TIDMOTMP
RNS Number : 3572F
OnTheMarket plc
09 March 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. The person responsible for making this
announcement on behalf of the Company is Clive Beattie, Acting
Chief Executive Officer.
9 March 2020
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
DIRECTORATE CHANGE AND TRADING UPDATE
Directorate change
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, today announces that it has given
notice of termination of employment to Ian Springett, Chief
Executive Officer, with immediate effect.
The Board has appointed Clive Beattie, Chief Financial Officer,
as Acting Chief Executive Officer. Korn Ferry, a leading executive
search consultancy, has been appointed to conduct the formal
recruitment process for a permanent replacement.
Trading update
Additionally, the Company is pleased to provide an update on
trading. Based on unaudited results for the year ended 31 January
2020, revenues were slightly above the GBP18.0m to GBP18.5m
guidance provided in September 2019 and the Company expects to
report better than anticipated adjusted EBITDA (1) performance. At
31 January 2020 the Company had net cash of GBP8.7m.
Christopher Bell, Chairman of OnTheMarket, commented:
"On behalf of the Board and all our colleagues I would like to
thank Ian for his hard work and commitment over many years. He has
played a major part in helping establish OnTheMarket.com as one of
the UK's leading residential property portals and we wish him every
success in the future.
"Our commitment to building a strong, agent-backed, profitable
and technology-enabled business remains undiminished. However, to
continue our progress toward this objective and take OTM forward
through the next phase of its corporate development, the Board
believes now is the right time to appoint a new Chief
Executive.
"The Board remains very confident in the prospects of OTM and
its potential in capitalising upon its substantial growth
opportunities. We have built a talented team and we will continue
to ensure that we provide innovative, affordable and valuable
solutions to meet our customers' changing needs."
1) Adjusted EBITDA is defined as EBITDA before finance costs,
taxation, share based payments and exceptional or non-recurring
items. This is an alternative performance measure and should not be
considered an alternative to IFRS measures, such as revenue or
operating loss.
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Christopher Bell, Chairman
Clive Beattie, Acting Chief Executive Officer
Tulchan Communications 0207 353 4200
James Macey White
Giles Kernick
Sophie Duckworth
Zeus Capital (Nominated Adviser/Joint Broker) 0203 823 5000
Jamie Peel, Martin Green, Daniel Harris
(Corporate Finance)
John Goold, Benjamin Robertson (Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush
Fiona Conroy
Background on OnTheMarket :
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is the third biggest UK
residential property portal provider in terms of traffic.
It aims to deliver a market-leading, agent-backed alternative to
Rightmove and Zoopla, offering a first-class service to agents at
sustainably fair prices and becoming the go-to portal for serious
property-seekers.
OnTheMarket plc was admitted to AIM in February 2018 with GBP30
million in new capital in order to support a new growth strategy
for the business.
At its IPO, OnTheMarket was 70% owned by over 2,000 agent firms.
Following the share issuance arising from its growth in long term
agent listing contracts, over 3,000 agent firms operating more than
6,000 UK agency branches are now OnTheMarket shareholders.
With backing from its agent owners, OnTheMarket has developed
unique sources of competitive advantage such as the thousands of
"New & exclusive" property listings it receives every month
from its agents to display 24 hours or more before they are on
Rightmove or Zoopla.
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END
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