OnTheMarket set to announce profit leap
CEO of the portal says its annual profits will rise from £2.7 million to up to £4.5 million, with revenues up as well.
OnTheMarket is set to reveal a jump in profit figures from last year despite a ‘challenging market’.
The portal expects adjusted operating profit to be between £4m and £4.5m compared to £2.7m in 2022.
OTM said in a trading update it expects to report revenues of between £34m and £34.5m (FY22: £30.4m) to 31 January, and that there was growth in its ARPA figure.
It has also brought in a number of technology products and services for agent customers, including relaunching Glanty as OnTheMarket Software, and introducing TecCRM, an end-to-end customer relationship management solution.
A website upgrade, ‘OnTheMarket 2.2’, is planned for the first half of next year.
New CFO
A new CFO was announced this week, with Tom Carter due to take over from Clive Beattie in March. An interim CFO was also announced with Simon Bullock taking the reins temporarily.
Jason Tebb, CEO at OTM, (main picture) says: “We have made significant progress with our strategy of building a tech-enabled property business and are pleased to continue to be delivering strong growth and profitability.
“We have also been pleased with the progress we have made in renewing contracts with our agent customers.
“Whilst market conditions remain challenging, we are well placed with the exceptional value we continue to offer agents and housebuilders alongside our growing range of additional products and services and with more to come in 2023.”
