OnTheMarket plc shares jumped 8.2% on Monday after the property portal firm announced that trading during the second half of the current financial year is ahead of expectations.

The company now expects revenue and adjusted operating profit for the 12-month period to 31 January 2021 to be no less than £22.5m and £1.5m respectively.

OTM currently has net cash of £10.9m, but that is expected to fall in January 2021 due to marketing expenditure to support consumer engagement and lead generation for advertisers.

Shares of OnTheMarket ended the day up 8.2% at 132.5p after initially reaching highs of 145p per share yesterday.

Clive Beattie, OTM’s chief financial officer, commented: “As we approach our financial year end, I am pleased to report on a strong performance since our interim results announcement, achieved through the continued hard work and commitment of my colleagues and the support of our loyal customers.

“Our revenue growth and financial discipline form the strong platform from which we will continue to provide increasing value to our customers, whilst our agent ownership and support, and our commitment to fair pricing, will continue to differentiate OnTheMarket.”