OnTheMarket on track after 'strong' year
By Abigail Townsend
Date: Wednesday 25 Jan 2023
(Sharecast News) - Annual profits at OnTheMarket are on course to meet expectations, the property portal said on Wednesday, after it saw strong growth during the year.
Updating on trading, the AIM-listed firm said revenues for the year to 31 January 2023 were set to come in between £34m and £34.5m, compared to £30.4m a year previously.
Adjusted operating profit is expected to be between £4m and £4.5m, up from £2.7m, after it boosted margins by maintaining "operational cost discipline".
Jason Tebb, chief executive, said: "We have made significant progress with our strategy of building a tech-enabled property business, and are pleased to continue to be delivering strong growth and profitability. We have also been pleased with the progress we have made in renewing contracts with our agent customers.
"While market conditions remain challenging, we are well-placed with the exceptional value we offer agents and households alongside our growing range of additional products and services."
Shares in OnTheMarket, which is majority owned by estate agents, were trading 3% higher at 75p as at 1045 GMT.
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