UK's OnTheMarket falls after flagging tougher second half

OnTheMarket

10/07/2023 08:32

** Shares of British property search portal OnTheMarket
 OTMPO.L  down 4.5% at 53.36p in morning trade 
    ** Co expects to be impacted by tougher trading conditions
in the second half of the year due to housing market slowdown 
    ** "The sales market is particularly challenging, with lower
levels of new buyer activity as we move towards the second half
of the year" - OTMPO
    ** Adds volatility in mortgage markets in particular is
having a negative effect on transaction numbers
    ** Meanwhile, for year ended Jan. 31, revenue up 14% at 34.4
mln pounds ($44.08 mln)
    ** Posts FY adj operating profit of 4.3 mln pounds vs 2.7
mln pounds a year earlier 
    ** As of last close, stock down 17.4% this year

($1 = 0.7805 pounds)

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))