OnTheMarket held its AGM yesterday morning. All resolutions were passed.
Ahead of it taking place OTM issued a statement, which said that the financial year to 31 January 2020 showed strong operational performance with financial momentum building throughout the second half.
At 30 June 2020, total advertisers (the aggregate of estate and lettings agent branches and new homes developments listing on the portal) had grown to almost 14,000.
The number of agent branches listing exclusively with the portal has grown to 1,619 – a rise of 42% year-on-year, and almost 600 branches have contracted under the Company’s most recent listing offers, which issues welcome shares to each business alongside full-tariff paying contracts.
In June, the portal generated more than 1.8 million leads – an average of 134 per advertiser. This was an increase of 6.3% from the 126 leads per advertiser during January.
At the end of June the net cash balance stood at £9.4 million (an increase of £0.6m compared to the end of May), and, excluding £2.3 million of deferred creditor payments on both dates, the company had no borrowings.
The company says that it looks forward to the year ahead with confidence and a differentiated proposition “that we believe is highly valued by agents”.
The market liked the statement and the share price jumped by around 15% during the day.
Amazing.
Does anyone remember rightmove?
In case you don’t. Onthrmatket was set up by some London agents and the whole industry trusted them .
We all stopped using rightmove , and now we all only pay £300 a month in portal fees….
Ahhh, what a sleep, I dreamt onthemarket actually did what they said they would..
Bless you all
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If they are doing so well, why have they sent out risk of rendancies letters to there field sales team ?? This news landed yesterday and the staff get a letter . Now kicking there own staff in the nuts . Rep I spoke to yesterday was so upset and now no rep in my area . Shame on you On the market ….
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Redundancies are not exclusive to any business I’m afraid so I wouldn’t criticise them on that one. If only the agents would support this portal rather trying to come up with a fourth/fifth portal we may stand a change of taming RM.
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