Property portal OnTheMarket's share price is down to a personal record-breaking low, and it happened just before its latest trading phase.
The price fell to 69.0p during its recent trading, down 3.5 percent from the day’s opening figure and the lowest recorded by the share.
It’s been a torrid recent period for the portal, which launched on the London Stock Exchange in February 2018 at 165.0p, or almost 2.4 times its current level.
OnTheMarket's highest share price this year was back in February when its closing price one day was 138.5p, although even that well below its launch price; since May it has struggled to stay above 100.0p and since mid-September its direction of travel has been edging downwards.
Its market capitalization is now only £46.34 million.
OnTheMarket’s biggest share price jolt in recent times was in September when it closed around 10 per cent down after admitting in an unscheduled trading statement that “market conditions” meant the rate of conversion of agent members from free or discounted deals to full-price deals had been slower than expected.
As a result OTM admitted that it had introduced shorter cheaper contracts and that it would take until early 2022 – a year longer than originally anticipated – before it would enjoy what it called “significant profitability and cash generation.”
Over the summer it was revealed that Knight Frank would list some London properties for sale and rent on Zoopla; that meant that of the original agencies creating Agents Mutual six years ago, only Savills was holding out and listing on just two portals – an original objective of the OnTheMarket.
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