Online estate agent Purplebricks founder and chief executive Michael Bruce has stepped down as the company are to leave Australia and review their US operations.
In February shares in the online estate agent tumbled as they cut annual guidance and announced the UK and US chiefs will leave the company.
Chairman Paul Pindar said, “We are very conscious that the group’s performance has been disappointing over the last 12 months and we sincerely apologise to shareholders for that.
“With hindsight, our rate of geographic expansion was too rapid and as a result the quality of execution has suffered.
“We have also made sub-optimal decisions in allocating capital. We will learn from these errors and will not make them again.”
Purplebricks said, “Whilst good progress has been made in launching our brand across the US, the board has materially cut investment in marketing and other overheads to reduce expenditure to sustainable levels and begun a strategic review.”
The company said they expect revenue to be in the range of £130m to £140m, cash balances are to be no lower than £62m.