OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com (OTM) property portal, has announced an update on trading for the year to 31 January 2022, confirming a strong performance in line with recent update.

In line with its trading update on 21 January 2022, in which the group upgraded its expected adjusted operating profit1 for the year to 31 January 2022 to be not less than £2.5m, and subject to audit, OTM expects to report group revenues of approximately £30.8m, increased from £23m in the previous financial year.

It also reported an adjusted operating profit for the year of about £2.6m, a marginal increase on £2.4m reported in the previous financial year.

OnTheMarket said it remains well capitalised with net cash at 31 January 2022 of £8.4m and no borrowings.

Over the course of the last financial year, OTM has agreed a a number of commercial partnerships that provide a greater range of products and services to advertisers and consumers.

Recent partnerships include those with Brickflow, Autoenhance.ai and a strengthened partnership with Sprift, through which OnTheMarket provides the exclusive prospecting product, SmartMail to its agents.

In addition, last month, OTM concluded an extended agreement with rental platform Canopy alongside taking a strategic minority equity investment of £350,000 in the company.

Jason Tebb, chief executive officer of OnTheMarket, commented: “We are delighted to have achieved a year of further financial and operational progress. But there is much more to come. We’ve received great feedback from our customers regarding our new strategy and our enhanced suite of product and service offerings. We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead.

“With the new website and brand launch in December 2021, and an increasing range of commercial partnerships successfully established, the transformation of OnTheMarket to create a tech-enabled property business across the broader property ecosystem is accelerating.  Our new website, and initiatives such as Only With Us, continue to attract serious property seekers and connect them with our agents.

“The strategic steps we’ve taken, alongside the support of our agent customers and shareholders, provide us with the confidence that we have a platform from which to drive long-term profitable growth for the benefit of our agent shareholders and other stakeholders.”