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95p -8.5  -8.2%

Last Trade - 12/08/20

Sector
Technology
Size
Small Cap
Market Cap £74.3m
Enterprise Value £65.9m
Revenue £18.8m
Position in Universe 1034th / 1819

OnTheMarket plc - Directorate Change and Trading Update

Mon 9th March, 2020 7:00am
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RNS Number : 3572F  OnTheMarket plc  09 March 2020

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain. The person responsible for
making this announcement on behalf of the Company is Clive Beattie, Acting
Chief Executive Officer.

 

9 March 2020

ONTHEMARKET PLC

 

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

 

DIRECTORATE CHANGE AND TRADING UPDATE

Directorate change

OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com
property portal, today announces that it has given notice of termination of
employment to Ian Springett, Chief Executive Officer, with immediate effect.

The Board has appointed Clive Beattie, Chief Financial Officer, as Acting
Chief Executive Officer. Korn Ferry, a leading executive search consultancy,
has been appointed to conduct the formal recruitment process for a permanent
replacement.

Trading update

Additionally, the Company is pleased to provide an update on trading. Based on
unaudited results for the year ended 31 January 2020, revenues were slightly
above the £18.0m to £18.5m guidance provided in September 2019 and the
Company expects to report better than anticipated adjusted EBITDA(1)
performance. At 31 January 2020 the Company had net cash of £8.7m.

Christopher Bell, Chairman of OnTheMarket, commented:

"On behalf of the Board and all our colleagues I would like to thank Ian for
his hard work and commitment over many years. He has played a major part in
helping establish OnTheMarket.com as one of the UK's leading residential
property portals and we wish him every success in the future.

"Our commitment to building a strong, agent-backed, profitable and
technology-enabled business remains undiminished.  However, to continue our
progress toward this objective and take OTM forward through the next phase of
its corporate development, the Board believes now is the right time to appoint
a new Chief Executive.

"The Board remains very confident in the prospects of OTM and its potential in
capitalising upon its substantial growth opportunities.  We have built a
talented team and we will continue to ensure that we provide innovative,
affordable and valuable solutions to meet our customers' changing needs."

 

1) Adjusted EBITDA is defined as EBITDA before finance costs, taxation, share
based payments and exceptional or non-recurring items. This is an alternative
performance measure and should not be considered an alternative to IFRS
measures, such as revenue or operating loss.

ENDS

For further information, please contact:

 

OnTheMarket
 
0207 353 4200

Christopher Bell, Chairman

Clive Beattie, Acting Chief Executive Officer

 

Tulchan
Communications
                        0207 353 4200

James Macey White

Giles Kernick

Sophie Duckworth

Zeus Capital (Nominated Adviser/Joint
Broker)
0203 823 5000

Jamie Peel, Martin Green, Daniel Harris

(Corporate Finance)

John Goold, Benjamin Robertson (Broking)

 

Shore Capital (Joint
Broker)
0207 408 4090

Daniel Bush

Fiona Conroy

Background on OnTheMarket:

OnTheMarket plc, the agent-backed company which operates the OnTheMarket.com
property portal, is the third biggest UK residential property portal provider
in terms of traffic.

It aims to deliver a market-leading, agent-backed alternative to Rightmove and
Zoopla, offering a first-class service to agents at sustainably fair prices
and becoming the go-to portal for serious property-seekers.

OnTheMarket plc was admitted to AIM in February 2018 with £30 million in new
capital in order to support a new growth strategy for the business.

At its IPO, OnTheMarket was 70% owned by over 2,000 agent firms. Following the
share issuance arising from its growth in long term agent listing contracts,
over 3,000 agent firms operating more than 6,000 UK agency branches are now
OnTheMarket shareholders.

With backing from its agent owners, OnTheMarket has developed unique sources
of competitive advantage such as the thousands of "New & exclusive"
property listings it receives every month from its agents to display 24 hours
or more before they are on 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/)
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