Agents spent 10% more listing their properties on Rightmove during 2017 than the year before, pushing their average monthly spend on the portal to £922 a month, its latest results show.
This helped increase its revenue by 11% to £243.3m and operating profit by 10% to £178.3m. This means, its results show, that it has an extraordinary profit margin of 75.8%.
The company says the increase in revenue is largely down to agents buying more of its products, data and services.
“As the industry becomes more digital our software has become even more valuable to our customers with 90% of our Agency members making use of it each month,” says Rightmove’s CEO Peter Brooks-Johnson (pictured).
Peter also reveals in the results that the company has been concentrating on renters over the past year, which is not surprising given the sluggish sales market and the decrease in ownership in recent years.
Rightmove’s shareholders will also be happy – the cash rich company, which has also been buying back its share regularly throughout 2017, paid dividends totalling £140.4m last year, up from £131.3m in 2016.
Rightmove’s site traffic also continues to run at full tilt – its site was visited 1.5 billion times last year, which equates to 25 times visits to its site a year for every person in the UK.
The portal also claims to have a 73% market share of traffic on computers and a 79% share among people using mobile phones.
At the board level, Rightmove’s recent appointment of Numis Securities’ Head of Media Lorna Tilbian as a non-exec director brings its female board representation to 50% both at exec and non-exec levels.
Following today’s results, Rightmove’ share price this morning rose by nearly 2.7%
Read the company’s full results.
Read more about Rightmove.