OnTheMarket plc 3,000+ branches contracted since Admission (4019P)
May 29 2018 - 2:00AM
UK Regulatory
TIDMOTMP
RNS Number : 4019P
OnTheMarket plc
29 May 2018
29 May 2018
OnTheMarket announces listing agreements with over 8,500 agent
branches, adding 3,000+ branches since Admission to AIM in
February
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is pleased to announce that as of
25 May it has signed listing agreements with UK estate and letting
agents with more than 8,500 offices. This increase of over 3,000
branches since Admission on 9 February represents growth of more
than 54% in less than 4 months. The Company believes that it has
listing agreements with approximately 45% of UK residential estate
and lettings agency branches.
The Company's progress in adding agent offices since Admission
on 9 February 2018 is shown in the following table:
Date Offices added Offices in contract
since Admission
9 February - 5,500
----------------- --------------------
14 March 1,000 6,500
----------------- --------------------
25 April 2,000 7,500
----------------- --------------------
11 May 2,500 8,000
----------------- --------------------
25 May 3,000 8,500
----------------- --------------------
In May, OnTheMarket has been running its heaviest weight of
national TV advertising since the launch period of OnTheMarket.com,
as well as its first outdoor poster campaign across London, which
has been rolled out over 1,500 sites. A key theme of these
advertising campaigns is the "New & exclusive" properties,
whereby many agents choose to list their new instructions at
OnTheMarket.com in advance of listing on other portals, giving
OnTheMarket a competitive advantage by appealing to active property
seekers, who are the Group's key consumer focus, and in turn
providing listing agents with high quality leads.
Increased consumer engagement with OnTheMarket.com is reflected
by the growth in property alerts set up by users - now over one
million active alerts, which trigger automatic delivery to users'
inboxes of the details of newly added properties that match their
search criteria.
In March 2018, the Company announced that traffic to the
OnTheMarket property portal reached c.12 million visits* in the
first full month since Admission to AIM. This was more than double
the visits compared with February 2018 and compared with March
2017. In April 2018, traffic to the OnTheMarket property portal
increased further to reach 13.7 million visits* in the second full
month since Admission to AIM. This compared with 5.5 million visits
in April 2017.
Ian Springett, Chief Executive Officer of OnTheMarket, said: "We
are extremely pleased to be continuing to exceed our own
expectations of the overall number of agents signing up, and to
have achieved this latest milestone of 8,500 offices just two weeks
after reaching 8,000 offices. In sustaining this pace of expansion,
we are very strongly encouraged by the growing agent support and
feedback to our proposition. We remain committed to creating an
agent-backed, full scale challenger portal that injects some
much-needed competition into the property portals landscape by
disrupting what has for too long been effectively a cosy
duopoly."
* 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 0207 930 0777
Ian Springett, CEO
Clive Beattie, CFO
TB Cardew (Financial PR adviser) 0207 930 0777 / onthemarket@tbcardew.com
Ed Orlebar 07738 724 630
Tom Allison 07789 998 020
Zeus Capital (Nominated Adviser/Joint
Broker) 0203 829 5000
Martin Green, Giles Balleny,
Pippa Underwood (Corporate Finance)
Benjamin Robertson, John Goold
(Broking)
Stockdale Securities (Joint Broker) 0207 601 6100
Daniel Harris, Owen Matthews
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 property-seekers 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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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