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OnTheMarket reports doubling of website visits since IPO
OnTheMarket said it more than doubled the number of visits to its website in the first full month after its initial public offering.
The company, which operates a property sales portal backed by estate agents, said it had 12m visits in March - more than twice the visits it racked up a year earlier and in February 2018.
OnTheMarket said one month of data was early days but that it was an encouraging start. It said momentum was expected to continue in coming months as marketing spending increases and more branches sign up to the service.
The company said it expected its agent sales customer sales team to double by the end of April since its admission to AIM on 9 February, increasing capacity to sign up small and midsize estate agents that serve the bulk of the property market.
OnTheMarket launched in 2015 when a group of estate agents, including Savills and Knight Frank, set out to break the dominance of Zoopla and Rightmove in selling property online.
Ian Springett, OnTheMarket's chief executive, said: "The early signs show that even before the full ramp up of marketing spend, we have been able to generate significant increases in our levels of traffic to the site.
"We now look forward to a period of investment in marketing to build effective consumer engagement with the portal and will deploy more resource to proven marketing activities to attract more and more property-seeking consumers to OnTheMarket."