OnTheMarket's 2022 Revenue of £34m 'In line with expectations'

The British property portal OnTheMarket is expecting to announce full-year revenue of around £34m for the year ending 31st of January 2023.

The company, which is listed on the London Stock Exchange, released an unaudited trading update this morning which expects revenue to be between £34m and £34.5m for the year, an increase on the previous year's figure of £30.4m.

The missive also gave the expected adjusted operating profit of between £4m and £4.5m (FY21: £2.7m) citing operation cost discipline for the expected increase.

The past 12 months have seen the majority agent-owned OnTheMarket announce a string of partnerships to help its customers and pursue its strategy of moving into the agent software market, releasing its long-awaited CRM product 'TecCRM' in November.

"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", said CEO Jason Tebb.

The company is expected to release its fully audited report for the financial year in June.

Below, watch OnlineMarketplaces.com's exclusive interview with Jason Tebb from October 2022.