OnTheMarket PLC - UK property search portal - Swings to pretax profit in half year to July 31 of GBP676,000 from GBP7.1 million loss a year prior. Marketing expenditure was down 67% to GBP2.2 million from GBP6.6 million a year before. Revenue rose 28% to GBP10.2 million from GBP8.0 million a year before. Says it has seen increased engagement with its portal. Going forward, it plans to continue to grow the number of paying advertisers by working with agents and housebuilders and encouraging them to support the portal. Says that assuming the UK housing market remains open and active, it expects revenues and costs to increase from the levels seen in the first half of the year going into the second half year ending January 31, 2021. Expects to achieve a broadly breakeven adjusted operating profit position for the full financial year as a result.
Current stock price: 97.89 pence
Year-to-date change: up 39%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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