OnTheMarket announced its audited results for the year ending 31 January 2019. Group revenue increased to £14.2m (2018: £13.6m) and adjusted operating loss stood at £13.6m for the period, down from £3.9m in operating profit last year. It also recorded a cash balance of £15.7m (2018: £3.2m) as of 31 January 2019.
The group has signed listing agreements with the UK estate and letting agents with more than 12,500 offices – an increase of over 7,000 offices since admission. The group’s conversion of agents from free-to-paying contracts is in progress and new agents are being recruited directly to paying contracts. Preparatory work to extend offerings to new home developers has begun.
With revenue broadly covering operational costs before marketing expenditure and growing group recorded a cash balance of £10.2m at 31 May 2019, the board believes that with the continued support of agents, it is well-placed to deliver long-term value to shareholders.
Ian Springett, CEO of OnTheMarket plc, commented: “The group’s strategy to build strong network effects and deliver increasing value to our agents is working. We are established as one of the leading portals and our progress to date has given us confidence that we can continue to build on this strong start and develop a market-leading, agent-backed alternative to Rightmove and Zoopla. We are benefitting from growing agent support and are strongly positioned to continue our growth in agent offices listing and in agent firms converting to becoming investors alongside long-term paying contracts.”