OnTheMarket plc (LON:OTMP), the majority agent-owned company which operates the a property portal, has announced record leads to advertisers during August, beating July’s previous record.
The portal generated more than 2 million leads in August, an increase of 64% year on year, with an average of 149 per advertiser. Visits to the site again exceeded 27.5 million for the month. This continues the strong recent performance over the last three months which has seen average visits of 26.8 million per month and an average of 2 million leads per month.
Drivers of the increase in traffic include OnTheMarket’s “New & exclusive” properties, which sees many agents choose to list properties on the site in advance of listing them on Rightmove or Zoopla, together with properties of those agents listing exclusively with OnTheMarket, a number which has grown strongly year-on-year.
Maintained strong cash position
As of the end of August, OnTheMarket’s net cash balance stood at £10 million, an increase of £0.6m compared to the end of June, and, excluding £2.2 million of deferred creditor payments, it had no borrowings. Cash balances will fluctuate as creditor and tax payments fall due, but the Company has continued to take a disciplined approach to managing its cost base and cash position, including through a significant reduction in marketing expenditure.
Clive Beattie, Acting Chief Executive Officer of OnTheMarket, said:
“We are consistently driving strong leads while our consumer awareness is growing and these record numbers show how many serious buyers we are attracting to the site.
“Our focus remains on driving performance and delivering value for our agent shareholders and the strength of OnTheMarket’s on-going traffic shows a sustainable platform for future growth.”
1 Data for leads generated is drawn from the Company’s operating systems.
2 Visits comprise individual sessions on OnTheMarket.com’s web-based portal or mobile app by users as measured by Google Analytics.