OnTheMarket PLC (AIM:OTMP)’s shares jumped this morning as it upgraded expected earnings for 2021 on the back of a number of successful commercial partnerships.
The UK property search portal expects adjusted operating profit of at least £2.5mln for the year to 31 January 2022, a 8% rise on last year.
Revenues were expected to increase 33.9% to £30.8mln as the company secured a range of commercial deals.
"We are delighted to have achieved a year of further financial and operational progress. But there is much more to come,” said Jason Tebb, chief executive officer of OnTheMarket
“We have received great feedback from our customers regarding our new strategy and enhanced suite of product and service offerings. We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead."
Through the last financial year, OnTheMarket won partnerships with companies including Brickflow, Autoenhance.ai and a strengthened, exclusive partnership with Sprift.
OnTheMarket said it held net cash of £8.4mln on 31 January, with no borrowings.
The company said the launch of its new website in December, along with previous commercial partnerships, meant its transformation to a tech-based property business would accelerate this year.
Shares in OnTheMarket climbed 0.69% by 08:10 GMT this morning to 93.14p.