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OnTheMarket ups full-year forecasts, shares rally

Mon, 14th Dec 2020 08:39

(Sharecast News) - Shares in OnTheMarket jumped in early trading on Monday after the property portal revealed full-year profits were on course to beat market expectations.
The AIM-listed firm said current trading was ahead of expectations, and as result, revenues for the year to 31 January were now forecast to be no less than £22.5m. Adjusted operating profits are expected to come in at no less than £1.5m.

OnTheMarket said: "These expected results reflect the measures taken during the year to support agents through customer discounts, while reducing costs and conserving cash, particularly through a reduction in marketing expenditure."

As at 0815 GMT, shares in the agent-backed portal were trading 14% higher at 140.0p.

However, the firm did sound a note of caution looking forward. "The company continues to monitor the impact of Covid-19. At this stage, in the light of the ongoing uncertainty and as a prudent measure until greater clarity exists, the company is not providing financial guidance beyond the current financial year," it said.

Chief financial officer Clive Beattie said: "Our revenue growth and financial discipline form the strong platform from which we will continue to provide increasing value to our customers, while our agent ownership and support, and our commitment to fair pricing, will continue to differentiate OnTheMarket."

OnTheMarket also announced that incoming chief executive Jason Tebb had joined the board, with Beattie resuming his role as chief financial officer after a period as acting chief executive. Tebb was previously chief operating officer of Ultimate Holdings, a property investment and management business.

Roddy Davidson, analyst at Shore Capital, said: "We have raised our full-year 2021 revenue, adjusted pre-tax profits and adjusted EPS to £22.7m, £3.5m and 4.3p (from £22.1m, £2.1m and 2.6p), and believe OnTheMarket's increasingly compelling and comprehensive offering, potential in the new homes market, commitment to fair pricing, ability to offer equity and the presence of experience and entrepreneurial management all bode well for the future."

Shore Capital is joint broker to OnTheMarket,along with Zeus Capital.
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OnTheMarket says independent adviser recommends takeover by CoStar

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OnTheMarket's CoStar offer "not in UK national interest" - Brett Stone

(Alliance News) - OnTheMarket PLC's proposed GBP99 million takeover by CoStar Group Inc is "not in the UK's national interest", according to letters sent on Thursday by Brett Stone, an investor who offered to invest more than GBP50 million in OnTheMarket last year.

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Investment activist Brett Stone urges OnTheMarket shareholders to reject CoStar deal

(Sharecast News) - Investment activist Brett Stone on Thursday urged OnTheMarket shareholders to reject a £99m takeover by US commercial real estate information group CoStar, arguing the deal is "opportunistic" and "significantly" undervalues the company.

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19 Oct 2023 16:56

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19 Oct 2023 11:14

OnTheMarket agrees to GBP99 million CoStar takeover, swings to loss

(Alliance News) - OnTheMarket PLC shares soared on Thursday after it agreed to a takeover from indirect CoStar Group Inc subsidiary CoStar UK Ltd for around GBP99 million.

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19 Oct 2023 10:37

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Rightmove tumbles as OnTheMarket agrees £99m takeover by CoStar

(Sharecast News) - Rightmove tumbled on Thursday after smaller rival OnTheMarket agreed to be taken over by US commercial real estate information group CoStar in a £99m deal.

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OnTheMarket to be taken over by CoStar in £99m deal

(Sharecast News) - OnTheMarket said on Thursday that it has agreed to be taken over by US commercial real estate information group CoStar in a £99m deal.

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19 Oct 2023 07:57

OnTheMarket to be taken over by CoStar in £99m deal

(Sharecast News) - OnTheMarket said on Thursday that it has agreed to be taken over by US commercial real estate information group CoStar in a £99m deal.

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OnTheMarket to be taken over by CoStar in £99m deal

(Sharecast News) - OnTheMarket said on Thursday that it has agreed to be taken over by US commercial real estate information group CoStar in a £99m deal.

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