OnTheMarket reveals busiest ever quarter – shares fall

OnTheMarket shares (LON: OTMP) took a tumble on Tuesday after the group its latest results.

Despite its busiest ever quarter, shares in the property group fell by almost 4% in afternoon trading.

In the six months to July 31, OnTheMarket saw revenue rise 28% to £10.2m and achieved profitability “as a result of measures implemented to reduce costs and conserve cash.”

As lockdown restrictions were eased, the group saw pent-up demand and year-on-year visits in July 2020 increased 173% to 27.5m and average leads per advertiser increased 56% to 148.

Clive Beattie, acting chief executive, commented:

“We started the year strongly with trading in February and the first half of March in line with management expectations. However, the first half of the financial year quickly became dominated by the impact of the COVID-19 pandemic.

“Our focus during the period has been to safeguard employee well-being, provide value and support to our agent and housebuilder customers and to manage costs and conserve cash.

“We have been particularly pleased with the strong consumer engagement with the portal since the easing of national lockdown restrictions in May, with record leads indicating that those consumers most active in the property market visit OnTheMarket.com.”

OnTheMarket shares (LON: OTMP) are trading -3.56% at 97,89 (1505GMT).