OnTheMarket Releases Annual Results

June 10, 2020
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British #3 portal OnTheMarket.com has released its annual results today and they show growth in some key metrics. As the 65%-agent-owned business looks to grow and challenge the market hegemony of Zoopla and Rightmove their EBITDA has shrunk but also so have cumulative losses. Crucially traffic is up as well as the number of paying advertisers and revenue has risen by 32%.

OnTheMarket’s results at a glance:
 

Year ended 31 January

2020

2019

Change

 

 

 

 

Group revenue

£18.8m

£14.2m

32%

Adjusted EBITDA

£(7.1)m

£(11.7)m

£4.6m

Loss after tax   

£(11.5)m

£(14.5)m

£3.0m

Period-end net cash

£8.7m

£15.7m

£(7.0)m

ARPA 

£122

£130

£(8)

 

 

 

 

Average branches listed           

12,497

9,460

32%

Total advertisers at 31 Jan

13,364

11,946

12%

Traffic/visits    

237m

159m

49%

Average monthly leads per advertiser

96

55

75%

 

The results mark a broadly positive year for the challenger portal, and those in charge will rightly point to an increase in monthly leads and a significant increase in traffic as reasons that agents looking to change portals in the changing economic climate should switch to OnTheMarket. Indeed, acting CEO Clive Beattie remarked that:

"The current crisis has been a catalyst for many agents to review their portal choices and the value they derive from them. We have been encouraged by our performance since 11 May, which we believe reflects increased consumer awareness of, and engagement with, OnTheMarket.com. Being majority agent-owned, our interests and those of our agent customers are one and the same and there remains a clear long-term opportunity for OnTheMarket to gain market share. We look forward with confidence and a differentiated proposition that is highly valued by agents looking for sustainably fair pricing."

The company will be hoping for a reaction from the market today as its share price has not performed well since launching on the London stock exchange in 2018. OnTheMarket's share price has struggled to recover from the hit taken in March and is currently valued at just under 55 pence per share.

June 10, 2020
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

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