OnTheMarket FY earnings to beat expectations; CEO leaves

(Sharecast News) - OnTheMarket said on Monday that full-year earnings were set to be ahead of expectations, as it announced the immediate departure of chief executive officer Ian Springett.
Chief financial officer Clive Beattie has been appointed as acting CEO while executive search consultancy Korn Ferry looks for a permanent successor.

The company also provided a brief update on trading. Based on unaudited results for the year ended 31 January 2020, revenues were slightly above the ?18.0m to ?18.5m guidance provided in September 2019 and it now expects to report better-than-anticipated adjusted earnings before interest, tax, depreciation and amortisation.

Chairman Christopher Bell said: "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 OTM forward through the next phase of its corporate development, the board believes now is the right time to appoint a new chief executive.

"The board remains very confident in the prospects of OTM and its potential in capitalising upon its substantial growth opportunities. We have built a talented team and we will continue to ensure that we provide innovative, affordable and valuable solutions to meet our customers' changing needs."

At 1240 GMT, the shares were down 1.4% at 69p.