26 Jul 2022 07:00
26 July 2022
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Annual General Meeting Statement
OnTheMarket plc (AIM: OTMP), the majority agent-owned company which operates the OnTheMarket.com property portal, is pleased to provide the following statement ahead of its Annual General Meeting ("AGM") to be held today.
Christopher Bell, Non-Executive Chairman, will make the following remarks at the AGM:
"Our financial year to 31 January 2022 ("FY22") saw another year of significant strategic progress, with our financial and operational performance and substantial, loyal advertiser base providing us with a resilient base for continued growth.
FY22 saw the continued and successful application of our 4 Pillar Strategy to establish a tech-enabled property business across the broader property ecosystem for our partner agents, customers and consumers. The key developments within the four pillars of growth during FY22 were:
· Portal: We completed a refresh of the user experience at OnTheMarket.com, launching our new website, logo and branding.
· Software solutions: Completed the acquisition of Glanty. Product development is ongoing, in particular the development of a CRM system and an associated product targeted at the sales market, complementing the teclet lettings product already available.
· Data and market intelligence: Commercial partnership with Sprift Technologies to provide our customers with 'best-in-class' data and market intelligence tools and, more recently, a full-service canvassing and prospecting system.
· Communications and marketing: A new marketing and communications strategy, with new TV creative to drive increased levels of consumer awareness amongst serious property seekers and generate valuation leads for customers.
Underpinning our strategy is the strength of our balance sheet, with year-end cash of £8.4m and no borrowings after the acquisition of Glanty, alongside other strategic investments, and full furlough scheme repayment in the period. We were also pleased that, at a general meeting on 26 May 2022, shareholders approved a proposal which provides OnTheMarket with greater flexibility to pay dividends to shareholders should the Board consider it appropriate in the future to do so.
The Group has made a positive start to FY23, and trading has been in line with the Board's expectations. Notwithstanding the well-publicised macro-economic uncertainty, the fundamentals of the UK residential property market currently remain good, with market activity remaining high and demand for properties significantly outweighing supply.
The Group continues to be mindful of its impact on all stakeholders. During FY22, OnTheMarket started working with external climate consultants to calculate and benchmark our carbon footprint and support the development of a new sustainability strategy. Our people remain our most valuable asset and I am extremely grateful to them for their dedication during the year, which has been the driving force behind our strong performance. I would also like to extend my thanks to our shareholders, customers and suppliers for their ongoing support."
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Jason Tebb, Chief Executive Officer
Clive Beattie, Chief Financial Officer
Tulchan Communications 0207 353 4200
Giles Kernick, Oliver Norgate
Zeus Capital (Nominated Adviser/Joint Broker) 0203 829 5000
Jamie Peel, Martin Green, James Hornigold (Investment Banking)
Benjamin Robertson (Corporate Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush, John More (Corporate Finance)
Fiona Conroy (Corporate Broking)
Background on OnTheMarket
OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, is a leading UK residential property portal provider.
Its objective is to create value for shareholders and property advertiser customers by delivering an agent-backed, technology enabled portal - offering a first-class service to agents and new homes developers at sustainably fair prices and becoming the go-to portal for serious property-seekers.
OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. Agent backing and support enable OnTheMarket to display 'Only With Us' properties which are either exclusive properties advertised at OnTheMarket.com by customers who do not list their properties with either Rightmove or Zoopla, or properties listed 24 hours or more before agents release these properties to Rightmove or Zoopla.