On The Market anticipates full-year profits following rebranding
Property portal service On The Market has announced that its adjusted operating profit for the full-year is currently ahead of expectations.
A combination of disciplined operational and cost management, and a higher level of development investment in the new website and brand launch has created increasingly upbeat expectations at the company.
In the announcement of its interim results on 12 October 2021, On The Market said it only expected to achieve approximately breakeven adjusted operating profit over this period.
It now anticipates that revenues for the full year ending will be slightly ahead of market consensus.
The majority agent-owned company now expects adjusted operating profit to be positive in the second half of the year, and reach at least £2.5m for the full year.
Chief executive Jason Tebb said: “We achieved a great deal in 2021, culminating in the launch of our new website and branding which have been well received by agents and serious property seekers. There is a lot more to come and we look forward to delivering this in the year ahead.”
On The Market will provide a further update in a post year-end trading update in late February.