Purplebricks, Cambian and Mirada

“Blue-chips opened on the front foot after Italy voted 'No' in a constitutional referendum yesterday, which sent the euro tumbling and saw the country's Prime Minister, Matteo Renzi, quit,” says AJ Bell Investment Director Russ Mould.

“Online estate agent Purplebricks led the AIM board in early trading after celebrating a maiden profit on its UK business in the six months to the end of October. The group is growing market share with the number of properties sold in the first half similar to the total number sold during the whole of the previous year. Purplebricks is currently agreeing a sale every 16 minutes, 24 hours a day as a seismic shift in the sector gathers momentum. Purplebricks has also successfully exported its business model to Australia with the initial performance better than any of the regional launches in the UK. Purplebricks was up by more than 11.6%.

“Specialist behavioural health service provider Cambian was the FTSE Small Cap’s biggest riser after it agreed to sell its adult services business to Cygnet Health Care for £377m. Cambian will now focus on being a market leading provider of children's services where there are significant opportunities for growth. Most of the cash from the deal will be used to fully pay down debt and provide working capital to develop the children's services arm but the group also hopes to return £40m to shareholders. Cambian’s shares were up by over 12.8% in early trading.

“Mirada’s shares plummeted after it warned that pre-tax profits are likely to be substantially lower than current market forecasts. Mirada's major customer, Televisa, plans to increase its quality assurance process on deploying new cities to avoid disruptions in the network, which is expected to lead to a short-term slowdown in the rollout of Mirada's Iris product. Mirada’s shares were down by over 42.4%.”

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