OnTheMarket held its AGM yesterday morning. All resolutions were passed.
Ahead of it taking place OTM issued a statement, which said that the financial year to 31 January 2020 showed strong operational performance with financial momentum building throughout the second half.
At 30 June 2020, total advertisers (the aggregate of estate and lettings agent branches and new homes developments listing on the portal) had grown to almost 14,000.
The number of agent branches listing exclusively with the portal has grown to 1,619 – a rise of 42% year-on-year, and almost 600 branches have contracted under the Company’s most recent listing offers, which issues welcome shares to each business alongside full-tariff paying contracts.
In June, the portal generated more than 1.8 million leads – an average of 134 per advertiser. This was an increase of 6.3% from the 126 leads per advertiser during January.
At the end of June the net cash balance stood at £9.4 million (an increase of £0.6m compared to the end of May), and, excluding £2.3 million of deferred creditor payments on both dates, the company had no borrowings.
The company says that it looks forward to the year ahead with confidence and a differentiated proposition “that we believe is highly valued by agents”.
The market liked the statement and the share price jumped by around 15% during the day.