Rightmove has reported a 10% increase in revenue, a similar leap in profits plus its best ‘agent retention’ figures for ten years and a 7.3% increase in the average spend by agents.

The portal’s latest trading statement says agents, but also new homes developers, are signing up to use its various monthly subscription ‘add-ons’, and the average spend is now £1,520 among agents.

But aside from the figures, Rightmove’s most telling comment are about its future, which will see the portal attempt to diversify into areas of business within the property industry it has otherwise ignored until now.

For example, after many years of sitting on its digital laurels, Rightmove is now making money from operations separate from its main residential portal including commercial property, rental proptech, mortgage broking all of which generated £15 million in revenue, up 37% year-on-year, it latest figures show.

Rightmove’s eye-watering profit margins continue – it has reported an underlying profit of £151 million on a turnover of £211 million, a 71% profit margin most businesses would love to emulate.

Also 16,328 estate agency branches currently use its service, up 2% on late last year.

Positive market

“These results highlight the strength of our platform and how we serve our long-term partners with products tailored to their circumstances and needs,” says Johan Svanstrom (main image), its Chief Executive Officer.

“Against a backdrop of a positive market for agents, we have seen an increase in agent formation and estate agents using our top package, Optimiser Edge, which helps maximise their performance.

“Our investment in technology and people is yielding results and with continued innovation, we remain committed to improving consumers’ overall moving journeys, and enabling our partners to grow, compete, and succeed.

“We see a long runway of opportunity for digitalisation of the property ecosystem and confirm our financial outlook for the year.”

Industry comments

Anthony Codling, RBC Capital Markets.

“As ever Rightmove has demonstrated incredible resilience in the face of an uncertain housing market backdrop, the planning delays faced by housebuilders has done little to dent their appetite for spending on Rightmove and whilst homebuyers hold out for lower mortgage rates, estate agents appear keen to increase their spending on Rightmove. ,” he says.

“The first half results are in-line with our expectations and the Group has reiterated its full year guidance. Whilst no company can guarantee certainty of results, Rightmove gets closer than most.”