Jason Tebb & Clive Beattie of OnTheMarket discuss strong set of results showing revenue grow by 32%

Jason Tebb, CEO & Clive Beattie, CFO of OnTheMarket #OTMP discusses a strong set of results for the year, showing revenue growth of 32% & proving the “strategy is working”.

Highlights

· Revenue and ARPA up 32%, reflecting growth in paying customers, the migration of customers on discounted rates towards full-tariff contracts, continued growth in new homes revenues and COVID-19 customer support discounts that totalled £2.6m in 2021.

· Adjusted operating profit up 13% to £2.7m (2021: £2.4m), in part reflecting a 80% increase in marketing expenditure to £10.6m (2021: £5.9m).

· Cash generated from operating activities of £3.7m (2021: £5.1m), reflecting cash generated by Agents' Mutual Limited ("Agents' Mutual"), partially offset by investment in Glanty Limited ("Glanty") since acquisition.

·  Strong balance sheet, with year-end cash of £8.4m (31 January 2021: £10.7m) after the acquisition of Glanty, strategic investments and full furlough scheme repayment in the period, which together represented £2.6m of cash payments.

· Focus on valuation leads5, up 58% from FY21, and serious property-seekers, with site visits up 6% to a record 283m (2021: 267m).

To read the full RNS click HERE