OTMP.L Share News (OTMP)

(Sharecast News) - Property portal operator OnTheMarket updated on its progress in adding agents on new paying contracts on Tuesday, reporting that as at 2 December, more than 3,000 more offices had been signed under new paying contracts to list all of their residential properties with the company.
The AIM-traded firm said the progress built on the support from thousands of firms already on long-term paying contracts at the time of admission to AIM in February last year.

Its board said the milestone signalled "continuing rapid progress" from 30 September, when OnTheMarket had 2,346 more offices signed under paying contracts.

Agent offices listing remained in excess of 12,500 offices, up from 5,500 at the time of admission to AIM.

The majority of the offices joining since admission signed initially under short-term introductory free trial offers.

Conversion of those offices into paying contracts was a key strategic focus for OnTheMarket, it explained.

"I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts," said chief executive officer Ian Springett.

"This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.

"It is further encouraging evidence of growing agent support."

Springett said the ongoing growth in the number of branches under paying contracts was key to the group's transition into profitability.

"Agent backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.

"Our continued progress in attracting more agents to support the portal and our early success in attracting house-builders give us encouragement as we focus on achieving our key objectives for the coming year."

At 1422 GMT, shares in OnTheMarket were up 0.47% at 75.35p.