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Estate agent Purplebricks said it had delayed the release of its first-half results after it found a problem in how it was communicating with tenants that could cost it up to £9 million.
Purplebricks said it had recently became aware of a 'process issue' in how it had been communicating with tenants on behalf of its landlords in relation to deposit registrations.
'Further enquiries into this matter are currently being conducted and the communications process is now being corrected,' the company said.
Purplebricks said it would be prudent to provide for any potential future claims, with early provisional estimates suggesting a financial risk in the range of £2 million-to-£9 million.
'Purplebricks is now in the process of finalising the level of provision required and associated disclosures and has therefore taken the decision to delay its results for the half year ended 31 October 2021 which were due to be published on 14 December 2021,' it said.
'We will make a further announcement on the date of our half year results as soon as practical.'