Property sales portal OnTheMarket (LON:OTMP) reported an increase in adjusted operating profit for the year to January, alongside a promising performance since the start of 2018.

Adjusted operating profit rose to £3.9 million, up from £2.3 million the previous year, despite sales falling from £17.8 million to £16 million. Operating losses also rose sharply, from £1.2 million last year to £10.8 million during this period.

However, 2018 has been a strong year thus far for OnTheMarket, beginning trading on the AIM market in February and raising £30 milion of capital to support the launch of its growth strategy.

As of 25 May 2018, OTM had signed listing agreements with UK estate and letting agents with more than 8,500 offices, an increase of over 54 percent since admission to AIM.

CEO Ian Springett commented: “We are in the midst of a transformational year for OnTheMarket.

“After listing on AIM in February, we are continuing on our journey to create a genuine alternative to the leading incumbent portals.

“We are strongly encouraged by the growing agent and customer support and feedback to our proposition, and I look forward to carrying this momentum forward in our first financial year as a listed company.”

Shares in OnTheMarket are largely flat on the news, trading up 0.54 percent at 162.88 (0812GMT).