OnTheMarket PLC (LON:OTMP) has reported full-year results for the year before it floated showing deeper losses due to higher costs and a fall in revenue, as it highlighted a sharp rise in visits to its site in the current year.
For the year ended January 31, the AIM-listed online property portal saw its pre-tax loss widen to £12.1mln, up from a £2.5mln loss in the previous year, while revenue fell to £16.0mln from £17.8mln.
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The group said its annual performance was primarily impacted by one-off costs associated with the company's share-based management incentive, which amounted to £13.3mln in the recent year from nothing the year prior.
Ian Springett, OnTheMarket’s chief executive officer said the group is “in the midst of a transformational year”,
He added: "In addition to accelerating growth in the numbers of agents, property listings and portal visitors, we also remain focused on developing new consumer and agent products and services, targeting revenues from new segments of the property market and developing new strategic partnerships.”
The CEO said traffic to its portal in the current financial year to end May was 42.2mln visits, compared to 21.9mln in the same period in 2017, although for the year ended January 31, the number of site visits was down 9.0% to 77.3mln.
In lunchtime trading, OnTheMarket’s shares were 0.9% lower at 160.5p. In mid-February, the firm raised £30.0mln after placing 18.2mln shares at 165p each.