Jason Tebb & Clive Beattie of OnTheMarket discuss their trading update which show revenues are ahead of market consensus

Jason Tebb, CEO & Clive Beattie, CFO of OnTheMarket #OTMP discuss their positive trading update where revenues for the full year are now expected to be slightly ahead of market consensus.

Adjusted operating profit 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 profit1 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 profit1 to be positive in H2 21/22 and to be at least £2.5m 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.

About 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.