TIDMOTMP
RNS Number : 6486T
OnTheMarket plc
26 July 2022
26 July 2022
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
Annual General Meeting Statement
OnTheMarket plc (AIM: OTMP), the majority agent-owned company
which operates the OnTheMarket.com property portal, is pleased to
provide the following statement ahead of its Annual General Meeting
("AGM") to be held today.
Christopher Bell, Non-Executive Chairman, will make the
following remarks at the AGM:
"Our financial year to 31 January 2022 ("FY22") saw another year
of significant strategic progress, with our financial and
operational performance and substantial, loyal advertiser base
providing us with a resilient base for continued growth.
FY22 saw the continued and successful application of our 4
Pillar Strategy to establish a tech-enabled property business
across the broader property ecosystem for our partner agents,
customers and consumers. The key developments within the four
pillars of growth during FY22 were:
-- Portal: We completed a refresh of the user experience at
OnTheMarket.com, launching our new website, logo and branding.
-- Software solutions: Completed the acquisition of Glanty.
Product development is ongoing, in particular the development of a
CRM system and an associated product targeted at the sales market,
complementing the teclet lettings product already available.
-- Data and market intelligence: Commercial partnership with
Sprift Technologies to provide our customers with 'best-in-class'
data and market intelligence tools and, more recently, a
full-service canvassing and prospecting system.
-- Communications and marketing: A new marketing and
communications strategy, with new TV creative to drive increased
levels of consumer awareness amongst serious property seekers and
generate valuation leads for customers.
Underpinning our strategy is the strength of our balance sheet,
with year-end cash of GBP8.4m and no borrowings after the
acquisition of Glanty, alongside other strategic investments, and
full furlough scheme repayment in the period. We were also pleased
that, at a general meeting on 26 May 2022, shareholders approved a
proposal which provides OnTheMarket with greater flexibility to pay
dividends to shareholders should the Board consider it appropriate
in the future to do so.
The Group has made a positive start to FY23, and trading has
been in line with the Board's expectations. Notwithstanding the
well-publicised macro-economic uncertainty, the fundamentals of the
UK residential property market currently remain good, with market
activity remaining high and demand for properties significantly
outweighing supply.
The Group continues to be mindful of its impact on all
stakeholders. During FY22, OnTheMarket started working with
external climate consultants to calculate and benchmark our carbon
footprint and support the development of a new sustainability
strategy. Our people remain our most valuable asset and I am
extremely grateful to them for their dedication during the year,
which has been the driving force behind our strong performance. I
would also like to extend my thanks to our shareholders, customers
and suppliers for their ongoing support."
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Jason Tebb, Chief Executive Officer
Clive Beattie, Chief Financial Officer
Tulchan Communications 0207 353 4200
Giles Kernick, Oliver Norgate
Zeus Capital (Nominated Adviser/Joint Broker) 0203 829 5000
Jamie Peel, Martin Green, James Hornigold (Investment
Banking)
Benjamin Robertson (Corporate Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush, John More (Corporate Finance)
Fiona Conroy (Corporate Broking)
Background on OnTheMarket
OnTheMarket plc, the majority agent-owned company which operates
the OnTheMarket.com property portal, is a leading UK residential
property portal provider.
Its objective is to create value for shareholders and property
advertiser customers by delivering an agent-backed, technology
enabled portal - offering a first-class service to agents and new
homes developers at sustainably fair prices and becoming the go-to
portal for serious property-seekers.
OnTheMarket provides a unique opportunity for agents to
participate in the equity value of their own portal. Agent backing
and support enable OnTheMarket to display 'Only With Us' properties
which are either exclusive properties advertised at OnTheMarket.com
by customers who do not list their properties with either Rightmove
or Zoopla, or properties listed 24 hours or more before agents
release these properties to Rightmove or Zoopla.
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END
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