Annual General Meeting Statement

OnTheMarket

26/07/2022 07:00

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RNS Number : 6486T  OnTheMarket plc  26 July 2022

26 July 2022

ONTHEMARKET PLC

("OnTheMarket", the "Group" or the "Company")

Annual General Meeting Statement

OnTheMarket plc (AIM: OTMP), the majority agent-owned company which operates
the OnTheMarket.com property portal, is pleased to provide the following
statement ahead of its Annual General Meeting ("AGM") to be held today.

Christopher Bell, Non-Executive Chairman, will make the following remarks at
the AGM:

"Our financial year to 31 January 2022 ("FY22") saw another year of
significant strategic progress, with our financial and operational performance
and substantial, loyal advertiser base providing us with a resilient base for
continued growth.

FY22 saw the continued and successful application of our 4 Pillar Strategy to
establish a tech-enabled property business across the broader property
ecosystem for our partner agents, customers and consumers. The key
developments within the four pillars of growth during FY22 were:

·    Portal:  We completed a refresh of the user experience at
OnTheMarket.com, launching our new website, logo and branding.

 

·    Software solutions: Completed the acquisition of Glanty. Product
development is ongoing, in particular the development of a CRM system and an
associated product targeted at the sales market, complementing the teclet
lettings product already available.

 

·    Data and market intelligence: Commercial partnership with Sprift
Technologies to provide our customers with 'best-in-class' data and market
intelligence tools and, more recently, a full-service canvassing and
prospecting system.

 

·    Communications and marketing: A new marketing and communications
strategy, with new TV creative to drive increased levels of consumer awareness
amongst serious property seekers and generate valuation leads for customers.

Underpinning our strategy is the strength of our balance sheet, with year-end
cash of £8.4m and no borrowings after the acquisition of Glanty, alongside
other strategic investments, and full furlough scheme repayment in the period.
We were also pleased that, at a general meeting on 26 May 2022, shareholders
approved a proposal which provides OnTheMarket with greater flexibility to pay
dividends to shareholders should the Board consider it appropriate in the
future to do so.

The Group has made a positive start to FY23, and trading has been in line with
the Board's expectations. Notwithstanding the well-publicised macro-economic
uncertainty, the fundamentals of the UK residential property market currently
remain good, with market activity remaining high and demand for properties
significantly outweighing supply.

The Group continues to be mindful of its impact on all stakeholders. During
FY22, OnTheMarket started working with external climate consultants to
calculate and benchmark our carbon footprint and support the development of a
new sustainability strategy. Our people remain our most valuable asset and I
am extremely grateful to them for their dedication during the year, which has
been the driving force behind our strong performance. I would also like to
extend my thanks to our shareholders, customers and suppliers for their
ongoing support."

 

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 (Investment Banking)

Benjamin Robertson (Corporate 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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