28th Jul 2023 08:48
(Alliance News) - Rightmove PLC on Friday reported that its revenue and profit in its half-year increased despite the uncertain macro backdrop.
Shares in the Milton-Keynes based online real estate agency said revenue in its first half ended June 30 increased by 10% to GBP179.5 million, from GBP162.7 million the prior year.
Pretax profit in the six months increased 7.5% to GBP130.3 million, from GBP121.2 million the year before.
Chief Executive Officer Johan Svanstrom said: "These results clearly illustrate that Rightmove continues to be the property portal that consumers turn to first and engage with the most, and that our customers continue to use our innovative products and services to support their businesses in both slower and faster housing markets.
Net assets increased 6.5% to GBP73.4 million on June 30, up from GBP68.9 million at the same point the year before.
Costs increased 21% to GBP50 million, up from GBP41.3 million, which Rightmove said it included share-based payments charges and related national insurance charges of £3.7 million, up from GBP1.1 million the year before.
"Our performance against the backdrop of a challenging interest rate environment demonstrates yet again that Rightmove isn't materially impacted by the property cycle."
Rightmove declared an interim dividend of 3.6 pence per share, up 9.0% from 3.3p per share the year before.
The company said it expects to deliver in line with its previous expectations.
"The strength and resilience of Rightmove's business has remained apparent throughout the first half of 2023. Agents and developers have continued to use our products to win new mandates and to drive their businesses forward, and home-movers have continued to trust our sites to allow them to see the whole of the property market, helping them to make informed decisions," said Rightmove.
Shares in Rightmove were down 2.5% at 538.80 pence in London on Friday morning.
By Will Neill, Alliance News reporter
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