OnTheMarket Performing 'Ahead of Expectations' as it Rapidly Approaches Breakeven

The majority agent-owned British portal OnTheMarket has released a trading update to the London Stock Exchange in which shareholders were informed that the company's performance was ahead of consensus.

In October OnTheMarket executives predicted that operational breakeven would be achieved during the six months ending January 2022. Today's missive claims that thanks to "disciplined operational and cost management", operating profit will be positive for H2 21/22 and will be at least £2.5m for the full year FY 21/22.

"The Group's operational performance has continued to be strong through H2 21/22 and revenues for the full year ended 31 January 2022 ("FY 21/22") are now expected to be slightly ahead of market consensus."

Jason Tebb, Chief Executive Officer of OnTheMarket, commented:

"We are pleased to be reporting a strong performance and further operational progress in keeping with our objective of building a tech-enabled property business. We achieved a great deal in 2021, culminating in the launch of our new website and branding which have been well received by agents and serious property seekers. There is a lot more to come and we look forward to delivering this in the year ahead."

OnTheMarket has been generating positive headlines of late as it looks to position itself as the truly agent-centric portal in the UK and capitalise on the anti-Rightmove sentiment among agents. The portal has recently entered into partnerships with PropTech providers to upgrade its agent tools and has updated its branding for the new year.

 
Unlike that of its rival, Rightmove, OTM's share price has been on a strong footing so far in 2022, trading at around 120GBX, up from around 100 in December.