- Property portal OnTheMarket swung to its first ever full-year profit after it boosted sales and trimmed costs.

Pre-tax profit for the year through January amounted to £1.14 million, compared to year-on-year losses of £11.7 million. Revenue rose 22% to £23.0 million.

The rise in sales came even as total advertisers at the end of January fell 5% to 12,687, though average advertisers listed rose 4% to 13,285.

Average revenue per advertiser (APRA) climbed 16% to £142, which the company said partly reflected increased revenues from new home developers and despite Covid-19 related customer support discounts.

OnTheMarket said it had made a positive start to the 2022 financial year, with current trading in line with its expectations.

Marketing activity, it added, had resumed and was driving consumer engagement.

ARPA was anticipated to continue to grow as agent conversions to paying contracts annualise, discounts unwind and as a migration of customers on reduced rate contracts towards full-tariff continued.

'Despite the unprecedented conditions we have faced, we have continued to grow the business and achieve profitability,' chief executive Jason Tebb said.

'The UK property market continues to be very active and our significant market opportunity remains. With our strong foundations and a new vision and strategy, we are well positioned to succeed."

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