30th Jul 2014 09:00
LONDON (Alliance News) - Rightmove PLC Wednesday reported an increase in profit and revenue for the first half, as its property website continues to prove popular with advertisers and consumers.
The company, which runs rightmove.co.uk, posted pretax profit of GBP58.68 million for the six months ended June 30, up from GBP44.6 million a year earlier, as revenue rose 20% to GBP80.4 million from GBP67.2 million a year earlier.
The website allows estate agents and home sellers to advertise properties for sale and potential buyers to browse those adverts, which include descriptions, pictures and often floor plans, plus the estate agent or seller contact details. It provides the same service for renters and letters.
Rightmove said the popularity of its flagship website has gone from strength to strength, with home hunters visiting more often and looking at "more property than ever". Page impression rose 13% to 8.1 billion from 7.2 billion, while enquiries rose 27% to 22.3 million from 17.5 million.
Average revenue per advertiser rose 13% to GBP671 per month from GBP593 per month a year earlier.
Rightmove said its overseas homes advertising business has grown strongly with audience figures now over 35 million in the period.
In addition, the company's commercial property advertising business has become one of the largest in the UK, with over 45,000 properties advertised and in excess of 25 million searches in the period, up over 50% on the first half a year ago.
Looking ahead, the company said trading in July has been in line with the first half and with "the visibility provided by our subscription model the board is confident of delivering its expectations for the year."
On the back of its performance the company increased its interim dividend to 13 pence per share from 11 pence.
Rightmove shares were quoted up 2.5% at 2,321.00 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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