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OnTheMarket upgrades annual profit, revenue guidance
StockMarketWire.com
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Real estate portal OnTheMarket said it expected to post annual revenue and operating profit above current market expectations.
Revenue for the year through January was expected to be no less than £22.5 million, with adjusted operating profit no less than £1.5 million, the company said.
OnTheMarket said the upgrade came on the back of 'continued operational progress and strong consumer engagement'.
'These expected results reflect the measures taken during the year to support agents through customer discounts, whilst reducing costs and conserving cash, particularly through a reduction in marketing expenditure,' it added.
On costs, the company said it expected marketing expenditure to be higher in December and January than in October and November.
'As such, the cash balance is likely to reduce slightly to 31 January 2021 but remain strong, with sufficient scope to invest in the business,' it added.
Looking ahead, OnTheMarket said it continued to monitor the impact of Covid-19.
'At this stage, in light of the ongoing uncertainty and as a prudent measure until greater clarity exists, the company is not providing financial guidance beyond the current financial year,' it said.
'With a strong cash position, the company is planning to increase investment in the business in the coming year, particularly in new products and services, people and through restoring marketing expenditure to more usual levels.'
'This will position OnTheMarket to take advantage of the significant growth opportunities available, benefiting the group in the medium and long term.'
Story provided by StockMarketWire.com
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