OnTheMarket Sees Revenues Rise by a Third in Trading Update

The British property portal OnTheMarket (LON: OTMP) has released a trading update to the market for the financial year ending 31st of January 2022.

According to a company statement released to the London Stock Exchange, OnTheMarket's yearly revenues are expected to be £30.8m, a figure which represents a 33.9% rise on the £23.0m revenue the majority agent-owned portal generated over the previous period.

The portal's adjusted operating profit is expected to be £2.6m, a slight increase on the £2.4m reported in early 2021. Both the revenue and profit figures are subject to auditing with the company expected to provide more details on its operational performance in June.

Jason Tebb, Chief Executive Officer of OnTheMarket, commented: “We are delighted to have achieved a year of further financial and operational progress. But there is much more to come. We’ve received great feedback from our customers regarding our new strategy and our enhanced suite of product and service offerings. We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead.”

The portal company has been on an upward curve since former agent Tebb was appointed to replace the controversial OnTheMarket founder and former CEO Ian Springett in the summer of 2020. Before today the portal's last missive to investors in January claimed that it was "slightly ahead of market consensus" and rapidly approaching operational breakeven.

OnTheMarket has recently launched a newly spruced up website with new branding and has entered into several commercial partnerships with PropTech providers such as Sprift and Autoenhance.ai in an attempt to provide its agent customers with a suite of useful tools.

“With the new website and brand launch in December 2021, and an increasing range of commercial partnerships successfully established, the transformation of OnTheMarket to create a tech-enabled property business across the broader property ecosystem is accelerating. Our new website, and initiatives such as Only With Us, continue to attract serious property seekers and connect them with our agents,” continued Tebb.

The other news in today's statement is that OnTheMarket has extended an agreement with rental platform Canopy which allows the portal's customers to obtain free tenant referencing including employment and landlord references. As part of the agreement, OnTheMarket is to invest £350,000 for a strategic minority interest in the London based company.