OnTheMarket Releases Interim Results, Extends Key Partnerships

OnTheMarket has released its interim results for the six months ending 31 July and extended agreements with several high profile agencies.

Highlights include:

• Adjusted operating profit of £1.3m
• Revenue up 14%
• ARPA up 9%
• Valuation leads up 69% vs H1 21/22
• Extended agreements with 10+ key agencies
• Lomond Group commits to "multiyear" agreement to list with OnTheMarket

OnTheMarket noted that profits dropped despite higher revenue after strategic investments in the likes of OnTheMarket Software, which launched in September, with Average Revenue Per Account (ARPA) up 9% on the same period last year.

Jason Tebb, CEO at OnTheMarket, said:

"We have a clear strategy in place to build a tech-enabled property business, a “one stop shop” for agents and we are delivering on this. Our continued operational and strategic progress is evidenced by our good set of results and the belief shown in us by agent customers who have committed their long-term futures to OnTheMarket."

Meanwhile, OnTheMarket has extended a number agreements with more than ten agencies whose contracts were due to expire in February 2023. Agencies including Spicer Haart, Knight Frank, Chestertons and Savills signed up, with more than 10 extensions in total.

OnTheMarket also announced a new partnership with Lomond Group, which has committed to a "multiyear" agreement for each of its ten Lomond brands. A total of more than 60 branches in England and Scotland will have their listings added to OnTheMarket. The agreement is similar to the one brokered with Foxtons in July.

The agreements are a big win for OnTheMarket. The company relied on "minimum" terms during its early years, with the more lucrative renewals a show of confidence in the portal as it enters the next phase of its evolution.

Tebb said:

"The commitment of these brands to extend their relationship with us is proof that our strategy is working, with many more innovations on the horizon as we continue to develop our differentiated, technology-enabled property business. I’m delighted to have maintained the support and trust of these agencies and look forward to continuing to work with them.

"In addition to the work we have put in to strengthening relationship with our existing members, we have been working to push our growth and presence across the country by bringing new partners on board. We are really pleased to be working with brands like Foxtons and The Lomond Group, who aid our push for expansions in areas of strategic importance."

Watch Online Marketplaces' exclusive interview with Jason Tebb from earlier this month below: