Property portal OnTheMarket has reported strong trading results for the first half of the year, with group revenue up 46% to £14.9m, from £10.2m the year before.
The unaudited interim results also show operating profit increased by 163% to £2.1m, compared with £800,000 in the same period the previous year.
Site visits were up 36% to 159 million, compared with 117 million in H1 2020/21, while the number of participating agency branches hit 11,198 – up 5% from 10,645.
Average monthly leads per advertiser rose by 26% to 132, compared with 105 in H1 the prior year.
New branding and website
The results also contain a note to the City with the outlook for OnTheMarket for the rest of this financial year, including:
- The board now anticipates revenues to be slightly ahead of expectations for the full year to 31 January 2022, and adjusted operating profit to be substantially ahead of expectations.
- Continued strong operational performance, with traffic and average monthly leads per advertiser up versus both H1 and H2 2020/21.
- Rollout of refreshed brand and website planned for the second half of this year, designed to further encourage consumer engagement
- Agents using OnTheMarket.com as their only property listings portal now represent 968 branches, demonstrating the company’s ability to help agents win instructions and complete transactions without needing to use any other portals.
‘Differentiated property business’
OnTheMarket CEO Jason Tebb said: “I’m delighted to report that the first half of our year has seen a strong financial performance, operational growth and real progress with our strategic objective of building a differentiated, tech-enabled property business.”
He added: “Having spoken with hundreds of agents, I’m encouraged that they are not only pleased we are listening, but also that the changes we have made to our proposition have been well received.
“We’ll continue to innovate and are actively exploring further new customer product and service offerings.
“As part of the next stage of our development we are undertaking a review of our branding and proposition to clearly articulate our USP to serious property seekers and at the same time, provide more tools for our agents and housebuilders, continuing to add value to customers and consumers alike.”
The OnTheMarket share price was up 4.4% at 96.05p in early trading on the London Stock Exchange.