Half-year Report

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Rightmove plc, the UK's largest property portal, today announces its unaudited results for the six months ended 30 June 2025

Strong results and product delivery across the platform

Key headlines

· Leading platform and network effects remain very strong

· Clear value recognition by our partners - highest H1 Estate Agency retention in over 10 years

· Strategic Growth Areas of Commercial Property, Mortgages, and Rental Services delivering operationally and financially - combined revenue up 37%(1) year-on-year

· Technology innovation and AI usage have accelerated in the period

· 2025 guidance reiterated, with ongoing confidence in Rightmove's long-term potential

Financial highlights

*Consistent with disclosure at FY24, the comparative underlying measures for H1 2024, issued on 26 July 2024, have been restated to exclude the transaction related-charges incurred during H1 2024 of £3.6m - see note 1b to the financial statements

· Revenue up 10% on H1 2024, as Estate Agency and New Homes developer partners invested in upgrading their packages and purchased incremental products; total membership increased 1% across Agency and New Homes, compared to June 2024

· Underlying operating profit(2) up 9% with underlying operating profit margin of 71%(3) reflecting planned growth-focused investment and consistent with full-year guidance of 70%

· Interim dividend up 9% to 4.05p per share (H1 2024: 3.70p)

· £112.4m of surplus cash returned to shareholders through share buybacks and dividends (H1 2024: £100.2m); with 9.1m shares (1.2% of outstanding share capital) purchased and cancelled to 30 June (H1 2024: 10.1m, 1.2%)

· Cash and cash equivalents, including money market deposits, of £42.4m (31 December 2024: £41.3m)

· 11% Underlying basic earnings per share(4) growth

· Average Revenue per Advertiser ("ARPA")(5) grew by £112, predominantly product-led, with particular strength in New Homes

· Total membership increased, driven by growth in Agency members reflecting both retention and new agent formation

· Agent formation returned to levels not seen since 2020, as the market is more conducive to new entrants

· New Homes' marginal increase reflects continued low levels of new build developments coming to market

· Average total membership across the first half of the year was up 1% compared to H1 2024, with Estate Agency branches up 189/1% and New Homes developments up 73/3%

Operational highlights

· Consumer:

o  Sustained traffic growth, with a total of 9.1 billion minutes spent on the platform in the period, up 10%(8) (H1 2024: 8.3 billion) - second-highest on record. Share of time was stable, >80% (Comscore) and >70% (SimilarWeb/Data.ai)(9). Over 85% of traffic was direct and organic(8)

o  We invested in engaging all generations through channels including Facebook, Instagram, LinkedIn and TikTok, across which engagement increased 3x year-on-year(10) as well as increasing consumers subscribed to marketing to over 9m (+11% year-on-year)

· Partner:

o  Continued growth in the uptake of our top packages:

§ "Optimiser Edge" for estate agents, with 33% of independent agents subscribing (December 2024: 31%); and

§ the launch of a new top package "Ascend" for New Homes developers, with c.150 developments already on the new package (c.5% of developments). With the ratio of new builds to resale stock at a record low, developers turned to our marketing products to help compete for buyers

o  Retention of existing partners was 96%, the highest first-half agency retention in over 10 years (H1 2024: 95%)

o  Over 15m engagements with partners under the "Building Success Together" partnership programme, through inclusive tools such as Rightmove Hub for training - which saw a complete refresh in the period and is now used by 70% of estate agency branches - Rightmove Plus for business management, and account manager meetings

· Strategic Growth Areas:

o  Commercial Property attracted over 100 more partners, (+17% since December 2024), achieved over 60% of online user time(11) and sent 37% more leads to partners

o  Rental Services saw c.270 more partners sign up to its end-to-end digital solution, Lead to Keys, of which over a third were new partners to Rightmove, with revenue growth of 34%

o  Mortgages more than doubled its revenue year-on-year to £4.5m (H1 2024: £2.2m) introducing £20bn of potential lending to our partners (H1 2024: £11bn)

o  Together, these three areas contributed £15.3m in revenue, up 37% on H1 2024, and 21% of Group revenue growth (H1 2024: 21% of Group revenue growth)

· Innovation:

o  Our product teams delivered more than 3,000 releases during the period, including cloud transformation and increasing adoption of AI

o  Examples of new products for partners included Buyer Profiles and Appointment Requests for New Homes developers, a new data API for Commercial partners, and improvements to our Rentals AVM (Automated Valuation Model), upgrades to the Rightmove Hub, as well as pathfinding a new product in Estate Agency

o  Examples for consumers included acceleration of property valuation tools usage, AI filters on our app, a global-first Property Checker within Mortgages, and a Renters Checklist within Rental Services

Current end-market trends

Property end-market trends remain supportive for our partners' businesses. Financial markets currently expect further cuts to the current Bank of England base rate of 4.25%(12) by the end of the year, with the lowest 2-year fixed mortgage rate at 30 June 2025 of 3.8%, down 88bps year-on-year.(13) In resale, sales agreed in H1 2025 were 6% ahead of H1 2024, while completions were up 22%, supporting pipelines and agent confidence. In June alone, new listings and demand were up by 9% and 6% year-on-year, respectively: a positive backdrop for the remainder of the year. Within the lettings sub-market, supply and demand continue to rebalance, although enquiries per available property remain above pre-COVID levels. New Homes developers remain optimistic, although developments in the market remain at relatively low levels.

Outlook

We continue to build a larger, more diversified, digital Rightmove ecosystem in line with our strategy.

For the full year, we continue to expect revenue growth of 8-10%, benefiting from: the full-year impact of Optimiser Edge uptake; further product-led growth across our core business; and continued progress within our Strategic Growth Areas of Commercial Property, Mortgages and Rental Services. We continue to expect c.1% growth in membership and ARPA growth of £95-£105 for the year across Estate Agency and New Homes developers. H2 will see ongoing revenue growth, but following last year's record H2 we expect the year-on-year revenue growth percentage in H2 to be lower than H1.

We continue to invest in innovation and value delivery for our consumers and partners across the Rightmove platform. We expect an underlying operating margin of 70% for FY25.

The strength of our business model, our clear strategy, and our focus on innovation underpin the Board's confidence in Rightmove's outlook for 2025 and beyond.

Johan Svanstrom, Chief Executive Officer, said:

"These results highlight the strength of our platform and how we serve our long-term partners with products tailored to their circumstances and needs. Against a backdrop of a positive market for agents, we have seen an increase in agent formation and estate agents using our top package, Optimiser Edge, which helps maximise their performance. Developers of new builds are turning to marketing products including our new Ascend package to help compete for buyers when the ratio of new builds to resale stock is at a post-COVID low.

"Our investment in technology and people is yielding results and with continued innovation, we remain committed to improving consumers' overall moving journeys, and enabling our partners to grow, compete, and succeed. We see a long runway of opportunity for digitalisation of the property ecosystem, and confirm our financial outlook for the year."

The Company will present its results at a meeting today for analysts and investors at 9:30am, available online here:  https://edge.media-server.com/mmc/p/xbpggc54

Enquiries:

Investor Relations [email protected]

Sodali [email protected]

(1) Strategic Growth Areas' revenue - H1 2024: £11.2m, H1 2025: £15.3m

(2) Underlying operating profit is operating profit before share-based payments charges (including the related National Insurance charge) and transaction-related charges

(3) Underlying operating margin is defined as the underlying operating profit as a percentage of revenue

(4) Underlying basic earnings per share (EPS) is defined as underlying profit (profit for the year before share-based payments charges including the related National Insurance, transaction-related charges and appropriate tax adjustments), divided by the weighted average number of ordinary shares outstanding during the period

(5) Average Revenue per Advertiser (ARPA) is calculated as revenue from Agency and New Homes advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the period

(6) Agency ARPA is calculated as revenue from Agency advertisers/customers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the period

(7) New Homes ARPA is calculated as revenue from new homes developers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the period

(8) Source: Google Analytics

(9) Time in minutes spent on Rightmove platforms (site and app): most recent available month of data. Source: SimilarWeb (website), Data.ai (app), June 2025 (74%). Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com, onthemarket.com, United Kingdom, June 2025 (80%). 

(10) SimilarWeb (website) and Data.ai (app) January-June 2025 vs January-June 2024, for Facebook, Instagram, LinkedIn, Tiktok. 'Engagement' defined as reactions, comments, shares, saves, link clicks and profile actions

(11) Source: SimilarWeb, June 2025. Share of all time driven by Rightmove (commercial sections only), Zoopla (commercial sections only), Loopnet, NovaLoca and Estates Gazette 

(12) Bank of England

(13) Rightmove Mortgages tracker (https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/)

About Rightmove

· Rightmove has the UK's largest selection of properties for sale and to rent, adds more listings than anyone else, and over 80% of all time spent on property portals is on Rightmove.

· Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen.

· People can search Rightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools.

· Customers include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents and financial services operators

· Using the UK's largest housing datasets, we issue a number of regular reports to track housing market indicators: our monthly House Price Index (established 2002), quarterly Rental Trends Tracker (established 2015), daily Mortgage Rates Tracker (established 2023) and quarterly Commercial Insights Tracker (established 2024). Historical data is available on request.

· Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and is a member of the FTSE 100 index.

· For more information, please visit www.rightmove.co.uk/claims

Financial performance

Revenue

Revenue increased by £19.6m/10% year on year to £211.7m (2024: £192.1m):

Agency revenue increased by £12.3m year on year to £150.8m. Revenue growth predominantly came from package upgrades, with almost 450 partners moving to the top package Optimiser Edge. Customers increasingly purchased products incrementally within their packages, with property product revenue increasing particularly strongly as partners looked to differentiate properties, given available properties for sale were at the highest level in 10 years. Contract renewals remained in-line with previous years. We saw agent formation return to levels not seen since H2 2020, as the market is more conducive to new entrants. Agency ARPA(1) increased by £103/7% to £1,520 (June 2024: £1,417) and membership numbers were up 2% on 31 December 2024, ending the first half of the year at 16,382 branches.

New Homes revenue increased by 11% to £37.5m. New Homes developers continue to upgrade to our top packages with 68% on the Advanced package in H1 (H1 2024: 56%) and c.150 developments on the new Ascend package by period-end. With the ratio of new builds to resale stock at a post-COVID low, developers turned to our marketing products to help compete for buyers: revenue grew in branding and closing products by 18% and 15% respectively. New Homes ARPA(2) increased by £153/8% to £2,093 (June 2024: £1,940) aided by consistent growth in development numbers which, at 2,941, were marginally up (18/1%) on December. This increase was due to housing associations and retirement homes increasing by 63, with New builds decreasing by 45 as new developments coming to market remain subdued.

Other revenue increased to £23.4m, with growth across almost all business units, primarily from mortgage revenue, up 107% to £4.5m reflecting an increased volume of MIPs (mortgages in principle), and Commercial revenue growth of 14% to £7.4m. Commercial ARPA decreased to £1,153 (June 2024: £1,296) reflecting a higher mix of new, lower ARPA customers, with a 17% increase in membership to 1,106 (December 2024: 949).

Administration costs

Total costs increased by £5.8m to £66.3m (2024: £60.5m), which included share-based payments charges and related National Insurance of £5.9m (2024: £3.5m) and transaction related charges of £nil (2024: £3.6m).

Excluding these share-based payments and transaction-related costs, underlying operating costs(3) increased by £7.0m/13% to £60.4m (2024: £53.4m*). The increase was primarily due to:

· £4m payroll costs reflecting increased headcount and salary costs, along with the National Insurance rate increase

· £2m other costs due to ongoing investment in marketing and technology offset by savings in general and administrative costs

· £1m depreciation and amortisation charges

The share-based payments charge of £5.9m increased by £2.4m, mostly reflecting higher National Insurance on unexercised awards, due to both the higher share price and National Insurance increases, as well as the IFRS2 charge on new awards. There were no transaction-related charges during H1 2025 (2024: £3.6m comprised legal and professional fees of £0.6m in relation to the HomeViews acquisition and Coadjute Investment and a £3.0m reduction in fair value was charged in relation to the Coadjute investment: see note 14).

Operating profit and Earnings per Share

*All the comparative underlying measures as at 30 June 2024 have been restated to exclude the H124 transaction related costs - see note 1b to the financial statements. 

Operating profit increased by £13.8m to £145.4m (H1 2024: 131.6m), with an operating profit margin of 69% (H1 2024: 69%).

Underlying operating profit(4) increased by £12.6m/9% to £151.3m, with an underlying operating profit margin(5) of 71% (June 2024: 72%*), slightly lower due to planned growth-focused investment.

The increase in basic and underlying earnings per share was driven by the increase in profits and the share buyback programme, which reduced the weighted average number of ordinary shares in issue to 777.1m (2024: 795.1m).

Summary consolidated statement of financial position

Rightmove's balance sheet as at 30 June 2025 shows total equity of £81.7m (31 December 2024: £80.9m).

The increase in intangible assets to £38.3m is due to £4.0m capitalisation of product development costs (2024: £4.4m), partially offset by £1.9m of amortisation.

Trade and other receivables of £32.7m, increased £3.7m on December 2024 driven by increased trade receivables, from higher revenue and an increase in prepayments reflecting timing. Trade and other payables of £32.9m increased £5.9m on December 2024 due to higher accruals and VAT payable.

Cashflow, capital structure and dividends 

Rightmove remained debt-free during the period and cash generation remained strong. Cash generated from operating activities was £155.7m (June 2024: £143.2m) and 107% of operating profit (2024: 109%)(7).

The closing Group cash balance at 30 June 2025, including money market deposits, was £42.4m (31 December 2024: £41.3m). Cash remains invested in short-term, easily accessible money market deposits, including in a "green" money-market fund.

Dividends totalling £47.4m were paid during the period in relation to the final 2024 dividend (2024: £45.2m). Surplus cash generated was returned to shareholders as part of the ongoing share buyback programme and the Group purchased and cancelled 9.1 million ordinary shares during the period (2024: 10.1m), at a cost of £65.0m excluding expenses (2024: £55.0m).

Consistent with the capital allocation policy to grow dividends in line with underlying earnings, the Directors are declaring an interim dividend of 4.05p per ordinary share, which will be paid on 24 October 2025 to all shareholders on the register as at 25 September 2025. We intend to continue the share buyback programme in the second half of 2025.

*All the comparative underlying measures as at 30 June 2024 have been restated to exclude the H124 transaction-related costs - see note 1b to the financial statements.

Ruaridh Hook

Chief Financial Officer

(1) Agency ARPA is calculated as revenue from Agency advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year

(2) New Homes ARPA is calculated as revenue from New Homes developers in a given month divided by the total number of developers during the month, measured as a monthly average over the year

(3) Underlying costs are defined as administrative expenses before share-based payments charges (including the related National Insurance) and transaction related charges

(4) Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-related charges

(5) Underlying operating margin is defined as the underlying operating profit as a percentage of revenue

(6) Underlying basic EPS is defined as profit for the year before share-based payments charges (including the related National Insurance) and transaction-related charges and the appropriate tax adjustments, divided by the weighted average number of ordinary shares outstanding during the period

(7) Cash generated from operating activities of £155.7m (2024: £143.2m) compared to operating profit as reported in the income statement of £145.4m (2024: £131.6m).

Principal Risks and Uncertainties

The Board and Audit Committee review the principal risks and uncertainties facing the Group in line with the risk management framework; conducting a robust assessment of the risks, including potential emerging risks, and of any changes in the internal or external environment that could impact strategy and operations. The Board and Audit Committee review the risk register, which captures all material risks, principal risks and uncertainties faced by the Group, semi-annually.

The risks set out in the 2024 Annual Report remain relevant for 2025 and there have been no significant changes. An overview of the principal risks is outlined below:

Further detail on these risks, and the ways in which they are monitored and mitigated, is available in the Rightmove plc Annual Report 2024.

Statement of Directors' responsibilities

The Directors are responsible for preparing the interim report in accordance with applicable law and regulations. The Directors confirm that the condensed consolidated interim financial information has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim management report includes a fair review of the information required by the Disclosure Guidance and Transparency Rules paragraphs 4.2.7R and 4.2.8R, namely:

· an indication of important events that have occurred during the six months ended 30 June 2025 and their impact on the condensed set of financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

· material related-party transactions during the six months ended 30 June 2025 and any material changes in the related-party transactions described in the Annual Report and Accounts 2024.

A list of current Directors is maintained on the Rightmove plc website: https://plc.rightmove.co.uk.

The Directors are responsible for the maintenance and integrity of, amongst other things, the financial and corporate governance information as provided on the Rightmove website (https://plc.rightmove.co.uk). Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.

The interim report was approved by the Board of Directors and authorised for issue on 24 July 2025 and signed on its behalf by:

Johan Svanstrom Ruaridh Hook

Chief Executive Officer Chief Financial Officer

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 June 2025

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Company number 06426485 at 30 June 2025

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

for the six months ended 30 June 2025

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY for the six months ended 30 June 2025

NOTES

1 General information

Rightmove plc (the Company) is a public limited Company registered in England (Company no. 6426485) domiciled in the United Kingdom (UK). The condensed consolidated interim financial statements ('interim financial statements') as at and for the six months ended 30 June 2025 comprise the Company and its interest in its subsidiaries (together referred to as 'the Group'). The principal business of the Group is the operation of the Rightmove platforms, which have the largest audience of any UK property portal (as measured by time on site).

The consolidated financial statements of the Group as at and for the year ended 31 December 2024 are available upon request to the Company Secretary from the Company's registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE or are available on the corporate website at plc.rightmove.co.uk.

1a Basis of preparation

These condensed interim financial statements, for the six months ended 30 June 2025, have been prepared in accordance with IAS 34 Interim Financial Reporting, under UK-adopted international accounting standards, and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. They should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2024 ('last annual financial statements').

The interim financial statements do not include all the information required for a complete set of financial statements prepared in accordance with UK-adopted international accounting standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. New standards and amendments effective from 1 January 2025 have not had a material impact on the interim consolidated financial statements of the Group.

The interim financial statements were approved by the Board of Directors on 24 July 2025 and the results for the current and comparative period are unaudited. The auditor, Ernst &Young LLP, has carried out a review of the interim financial statements and its report is set out at the end of this document.

The interim financial information does not constitute statutory accounts within the meaning of sections 434 and 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 were approved by the Board of Directors on 28 February 2025 and have been delivered to the Registrar of Companies. The report of the auditors was unqualified, with no reference to matters to which the auditor drew attention by way of emphasis and did not contain any statements under section 498 of the Companies Act 2006.

1b Change in presentation of 30 June 2024 comparatives in relation to alternative performance measures

During the second half of 2024 the Group extended its definition of the alternative performance measures, and the related 'underlying' results it presents, to exclude transaction-related charges in addition to share-based incentive charges. This is consistent with the alternative performance measures in the 2024 full year annual report and accounts and has no impact on the reported IFRS results or other primary statements in the current or prior years.

Therefore, the underlying measures for the comparative period ended 30 June 2024 - reported in the half year announcement on 26 July 2024 - have been restated to exclude the transaction-related charges incurred during the first half of 2024. These charges were legal and professional costs of £0.6m, relating to the acquisition of HomeViews Platform Limited and to the investment in Coadjute Limited, plus a £3.0m reduction in fair value of the investment in Coadjute Limited (see note 14).

The table below shows the restated alternative performance measures compared to those published on 26 July 2024 for the reporting period ended 30 June 2024:

1c Alternative performance measures

In the analysis of the Group's financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group's year-on-year financial position, based on its operational activity.

The Directors believe that these alternative performance measures, which exclude charges or credits that are not entirely driven by the principal operational activity of the Group, provide useful information to investors and enhance the understanding of our results. The charges that are not entirely driven by the principal operational activity of the Group include costs relating to share-based payments, transaction-related charges - such as those in relation to acquisitions, investments or bid defence and restructuring. The Directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.

The key alternative performance measures presented by the Group are:

· Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance) and transaction-related charges and the appropriate tax adjustments;

· Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-related charges;

· Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period;

· Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance) and transaction-related charges; and

· Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.

A reconciliation of the underlying performance measures to the GAAP measures are shown below:

Underlying profit

A reconciliation of the profit for the period to the underlying profit is presented below:

Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit divided by weighted average number of ordinary shares in issue for the period (note 7).

Underlying operating profit

A reconciliation of the operating profit to the underlying operating profit is presented below:

Underlying operating profit is used to calculate the underlying operating margin, which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue.

Underlying costs

A reconciliation of the administrative expenses to the underlying costs is presented below:

\* The 30 June 2024 underlying measures have been restated as explained in note 1b.

1d Going concern

The Directors have performed a detailed going concern review and tested the Group's liquidity in a range of scenarios, as set out below.

Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance of £36.8m and money-market deposits of £5.6m at 30 June 2025 (31 December 2024: cash balance £22.7m and money-market deposits of £5.4m).

The Group bought back shares to the value of £65.0m during the period (30 June 2024: £55.0m) and paid the 2025 final dividend of £47.4m in May 2025 (period ended 30 June 2024: £45.2m).

In reaching its assessment on going concern, the Directors have used the most recent Board approved forecasts for the Group for the period to 31 December 2026 ("the going concern period"), which have been modelled to reflect the expected impact of current economic conditions on trading, as set out in these interim financial statements.

In stress testing the future cash flows of the Group, the Directors modelled a range of scenarios which considered the effect on the Group of reductions of varying severity in the number of housing transactions for the period to 31 December 2026 and modelled the likely timing of cashflows from our customers during the going concern period.

These included severe but plausible downside scenarios that are considered to pose the greatest threat to the business model and future performance of the Group, such as: an economic shock, increased competition and new disruptive technologies, or a cyber threat. The model considered the impact of changes in the key drivers of the Group's revenues, including customer numbers and average revenue per advertiser (ARPA) - one scenario being a 30% reduction in revenue. Cost assumptions were also considered in each of the severe but plausible scenarios, including an increase in marketing costs and IT costs, employee recruitment and retention costs, and higher spend on innovation and protection of the platform. The scenarios were stress tested individually and in combination. In all combinations of the scenarios tested, the Group remained cash positive and debt-free.

The Directors also reviewed the results of a reverse stress test, which was undertaken to provide an illustration of the scenario required to exhaust cash balances. The possibility of this scenario arising was assessed to be highly remote and could arise only in extreme circumstances, much more severe than the scenarios modelled above.

The Directors are confident that the Group will remain cash positive and will have sufficient funds to continue to meet its liabilities as they fall due for at least the period to 31 December 2026 and have therefore prepared the interim financial statements on a going concern basis.

2 Material accounting policies

The accounting policies applied in these interim financial statements are the same as those applied by the Group's consolidated financial statements as at and for the year ended 31 December 2024.

3 Judgements and estimates

In preparing these interim financial statements in accordance with UK Adopted International accounting standards, management is required to make judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Management has determined that there are no significant areas of estimation uncertainty or critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the consolidated financial statements, as described in the last annual financial statements.

4 Operating segments Rightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating Decision Maker separately monitors revenue for different business units, they do not separately monitor business unit profit, operating costs, financial income, financial expenses and income taxes for these areas of the business, instead monitoring this on a consolidated level.

The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group's Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:

- Agency, which provides resale and lettings property advertising services, rental operators advertising and rental services on Rightmove's platforms;

- New Homes, which provides property advertising services to new home developers and housing associations on Rightmove's platforms; and

- Other, which comprises Commercial and Overseas property advertising services; and non-property advertising services which include Third Party advertising and Data Services; and the Financial Services (Mortgages) business.

All revenues in all periods are derived from third parties. The disaggregated revenue is included within Note 5.

5 Revenue

The Group's operations and main revenue streams are those described in the last annual financial statements. The Group's revenue is derived from contracts with customers.

Disaggregation of revenue

In the following table, revenue is disaggregated by property and non-property advertising revenue. The table also includes a reconciliation of the disaggregated revenue with the Group's business units (see Note 4).

Contract balances

The following table provides information about contract assets and contract liabilities from contracts with customers.

The contract assets primarily relate to the Group's rights to consideration for services provided but not invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and the rights have become unconditional.

The contract liabilities primarily relate to the advance consideration received from Estate Agency, Overseas and Commercial customers, for which revenue is recognised as or when the services are provided.

6 Share-based payments

The Group operates share-based incentive schemes for executive Directors and employees; a Savings Related Share Option Scheme (Sharesave Plan) and Share Incentive Plan (SIP) for all employees; a performance share plan (PSP) for Directors; and a Deferred Share Bonus Plan (DSP) for the Directors and selected senior management. There is also a restricted share plan (RSP) in operation which is awarded on an ad-hoc basis, based on service conditions only, for selected senior individuals.

Three new share-based incentive awards were made during the period to 30 June 2025:

· 281,199 PSP awards were granted on 6 March 2025 subject to earnings per share (EPS), revenue and total shareholders return (TSR) performance. Performance will be measured over three financial years (1 January 2025 - 31 December 2027). The vesting on 6 March 2028 of 50% of the 2025 PSP awards will be dependent on the relative TSR performance condition measured over the three-year performance period, with the remaining 50% dependent on the both the satisfaction of the EPS growth and revenue targets in equal measure. The PSP awards were valued using the Monte Carlo model for the TSR element and the Black Scholes model for the EPS and Revenue elements.

· 613,997 DSP nil cost shares were awarded to executives and senior management on 18 March 2025 following the achievement of the 2024 internal performance targets, with the right to exercise the shares deferred until March 2027 (assuming service conditions are met). The DSP awards were valued using the Black Scholes model.

· 247,770 RSP nil cost shares were awarded to selected senior management during the period, subject only to service conditions over a two-to-three-year period. Participants are not entitled to receive dividends on these awards. The RSP awards were valued using the Black Scholes model.

The total charge in relation to all share-based incentive plans, including SAYE and SIP plans, for the six months ended 30 June 2025 was £5,891,000 (2024: £3,536,000). This comprised both the IFRS2 share based incentive charge of £4,541,000 (2024: £3,330,000) and the related National Insurance charge £1,350,000 (2024: £206,000). 

7 Earnings per share (EPS)

\* The comparative 30 June 2024 underlying measures have been restated as explained in note 1b.

Weighted average number of ordinary shares (basic)

Weighted average number of ordinary shares (diluted)

For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group's potential dilutive instruments are in respect of share-based incentives granted to employees, which will be settled by ordinary shares held by the Employees' Share Trust (EBT), SIP Trust and shares held in Treasury.

8 Dividends

Dividends declared and paid by the Company were as follows:

After the period end the Board approved an interim dividend of 4.05p (2024: 3.70p) per qualifying ordinary share being £31,300,000 (2024: £28,700,000).

The 2024 final dividend of £47,398,000 (6.1p per qualifying share) was paid on 23 May 2025.

9 Taxation The income tax expense of £36,630,000 (2024: £33,748,000) is recognised based on management's best estimate of the consolidated effective tax rate expected for the full financial year, applied to the profit before tax for the six-month period. The Group's consolidated effective tax rate for the six months ended 30 June 2025 was 25.0% (2024: 25.4%), in line with the UK Corporation tax rate of 25.0%.

The net deferred tax asset of £2,420,000 (31 December 2024: £1,449,000; 30 June 2024: £1,690,000) comprises a deferred tax asset of £5,753,000 (31 December 2024: £4,659,000 and 30 June 2024: £3,090,000) and a deferred tax liability of £3,333,000 (31 December 2024: £3,210,000 and 30 June 2024: £1,399,000).

The deferred tax asset is mostly in respect of equity settled share-based incentives and provisions which was recognised in profit or loss to the extent that the related equity settled share-based payments charge was recognised in the statement of comprehensive income. The deferred tax liability relates to the intangible fixed assets, including computer software on which 100% first year allowances have been claimed, and customer relationships.

The deferred tax assets and liabilities as at 30 June 2025 were calculated at a rate of 25% which is the expected rate that will prevail at the date upon which the net deferred tax asset will reverse in the future, based on substantively enacted UK tax rates.

The £1.0m increase in the net deferred tax asset as at 30 June 2025 is driven by the increase in the underlying deferred tax asset in relation to share-based incentives, due to the increase in both the share price and the number of unexercised options, partially offset by the impact of higher computer software assets on the underlying deferred tax liability.

10 Intangible assets

11 Trade and other receivables

12 Trade and other payables

13 Reconciliation of movement in capital and reserves

Own shares purchased for cancellation The total number of shares bought back in the six months to 30 June 2025 was 9,053,071 (2024: 10,067,328) representing 1.2% (2024: 1.2%) of the ordinary shares in issue (excluding shares held in treasury). All the shares bought back in the period were cancelled. The shares were acquired on the open market at a total consideration (excluding costs) of £65,000,000 (2024: £55,000,000). The maximum and minimum prices paid were £7.86 (2024: £5.84) and £6.27 (2024: £5.00) per share respectively.

Own shares held - number of shares

(a) EBT shares reserve

This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based incentives. At 30 June 2025, the EBT held 1,868,973 (June 2024: 1,870,169) ordinary shares in the Company, representing 0.2% (June 2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held by the EBT at 30 June 2025 was £14,738,721 (June 2024: £10,042,808).

(b) SIP shares reserve

In November 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). This reserve represents the cost of acquiring shares less any exercises or releases of SIP awards. At 30 June 2025 the SIP Trust held 1,241,904 (June 2024: 1,109,282) ordinary shares in the Company of 0.1 pence each, representing 0.2% (June 2024: 0.1%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the SIP Trust at the period end was £9,793,655 (June 2024: £5,956,844).

(c) Treasury shares

This represents the cost of acquiring shares held in treasury less any exercises of share-based incentives. These shares were bought back in 2008 at an average price of 47.60 pence and may be used to satisfy certain share-based incentive awards.

Other reserves

This represents the Capital Redemption Reserve in respect of own shares bought back and cancelled. The movement in other reserves of £9,053 (June 2024: £10,067) comprises the nominal value of ordinary shares cancelled during the period.

Retained earnings

The loss on exercise of share-based incentives of £1,485,000 (June 2024: £102,000) is the difference between the value that the shares held by the EBT, SIP and treasury shares were originally acquired for and the exercise price at which share-based incentives were exercised during the period. 

14 Acquisitions and investments

The were no acquisitions or investments during the period.