OnTheMarket has secured contract renewals from several major agency brands as it reports a revenue boost for the first six months of the year.
The portal’s admission to AIM in February 2018 tied many of its agents into minimum terms until February 2023.
Several of the highest profile agency brands have signed new agreements .
These include Arun Estates, Knight Frank, Chestertons, Savills, Chancellors, Douglas & Gordon, Glentree Estates, Spicerhaart, Webbers and Carter Jonas.
Jason Tebb, chief executive of OnTheMarket, said: "We have a clear strategy in place to build a tech-enabled property business, a "one stop shop" for agents and we are delivering. 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.
“Underpinning our confidence in the future is the continued support of our agent customers, evidenced by our contract renewals and our role as the 'agents' portal', our New Homes customers and our consumers, who have responded very positively to the changes we have made. We have a strong pipeline of customer and consumer-led new products and services which will also further differentiate our proposition."
It comes as OnTheMarket released interim results for the first six months of 2022 showing:
● Continued strong growth in revenue and average revenue per property advertiser, up 14% and 9% respectively.
● Strong growth in New Homes revenues, up 73% and boosted by increases in both advertiser numbers and ARPA.
● After planned strategic investments in marketing and the team, the Group continues to be profitable with adjusted operating profit of £1.3m.
● Strong balance sheet, with H1 22/23 cash generated from operating activities of £3.1m. Period-end net cash increased to £8.7m, with no borrowings (31 January 2022: £8.4m).