OnTheMarket’s transformation into a “tech-enables property business across the broader property eco-system” is gathering pace according to the portal’s chief executive.
In a statement to shareholders, Jason Tebb says: “We are delighted to have achieved a year of further financial and operational progress. But there is much more to come.
“We’ve received great feedback from our customers regarding our new strategy and our 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.
“With the new website and brand launch in December 2021, and an increasing range of commercial partnerships successfully established, the transformation of OnTheMarket to create a tech-enabled property business across the broader property ecosystem is accelerating.
“Our new website, and initiatives such as Only With Us, continue to attract serious property seekers and connect them with our agents.”
Tebb’s comments accompanied a trading statement in line with the figures produced by the portal just five weeks ago.
They show what the company calls a continued strong operational performance throughout the second half of the financial year.
Group revenues owere approximately £30.8m, increased from £23.0m in the previous financial year and there was an adjusted operating profit for the year of approximately £2.6m, a slight rise on £2.4m reported 12 months earlier.
Over the course of the last financial year, OnTheMarket has launched a number of commercial partnerships that it says provide a greater range of products and services to advertisers and consumers.
Recent partnerships include those with Brickflow, Autoenhance.ai and a strengthened partnership with Sprift, through which OnTheMarket provides the prospecting product, SmartMail to its agents.
Last month, OnTheMarket concluded an extended agreement with rental platform Canopy alongside taking a strategic minority equity investment of £350,000 in the company.
Tebb’s statement concludes: “The strategic steps we’ve taken, alongside the support of our agent customers and shareholders, provide us with the confidence that we have a platform from which to drive long-term profitable growth for the benefit of our agent shareholders and other stakeholders.”
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All I know about OTM is that due to their arrogance and mismanagement of what should have been a rising star, property prices in South West London are around the same as when they launched 8 years ago. They should have been at least close behind RM by now, but are absolutely nowhere. As an ex-estate agent I always did the best for my client, and that is by listing with the top two portals, not by barring my staff from using one of them.
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