Shares in estate agents Purplebricks plunged after it slashed its sales forecast and announced the departure of two senior executives.
The company expects sales for the current financial year of between £130m and £140m. Its previous forecast was between £165m and £175m.
Purplebricks blamed a “challenging” UK housing market and “headwinds” for its Australian business.
The chief executives of the UK and US business will both be leaving.
UK boss Lee Wainwright is leaving for “personal reasons”. No reason was given for the departure of Eric Eckardt, the chief executive of the US business.
Shares in Purplebricks dropped sharply on the news, falling as much as 40% before recovering.