In its latest half year
results Rightmove Plc said that revenue rose 10% year on year, with underlying
profit and operating profit also both rising by 10%.
Rightmove’s revenue was
£143.9m, operating profit was £108.2m and underlying operating profit was £111m
for the period.
The company added agency membership numbers were down 1% since the start of 2019. It said this reflected a 3% decline in mainly low-stock agency branches offset by strong growth in new homes development numbers.
Chief Executive Officer, said: “In the first half of 2019 home hunters visited
Rightmove a record 845 million times. Home hunters continue to turn to
Rightmove first to search and research properties in the only place you
can see virtually the whole of the UK market. Our restless innovation
delivers the fastest and easiest way to ‘find your happy’ from the 1.1 million UK residential
properties on Rightmove.”
A rise in revenue and profits of 10% looks good in the current market. However, it should be borne in mind there is a certain disquiet amongst agency members at the fees charged by Rightmove, and at the rate they are being increased. So, some might suggest that growing profits have been achieved not by growing the business as such but simply by charging more.
What is DealMakerz Prime?
In depth stories
Want to know the story behind Britain's latest property mogul? Why a company is going bust? Our coverage goes beyond run-of-the-mill news on key real estate issues.
High powered community
Our subscribers are made up of the most influential Founders and CEO's in UK property. Gain a competitive edge and get informed - read what they read.
Exclusive guest articles
Understand exactly what the most senior figures in UK property are thinking. Exclusive opinion articles from powerful real estate influencers that move markets.