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OnTheMarket will release its interim results this morning. EYE will provide an update just after the statement is announced at 7am.
The last set of results released by the property portal in July revealed that for the year ended 31 January 2023 group revenues were up 14% and ARPA up 12%, reflecting growth in paying customers, strong product sales and continued strong growth in New Homes (up 60%).
The adjusted operating profit was up 59% to £4.3m (2022: £2.7m) driven by revenue growth across all income streams.
The balance sheet showed year-end cash of £11.3m and no borrowings (31 January 2022: £8.4m and no borrowings).
Traffic and leads reduced year-on-year reflecting an abnormally buoyant property market in the first half of the previous year and a strategic focus on serious property seekers and high-quality leads resulting in a significant increase in valuation opportunities, up 26% on prior year.
OnTheMarket’s success has reportedly led to a £100m bid from CoStar Group, a $33bn (£27.2bn) property group, to buy the property portal yesterday.
The OnTheMarket board is expected to recommend the offer to shareholders and the price will likely show a large premium on OTM’s closing share price today of 70.5p
A source reported to be close to the negotiations is reported as saying the deal will give OnTheMarket the wherewithal to take on both Rightmove and Zoopla for top portal position.
EYE has approached OTM for comment.
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