OnTheMarket turns a profit amid pandemic

Online property portal operator OnTheMarket said on Monday that revenues and adjusted operating profits for the year ended 31 January were expected to be no less than £22.5m and £1.5m, respectively.

OnTheMarket also pointed to adjusted operating profits for the full-year of £2.3m, a marked turnaround when compared to last year's operating loss of £9.2m.

The AIM-listed group credited its home valuation tool for the increase in activity, with the chancellor's introduction of a stamp duty holiday during the Covid-19 pandemic leading to improved house sales.

As of 30 November 2020, OnTheMarket held a net cash balance of £10.9m and, excluding deferred creditor payments of £400,000, no borrowings.

Chief executive Jason Tebb said: "I am delighted that in a year of challenging circumstances, we are able to report that trading was ahead of our expectations from just a few months ago.

"We will seek to further evolve our offering through on-going product innovation and increasing consumer engagement through targeted, data-led marketing and the provision of a suite of additional services which will benefit estate agents, housebuilders and consumers."

As of 1030 GMT, OnTheMarket shares were flat at 110.0p.