StockMarketWire.com - Property portal OnTheMarket posted a fall in first-half profit, as rising expenses offset higher sales, but upgraded its guidance for the full year.

Pre-tax profit for the six months through July decreased to £0.5 million, down from £0.7 million year-on-year, even as revenue rose 46% to £14.9 million.

OnTheMarket pinned the fall in first-half profit on non-recurring costs arising from the acquisition of Glanty, the repayment of government grants and an increase in agent recruitment charges.

Adjusted operating profit more than doubled to £2.1 million, despite higher marketing and staff costs.

For the full year, OnTheMarket said it now expected revenue 'slightly higher' than previous expectations and adjusted operating profit 'substantially ahead' of expectations.

'Demand for residential properties in the UK has remained at very high levels, however sales and lettings instructions remain subdued,' it said.

A rollout of refreshed brand and website was planned for the second half, designed to further encourage consumer engagement and provide increasing support and competitive advantage to customers.




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