Purplebricks has revealed a drop in instructions so far this year.
The online agency brand issued a trading update this morning for the 12 months to 30 April 2022 where it warns that losses may reach almost £9m.
It said that it has seen a continuation of lower volumes of new instructions coming to market since announcing its interim results in January.
Purplebricks revealed that “market conditions” meant the level of net instructions for the full year period was down from 58,043 in 2021 to 40,141 for its latest reporting period.
Net instructions are defined by Purplebricks as the number of instructions won in the year net of the number of instructions refunded.
The update said: “Our revenue is expected to be approximately £70m for the full year and adjusted EBITDA is expected to be approximately £(8.8) million.
“Our cash balance at 30 April 2022 was £43.2m, reflecting the lower instruction volumes and exceptional costs in line with guidance.”
The company said it will report its full year results on 12 July 2022.