OnTheMarket plc Update on visitor traffic to OnTheMarket (7145J)
April 04 2018 - 2:00AM
UK Regulatory
TIDMOTMP
RNS Number : 7145J
OnTheMarket plc
04 April 2018
04 April 2018
Update on visitor traffic to OnTheMarket
OnTheMarket doubles visitor traffic in March to 12 million
visits.
OnTheMarket plc (AIM: OTMP), the agent-backed company which
operates the OnTheMarket.com property portal, is pleased to
announce that traffic to the OnTheMarket property portal reached c.
12 million visits* during March 2018, the first full month since
Admission to AIM. This is more than double the visits compared with
February 2018 and compared with March 2017.
While this is only a month of data and is therefore early days
post-Admission in the Company's steps to drive site traffic, the
Directors consider this growth to be very encouraging and expect
momentum to continue over the coming months through a combination
of the increase in marketing and the traffic generated by increases
in branches signing up and listing properties. The Company will
provide a further update on visits in connection with the results
for the year ending January 2018.
The Company continues to grow its agent customer sales team. It
is envisaged that the team will have doubled since Admission by the
end of April, increasing its capacity in the field to engage
directly with the thousands of small and medium-sized agent firms
which make up the majority of the market.
Ian Springett, Chief Executive Officer, said: "We are very
pleased to have delivered a major uplift in visit traffic in the
first full month post-IPO. The early signs show that even before
the full ramp up of marketing spend, we have been able to generate
significant increases in our levels of traffic to the site. We now
look forward to a period of investment in marketing to build
effective consumer engagement with the portal and will deploy more
resource to proven marketing activities to attract more and more
property-seeking consumers to OnTheMarket."
* Visits comprise individual sessions on OnTheMarket.com's web
based portal or mobile applications by users for the period
indicated as measured by Google Analytics
ENDS
For further information, please contact:
OnTheMarket
Ian Springett, CEO
Clive Beattie, CFO 0207 930 0777
TB Cardew (Financial 0207 930 0777
PR adviser)
Ed Orlebar or Tom Allison 07738 724 630 or 07789
998 020
Zeus Capital (Nominated
Adviser/Joint Broker)
Martin Green, Giles Balleny,
Pippa Underwood (Corporate
Finance)
Benjamin Robertson, John
Goold (Broking) 0203 829 5000
Stockdale Securities
(Joint Broker)
Daniel Harris, Owen Matthews 0207 601 6100
Background on OnTheMarket:
Launched in January 2015, the OnTheMarket.com property portal
was created by Agents' Mutual Limited, a company limited by
guarantee and founded in January 2013 by a small group of agent
firms, with the objective of creating a new portal to challenge the
dominance of Rightmove and Zoopla. Both groups were felt to be
using their strong positions relative to their agent customers to
impose significant price increases for their portal services.
The Agents' Mutual proposition of an agent-backed portal
offering a premier search service to consumers whilst charging fair
prices to agents quickly found support among a very wide group of
leading independent agents across the UK. These firms funded the
venture by way of loan note subscriptions and committed to list
with the portal once it went live.
OnTheMarket is the third biggest UK residential property portal
provider in terms of traffic and has, with backing from its agent
owners, developed unique sources of competitive advantage such as
the "New and Exclusive" property listings.
OnTheMarket plc was admitted to AIM on Friday 9 February 2018
alongside a capital raise of GBP30 million to support a new growth
strategy for the business.
On 14 March it announced that 1,000 new agent offices had been
contracted to list with the portal since its Admission to AIM on 9
February, bringing the total number of UK estate agency offices
covered by listing agreements with the Company to in excess of
6,500. The Company's sales team has maintained its daily sign-up
rate since that time.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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