Directorate change
OnTheMarket plc (LON:OTMP), the agent-backed company which operates the OnTheMarket.com property portal, today announced that it has given notice of termination of employment to Ian Springett, Chief Executive Officer, with immediate effect.
The Board has appointed Clive Beattie, Chief Financial Officer, as Acting Chief Executive Officer. Korn Ferry, a leading executive search consultancy, has been appointed to conduct the formal recruitment process for a permanent replacement.
Trading update
Additionally, the Company is pleased to provide an update on trading. Based on unaudited results for the year ended 31 January 2020, revenues were slightly above the £18.0m to £18.5m guidance provided in September 2019 and the Company expects to report better than anticipated adjusted EBITDA1 performance. At 31 January 2020 the Company had net cash of £8.7m.
Christopher Bell, Chairman of OnTheMarket, commented:
“On behalf of the Board and all our colleagues I would like to thank Ian for his hard work and commitment over many years. He has played a major part in helping establish OnTheMarket.com as one of the UK’s leading residential property portals and we wish him every success in the future.
“Our commitment to building a strong, agent-backed, profitable and technology-enabled business remains undiminished. However, to continue our progress toward this objective and take OTM forward through the next phase of its corporate development, the Board believes now is the right time to appoint a new Chief Executive.
“The Board remains very confident in the prospects of OTM and its potential in capitalising upon its substantial growth opportunities. We have built a talented team and we will continue to ensure that we provide innovative, affordable and valuable solutions to meet our customers’ changing needs.”
1) Adjusted EBITDA is defined as EBITDA before finance costs, taxation, share based payments and exceptional or non-recurring items. This is an alternative performance measure and should not be considered an alternative to IFRS measures, such as revenue or operating loss.
