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D-DAY for OTM? Portal to reveal first audited results since flotation – on Thursday

Ian Springett's baby is to document in detail how it's fared since the company became a PLC and floated on AIM in September.

Nigel Lewis

Annual reports come and go at different times of the year from the industry’s corporate big hitters, but there’s only one everyone’s really been waiting for this year. And it’s due on Thursday, it has been revealed.

OnTheMarket (OTM) is due to release its first audited results since the portal-owning plc launched on London’s Alternative Investment Market earlier this year.

The reporting requirements of the City mean OTM will be forced to reveal the full details of how it has fared up until its share launch on February 2nd, and what it plans to do in the future to gain market share, web traffic and revenue from arch rivals Rightmove and Zoopla.

Whatever OTM’s results reveal, it’s sure to be spun hard as it ratchets up its war of words with the two to other portals.

Rightmove results

Earlier this week the company said its research revealed that it had larger listings in some London posh postcodes than Rightmove.

This is not a surprise given Rightmove’s historic weakness in the capital, and the fact that many OTM agents in central London are its more upmarket agent backers, in particular Knight Frank.

It doesn’t list on ZPG’s two portals and uploads its properties to OTM forty-eight hours before doing so to Rightmove.

OTM also claims to have more listings in the more upmarket areas of the Home Counties, again not surprising given ZPG’s more middle-market agent backers, which haven’t been strong in these markets in the past.

“This latest data is a further demonstration of the rapid progress OnTheMarket has made in the UK’s property portal market,” says Ian Springett, OTM’s CEO (pictured).

“OnTheMarket continues to gain ground at all price points across the country as more and more agents recognise the benefits of an agent-backed portal.”

 

June 5, 2018

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