Christopher Bell, chairman, said OTM’s aim is to build a strong, agent-backed, profitable and technology-enabled business.
“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,”
Bell thanked Springett for helping to establish OTM as one of the UK’s leading residential property portals.
“The board remains very confident in the prospects of OTM and its potential in capitalising upon its substantial growth opportunities,” he added.
Clive Beattie, chief financial officer, has been appointed acting CEO with a formal recruitment process underway to find Springett’s successor.
In a trading update for the year to 31 January, OTM said revenues came in slightly above the £18mln to £18.5mln guidance while underlying profits (EBITDA) were also better than anticipated.
At 31 January 2020, the company had net cash of £8.7mln.
Shares fell 2% to 68.5p.