OnTheMarket plc AGM Statement (5289U)
30 Julio 2020 - 1:00AM
UK Regulatory
TIDMOTMP
RNS Number : 5289U
OnTheMarket plc
30 July 2020
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
AGM 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 2020 was a year of strong
operational performance with financial momentum building throughout
the second half. It is particularly pleasing to see the portal
delivering real value to its estate agent and new homes customers,
with record enquiries as millions of engaged consumers visit the
website each week.
"Despite the UK lockdown as a result of COVID-19, it is pleasing
to see operational progress continue. At 30 June 2020, total
advertisers* had grown to almost 14,000. Throughout June, the
portal generated more than 1.8 million leads - an average of 134
per advertiser, an increase of 6.3% from our 126 leads per
advertiser during January and 40% on the FY20 average leads per
advertiser of 96. This was despite the curtailment of discretionary
marketing spend following the onset of the COVID-19 crisis.
"Throughout the COVID-19 pandemic we have focussed on careful
management of cash. At the end of June, our net cash balance stood
at GBP9.4 million (an increase of GBP0.6m compared to the end of
May), and, excluding GBP2.3 million of deferred creditor payments
on both dates, we had no borrowings.
"Following the release of pent-up consumer demand as the market
reopened, buoyed further by the Chancellor's stamp duty holiday,
agents are seeing strong levels of activity. The COVID-19 crisis
has been a catalyst for many agents to review their portal choices
and examine the value delivered. We believe there is significant
potential for market share gains and we will look to capitalise on
this opportunity through our strong portal offering, our approach
of agent alignment through ownership in OnTheMarket and our
commitment to sustainably low listing fees.
"We would like to thank our agent customers and shareholders for
their support. Being majority agent-owned, our interests and those
of our customers are one and the same. Our operational strength
suggests that consumers are looking at multiple portals to find
their properties and underpins our strategy to provide agents with
a genuine choice amongst portals for listing properties by having
significantly increased competition in the market. We have been
very encouraged to see almost 600 branches contracted under the
Company's most recent listing offers, which issue welcome shares to
each business alongside full-tariff paying contracts. Furthermore,
in the last year, the number of agent branches listing exclusively
with the portal has risen to 1,619 - a rise of 42% year-on-year. We
look forward to the year ahead with confidence and a differentiated
proposition that we believe is highly valued by agents."
* The aggregate of estate and lettings agent branches and new
homes developments listed at OnTheMarket.com.
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Clive Beattie, Acting Chief Executive Officer
Tulchan Communications 0207 353 4200
James Macey White
Giles Kernick
Sophie Duckworth
Zeus Capital (Nominated Adviser/Joint Broker) 0203 823 5000
Jamie Peel, Martin Green, Daniel Harris
(Corporate Finance)
John Goold, Benjamin Robertson (Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush, John More (Corporate Finance)
Fiona Conroy (Corporate Broking)
Background on OnTheMarket :
OnTheMarket plc, the agent-backed 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 thousands
of "New & exclusive" properties every month to serious
property-seekers 24 hours or more before agents release these
properties to other portals
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END
AGMPPUPWMUPUGQB
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