OnTheMarket PLC (LON:OTMP) posted its first-ever profit as the housing boom post-lockdown sent revenues by up by more than a fifth.
The estate agency-owned portal said revenues rose 22% to £23mln in the year to end January with an operating profit of £2.4mln (£9.2mln loss) and pre-tax profit of £1.1mln.
Visits and average monthly leads per advertiser rose by 13% and 22% respectively, despite the effective suspension of UK housing market activity during the first lockdown but once property market restrictions were lifted, visits and leads rose 30% and 31% respectively.
The agency added that it had also made a positive start to this year with current trading in line with its expectations.
“Marketing activity has resumed and is driving consumer engagement and ARPA [average revenue per property advertiser] is anticipated to continue to grow as agent conversions to paying contracts annualise in FY22, FY21 discounts unwind and as the migration of customers on reduced rate contracts towards full-tariff continues,” said the statement.
Jason Tebb, chief executive, added: “The UK property market continues to be very active and our significant market opportunity remains.”