OnTheMarket's loss increases but site visits on the up

Online property portal OnTheMarket reported deepening losses due to a rise in costs and a dip in revenues in the company’s maiden full year results.

The AIM-traded company saw its pre-tax loss increase from £2.5m to £12.1m for the 12-month period ending 31 January, with revenue falling 10% to £16m over the same period.

OnTheMarket said its annual performance was impacted by one-off costs associated with its share-based management incentive, which rose from zero in 2017 to £13.3m.

The company reported that it ended the year with cash of £3.2m, up from £2.3m in the previous year.

Ian Springett, Chief Executive Officer of OnTheMarket plc, said: "After listing on AIM in February, we are continuing on our journey to create a genuine alternative to the leading incumbent portals. In addition to accelerating growth in the numbers of agents, property listings and portal visitors, we also remain focused on developing new consumer and agent products and services, targeting revenues from new segments of the property market and developing new strategic partnerships."

In the current financial year, the number of visitors to the company’s online portal was 42.2m as of 31 May, up from 21.9m in the same period last year.

Similarly, the company has grown the number of estate agent offices with which it has listing agreements by 54% to over 8,500.

"We are strongly encouraged by the growing agent and customer support and feedback to our proposition, and I look forward to carrying this momentum forward in our first financial year as a listed company," said Springett.

As of 1445 BST, OnTheMarket’s shares were down 0.93% at 160.50p.