Trading Update

OnTheMarket

21/01/2022 07:00

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RNS Number : 1760Z  OnTheMarket plc  21 January 2022

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

21 January 2022

ONTHEMARKET PLC

 

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

 

TRADING UPDATE

OnTheMarket plc, the majority agent-owned company which operates the
OnTheMarket.com (http://www.onthemarket.com) property portal, is pleased to
announce the following update on trading.

Adjusted operating profit(1) 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 profit(1) 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
profit(1) 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.

Jason Tebb, Chief Executive Officer of OnTheMarket, commented:

"We are pleased to be reporting a strong performance and further operational
progress in keeping with our objective of building a tech-enabled property
business. We achieved a great deal in 2021, culminating in the launch of our
new website and branding which have been well received by agents and serious
property seekers. There is a lot more to come and we look forward to
delivering this in 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 823
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.

 

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