Rightmove shareholders ‘find their happy’ as profits soar

Rightmove’s shares soared by 28p to 3057 pence when its financial results for 2014 were announced. Revenues were up by 19 per cent to £167million (2013: £139.9m). Profit after tax was £96.8million, compared to 2013’s result of £97.02 million. The company reported that it made an average of £684 per month from each estate agent branch that uses the service, up 13 per cent year-on-year. In excess of 100 million people visited the Rightmove site in January, a record month for the property portal, acting as yet another indication that a growing number of house hunters are now starting their property search online. Nick McKittrick (left), Chief Executive of Rightmove, said: “The outlook for the UK online property advertising market remains positive as consumers and customers become ever more digital and the market continues to shift from traditional advertising channels.” Meanwhile, OnTheMarket (OTM) has accused Zoopla of becoming desperate as it loses ground in the online property portals war, after it issued a press release last week stating that it had received legal advice that the OTM portal and its member agents could face fines and claims for damages should some of its activities be declared to be infringing competition…

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