OnTheMarket Releases Annual Results

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:
 

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.