OnTheMarket.com has revealed its first half-year results since joining the London Stock Exchange in February.
They reveal an increase in revenue of £100,000 to £7 million, reflecting the high number of free introductory offers it has been offering the additional 5,600 branches it has signed up since going public.
This has also pushed down its average revenue per agent to £153 a month from £194 during the same period last year.
Following the £30 million raised from its share issue in February, the company’s results are skewed by the four-fold increase in marketing and recruitment signed off by CEO Ian Springett.
This includes £12 million spent on a huge and ongoing TV and poster advertising campaign and a two-fold increase in its headcount including 25 additional field sales staff and a huge influx of over 30 new IT experts.
Although the company still has plenty of cash in the bank, its losses have consequently been mounting over the past six months.
It made an operating loss of £5.7 million or twice the loss compared to the previous half-year’s results and a whopping loss per share of £9.57p.
“Compared with February 2018 when our IPO took place, OnTheMarket has doubled offices and properties listed, trebled monthly visit traffic and quadrupled email and telephone leads to agents,” says Ian Springett.
“Our progress to date and the encouraging support for an agent-backed portal give us confidence that we can continue to build on this early growth to develop a market-leading, agent-backed portal. I am very pleased to report a strong start to the delivery of our transformational growth strategy following our Admission to AIM and associated capital raise.”