Full Year Results to 31 January 2023-ONTHEMARKET PLC

Full Year Results to 31 January 2023-ONTHEMARKET PLC

 

FULL-YEAR RESULTS TO 31 JANUARY 2023

DELIVERING RECORD RESULTS AND STRATEGIC PROGRESS WHILST INCREASING VALUE FOR CUSTOMERS

OnTheMarket plc (AIM: OTMP), the technology-enabled property business which operates the onthemarket.com property portal, today announces its audited results for the year ended 31 January 2023.

Highlights of the year

Year ended 31 January

2023

2022*

Change

 

Revenue

£34.4m

£30.2m

14%

Adjusted EBITDA1

£8.0m

£5.8m

38%

EBITDA1

£3.8m

£2.1m

81%

Adjusted operating profit2

£4.3m

£2.7m

59%

Operating profit / (loss)

£0.1m

£(1.0)m

110%

Profit / (loss) before tax

£0.2m

£(1.2)m

117%

Loss after tax

£(0.2)m

£(0.2)m

-

Year-end cash

£11.3m

£8.4m

35%

ARPA3

£210

£188

12%

Average advertisers4 listed

13,086

13,296

-2%

Total advertisers at 31 January

13,210

13,732

-4%

Traffic / visits5

244

283

-14%

Average monthly leads per advertiser

105

117

-10%

*     Restated - see note 29.

·      Record Group revenues and profits with continued strategic progress.

·      Group Revenues up 14% and ARPA up 12%, reflecting growth in paying customers, strong product sales and continued strong growth in New Homes (up 60%).

·      Adjusted operating profit up 59% to £4.3m (2022: £2.7m) driven by revenue growth across all income streams.

·      Strong balance sheet, with year-end cash of £11.3m and no borrowings (31 January 2022: £8.4m and no borrowings).

·      OnTheMarket Software incurred an impairment charge of £1.5m.

·      Cash generated from operating activities of £7.9m representing operating cash conversion of approximately 99% of adjusted EBITDA.

·      Traffic and leads reduced year-on-year reflecting an abnormally buoyant property market in the first half of the previous year and a strategic focus on serious property seekers and high-quality leads resulting in a significant increase in valuation opportunities, up 26% on prior year.

Strategic and corporate developments

OnTheMarket has continued to make significant progress with our strategy of building a differentiated, technology-enabled property business based on the following four pillars:

Portal

Continued development of the portal including:

•      New valuation tools: Innovative new ways for homeowners to receive indicative valuations of their homes with 'Video Appraisal' and 'Express Appraisal' from local agents without the need for a face-to-face appointment.

•      WhatsApp integration: Consumers can enquire about sales and lettings properties via WhatsApp, providing improved response times.

•      Additional property search filters: Property searches can be tailored in greater detail with the addition of filters for auction properties, flexible office space listings, pet-friendly properties, accessible properties, student homes and a 'Greener choice' filter which allows property seekers to search for energy efficient, eco-friendly homes.

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