Has OnTheMarket performed? We're about to find out...

OnTheMarket has announced to the City and its shareholders that it’s to reveal its annual results tomorrow - the first such figures since the portal floated early this year.

The period formally covered by the figures will be up to the end of January so will not include the five months it has been floated on the London Stock Exchange, which began on February 9.

But the accompanying statement tomorrow morning is widely expected to give an insight into its strategy for the coming period as well as a summary of its current status.

Because OTM is now publicly quoted the protocol is that tomorrow’s publication should give details of its performance since launching on the stock market and future proposals.

Recent statements from OTM chief executive Ian Springett, and comments by OTM-backing contributors to the trade press, suggest it is keen to attack Rightmove as much or more than it is attacking its former chief rival, ZPG. 

OTM’s share price has been relatively stable in recent weeks, closing yesterday at 163.28, fractionally down on its launch price of 165p after dropping well below that level in its first months of trading.

OTM originally hoped to achieve a market capitalisation of between £200m and £250m when it launched but actually raised just £30m of its £50m target ahead of flotation.

The portal’s latest formal statement at the end of last month says it has listing agreements with over 8,500 estate and letting agency branches, representing a 50 per cent hike over its February 2018 level; the portal estimates this is approximately 45 per cent of all UK residential agency branches.

The portal has also stated general satisfaction with what it’s called increaded consumer engagement with its brand as a result of an advertising campaign emphasising OTM’s 'new and exclusive' feature which has some properties listed earlier than on Rightmove and ZPG.

OnTheMarket has also claimed that at the high end of the market - where many of its founding agencies operate - it lists more £3m-plus homes in London and the Home Counties than ZPG and that it has overtaken Rightmove in £3m-plus properties in selected London postcodes.