OnTheMarket in stock market bid to woo new investors

OnTheMarket, which a few days ago indicated it was in profit for the first time, is to woo potential new investors later this week. 

A presentation led by new chief executive Jason Tebb and the portal’s chief finance officer Clive Beattie will be held online on Thursday evening.

The pair will present details of last week’s trading statement showing the portal’s performance for its most recent financial year, ending on January 31.

OTM says its average total number of advertisers - chiefly agents and house builders - has shown a five per cent rise in the year to the end of January; portal visits have shown a 13 per cent increase; and the total average number of leads per advertiser have risen from 96 to 117. Average revenue per advertiser was up 16 per cent over the year.

Operating profit was £1.2m while visits and average monthly leads per advertiser were up 30 and 31 per cent respectively to £151m and 130.

Since Tebb became chief executive around the turn of the year the company has defined a new vision as what it calls “a differentiated, technology-enabled property business providing services for agents, housebuilders, advertisers and consumers.”

He says OTM has had a positive start to its current financial year and he anticipates a higher rate of conversion to turn the portal’s long-standing discounted deals with some agents into paying contracts.