Portal developing software to complement lettings service

OnTheMarket claims it’s on track to achieve its strategic aim - to create “a tech-enabled property business across the broader property ecosystem for our partner agents, customers and consumers.”

In a speech to the portal’s annual general meeting, non-executive chairman Christopher Bell told investors that the portal’s “loyal advertiser base” provided a “resilient base for continued growth.”

Its key achievements over the year we’re a refreshing of the branding; product development on a CRM system to complement the teclet lettings software already available; the provision of data via a partnership with Sprift Technologies; and a  new marketing and communications strategy complete with new TV ad.

Bell said: “Underpinning our strategy is the strength of our balance sheet, with year-end cash of £8.4m and no borrowings after the acquisition of [teclet owner] Glanty, alongside other strategic investments, and full furlough scheme repayment in the period.”

He added: “The Group has made a positive start to [the new financial year] and trading has been in line with the Board's expectations. 

“Notwithstanding the well-publicised macro-economic uncertainty, the fundamentals of the UK residential property market currently remain good, with market activity remaining high and demand for properties significantly outweighing supply.”