TIDMOTMP
RNS Number : 2885G
OnTheMarket plc
27 July 2021
27 July 2021
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Annual General Meeting Statement
OnTheMarket plc (AIM: OTMP), the majority agent-owned company
which operates the OnTheMarket.com property portal, is pleased to
provide the following statement ahead of its Annual General Meeting
("AGM") to be held today.
Christopher Bell, Non-Executive Chairman, will make the
following remarks at the AGM:
"Our financial year to 31 January 2021 was a year of strong
performance and considerable progress. We were delighted to achieve
our first year of profitability since admission to AIM,
notwithstanding the onset and impact of the COVID-19 pandemic. It
is particularly pleasing to report that, from the foundations
established, our strong performance has continued in the current
year with further operational progress made and trading in line
with the Board's expectations.
We have a clear vision in place to build a differentiated,
technology-enabled property business providing services for agents,
housebuilders, advertisers and consumers that offers 'best in
class' products and platforms across the broader property
marketplace. Our strategy will be focussed around four key pillars,
consisting of:
-- an engaging and relevant property portal;
-- software solutions to meet evolving customer needs;
-- the provision of market leading data and market intelligence; and
-- a leading property communications and marketing capability,
both on behalf of, and in conjunction with, our customers.
We have previously reported on early but significant progress
towards delivering our vision, including technological and
commercial developments such as:
-- the acquisition of the remaining 80% of Glanty Limited that
we did not already own bringing a range of additional products,
services and capabilities;
-- commercial partnerships with Reach plc, Canopy and Sprift
Technologies to support our offering; and
-- the in-house development and release of new products and
services to drive greater interaction between agents and consumers
.
Our focus now is integrating these developments into our
proposition and to maximise the opportunities they present. At the
same time, we will continue to explore new partnerships and roll
out further enhancements in order to continue differentiating our
offering and provide ever increasing value to our customers.
Early indications of the success of these initiatives can be
seen in key operational metrics:
-- At 30 June 2021, total advertisers(1) had grown to 13,289, an
increase of 4.5% from 31 January 2021, principally due to an
increase in agency branches listing, up 4.9% to 11,169.
-- Visits(2) to the portal in June 2021 were the second highest
achieved by the Company, at 28 million.
-- Throughout June, the portal generated more than 1.8 million
leads - an average of 137 per advertiser, an increase of 5.4% from
the average of 130 leads per advertiser per month for the six
months ended 31 January 2021, a period that benefitted from the
intense market activity following the lifting of restrictions in
May last year.
Residential property markets remain very active. Despite the
changes to the stamp duty holiday from the end of June, our
Property Sentiment Index launched earlier this month highlights a
continued pent-up demand, a re-evaluation of housing needs arising
from the impact of COVID-19 and continuing low mortgage interest
rates.
We will continue to invest in the business to take advantage of
our growth opportunities whilst remaining focussed on careful
management of cash. Our balance sheet remains strong and at the end
of June, our cash balance, after completing the acquisition of
Glanty Limited, stood at GBP9.7 million and we had no
borrowings.
We would like to thank our agent shareholders and all our loyal
advertisers for their continued support, as well as our colleagues
for their dedication and hard work in challenging times. We
continue to strive to provide the highest levels of service and
innovation to our customers, at sustainably fair prices."
(1) Advertisers are either estate and lettings agent branches or
new homes developments listed at OnTheMarket.com.
(2) Visits comprise individual sessions on OnTheMarket.com's web
based portal or mobile applications by users for the period
indicated as measured by Google Analytics.
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Jason Tebb, Chief Executive Officer
Clive Beattie, Chief Financial Officer
Tulchan Communications 0207 353 4200
Giles Kernick
Oliver Norgate
Zeus Capital (Nominated Adviser/Joint Broker) 0203 823 5000
Jamie Peel, Martin Green, Daniel Harris
(Corporate Finance)
John Goold, Benjamin Robertson (Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush, John More (Corporate Finance)
Fiona Conroy (Corporate Broking)
Background on OnTheMarket :
OnTheMarket plc, the majority agent-owned company which operates
the OnTheMarket.com property portal, is a leading UK residential
property portal provider.
Its objective is to create value for shareholders and property
advertiser customers by delivering an agent-backed, technology
enabled portal, offering a first-class service to agents and new
homes developers at sustainably fair prices and becoming the go-to
portal for serious property-seekers.
OnTheMarket provides a unique opportunity for agents to
participate in the equity value of their own portal. Agent backing
and support enable OnTheMarket to display "New & Exclusive"
properties to serious property-seekers 24 hours or more before
agents release these properties to other portals.
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END
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