OnTheMarket reveals profits fall and new deal with Lomond Group
The portal says it is well-placed to be the 'one stop shop' for agents as it tries to compete with Rightmove and Zoopla.
OnTheMarket has revealed interim results showing adjusted profit of £1.3 million for the first half of the year, down from £2.1 million.
Group revenue was up from £14.9 to £17 million. The portal also reported that overall revenue and income per customer (ARPA) rose 14% and 9% respectively in the period to 31 July.
Valuation leads were up 69%, while traffic and average monthly leads per advertiser increased 11% and 6% respectively.
There was also a 6.1% conversion ratio of site visits to leads, and average monthly advertisers listed were up 1% period on period.
OnTheMarket also announced a new deal with Lomond Group, with the portal listing properties for all of the agency’s ten brands for the first time.
One stop shop
Jason Tebb, CEO of OnTheMarket, says: “We have a clear strategy in place to build a tech-enabled property business, a ‘one stop shop’ for agents and we are delivering on this.
“Our continued operational and strategic progress is evidenced by our good set of results and the belief shown in us by agent customers who have committed their long-term futures to OnTheMarket.
“Our momentum is building. OnTheMarket is better placed today than ever to be the partner of choice for our agents to navigate all market condition,” he says.
“We continue to offer exceptional value, as well as an increasing range of products and services, that help our customers win instructions, sell or let properties, make efficiency and cost savings and earn incremental revenues. The value and breadth of our products and services are key to retaining and growing our share of customer spend.”
Read more about the Lomond Group.
