Property website OnTheMarket reveals a 14% increase in revenue to 17m

OnTheMarket posted a 14 per cent increase in revenue on last year to 17million, thanks to a 'proactive marketing strategy' and focus on technology.

The London-headquartered property website which started in 2015 reported a 9 per cent rise in average revenue per account (ARPA) to 205m for the six months to 31 July 2022.

CEOJason Tebb said that, as a result, the company looks on track to meet its full year expectations.

He added: 'Our transformation to a tech-enabled property business across the broader property ecosystem is accelerating and our momentum is building.

'The Group has continued to trade well and expects revenue growth, strategic progress and operational discipline to continue, with full year adjusted operating profit weighted towards H2 22/23 as revenue growth, including from existing and newly launched products, combined with a largely fixed cost base, contribute to increased operating margins.'

OnTheMarket shares were up 1.4 per cent to 74.5p in afternoon trading on Thursday, cutting year-to-date losses to 43 per cent.

OnTheMarket has established tie-ups with numerous tech-focused businesses, including development finance platform Brickflow, autonomous photo editing company Autoenhance.ai and application software developer InsureStreet.