“Very active” property market unlocks double digit growth for OnTheMarket
Property specialist OnTheMarket is “well positioned to succeed” after returning to profitability.
In its results for the year ending January 31 2021, the firm saw revenue increase by 22 per cent compared with the previous year.
The group also generated a profit of £2.4m - a year-on-year increase of £11m, which the firm attributes to the growth of the property market following the initial lifting of restrictions in 2020.
Jason Tebb, chief executive officer, commented: “I am delighted to be reporting a strong performance in my first set of results. Despite the unprecedented conditions we have faced, we have continued to grow the business and achieve profitability.
“Our operational and financial progress is a testament to the efforts of the team and, since joining OnTheMarket in December, I have been incredibly impressed by them and the underlying strength of the business.
He continued: “OnTheMarket has come a long way since its launch by agents in 2015. From this position of strength, it is now time for the next stage of our development and our new strategy is based on a clear vision of building a tech-enabled property business.
“We will become more than just a portal and provide best in class products and services that benefit agents, housebuilders and consumers.
“We look to the future with great excitement. The UK property market continues to be very active and our significant market opportunity remains. With our strong foundations and a new vision and strategy, we are well positioned to succeed.”
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