Listed PropTech OnTheMarket has appointed a CFO and reported an increase in turnover.
The majority agent-owned company, which operates the onthemarket.com property portal, said Tom Carter has agreed to join its board of directors once his six-month notice period has been served at current employer Brand Architekts Group PLC, an AIM-listed international beauty brand business.
He led that company’s recent acquisition of main market-listed Innovaderma and, prior to arriving as CFO in 2020, was group finance and operations director at Technetix Group Ltd.
Carter has also held financial roles at Alliance Boots, BSkyB Plc and Procter and Gamble.
OnTheMarket has appointed Simon Bullock as interim CFO with immediate effect to provide the finance function with experienced leadership between Clive Beattie’s departure on 27th JanuaryCarter’s arrival.
“OnTheMarket is widely recognised as a leader in the industry, and this is an exciting time to be joining the business,” said Carter. “I look forward to working with [CEO] Jason [Tebb] and the team to further differentiate the proposition and build a ‘one-stop-shop’ for agents and housebuilders across the entire property ecosystem.”
OnTheMarket expects to report revenues of between £34 million and £34.5m for the 12 months to 31st January 2023, up from £30.4m in FY22.
Cash at 31st December 2022 was at £10.4m with no borrowings.
“We have made significant progress with our strategy of building a tech-enabled property business and are pleased to continue to be delivering strong growth and profitability,” said Tebb.
“We have also been pleased with the progress we have made in renewing contracts with our agent customers.
“Whilst market conditions remain challenging, we are well placed with the exceptional value we continue to offer agents and housebuilders alongside our growing range of additional products and services and with more to come in 2023.”