February 2, 2018 / 8:07 AM / 19 days ago

Purplebricks trading in line with expectations, it says after share price drop

Feb 2 (Reuters) - Full-year trading at British online estate agent Purplebricks Group remains in line with expectations, the company said on Friday after its share price was sent tumbling 7 percent on Thursday by a broker’s research note.

The company, which plans to enter the New York market in the second quarter of 2018, also said it achieved 6,160 instructions in January, up 66 percent from last year. Its financial year ends in April.

Purplebricks said that Thursday’s 7.5 percent share price decline was attributable to the research note published by Jefferies International, with which it took issue.

The company said it did not agree with the findings of the Jefferies report and contested its estimation of Purplebricks’ completion rate.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by David Goodman

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