OnTheMarket plc 3,000+ agent offices now added on paid contracts
December 10 2019 - 1:01AM
RNS Non-Regulatory
TIDMOTMP
OnTheMarket plc
10 December 2019
None of the information contained in this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014, nor does it contain
any information that is required to be announced via a Regulatory
Information Service under the AIM Rules for Companies.
10 December 2019
ONTHEMARKET PLC
("OnTheMarket", the "Company" or the "Group")
Over 3,000 more agent offices now added on paid contracts
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket property portal, is pleased to provide an update on its
progress in adding agents on new paying contracts.
As at 2 December 2019, over 3,000 more offices had been signed
under new paying contracts to list all their residential properties
at OnTheMarket. The progress builds on the support from thousands
of firms already on long-term paying contracts at the time of
admission to AIM in February 2018.
This announcement signals continuing rapid progress from 30
September 2019 when OnTheMarket had 2,346 more offices signed under
paying contracts.
Agent offices listing remain in excess of 12,500 offices, up
from 5,500 at the time of admission to AIM in February 2018. The
majority of the offices joining since admission signed initially
under short-term introductory free trial offers. Conversion of
these offices onto paying contracts is a key strategic focus for
OnTheMarket.
Ian Springett, Chief Executive Officer of OnTheMarket plc,
commented:
"I am very pleased to be reporting this milestone of adding over
3,000 agent offices to paying contracts. This has been achieved
during a period of challenging trading conditions for UK agents and
the traditional seasonal downturn in market activity.
"It is further encouraging evidence of growing agent support.
The ongoing growth in the number of branches under paying contracts
is key to the Group's transition into profitability. Agent backing
in a variety of practical ways is key to creating an edge over our
rivals in the portals market.
"Our continued progress in attracting more agents to support the
portal and our early success in attracting house-builders give us
encouragement as we focus on achieving our key objectives for the
coming year."
ENDS
For further information, please contact:
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Alycia MacAskill 07876 222 703
Background on OnTheMarket:
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is the third biggest UK
residential property portal provider in terms of traffic.
It aims to deliver a market-leading, agent-backed alternative to
Rightmove and Zoopla, offering a first-class service to agents at
sustainably fair prices and becoming the go-to portal for serious
property-seekers.
OnTheMarket plc was admitted to AIM in February 2018 with GBP30
million in new capital in order to support a new growth strategy
for the business.
At its IPO, OnTheMarket was 70% owned by over 2,000 agent firms.
Following the share issuance arising from its growth in long term
agent listing contracts, over 3,000 agent firms operating more than
6,000 UK agency branches are now OnTheMarket shareholders.
With backing from its agent owners, OnTheMarket has developed
unique sources of competitive advantage such as the thousands of
"New & exclusive" property listings it receives every month
from its agents to display 24 hours or more before they are on
Rightmove or Zoopla.
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END
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