OnTheMarket plc Trading Update (1760Z)
January 21 2022 - 2:00AM
UK Regulatory
TIDMOTMP
RNS Number : 1760Z
OnTheMarket plc
21 January 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
21 January 2022
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
TRADING UPDATE
OnTheMarket plc, the majority agent-owned company which operates
the OnTheMarket.com property portal, is pleased to announce the
following update on trading.
Adjusted operating profit(1) ahead of expectations
In the announcement of its interim results on 12 October 2021,
OnTheMarket stated that the Group expected to achieve approximately
breakeven adjusted operating profit (1) for the six months ended 31
January 2022 ("H2 21/22").
The Group's operational performance has continued to be strong
through H2 21/22 and revenues for the full year ended 31 January
2022 ("FY 21/22") are now expected to be slightly ahead of market
consensus.
The Company's focus on disciplined operational and cost
management has continued. When combined with a higher level of
development investment in the new website and brand launch that
will be capitalised rather than expensed as incurred in the income
statement, the Group now expects adjusted operating profit (1) to
be positive in H2 21/22 and to be at least GBP2.5m for the full
year FY 21/22.
Outlook
The Directors believe the outlook for the Group is unchanged to
that announced in its interim results on 12 October 2021 and the
Board looks to the future with confidence. With the transformation
of OnTheMarket to create a tech-enabled property business across
the broader property ecosystem underway and accelerating, the Group
remains confident that it has a platform from which to drive
long-term profitable growth.
OnTheMarket looks forward to providing a further update in a
post year-end trading update in late February.
Jason Tebb, Chief Executive Officer of OnTheMarket,
commented:
"We are pleased to be reporting a strong performance and further
operational progress in keeping with our objective of building a
tech-enabled property business. We achieved a great deal in 2021,
culminating in the launch of our new website and branding which
have been well received by agents and serious property seekers.
There is a lot more to come and we look forward to delivering this
in the year ahead."
Footnotes
1) Adjusted operating profit is defined as operating profit
before share-based payments (including charges relating to shares
issued for agent recruitment), specific professional fees and
non-recurring items. This is an alternative performance measure and
should not be considered an alternative to IFRS measures, such as
revenue or operating profit.
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, James Hornigold
(Corporate Finance)
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 'Only With Us' properties
which are either exclusive properties advertised at OnTheMarket.com
by customers who do not list their properties with either Rightmove
or Zoopla, or properties listed 24 hours or more before agents
release these properties to Rightmove or Zoopla.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBBMMTMTMTMLT
(END) Dow Jones Newswires
January 21, 2022 02:00 ET (07:00 GMT)
Onthemarket (LSE:OTMP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Onthemarket (LSE:OTMP)
Historical Stock Chart
From Jul 2023 to Jul 2024