OnTheMarket has published its full-year results including higher profits and revenues as more agents are moved from freebie deals to paying ones.
During the 12 months to 31st January 2022 OnTheMarket says profits rise by 13% to £2.7 million and revenues increase by 32% to £30 million, although after its payments to shareholders – most of whom are agents – it made an operating loss of £600,000.
It has £8.4 million left in the bank.
But its drive to move agents over to paying customers has hit its agents numbers – which are down year-on-year by 5% to 11,171 – although average revenue per customer increased by 36% to £204 per branch. The lost agency customers are made up with more new homes developers using the portal.
“Having listened and engaged with thousands of agents we’re more convinced than ever in our strategy of building a differentiated, tech-enabled property business,” says CEO Jason Tebb (pictured).
“Recently we began the legal process required to potentially pay out dividends in the future so that OnTheMarket’s strong financial performance can benefit all our shareholder agents.
“With our record revenue and strong business momentum, the future is very exciting.”
Progress applauded by Tebb at the portal include a recent website and brand refresh, the acquisition of lettings platform Teclet, partnerships with Canopy and Sprift, a new TV advertising campaign to replace the roundly-panned ‘Chas and Dave’ style advert and a deal with media giant and owner of the Mirror newspapers, Reach PLC.
“The OnTheMarket team’s achievements are even more impressive as they were delivered in a year which saw continued macroeconomic uncertainty from the COVID-19 pandemic,” says chairman Christopher Bell.
“The interests of stakeholders and communities remain the driving factor in our decision making.”