(Alliance News) - Property search portal OnTheMarket PLC on Thursday said it is cutting listing fees by a third and added it is too soon to give financial guidance on the impact of Covid 19.
For invoices issued over the next three months starting April, listing fees will be cut by 33%.
"This discount will be given to all OnTheMarket agent customers who are paying on full-tariff listing agreements," OnTheMarket said.
The company added: "It is too early to give guidance on the potential impact of Covid-19 on our results for the current financial year to January 31, 2021. While revenues may be impacted in the short term, the group will preserve cash through the careful management of costs."
Acting Chief Executive Officer Clive Beattie said: "We are the agents' portal. We understand the next few months are going to be tough and, as such, we believe simply kicking the monthly rate back is not helping agent partners, it's delaying the unavoidable. We believe that offering this discount early will assist agents to control their costs in the face of such uncertain times."
Shares in the company were untraded at 40.16 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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