OnTheMarket (OTMP ), operator of the OnTheMarket.com property portal, announced unaudited pre-close results for the year ended 31 Janary 2023 (FY23).
OnTheMarket expects revenues between £34m-£34.5m in FY23, compared to £30.4m in FY22. Its New Homes development listings continued to grow, supported by the release of several New Homes products in H2 23.
The company continued to see growth in ARPA during 2H23 and expects to report increased operating mar gins in its final results, with adjusted operating profit for the year expected at £4m-£4.5m, compared to £2.7m in FY22. It also reported a healthy balance sheet, with cash of £10.4m and no debt.
OnTheMarket added new data and market intelligence services to its suite of offerings in FY23, including a number of products for its agent customers. The company relaunched Glanty as OnTheMarket Software, and introduced TecCRM, an end-to-end customer relationship management solution.
Jason Tebb, CEO, commented: "We have made significant progress with our strategy of building a tech-enabled property business and are pleased to continue to be delivering strong growth and profitability. We have also been pleased with the progress we have made in renewing contracts with our agent customers.
Whilst market conditions remain challenging, we are well placed with the exceptional value we continue to offer agents and housebuilders alongside our growing range of additional products and services and with more to come in 2023."
View from Vox
Overall, a solid set of pre-close results from OnTheMarket, evoking a positive reaction from markets this morning with OTMP stock up 1.4%.
The company continued to make progress against its long-term growth strategy, and expects to deliver a FY23 adjusted operating profit in line with management forecast despite a challenging year for the UK housing market and a delayed launch of some of OnTheMarket's new products and services. It remains well funded with £10.4m in the bank and no debt.
OnTheMarket remains a great value offering for agents and housebuilders with an advanced suite of data and market intelligence services, partially explaining the company's outperforming against a challenging macroeconomic backdrop in its FY23. OTMP's momentum is expected to continue with the planned launch of "OnTheMarket 2.2" in H1 24.
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