26th Jan 2016 15:16
LONDON (Alliance News) - Purplebricks Group PLC said said two of its top executives bought a total of 620,000 shares on the same day as the newly listed company posted a widened loss on Tuesday.
Chief Executive Officer Michael Bruce bought 320,000 shares at 78.00p each. He now holds a beneficial interest in 41.2 million shares, equating to a 17.2% stake.
In a separate statement, Purplebricks said Chairman Paul Pindar bought 300,000 shares at 78.16p each. He now holds 11 million shares, or a 4.6% stake.
Purplebricks on Tuesday posted a widened loss for the first half of its financial year as it spent heavily on rolling out its offering, but the so-called 'hybrid' estate agent saw its revenue boom as it continued its rapid growth.
The company, which does not operate any high street branches and instead employs 'local property experts' who advise customers through the process of selling their home, said its pretax loss for the six months to the end of October was GBP6.4 million, compared to a GBP2.5 million loss a year earlier.
The loss resulted from sales and marketing costs the company booked as it added to its business.
Purplebricks listed in the AIM All-Share Index in December.
The stock was up 11% at 83.36p on Tuesday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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