PHOTO: Purplebricks

Purplebricks Group released a statement this morning stating the UK boss Lee Wainwright and US Boss Eric Echkardt would be leaving the business.

The statement also reports updated revenue guidance figures for 2018/19 Financial year of GBP 165-175m (AUD 300-320m) has been revised down to GPB130 – 140m (AUD 240-260m), with expectations for the US markets and Australian markets similarly revised down.

Purplebricks shares on the London Stock Exchange dropped sharply by 40 per cent on the announcement but recovered to be down 24 per cent at the close of trading. 

Wainwright’s departure is for “personal reasons”; no reason was given for the departure of Echkardt.

The statement mentions the challenging UK housing market and how that has impacted the company.