OnTheMarket plc (OTM), the owner of British property portal OnTheMarket.com, has recently released an announcement that stated a pre-tax loss of £5.7m from January to the end of July of this year.
OnTheMarket.com features thousands of new properties each month, 24 hours or more before they are advertised on Rightmove or Zoopla.
The company said that it had group revenue of £7m in the first half of its financial year, during which it floated on AIM and raised £30m through the issue of shares.
Since then, it has recruited more offices, taking the total number to over 11,000 – mostly on free listings. As a result, the average revenue per advertiser per month has fallen to £153, down from £194.
OTM was expected to make losses, and the company told the stock market this morning that it has had “a strong start to delivering our transformational growth strategy”.
CEO Ian Springett said: “We said that we would be seeking to rapidly expand our agent base and this has grown from 5,500 branches under listing contracts at 1dmission to more than 11,000 as at 1 October 2018."
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