OnTheMarket has granted its four most senior officers another set of ‘golden handcuff’ share options worth more than £360,000 a week after revealing increased profits.
The four includes its three ‘C-suite’ members (main pic, left to right) Jason Tebb, Clive Beattie and Helen Whitely, plus Product and Technology Director Morgan Ross.
The four directors were given a total of just over a million shares last August under a deferred benefit scheme, which means they can’t cash the shares in immediately. The latest shares ‘vest’ or become proper shares in two equal tranches in two and three years’ time before they can be exercised, and each officer has to stay with the company to benefit.
At the current share price of 84p, CEO Jason Tebb gets 145,052 shares worth £121,843, CFO Clive Beattie 96,862 shares worth £81,364 and Chief Commercial Officer Helen Whiteley 107,445 shares worth £90,253. The 429,467 shares in total are currently worth £360,752.
During the 12 months to 31 January this year, OnTheMarket’s profits rose by 13% to £2.7 million and revenues increased by 32% to £30 million, although after its payments to shareholders – most of whom are agents – it made an operating loss of £600,000.
The portal’s drive to move agents over to paying customers hit its agent numbers – which were down year-on-year by 5% to 11,171 – although average revenue per customer increased by 36% to £204 per branch.
OnTheMarket refreshed its website and brand recently, as well as launching a new TV advertising campaign to replace the roundly-panned ‘Chas and Dave’ style advert. It struck a deal with media giant and owner of the Mirror newspapers, Reach PLC. It also acquired lettings platform Teclet.