OnTheMarket update lifts shares

AIM-listed online property portal OnTheMarket (LON:OTMP) saw its share price climb 3.46% to 82.25p (as of 14:50 BST) after announcing that it had secured more than 500 estate agency branches on its most recent listing contracts. Additionally, the firm generated record advertising leads during June.

Acting CEO Clive Beattie commented: “With agents owning c.65% of OnTheMarket it is clear that our interests are directly aligned. I am delighted to see agents commit to OnTheMarket through our most recent contract offers and to have achieved this level of recruitment against the challenging backdrop of COVID-19.

“This latest group are joining the thousands of existing estate and letting agents who are collectively the portal’s largest shareholder.

“The record month for leads, achieved despite a substantial reduction in advertising since the beginning of the COVID-19 lockdown, highlights the increasing value we are delivering to agents for their listing fees“.