OnTheMarket plc COVID-19 Update - Agent Support Package (7154G)
19 Marzo 2020 - 8:00AM
UK Regulatory
TIDMOTMP
RNS Number : 7154G
OnTheMarket plc
19 March 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
19 March 2020
ONTHEMARKET PLC
("OnTheMarket", the "Group" or the "Company")
COVID-19 Update - Agent Support Package
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, announces today a payment support
initiative for its agent customers to help ease the anticipated
impact of the evolving COVID-19 situation.
33% listing fee discount for 3 months
To help reduce the cash flow pressure which agents are expected
to face, OnTheMarket is introducing a 33% listing fee discount for
invoices issued in the 3 months starting April 2020. This discount
will be given to all OnTheMarket agent customers who are paying on
full-tariff listing agreements.
It is too early to give guidance on the potential impact of
COVID-19 on our results for the current financial year to 31
January 2021. While revenues may be impacted in the short term, the
Group will preserve cash through the careful management of
costs.
Clive Beattie, Acting Chief Executive Officer, commented:
"OnTheMarket exists because agents had the foresight to want their
own portal in order to control their online marketing cost
base.
"It is the core strategy of OnTheMarket as the agent-backed
portal to deliver value and to provide first-class support for our
agent customers.
"We are resolutely focused on doing everything possible to
deliver value to our customers, both in these circumstances and
beyond.
" We are the agents' portal. We understand the next few months
are going to be tough and, as such, we believe simply kicking the
monthly rate back is not helping agent partners, it's delaying the
unavoidable. We believe that offering this discount early will
assist agents to control their costs in the face of such uncertain
times."
ENDS
For further information, please contact:
OnTheMarket 0207 353 4200
Clive Beattie, Acting Chief Executive Officer
Tulchan Communications 0207 353 4200
James Macey White
Giles Kernick
Sophie Duckworth
Zeus Capital (Nominated Adviser/Joint Broker) 0203 823 5000
Jamie Peel, Martin Green, Daniel Harris
(Corporate Finance)
John Goold, Benjamin Robertson (Broking)
Shore Capital (Joint Broker) 0207 408 4090
Daniel Bush
Fiona Conroy
Background on OnTheMarket :
OnTheMarket plc, the agent-backed company which operates the
OnTheMarket.com property portal, is a leading UK residential
property portal provider.
Its objective is to create value for shareholders and property
advertiser customers by delivering an agent-backed, technology
enabled portal - offering a first-class service to agents and new
homes developers at sustainably fair prices and becoming the go-to
portal for serious property-seekers.
With over 3,000 estate and letting agent shareholders, operating
over 6,000 offices, OnTheMarket provides a unique opportunity for
agents to participate in the equity value of their own portal.
Agent backing and support enable OnTheMarket to display thousands
of "New & exclusive" properties every month to serious
property-seekers 24 hours or more before agents release these
properties to other portals.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFFFVLVFITLII
(END) Dow Jones Newswires
March 19, 2020 03:00 ET (07:00 GMT)
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