OnTheMarket reports rise in agent numbers...

OnTheMarket has reported an increase in agency branches listing on the portal but posted an operating loss after a busy year of marketing, partnerships and acquisitions.

The portal said the number of agents listing on the portal were up 8% annually to 11,451 as of 31 January 2022.

The percentage of agency advertisers on paying contracts at the year-end was 90%.

Its group revenue was up 32% annually for the 12 months to 31 January 2022 to £30.4m and adjusted operating profit was £30.4m, with an operating loss of £0.6m.

OnTheMarket said the profit figures reflect an 80% increase in marketing expenditure to £10.6m.

Jason Tebb, chief executive of OnTheMarket, said: "I am delighted to be reporting a strong set of results which show that our strategy is working. Having listened and engaged with thousands of agents we are more convinced than ever in our strategy of building a differentiated, tech-enabled property business.

“With our strong performance and momentum in the business the future remains very exciting for OnTheMarket. We are continuing to deliver increased value to our customers and serious property seekers, with innovative new products and a refreshed brand.

“I would like to thank the OnTheMarket team for their hard work and commitment to delivering for all of our stakeholders."

https://www.londonstockexchange.com/news-article/OTMP/full-year-results-to-31-january-2022/15493438