Rightmove recovers from Covid ‘wobble’ with a record 2021
Latest results from the property portal giant reveal extraordinary numbers including record revenue from agents.
Rightmove has revealed record results for 2021 including a 48% rise in revenues to £304 million compared to 2020 and a 67% rise in operating profit to £226.1 million.
The extraordinary figures are driven by its Covid discounts to its agent members, after it was forced to offer agents a more generous Covid package after an outcry, prompting several attempts to persuade agents to quit the portal.
Industry commentator and Twindig boss Anthony Codling comments: “Rightmove may have had a wobble, but what did not kill it has only made it stronger.”
Rightmove’s revenue and profits have also increased when compared to 2019, up by 5% or £15.6 million and 6% and £13.6 million.
While some agents grumble about paying its huge monthly fees, shareholders will be happy – share dividends have been restored after being cancelled for its 2020 results.
Fee rises have also played a role in driving up its average agent revenue spend, which climbed by 12% or £120 when compared to 2019 which it says is due to additional product purchases, package upgrades and ‘pricing actions’.
Customers down 1%
But one of its key metrics is down – the number of customers. Membership numbers are 1% down during 2021 at 18,969; with 16,110 (+188) agency branches and 2,859 (-416) new homes developments.
“Our position at the heart of Britain’s home-moving journeys strengthened even further in 2021, with people spending an incredible 18 billion minutes searching and researching for their new home,” says Peter Brooks-Johnson (pictured), its CEO says.
“I’m proud of our role in helping more people than ever before find a home that meets their needs and helping our customers help sellers and landlords achieve the best price by having their properties marketed to by far the biggest home-moving audience in the UK.
“Our ambition to make home moving easier in the UK is undiminished and drives our everyday business and longer-term strategy, and I’m excited about our plans to use our industry-leading platform to digitise more of the home-moving journey.”
Read the full results.
