10 Sep 2020 07:00
None of the information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, nor does it contain any information that is required to be announced via a Regulatory Information Service under the AIM Rules for Companies.
10 September 2020
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
OnTheMarket delivers another month of record leads
OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, announces record leads to advertisers during August, beating July's previous record.
Record leads
The portal generated more than 2 million leads in August, an increase of 64% year on year, with an average of 149 per advertiser. Visits to the site again exceeded 27.5 million for the month. This continues the strong recent performance over the last three months which has seen average visits of 26.8 million per month and an average of 2 million leads per month.
Drivers of the increase in traffic include OnTheMarket's "New & exclusive" properties, which sees many agents choose to list properties on the site in advance of listing them on Rightmove or Zoopla, together with properties of those agents listing exclusively with OnTheMarket, a number which has grown strongly year-on-year.
Maintained strong cash position
As of the end of August, OnTheMarket's net cash balance stood at £10 million, an increase of £0.6m compared to the end of June, and, excluding £2.2 million of deferred creditor payments, it had no borrowings. Cash balances will fluctuate as creditor and tax payments fall due, but the Company has continued to take a disciplined approach to managing its cost base and cash position, including through a significant reduction in marketing expenditure.
Clive Beattie, Acting Chief Executive Officer of OnTheMarket, said:
"We are consistently driving strong leads while our consumer awareness is growing and these record numbers show how many serious buyers we are attracting to the site.
"Our focus remains on driving performance and delivering value for our agent shareholders and the strength of OnTheMarket's on-going traffic shows a sustainable platform for future growth."
1 Data for leads generated is drawn from the Company's operating systems.
2 Visits comprise individual sessions on OnTheMarket.com's web-based portal or mobile app by users as measured by Google Analytics.
ENDS
For further information, please contact:
OnTheMarket Clive Beattie, Acting Chief Executive Officer
| 0207 353 4200 |
Tulchan Communications James Macey White Giles Kernick
| 0207 353 4200 |
Zeus Capital (Nominated Adviser/Joint Broker) Jamie Peel, Martin Green, Daniel Harris (Corporate Finance) John Goold, Benjamin Robertson (Broking)
| 0203 823 5000 |
Shore Capital (Joint Broker) Daniel Bush, John More (Corporate Finance) Fiona Conroy (Corporate Broking)
| 0207 408 4090 |
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.
With over 3,000 estate and letting agent shareholders, operating over 6,000 offices, 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 "New & exclusive" properties to serious property-seekers 24 hours or more before agents release these properties to other portals.