Could Purplebricks eventually run out of cash, asks leading consultant

first_imgA leading proptech consultant has scrutinised Purplebricks’ published financial figures since it launched in 2015 and uncovered some surprising results.The research, which has been completed by Andrew Stanton for The Negotiator, reveals that £481 million has been spent on running the company over the past five years while it has generated £363 million in revenue, raised £187 million from investors but still lost £117.3 million.Stanton also estimates that the company currently has £35.2 million cash left in the bank, down from its publicly-stated bank balance of £41.6 million published in October last year.But what the figures reveal is that Purplebricks is likely to be in a race to reduce its costs and increase its revenues before this cash at the bank runs out.Stanton’s says its latest half-year results in October 2019 show that Purplebricks must drastically reduce its losses when it reports at the end of its financial year in April.LossesAt that time, he expects it to post a turnover of £120 million, for the UK and Canada operations combined but with loses of around £20 million, which would be a significant improvement on its previous year’s losses of £54.32 million.But this would still burn much of the cash left at the bank, which by April 2020 may be as low as £30 million, after having been a cash mountain of over £152 million in April 2018.These figures may be based on interpreting Purplebricks’ current and past performance, but they explain why CEO Vic Darvey recently revealed several drastic cost-cutting measures including the reduction of its territory owners from 100 to 40.But Stanton says the most baffling aspect of the hybrid agency’s finances is that, as it battles to make a Group profit, it has committed to a multi-million pound official sponsorship of Team GB for this year’s Olympics, a package which is rumoured to be costing the company up to £14 million,  a figure Darvey strongly denies – see below.Statement from Vic Darvey“There are a number of fundamental mistakes with this analysis. Firstly, the big cash drain on our business has always been from our overseas expansion (US and Australia) and we’ve now exited these markets.“Secondly, our continuing operations (UK and Canada) are profitable at an EBITDA level, so without the burden of overseas expansion, we have a strong new strategy that focuses on our successful businesses and we are now well positioned to grow profitably over the next few years.Lastly, the rumours that our Team GB sponsorship cost us “up to £14m” are completely incorrect and massively exaggerated. Our marketing budget is clearly disclosed in our H1 20 Results Presentation and anyone following it closely can see that our marketing costs were actually down year on year in the first half.”Read more recent news about PurplebricksFind out more about Andrew Stanton. Andrew Stanford Purplebricks vic darvey February 21, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Could Purplebricks eventually run out of cash, asks leading consultant previous nextAgencies & PeopleCould Purplebricks eventually run out of cash, asks leading consultantUPDATE: Purplebricks CEO Vic Darvey replies to Andrew Stanton’s analysis of the companies financial performance, saying US and Oz withdrawal will lead to profitability.Nigel Lewis21st February 202004,606 Viewslast_img read more

Andre Ayew strikes Derby De France winner

first_imgOlympique de Marseille claimed Derby de France bragging rights over Paris Saint-Germain with a 2-1 victory at Stade Velodrome but more importantly kept themselves in the Ligue 1 title race by picking up all three points against their great rivals.After making a whirlwind start to the match, Marseille opened the scoring through a fine Gabriel Heinze free kick, which bent up and over the wall, leaving visiting goalkeeper Gregory Coupet motionless.OM’s advantage lasted a matter of minutes as les Parisiens hit back with their first meaningful foray of the match. Nene volleyed Christophe Jallet’s back post cross against the frame of the goal, but Clement Chantome showed poise with his follow-up to strike by the covering Heinze and into the net.A rip-roaring half continued with the hosts quickly regaining the upper hand. Andre-Pierre Gignac is used to being the recipient of good wing service, but on this occasion he provided it, floating a lovely cross into the box that Andre Ayew headed downward in a textbook fashion to beat Coupet.Marseille outlined their intent in the early stages of the game, offering several dangerous raids immediately. Benoit Cheyrou, in the team ahead of Lucho Gonzalez, who had suffered an armed robbery at his home little more than 48 hours before kick-off, had the first effort, though it was dragged tamely wide.That strike set the tone for the early stages and it was no surprise when les Phoceens eventually moved ahead. A landslide was threatened as Stephane Mbia, Gignac and Loic Remy all had openings in quick succession, but the Stade Velodrome was quietened by Chantome’s leveller.Ayew brought the stadium back to life with his headed effort, but a dreadful error from Souleymane Diawara should have been punished by a PSG equaliser before the break. Nene, who was the subject of criticism last week, did his standing little good by clipping the resultant chance over Steve Mandanda but wide of the target.Marseille’s direct running had been a feature of their attacking play in the first half, and soon after the break Ayew undertook a similar raid, managing to get his shot away despite being surrounded by four defenders. Coupet got down well to block.PSG may have been subservient to their hosts for much of the opening period, but that would not be the case after the break. Les Rouge et Bleu controlled much of the ball but struggled to make headway into the home defence. Hoarau was thwarted from a tight angle by Mandanda and Jallet would fire a long range drive just past, but OM, who were themselves threatening on the break, were largely comfortable.The frantic, open first period was firmly a thing of the past as the second was more calculated and methodical. Goal scoring chances were far less frequent, though substitute Lucho shot and Loic Remy shot over in quick succession for the hosts late on. Les Parisiens were not without a threat, but they were reduced to hopeful efforts, such as a Ludovic Giuly drive that zipped a foot wide off the slick surface.Marseille held out comfortably in the end, successfully avenging a 2-1 defeat suffered in Paris earlier this season. Didier Deschamps’ men now have their eyes firmly fixed on first placed Lille, who are four points clear at the head of the standings with 10 games remaining.Source: Goal.comlast_img read more

Does This Roof Need a Vapor Retarder?

first_imgDavid Amenhauser is buying a home near Boston, Massachusetts, that’s apparently still under construction, but far enough along to have the roof framed and insulated.“When I decided to purchase the home, it was already framed and the roof deck/rafter bays were sprayed with open-cell spray foam,” Amenhauser writes in a post at Q&A post at GreenBuildingAdvisor. “I do not know what was used for the roof underlayment, but I know there are asphalt shingles. The rafter bays are made out of 2x12s and are completely filled with foam.”Because the roof is insulated with open-cell foam, which is vapor-permeable, Amenhauser had been planning to ask the builder to prime the ceiling drywall with a vapor-retarding primer/sealer. Then, he came across an article by building scientist Joseph Lstiburek entitled “Cool Hand Luke Meets Attics.”Now, Amenhauser isn’t so sure he needs a vapor retarder after all. The article implies that may not be necessary as long as the attic has supply and return air ducts. Amenhauser, however, is still concerned about the area behind the kneewalls where the HVAC equipment and ducts will be housed. RELATED MULTIMEDIA For starters, there’s not enough insulation up thereThe photo of the attic that Amenhauser posted along with his question suggests to Dana Dorsett that the roof is under-insulated and probably doesn’t meet code requirements for this Climate Zone 5 location.“The pictures don’t look anything like a complete fill with foam,” Dorsett writes. “It looks (being generous) closer to an ~8-10-inch average depth which, by the way, does not meet code minimum in Massachusetts, with some spots as thin as 6 inches.”Even if the rafter bays were completely filled with foam, a total of 11 1/4 inches for a sawn 2×12, the insulation would fall short of the code-required R-49. And, Dorsett adds, when the thermal bridging of the rafters is factored in, the situation looks worse.“To meet code on a U-factor basis it has to measure out with a whole-assembly average of U-0.026 or less, which is essentially uniform R-38 without the thermal bridging of the rafters,” he adds. “At the 8 to 10-inch average depth, you’d be lucky if it performed at R-38 average even at center-cavity, let alone after calculating the thermal bridging.”Without an additional layer of rigid foam, at between R-20 and R-24, Dorsett says, there is a risk of moisture accumulation during winter.Dorsett’s suggested fix is to bring the insulation contractor back to completely fill the rafter bays, then add a layer of MemBrain, a CertainTeed product, as an air barrier, and install 1 1/2 inch of unfaced expanded polystyrene insulation (EPS) to the underside of the rafters. That could be followed by a gypsum drywall layer, bringing the assembly to a center-cavity R-value of about R-45. “So my question is,” he writes, “what do the experts here recommend to make sure I don’t have moisture problems in the attic?” Podcast: Air Barriers vs. Vapor Barriers There’s another problem here, tooIn addition to too little insulation, adds GBA senior editor Martin Holladay, the kneewalls appear to have been framed and the HVAC equipment installed before the drywall and required vapor retarder went in.“This violates the installation requirements of most brands of open-cell spray foam, including Icynene,” Holladay writes. “Installing the required drywall (or, better yet, rigid foam) now will be awkward, and may require the kneewalls and ductwork to be temporarily removed and later reinstalled.” RELATED ARTICLES The drywall must be completely airtightDorsett doesn’t agree. “For a vapor retarder to protect the roof deck it has to be completely airtight,” Dorsett says. “That’s damned hard to achieve with an airtight gypsum approach given where you’re starting, and if the rafter bays are not completely filled you have large convection channels to amplify any air leakage.“Air-transported moisture is a huge risk here,” he adds, “even if you installed a broad sheet membrane vapor retarder like Intello or MemBrain. “Holladay thinks the amount of open-cell foam in the roof will be an adequate air barrier even if the drywall is not airtight.But Dorsett says he would be concerned with any gaps between the back of the ceiling drywall and the foam insulation. A gap of 2-3 inches is a “convection channel bigger than is required for a vented roof,” he says, but in this case it would be on the wrong side of the insulation.“Dana is wrong for several reasons,” Holladay replies. He makes these points:The drywall layer does not have to be airtight in order for it to be an effective vapor retarder. A vapor retarder addresses vapor diffusion, not air leakage. The installed open-cell foam is a very good air barrier.Convection currents don’t matter. Air in the attic is conditioned, separated from the outside by an air and thermal barrier. “Sure, you’ll get heat transfer through the roof assembly — and that heat transfer rate is a function of the insulation’s R-value,” he says. “No air leakage, though, so convection doesn’t matter.” With drywall and vapor retarder paint applied, no much air is moving behind the drywall because there aren’t any leaks to the exterior. Is the insulation contractor stretching the truth?Amenhuaser has had a chat with the insulation contractor, who tells him that because the town has adopted something called the “Stretch Code,” the attic R-value only has to be R-38.“This doesn’t quite seem right to me,” he adds. “The foam they used is R-3.9 [per inch]. He claimed that the foam is 10 inches or more in each bay and therefore the [required] R-value was met. He also indicated that gypsum with wallboard would cover the entire roof deck even behind the partition walls and that the gpysum would be primed and painted with a vapor retarding sealer/paint.”Holladay quoted from the official explanation of the Stretch Code: “The stretch code appendix offers a streamlined and cost-effective route to achieving approximately 20 percent better energy efficiency in new residential and commercial buildings than is required by the base energy code. This is largely achieved by moving to a performance-based code, where developers are required to design buildings so as to reduce energy use by a given percentage below base code, rather than being required to install specific efficiency measures.”He suggests that Amenhuaser ask the contractor whether he has balanced the skimpy attic insulation with other features in the house that would make up the difference.But he adds this: “If the open-cell spray foam is upgraded to R-38, and if the contractor is really able to install drywall on the underside of the rafters — a feat that will be difficult behind the kneewalls, where the ducts are — and if vapor-retarder paint is applied to the drywall, you won’t have any moisture problems.” Open-Cell Spray Foam and Damp Roof SheathingThe Return of the Vapor Diffusion BogeymanVapor Retarders and Vapor BarriersDo I Need a Vapor Retarder?Forget Vapor Diffusion — Stop the Air Leaks!It’s OK to Skimp on Insulation, Icynene SaysInsulating Low-Slope Residential Roofs Our expert’s opinionWho’s right? Here’s how GBA technical director Peter Yost sees it:I see two main issues with this project: First, the need for a vapor retarder. “Need” is a funny term; does the attic “functionally” require a vapor retarder, or does it “need” one to meet local code or the local building inspector? Just how much vapor, moving by diffusion, gets into the open-cell spray foam past the painted gypsum wallboard? (Let’s say that this gypsum wallboard layer ends up being a Class III vapor retarder once you include regular primer and two coats of acrylic paint.)The amount of vapor that gets past the gypsum wallboard (GWB) depends in large part on the interior relative humidity in the conditioned attic space during the winter. My bet is this open-cell spray foam, covered by the painted GWB, will never see a moisture problem due to the lack of a Class II dedicated vapor retarder (that is, vapor-retarder paint or MemBrain).And so what happens if a vapor-retarder paint is used as a Class II vapor retarder; any problems with that? Well, with nearly vapor-impermeable asphalt roofing shingles on the topside of this assembly, should the assembly get wet, it will need to dry mainly to the interior. Is it better to more effectively promote drying to the interior or more effectively restrict the movement of wintertime moisture into the spray foam? Since I have never seen significant wetting and moisture problems in this type of assembly without that Class II retarder, I would go with the greater drying potential.[Editor’s note: Joe Lstiburek and Armin Rudd have measured the moisture content of roof sheathing behind open-cell spray foam installed without an interior vapor retarder in Climate Zone 5 and found that in some cases the moisture content is high enough to be worrisome. GBA readers should make their own judgments on the need for vapor retarder paint in this location. Joe Lstiburek advises builders to include vapor-retarder paint on gypsum wallboard under roof assemblies insulated with open-cell spray foam in Climates Zones 5, 6, 7, and 8. When Peter Yost was asked a follow-up question about his recommendations, he wrote, “I’m sticking to my guns after giving this more thought and doing a bunch of WUFI runs. I know that WUFI is only part of understanding the situation and I am also not that sure that if the three of us were discussing this particular assembly we would disagree, but to me, while the interior coatings do affect how much wintertime moisture gets into the assembly and at the roof sheathing, even with no coatings and oriented north, the assembly dries out each year — and by the way, whether the roof is oriented north or south — maybe no surprise — makes a huge difference. And with no drying potential to the exterior, should this assembly get wet from a leak, you will need every ounce of that interior drying potential to pull the plywood sheathing moisture content down to acceptable levels, and even then, that 10 to 11 inches deep of open cell spray foam really slows it down.”]And incidentally, citing Joe Lstiburek’s “Cool Hand Luke Meets Attics” for Amenhauser’s project is not a real fit. This article is about attics that are insulated at the roof line but not conditioned or occupied space. Amenhauser’s attic is living space so it will be fully conditioned (except for the HVAC closet) and finished with gypsum wallboard on the interior. And even in the HVAC closet, which is unlikely to be supplied and returned, this space is very unlikely to see the accumulation of more buoyant moisture-laden air.Second, let’s address the need for an air barrier. I agree with Martin on this one. The open-cell spray foam functions as the air barrier and in order to get significant air leakage in any space between the GWB and spray foam you need a driving force and there isn’t one. And remember, vapor movement by diffusion, a field effect, is a function of the overall percentage of surface coverage as compared to air leakage, a point effect, where lots of air and moisture can be forced through relatively small imperfections.However, notice in the photo that the attic walls are not insulated. This is curious. I decided to contact Amenhauser about this he said the walls will be insulated with fiberglass batts. He added that the insulation contactor assures him that the drywall contractor will be able to install the GWB behind the HVAC equipment in the framed closet. I am afraid this information means three things:Amenhauser needs to ask the drywall contractor just how he or she intends to install the GWB in the framed HVAC closet, not trust the intuition of the insulation contractor.We don’t know what the wall air barrier will be, but if it is going to be the GWB, then there is no way that getting the GWB installed airtight in the HVAC closet is going to happen without taking out the framing and the ducts, at a minimum.Amenhauser needs to make sure that his builder and trades understand the importance of air barrier continuity; its lack is much more of a moisture concern than the particulars of his vapor retarder. And the construction sequence in the attic space is not exactly inspirational in this regard.last_img read more

After woeful start, Magnolia Hotshots ‘peaking at the right time’

first_imgTrending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Yeng Guiao ejected in 2nd quarter of crucial NLEX game “They are also very hungry. It’s going to be a good game. Both teams are well motivated.”Sports Related Videospowered by AdSparcRead Next MANILA, Philippines–Magnolia coach Chito Victolero is starting to see his team slowly regain its form.ADVERTISEMENT Trump campaign, GOP groups attack Google’s new ad policy P2.5 B shabu seized in Makati sting, Chinese national nabbed Hong Kong tunnel reopens, campus siege nears end 1 dead, 3 injured in Quezon road crash LATEST STORIES Lacson backs proposal to elect president and vice president in tandemcenter_img Private companies step in to help SEA Games hosting MOST READ The Hotshots on Wednesday chalked up their third win in four games after dumping the Columbian Dyip in the 2019 PBA Philippine Cup.The victory allowed Magnolia to sneak into the playoff picture as it claimed eighth place with still four games left in its elimination round schedule.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption charges“We talked about the importance of this game and the importance of our effort and aggressiveness so I’m very happy we were able to surpass Columbian’s effort and aggressiveness,” said Victolero in Filipino after Magnolia blasted Columbian, 109-83, at Smart Araneta Coliseum.“At least, our run towards the playoffs is getting better.” SEA Games hosting troubles anger Duterte The Hotshots started the season with three straight losses but they’ve begun playing with a lot more intensity especially on the defensive end and it’s paid dividends.“Compared to our first few games, I’m happy with my players’ rhythm and their defense,” he said.“Like I told my players, I think we’re peaking at the right time.”Magnolia has a relatively light schedule with three of its last four games against teams at the bottom of the standings.The Hotshots, however, can’t afford to be complacent with fierce rival Barangay Ginebra next on Sunday.ADVERTISEMENT Urgent reply from Philippine ‍football chief Don’t miss out on the latest news and information. View commentslast_img read more

Finance Minister named head of CDB Governors

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppMinister of Finance, Investment and Trade, Hon Washington Misick holds the prestigious position now of Chairman of the Board of Governors of the Caribbean Development Bank; he was appointed to the post last month during the closing ceremony of the 46th Annual Board of Governors Meeting held in Montego Bay, Jamaica.  Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items: Next May, the Turks and Caicos Islands will now host the annual gathering of the CDB regional board of Governors. Minister Misick as the new Chair of the CDB Board of Governors said: “The ongoing proactive engagement among leaders is invaluable; bringing new possibilities and benefits that go beyond national and even regional boundaries.”last_img read more