‘Google of the property market’ Rightmove shrugs off housing fears to post £241m profit

Friday 03 March 2023 8:01 am

Rightmove, the UK’s largest property portal, saw its operating profits rise seven per cent to £241m as the group revealed it was “not materially affected” by the difficult property market. 

The London-listed company, which lists homes for rent and sale, also saw revenues increase 9 per cent to £332.6m up from £304.9m the prior year. 

Strong traffic on the group’s website also helped Rightmove raise its final dividend for 2022 up 8 per cent  per ordinary share. Total dividend for 2022 was also hiked to  9 per cent  to 8.5p. 

In what was a challenging year for prospective house buyers, due to inflation and high borrowing costs,  the company’s Average Revenue Per Advertiser (ARPA) rose 11 per cent to £1.3m pounds up from £1.1m pounds a year earlier.

Despite this vote of confidence shares in Rightmove still fell 1.59 per cent this morning as investors remain cautious about property businesses due to the economic outlook. 

“The year’s changing housing market conditions demonstrated our customers’ resilience and ability to adapt and to continue to succeed,  Peter Brooks-Johnson, chief of Rightmove said. 

He continued: “The softening from the covid-induced frenetic market towards a more normal market earlier in the year was disrupted in the final few months by the unexpected rapid mortgage rate increases.

“The strength of our results is a reminder of how effective and integral our new and existing products and services are in helping our customers in both faster and slower markets.”

Julie Palmer, partner at Begbies Traynor, said Rightmove had become the “Google of the UK’s property market”

She added: “The business is now the starting point for anyone even thinking about moving home. Estate agents depend on it, and it’s the public’s

The original article can be found here

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