TIDMOTMP
RNS Number : 9358C
OnTheMarket plc
28 February 2022
28 February 2022
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
POST YEAR-END TRADING UPDATE
OnTheMarket plc (AIM: OTMP), the majority agent-owned company
which operates the OnTheMarket.com property portal, is pleased to
announce an update on trading for the year to 31 January 2022
(FY22).
Strong performance in line with recent update
The Group's operational performance continued to be strong
throughout the second half of FY22 and in its trading update on 21
January 2022, OnTheMarket upgraded its expected adjusted operating
profit(1) for the year to 31 January 2022 to be not less than
GBP2.5m.
Following the end of FY22, the Group is pleased to be able to
confirm that full year results were in line with these increased
expectations. Accordingly, subject to audit, the Group expects to
report for FY22:
-- Revenues of approximately GBP30.8m (FY21: GBP23.0m); and
-- Adjusted operating profit for the year of approximately GBP2.6m (FY21: GBP2.4m).
Further operational progress
FY22 saw the successful implementation of a number of commercial
partnerships, which provide a greater range of products and
services to the Group's advertiser customers and to OnTheMarket.com
users. Recent partnerships include those with Brickflow,
Autoenhance.ai and a strengthened partnership with Sprift, through
which OnTheMarket can provide an exclusive prospecting product,
SmartMail, to its advertiser customers.
In addition, in January 2022, an extended agreement with
Insurestreet Limited (trading as Canopy) was concluded, alongside a
strategic minority equity investment by the Company into
Insurestreet Limited of GBP350k.
Cash position
OnTheMarket remains well capitalised with net cash at 31 January
2022 of GBP8.4m and no borrowings.
Outlook
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.
The new website, and initiatives such as 'Only With Us',
continue to attract serious property-seekers and connect them with
our advertisers.
The strategic steps the Group has taken, alongside the support
of our agent customers and shareholders, provide the Group with the
confidence that it has a platform from which to drive long-term
profitable growth.
Jason Tebb, Chief Executive Officer, commented:
"We are delighted to have achieved a year of further financial
and operational progress. But there is much more to come. We have
received great feedback from our customers regarding our new
strategy and 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."
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 829 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.
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END
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