Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property portal OnTheMarket upgraded its earnings and revenue guidance, citing a strong performance over Christmas and through January.
Adjusted operating profit for the year to 31 January was now expected at around £2.3 million, swinging from a year-on-year loss of £9.2 million, on revenue of £23 million.
The company previously had guided for adjusted operating earnings of £1.5 million on revenue of £22.5 million.
Net cash at 31 January was £10.7 million.
'These expected results reflect the measures taken during the year to support agents through customer discounts, whilst at the same time reducing costs and conserving cash, particularly through a reduction in marketing expenditure,' OnTheMarket said.
Looking forward, it said that while it continued to monitor the impact of Covid-19, it expected marketing expenditure to return to more usual levels in the year to 31 January 2022.
'With a strong balance sheet and anticipated continued growth in the revenue-generating customer base, the company is also planning to increase investment in new products and services and to invest further in internal website development resources,' the company said.
At 8:51am: (LON:OTMP) Onthemarket Plc share price was 0p at 105p