(Alliance News) - OnTheMarket PLC on Monday said its revenue was ahead of guidance in its most recent financial year, resulting in better-than-expected earnings.
The company, which operates a property portal, expects revenue for the year to the end of January to come in ahead of its initial guidance of between GBP18.0 million and GBP18.5 million. Thus, OnTheMarket anticipates to report adjusted earnings before interest, tax, depreciation and amortisation ahead of forecasts.
"The board remains very confident in the prospects of OnTheMarket and its potential in capitalising upon its substantial growth opportunities," said Chair Christopher Bell.
In addition, OnTheMarket said it has given notice of termination of employment to Chief Executive Ian Springett, with immediate effect. He will be temporarily replaced by Chief Financial Officer Clive Beattie.
In the meantime, OnTheMarket said Korn Ferry, an executive search consultancy, has been appointed to conduct the formal recruitment process for a permanent replacement.
"On behalf of the board and all our colleagues I would like to thank Ian for his hard work and commitment over many years," said Bell.
He added: "Our commitment to building a strong, agent-backed, profitable and technology-enabled business remains undiminished. However, to continue our progress toward this objective and take OnTheMarket forward through the next phase of its corporate development, the board believes now is the right time to appoint a new chief executive."
AIM-listed OnTheMarket shares were trading 5.9% lower in London on Monday at 65.88 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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