18th Mar 2020 11:52
(Alliance News) - Rightmove PLC on Wednesday announced measures to assist estate agents as it said that web traffic over the Past two weeks continued to be strong amid the coronavirus outbreak.
The FTSE 100-listed online property portal said that to reduce cash flow burdens, qualifying agents listing on its site will be able to take advantage of a payment deferral plan of GBP275 per month for up to six months. It also said all employees are now working remotely.
Rightmove said that agent numbers for January and February have remained in line with guidance, adding that website traffic continues to be strong amid the coronavirus outbreak. In February, the company said that January was its busiest month ever with more than 152 million visits, with the trend continuing as it recorded its five busiest days ever in February,
While Rightmove said it could not give any guidance due to uncertainties caused by travel restrictions, it noted it has a strong balance sheet. As at the end of 2019, the company's balance sheet showed total equity of GBP41.3 million.
It added that it is not currently buying back shares.
"At Rightmove we are doing everything in our power to rise to the challenges of Covid-19. Our focus, first and foremost, is on protecting the welfare of ouremployees and our customers. We also continue to run the business with a view to delivering long term, sustainable success and remain focused on the interests of all our stakeholders," said Chief Executive Peter Brooks-Johnson.
The stock was trading 17% lower at 416.00 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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