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OnThe Market posts first profit as housing activity jumps

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OnTheMarket PLC (LON:OTMP) posted its first-ever profit as the housing boom post-lockdown sent revenues by up by more than a fifth.

The estate agency-owned portal said revenues rose 22% to £23mln in the year to end January with an operating profit of £2.4mln (£9.2mln loss) and pre-tax profit of £1.1mln.

Visits and average monthly leads per advertiser rose by 13% and 22% respectively, despite the effective suspension of UK housing market activity during the first lockdown but once property market restrictions were lifted, visits and leads rose 30% and 31% respectively.

The agency added that it had also made a  positive start to this year with current trading in line with its expectations.

“Marketing activity has resumed and is driving consumer engagement and ARPA is anticipated to continue to grow as agent conversions to paying contracts annualise in FY22, FY21 discounts unwind and as the migration of customers on reduced rate contracts towards full-tariff continues,” said the statement.

Jason Tebb, chief executive, added: “The UK property market continues to be very active and our significant market opportunity remains.”

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