Deloitte delays Purplebricks results

Purplebricks has delayed its annual results because its auditor needs more time to assess them. The results were due to be published on 12 July but will now be released during the first week of August. Deloitte, which has signed off Purplebricks’ accounts since 2018, asked for extra time to examine the new processes and controls that the online estate agent brought in last year after uncovering problems in its lettings division. In December it came to light that Purplebricks’ lettings department had not been sending legally required documents to tenants explaining that their deposits had been placed into a protection scheme. Purplebricks estimated that the oversight would cost it about £3.6m. That led to a six-week delay of its half-year results. Despite the delay, bosses moved to reassure investors that they still expected to fall to an underlying loss of £8.8m on revenues of £70m the year to the end of April. The shares, down more than 80% over the past year, were flat yesterday at 14.5p. The Times (£)