Profits and revenue surge at Rightmove as agent revenue jumps
CEO Johan Svantström says operating profit up 7% to £129.5 million as well as a 9% boost in underlying operating profit to £132.2 million.
Revenue at Rightmove was up £179.5 million despite concerns over higher mortgage rates and the increased cost of living.
Publishing its half year report to the City this morning the portal reported operating profit up 7% to £129.5 million as well as a 9% boost in underlying operating profit to £132.2 million.
Average Revenue Per Advertiser (ARPA) increased by 9% to £1,411 per month, and the company maintained a strong market share of 86%.
ORGANIC GROWTH
The company also announced plans to invest modestly in the business to drive organic growth and expects double-digit revenue and profit growth in the medium and long term.
The company’s Board expressed confidence that Rightmove will deliver in line with its previous expectations for the full year.
Johan Svanström (main picture), Chief Executive Officer, says: “These results clearly illustrate that Rightmove continues to be the property portal that consumers turn to first and engage with the most, and that our customers continue to use our innovative products and services to support their businesses in both slower and faster housing markets.
“Our performance against the backdrop of a challenging interest rate environment demonstrates yet again that Rightmove isn’t materially impacted by the property cycle.
“This is a business which has performed consistently well over an extended time-period, and I am excited by the growth opportunities that I see over the long term in the wider UK property market.”
DIGITISE
And the adds: “From here, our aim is to expand our platform, our products and our data, for both customers and consumers, to further digitise the sector, both in our core business and in newer growth areas.
“We also want to play an active role in facilitating the much-needed green transition of the real estate market, leveraging our vast pool of data and insight to do so.”
Rightmove also released its Greener Homes report this morning revealing that if green improvements carry on at the same rate, it would take 43 years for 100% of the houses that are currently for sale across Great Britain to reach an EPC rating of A-C. And it would take 31 years for houses that are currently available to rent.
Being the CEO to Rightmove must be the easiest job in the world, let’s face it not even a job really, more of a hobby, no pressure, no stress, just a licence to print money. It has a captive market of customers that supply the product that gives them their presence and they get to charge their customers for the privilege. PERFECT and EASY!