OnTheMarket Performing 'Ahead of Expectations' as it Rapidly Approaches Breakeven

January 21, 2022
Share this Post: 

The majority agent-owned British portal OnTheMarket has released a trading update to the London Stock Exchange in which shareholders were informed that the company's performance was ahead of consensus.

In October OnTheMarket executives predicted that operational breakeven would be achieved during the six months ending January 2022. Today's missive claims that thanks to "disciplined operational and cost management", operating profit will be positive for H2 21/22 and will be at least £2.5m for the full year FY 21/22.

"The Group's operational performance has continued to be strong through H2 21/22 and revenues for the full year ended 31 January 2022 ("FY 21/22") are now expected to be slightly ahead of market consensus."

Jason Tebb, Chief Executive Officer of OnTheMarket, commented:

"We are pleased to be reporting a strong performance and further operational progress in keeping with our objective of building a tech-enabled property business. We achieved a great deal in 2021, culminating in the launch of our new website and branding which have been well received by agents and serious property seekers. There is a lot more to come and we look forward to delivering this in the year ahead."

OnTheMarket has been generating positive headlines of late as it looks to position itself as the truly agent-centric portal in the UK and capitalise on the anti-Rightmove sentiment among agents. The portal has recently entered into partnerships with PropTech providers to upgrade its agent tools and has updated its branding for the new year.

Rightmove Share Price Google Search

Onthemarket Share Price Google Search

 
Unlike that of its rival, Rightmove, OTM's share price has been on a strong footing so far in 2022, trading at around 120GBX, up from around 100 in December.
 

January 21, 2022
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 2200544553
Financial Services Specialist BetterHome Group Increases Shareholding in South African Portal Private Property

The BetterHome Group has increased its shareholding in the South African real estate portal Private Property. According to a report...

Read More
Alma Media House Symmetry
Alma Media's Finnish Real Estate Portals Endure Tough Q3

The Finnish online classifieds operator Alma Media has announced its provisional results for Q3 of the 2023 financial year. Relevant...

Read More
Rew On Stage Ppw 23
Real Estate Works is Bringing Netflix-Style Content Production to The Canadian Market—and it's Profitable

What does Netflix-style realtor branding look like? Real Estate Works (REW), a property portal operating in the west of Canada,...

Read More
Shutterstock 557396146
Aussie Commercial Portal Sidespace Seeks A$2.5 Million Investment to Challenge Market Norms

The Australian commercial real estate marketplace operator Sidespace is currently seeking a capital infusion of A$2.5 million to fuel its...

Read More

Editor's Pick