OnTheMarket predicts improved profits after strong year

OnTheMarket has this morning told shareholders that its performance is ahead of expectations and it's on course to make improved profits this year.

In October the portal announced it would "achieve approximately breakeven adjusted operating profit" for the six months ending January 31 this year - and now it says performance is slightly ahead of that forecast.

A trading statement says: "The company's focus on disciplined operational and cost management has continued. When combined with a higher level of development investment in the new website and brand launch that will be capitalised rather than expensed as incurred in the income statement, the group now expects adjusted operating profit to be positive in H2 21/22 and to be at least £2.5m for the full year full year 21/22."

It continues: "With the transformation of OnTheMarket to create a tech-enabled property business across the broader property ecosystem underway and accelerating, the Group remains confident that it has a platform from which to drive long-term profitable growth."

And chief executive Jason Tebb adds: "We are pleased to be reporting a strong performance and further operational progress in keeping with our objective of building a tech-enabled property business. We achieved a great deal in 2021, culminating in the launch of our new website and branding which have been well received by agents and serious property seekers. There is a lot more to come and we look forward to delivering this in the year ahead."