Property listings group OnTheMarket PLC (AIM:OTMP) said it has renewed listing agreements with a number of existing customers as well as bringing on board a new estate agency group.
The former first: the group said chains including Arun Estates, Knight Frank, Chancellors, Savills, Chestertons, Spicerhaart, Douglas & Gordon, Webbers, Glentree, and Carter Jonas have inked fresh deals.
Investors were also told that Lomond Group, which has 60 branches across England and Scotland, will list properties with the OnTheMarket portal. In July, the company landed upmarket chain Foxtons (LSE:FOXT) as a new client.
In a statement, OnTheMarket chief executive Jason Tebb said: "We have been successfully broadening the technology capabilities and functionality of our agent-focussed products and services, ensuring we continue to offer greater value to agents and consumers alike.
“The commitment of these major brands and our valued long-term agency customers and shareholders is proof that our strategy is working.
“We look forward to unveiling many more innovations as we continue to develop our differentiated, technology-enabled property business."
Interim results, also released today, confirmed a 14% increase in group revenue to £17mln whilst it continued to be profitable amidst a period of strategic investment into marketing and the team, reporting an adjusted operating profit of £1.3mln.
The company highlighted a strong balance sheet and £3.1mln of cash generated from operating activities. It ended the half year with £8.7mln of cash, and, had no borrowings.
During the first half, Onthemarket renewed key contracts with high-profile agency customers, it added London specialist Foxtons (LSE:FOXT) in July, and since the period’s end (in August) added Lomond Group.
Traffic and average monthly leads via the Onthemarket platform increased by 11% and 6% respectively in the period. Meanwhile, agency spend on additional products rose by 73%, reflecting higher value provided and showing progress against the group's growth strategy.
The company said it remains confident in the Group meeting its full year expectations, adding that it is trading well and expects revenue growth, strategic progress and operational discipline to continue.
"We have a clear strategy in place to build a tech-enabled property business, a ‘one stop shop’ for agents and we are delivering,” said chief executive Jason Tebb.
“Our continued operational and strategic progress is evidenced by our good set of results and the belief shown in us by agent customers who have committed their long-term futures to OnTheMarket.”
“Our momentum is building. OnTheMarket is better placed today than ever to be the partner of choice for our agents to navigate all market conditions.
“We continue to offer exceptional value, as well as an increasing range of products and services, that help our customers win instructions, sell or let properties, make efficiency and cost savings and earn incremental revenues. The value and breadth of our products and services are key to retaining and growing our share of customer spend.”