The majority agent-owned company, OnTheMarket (OTMP ), which recently upgraded its expected adjusted operating profit for FY22, says strong trading has continued in 2H21/22.
At the end of January 2022, the company informed investors that its operational performance had continued to be strong throughout 2H 21/22 and that as a result, group revenues for the full year to 31 January 2022 were expected to be slightly ahead of market consensus.
OnTheMarket, which operates the OnTheMarket.com property portal, confirmed to investors that its full year results have remained in line with these increased expectations. The Group also remains well capitalised with net cash at 31 January 2022 of £8.4m and no borrowings.
As a result of the continued momentum throughout 2H, the Group expects to report revenues of around £30.8m for FY22, up from £23.0m reported in FY21, while adjusted operating profit for the year is expected to be approximately £2.6m, up slightly from £2.4m reported in FY21.
In FY22, the Group implemented a number of commercial partnerships to provide a greater range of products and services to its advertiser customers and to OnTheMarket.com users.
OnTheMarket recently partnered with Brickflow and Autoenhance.ai and strengthened its existing partnership with the property data specialist, Sprift, through which the company can now provide an exclusive prospecting product, SmartMail, to its advertiser customers.
Last month, an extended agreement with Insurestreet (trading as Canopy) was concluded, alongside a new strategic minority equity investment into Insurestreet Limited of £0.350m.
With its recent new website and brand launch in December 2021, and an increasing range of commercial partnerships, OnTheMarket told investors that its transformation to create a tech-enabled property business across the broader property ecosystem is ‘accelerating.’
The group highlighted that its new website, alongside initiatives such as ‘Only With Us’ - where users have the chance to see properties before they’re advertised on Rightmove or Zoopla - continue to attract serious property-seekers and connect them with its advertisers.
Commenting this morning, Jason Tebb, Chief Executive Officer of OnTheMarket highlighted: “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.”
Back in October 2021, OnTheMarket reported “a strong financial performance, operational growth and real progress” in its half-year results for the six month period to 31 July 2021.
As a result of its performance, the Board anticipated FY22 revenues to be slightly ahead of expectations and adjusted operating profit to be ‘substantially’ ahead of expectations.
Whilst H1 20/21 was impacted by the effective suspension of the property market as a result of the coronavirus pandemic, both of these metrics also represented growth on H2 20/21, ‘a period of intense activity as consumers sought to move as lockdown ended,’ it explained.
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