Post Year-end Trading Update

OnTheMarket

28/02/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220228:nRSb9358Ca&default-theme=true

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 (https://www.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 £2.5m.

 

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 £30.8m (FY21: £23.0m); and

·    Adjusted operating profit for the year of approximately £2.6m (FY21:
£2.4m).

 

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 (https://www.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 £350k.

 

Cash position

 

OnTheMarket remains well capitalised with net cash at 31 January 2022 of
£8.4m 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFLFETFFIEFIF