(Alliance News) - Property search portal OnTheMarket PLC on Thursday said it has seen boosted demand and traffic numbers as lockdown measures were relaxed in the UK.
The Aldershot, Hampshire-based firm reported its annual results for the year ended January 31. Numbers showed revenue rose by just under a third to GBP18.8 million from GBP14.2 million and its loss narrowed to GBP11.7 million from GBP14.5 million.
Traffic visits over the course of the year were 49% higher at 237 million from 159 million.
Focus now turns to the Covid-19 pandemic, which disrupted a promising start to the new year. OnTheMarket said its traffic in February and the first half of March was in line with expectations, before lockdowns had an "immediate impact" on the business.
"Since the partial relaxation of restrictions on May 11, the group has seen strong increases in weekly new instructions, traffic and leads against the previously subdued levels. This is despite a substantial reduction in advertising expenditure," OnTheMarket said.
In the first week of June, visits to its website more than trebled.
OnTheMarket's financial guidance remains suspended, however. The company cut listing costs by a third for three months starting in April.
OnTheMarket said: "In the short-term, revenues will be reduced by the support we are providing our customers through the discounts we have offered them. Furthermore, the pandemic has impacted our customer recruitment and slowed the ongoing conversion of customers onto paying contracts.
"However, the recent uplift in activity, which reflects increased brand awareness, is encouraging and we remain confident that we have the right strategy to support our longer-term vision to become the portal of choice for agent customers and property-seekers alike."
Shares in the company were 8.6% higher at 57.00 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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