LONDON (Alliance News) - OnTheMarket PLC said Tuesday the number of UK estate agency branches covered by listing agreements with the property website is now above 12,500.
The company has added additional agent firms with more than 7,000 offices to its agreement list since its initial public offering in early 2018.
In February 2018, OnTheMarket raised GBP30.0 million after placing 18.2 million shares at 165 pence each. The initial public offering valued the firm at GBP100.0 million in market capitalisation.
Since listing, OnTheMarket has announced a string of agreements with agents including 300-branch franchise firm Belvoir Lettings PLC, 200-branch Hunters Property Group, 50-branch Chancellors Group of Estate Agents Ltd, and 100-branch Arun Estates amongst others.
"We are currently running advertising campaigns across national television and radio which complement our sustained heavy investment in digital marketing," Chief Executive Ian Springett said.
"Alongside the rapid growth in agent branches listing, this sustained marketing activity is helping drive our visitor traffic and the combined effect is greatly increased lead generation for our customers."
"We are confident in our ability to deliver a market-leading, agent-backed alternative to Rightmove and Zoopla, continuing to inject much-needed competition in the portals market, while delivering a superior digital user experience for property-seekers", Springett added.
Shares in OnTheMarket were 1.0% higher at 93.40 pence on Tuesday.