Online property portal OnTheMarket plc has reported increased revenues and profits.

The firm, listed on the London Stock Exchange, saw turnover for the year ended 31st January 2022 reach £30.8 million, up from £23m in FY2021.

Profits hit £2.6m, up from £2.4m in the previous 12 months.

It said FY22 saw the successful implementation of a number of commercial partnerships, which provide a greater range of products and services to the group’s advertiser customers and to users. 

These included those with Brickflow, and a strengthened partnership with Sprift, through which OnTheMarket can provide an exclusive prospecting product, SmartMail, to its advertiser customers.

In addition, in January 2022, an extended agreement with Insurestreet Limited – trading as Canopy – was concluded, alongside a strategic minority equity investment by the company into Insurestreet of £350,000.

OnThe Market also launched a new website and branding in December 2021. Its net cash position at 31st January 2022 was £8.4m with no borrowings.

“We are delighted to have achieved a year of further financial and operational progress. But there is much more to come,” said CEO Jason Tebb.

“We have received great feedback from our customers regarding our new strategy and enhanced suite of product and service offerings. 

“We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead.”