Rightmove Revenue, Profits Up 10% – Thoughts

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.

Peter Brooks-Johnson, 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.

Source Rightmove Plc
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