8th Nov 2024 08:11
(Alliance News) - Rightmove PLC on Friday posted an optimistic outlook with revenue set to rise this year despite a moderation in growth of rental prices.
The Milton Keynes, England-based online property portal said it anticipates revenue of about GBP390 million for 2024, up 7.1% from GBP364.3 million in 2023, meeting its previous guidance of 7% to 9% growth.
Rightmove reiterated guidance of an adjusted underlying operating margin for 2024 of 70%. For 2023, it had reported an underlying operating profit margin of 73%.
"House price growth remains positive, albeit subdued, and mortgage rates are stable with a favourable outlook for further potential bank rate cuts. Property transaction flow is improving, supporting business growth for our Estate Agency partners. Rental price growth continues to moderate with an average enquiries per available property of 15," the company said.
The company expects a modest acceleration in revenue growth in 2025 due to the full-year impact of its Optimiser Edge uptake and product-led growth across its Core business. Optimiser Edge is a membership package for estate agents that Rightmove introduced in 2024.
Chief Executive Officer Johan Svanstrom said: "This has been another period of strong progress for Rightmove, and it's pleasing to see our product development and sales delivery generating increased uptake from consumers and partners. As a result, we remain confident in achieving meaningful strategic and financial growth in 2024.
"We see continued momentum building product depth across our platform - driving revenue growth in the core business and within our strategic growth areas."
Rightmove shares opened 0.2% higher at 597.80 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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