New OnTheMarket Figures Show Improvement Being Sustained

British #3 portal OnTheMarket has today released a statement ahead of its AGM with figures showing that it has sustained the improvements in some key metrics which were seen in the company's yearly report released last month.

In a statement released to investors, the majority agent-owned real estate vertical firm highlighted the second-highest monthly visitor figures for June 2021 (28 million) as well as an uptick in monthly leads per advertiser (up to 137, a rise of 5.4% on the preceding 6 months).

Also highlighted in the statement was the company's increase in agent advertisers - a figure which has grown 4.5% since January and now stands at 13,289 and appears to gradually be catching up with those of Zoopla and Rightmove.

At the AGM Non-Executive Chairman Christopher Bell is expected to remark that the company's financial year was

"a year of strong performance and considerable progress. We were delighted to achieve our first year of profitability since admission to AIM, notwithstanding the onset and impact of the COVID-19 pandemic. It is particularly pleasing to report that, from the foundations established, our strong performance has continued in the current year with further operational progress made and trading in line with the Board's expectations."

"We will continue to invest in the business to take advantage of our growth opportunities whilst remaining focussed on careful management of cash. Our balance sheet remains strong and at the end of June, our cash balance, after completing the acquisition of Glanty Limited, stood at £9.7 million and we had no borrowings."

OnTheMarket seems to have put aside the controversy that surrounded the portal in the years following its launch in 2015. The company was famously involved in a high profile legal battle against one of its customers regarding the infamous "one other portal rule" in 2018 and in March 2020 controversial CEO Ian Springett was let go.  Springett was eventually replaced by ex-agent Jason Tebb who has been forthright in his communication with agents.