The largest and best performing estate agent brand in the UK We’ve launched our new corporate website at purplebricksplc.com Strategic report Corporate governance Financial statements 1 Financial highlights 44 Chairman’s introduction 70 Independent auditor’s report 2 At a glance to governance 77 Consolidated statement of 3 Investment case 46 Board of Directors comprehensive income 4 Making every home move amazing 49 Executive Leadership Team 78 Consolidated statement 10 Chairman’s statement 50 Corporate governance statement of financial position 12 Business model 54 Nomination Committee 79 Company statement 14 Market overview 57 Audit Committee of financial position 16 Chief Executive’s statement 60 Remuneration Committee 80 Consolidated statement 20 Our strategy 63 Directors’ remuneration report of changes in equity 22 Key performance indicators 66 Directors’ report 81 Company statement of changes 24 Financial review in equity 28 Stakeholder engagement 82 Consolidated statement of 33 Sustainability cash flows 40 Risk management and 83 Company statement principal risks of cash flows 84 Notes to the financial statements IBC Company information Financial highlights Group revenue Gross margin £90.9m 63.5% FY20: £80.5m FY20: 64.1% Operating profit Adjusted EBITDA1 £8.2m £12.0m FY20: loss of £5.7m FY20: £2.9m Cash at end of year £74.0m FY20: £31.0m The revenue and profit measures above represent the continuing operations of the Group, being the UK business following the sale of the Canadian business in July 2020. FY20 comparatives have been restated accordingly. 1. The underlying performance of the Group is monitored internally using a variety of statutory and 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 5 of the financial statements. Adjusted EBITDA is defined as operating profit, adding back depreciation, amortisation, share-based payment credits and charges, exceptional items and the results of associates and joint ventures. Purplebricks Group plc Annual Report 2021 | 1 Strategic report | Corporate governance | Financial statements At a glance Purplebricks at a glance Our purpose Our values Purplebricks is the UK’s leading tech- 1. EMBRACE THE MOVE(MENT) led estate agent. Combining a clear brand with great technology and a fantastic customer experience, we make every home move amazing. 2. FEARLESSLY PROGRESSIVE Our mission Achieve 10% market share by being the go-to place to buy, sell or let 3. W E PLAY TOGETHER AND your home. WIN TOGETHER One of the largest estate agent brands in the UK Map of Purplebricks FY21 SSTC* Value of houses sold £11bn (FY20: £9.3bn of UK Property) Market share of houses sold 4.6% (FY20: 5.1%) UK instructions1 58,043 (FY20: 50,948) 1. Please see page 25 for updated definition. * SSTC – sold subject to contract. 2 | Purplebricks Group plc Annual Report 2021 Investment case Our key strengths We are the leading UK technology-led estate agent, in a market ready for disruption, with many growth opportunities from a focused strategy and the financial strength to execute successfully. – Largest, best known tech-led estate agent with 1. 97% brand awareness Brand strength BRAND – Most positively reviewed estate agent in the UK Read more on p.4 STRENGTH – Opportunities to extend brand consideration 2. – Launched as the first online estate agent – Introducing technology to take friction Tech-led disrupter TECH-LED out of the customer journey Read more on p.6 DISRUPTER – Strong digital credentials across Executive Leadership – Clear evidence consumers are starting to shift towards apps and tech-based alternatives – Dual-sided business model, connecting 3. customers with self-employed agents Unique UNIQUE – New pricing approach disrupted the traditional % business model, BUSINESS MODEL, commission fee model disruptive DISRUPTIVE – Fixed fee up-front model achieved significant pricing traction quickly Read more on p.12 PRICING – 600 locally based, experienced local property experts – We drive productivity and integrate with partners to create cross-selling opportunities at the right stage of the move process – Covid-19 and lifestyle changes driving strong 4. market activity Favourable FAVOURABLE – Stamp duty extension helping near-term demand market dynamics MARKET DYNAMICS – Government support for first-time buyers will Read more on p.14 support lower price property transactions – Market set to return to growth following a long period of low transaction volumes – House Strategy focused on opportunities to grow 5. share in UK market Robust financial NEW FOCUSED – Clearly articulated strategy and execution plan, position with team in place to deliver STRATEGY Read more on p.24 – Medium-term targets set to track strategic progress: i. 10% market share ii. £1,750 –£1,800 average revenue per instructions iii. 25% –30% EBITDA margin – Profitable UK operations, with improving 6. EBITDA margin Financial strategy IMPROVING – Cash-generative business Read more on p.24 FINANCIALS – No debt, £74m cash balance – Targeting 25%–30% EBITDA margin over the medium term Purplebricks Group plc Annual Report 2021 | 3 Strategic report | Corporate governance | Financial statements Making every home move amazing Brand strength – Brand awareness at 97% – Brand consideration at 36% – The most recalled brand partner of Team GB – Opportunity for further growth of brand consideration Brand 4 | Purplebricks Group plc Annual Report 2021 97% brand awareness A nationally famous brand Purplebricks has continued to grow national fame, perceived as an ‘‘innovative, modern brand with a lot of momentum’’. At the centre of this has been our partnership as the Official Estate Agent of Team GB in the build-up to the delayed ‘‘Tokyo 2020’’ Olympic Games. Our campaign around the sponsorship launched with a high profile, national TV campaign, helping the brand become the most recognised partner of Team GB (ahead of the likes of Aldi Great people and Adidas). and industry-leading technology With the Olympics now rescheduled for summer 2021, we are continuing to deepen our association with Team GB through our fully integrated ‘‘Home Support’’ campaign. Driving local relevance Under the leadership of our new CMO, ex-Just Eat marketer Ben Carter, our strategic approach has focused on increasing local relevance, whilst re-establishing our famous national brand. During 2020, Purplebricks increasingly utilised digital media to deliver hyper-local brand campaigns. Channels such as digital radio enabled the creation of bespoke campaigns for specific locations, whilst targeted YouTube campaigns delivered a measurable lift in consideration by targeting customers with specific and relevant messages. The focus on localisation will continue this year, through an increased regional marketing presence, targeted media spend and personalised creative messaging. Purplebricks Group plc Annual Report 2021 | 5 Strategic report | Corporate governance | Financial statements Making every home move amazing continued Tech-led disrupter Purplebricks is adding digital intelligence to the house buying process to deliver transparency and trust to the transaction. We’re building a rich, unified communications platform to connect sellers and buyers to our property experts. Our platform and app puts house sellers fully in control of the process. Technology Technology continues to drive everything we do for customers. 6 | Purplebricks Group plc Annual Report 2021 319,000 downloads of the Purplebricks app Purplebricks is leveraging the very latest in digital innovation and we have developed our offering around 3D tours. We know willingness to do virtual viewings, especially as an initial step, has increased significantly: our research found that 69% of homebuyers are now happy to do virtual viewings. We’re also layering the very best market data alongside our own proprietary data to give sellers the most accurate valuation for the current market. Our mobile Purplebricks app was downloaded 319,000 times compared to just over 100,000 in the previous financial year – a 183% increase. The app was also opened more than 11 million times. Almost 1.5 million messages were sent between buyers, sellers and our local agents and around 36,000 offers were accepted in the app over the last year. We’re also ensuring our local experts are using the very best technology – equipping them with a custom mobile app. Valuations will be smart and data driven and use cutting-edge visual content marketing. 4.5-star App Store rating Purplebricks Group plc Annual Report 2021 | 7 Strategic report | Corporate governance | Financial statements Making every home move amazing continued A better experience The power of Purplebricks lies in giving customers the best of both worlds: the full support of our knowledgeable local experts combined with complete control of their sale via our digital platform. Experience 8 | Purplebricks Group plc Annual Report 2021 Team GB athlete Harry Gibson has recently sold with Purplebricks The easy to use app and overall simplicity of the process made the whole thing far more enjoyable than I had ever imagined. I loved that the entire service can be accessed and used through their app and website. You could change the 69% time of viewings easily, and could message the prospective of homebuyers are happy viewers
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