Today’s OnTheMarket results for the 12 months of trading prior to the company’s listing on AIM, revealing an operating loss of £10.8m created by ‘exceptional items’.

Underlying profits were up by 67% to £3.9 million on a turnover of £16 million, although revenues dropped by 10% during the period.

OTM blames this on tough market conditions for many agents and the rise of fixed-fee online competitors.

Costs listed in the report include £1.4 million spent fighting the Gascoigne Halman case and the expense of demutualisation and its stock market debut.

Since launching on AIM in February, OTM says it has increased the number of listing agents by over 3,000 to 8,500 and that “most” are now locked into five-year agreements.

OTM also claims to have doubled traffic to its website to over 40m visits during its financial year ending May this year, helped by both a significant TV and outdoor advertising push.

OnTheMarket results

As any London agent will know, there are few streets in the Capital that don’t feature its bus stop poster advertising.

“We are in the midst of a transformational year for OnTheMarket,” says CEO Ian Springett (pictured)

“After listing on AIM in February, we are continuing on our journey to create a genuine alternative to the leading incumbent portals.

“In addition to accelerating growth in the numbers of agents, property listings and portal visitors, we also remain focused on developing new consumer and agent products and services, targeting revenues from new segments of the property market and developing new strategic partnerships.”