StockMarketWire.com - Property portal OnTheMarket upgraded its earnings and revenue guidance, citing a strong performance over Christmas and through January.

Adjusted operating profit for the year to 31 January was now expected at around £2.3 million, swinging from a year-on-year loss of £9.2 million, on revenue of £23 million.

The company previously had guided for adjusted operating earnings of £1.5 million on revenue of £22.5 million.

Net cash at 31 January was £10.7 million.

'These expected results reflect the measures taken during the year to support agents through customer discounts, whilst at the same time reducing costs and conserving cash, particularly through a reduction in marketing expenditure,' OnTheMarket said.

Looking forward, it said that while it continued to monitor the impact of Covid-19, it expected marketing expenditure to return to more usual levels in the year to 31 January 2022.

'With a strong balance sheet and anticipated continued growth in the revenue-generating customer base, the company is also planning to increase investment in new products and services and to invest further in internal website development resources,' the company said.


At 8:51am: [LON:OTMP] Onthemarket Plc share price was 0p at 105p



Story provided by StockMarketWire.com