27th Jul 2018 07:58
LONDON (Alliance News) - Rightmove PLC said Friday that its interim revenue increased 9.7% against a tough UK property market backdrop.
For the six months to June 30, the company behind the rightmove.co.uk property portal, posted revenue up to GBP131.1 million from GBP119.5 million reported in the same period a year ago.
Pretax profit for the period widened to GBP98.1 million compared to GBP87.5 million posted a year ago.
Average revenue per advertiser (ARPA) increased by GBP76 on the same period a year ago to GBP987 per month.
On the online portal, traffic during the six months increased 5% year-on-year, with an average of 139 million visits per month, the company said. People also spent more time on the site with an average of 1.1 billion minutes a month.
"The continued stable membership numbers and our subscription advertising model, together with the strength of the Rightmove offer for both customers and consumers, give us confidence in delivering expectations for the current year despite muted sentiment towards the UK property market," Chief Executive Officer Peter Brooks-Johnson said.
The company lifted its interim dividend by 14% to 25 pence per share from 22p issued last year.
For the rest of the year, Rightmove expects ARPA growth to be around GBP80 year-on-year, as it is confident in delivering full-year expectations.
In relation to Brexit, the company said the decision to leave the EU increased the macroeconomic uncertainty in the housing market leading to fewer transactions, however, the board concluded that there has been no material change to the severity of this risk for the company.
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