Jason Tebb & Clive Beattie of OnTheMarket discuss strong set of results showing revenue grow by 32%
Jason Tebb, CEO & Clive Beattie, CFO of OnTheMarket #OTMP discusses a strong set of results for the year, showing revenue growth of 32% & proving the “strategy is working”.
· Revenue and ARPA up 32%, reflecting growth in paying customers, the migration of customers on discounted rates towards full-tariff contracts, continued growth in new homes revenues and COVID-19 customer support discounts that totalled £2.6m in 2021.
· Adjusted operating profit up 13% to £2.7m (2021: £2.4m), in part reflecting a 80% increase in marketing expenditure to £10.6m (2021: £5.9m).
· Cash generated from operating activities of £3.7m (2021: £5.1m), reflecting cash generated by Agents' Mutual Limited ("Agents' Mutual"), partially offset by investment in Glanty Limited ("Glanty") since acquisition.
· Strong balance sheet, with year-end cash of £8.4m (31 January 2021: £10.7m) after the acquisition of Glanty, strategic investments and full furlough scheme repayment in the period, which together represented £2.6m of cash payments.
· Focus on valuation leads5, up 58% from FY21, and serious property-seekers, with site visits up 6% to a record 283m (2021: 267m).
To read the full RNS click HERE
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.