Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Real estate portal OnTheMarket swung to a first-half profit after it boosted revenue, even after cutting back on marketing costs.
The company also announced that it had appointed Jason Tebb as its new chief executive, following the departure of Ian Springett in March.
Pre-tax profit for the six months through June amounted to £0.7 million, compared to losses of £7.0 million year-on-year.
Revenue climbed 28% to £10.2 million, despite the company offering Covid-19 related customer support discounts of £1.8 million.
Marketing expenditure was cut 67% to £2.2 million.
OnTheMarket said it expected to achieve a 'broadly breakeven' adjustd operating profit for the full year, amid a rise in second-half revenue and costs.