Yes, it’s that time of year again. Rightmove has announced that its full results for 2019 are to be released to the City on 28th February, its company secretary Sandra Odell has announced.
The results will be published at 7am followed by a presentation for analysts which will be held at the offices of Rightmove’s City adviser UBS at 9.00am.
But while investors will be licking their lips in expectation of another set of record results to boost their client’s pension funds, ISAs and other investment vehicles, this year may not be the usual profits jamboree.
Two dark clouds loom over Rightmove despite another 12 months of no-doubt incredible profits and continuing share buy-backs.
Last year criticism of the annual price increases introduced by the company were at their most strident among agents annoyed by double-digit increases despite difficult sales and lettings markets. These pushed the annual revenue for the branch to over £1,000 a month for the first time, although many agents had been paying this for some time already.
One agent, Kristjan Byfield of Base Properties, revealed that his increase last year was 23%, a hike that the portal pushed through despite his strong complaints and attempts to negotiate it downwards.
And following its results last year, which revealed revenues up by 10% year-on-year, London agent KFH said it was considering leaving Rightmove and would spend a year doing comparative portal lead-generation studies.
Agents will also be watching the portal’s next results to see how many agents it has lost. Last year numbers slipped by 2% and the rising profile of OnTheMarket, and Zoopla’s significantly lower costs may drive an even larger reduction in agent numbers using Rightmove.
You can listen to the presentation live via audio webcast at the following link: https://edge.media-server.com/mmc/p/z9vuxm79