19th Jul 2006 07:00
Rightmove Plc19 July 2006 19 July 2006 Rightmove response to yesterday's Government announcement regarding HIPs Rightmove notes yesterday's statement by Yvette Cooper, the Minister for Housingand Planning, regarding changes to the implementation of Home Information Packs(HIPs). The Minister's statement includes the announcement that the Home ConditionReport within the HIP will be voluntary for the foreseeable future. Rightmovebelieves that it had put in place the systems, people and capabilities to beable to implement HIPs in line with the original timetable and specification. The implication is that the overall value of each HIP will be lower thanpreviously expected. Accordingly, revenues and potential earnings fromRightmove's HIPs product are likely to be significantly lower than currentmarket expectations. Future expenditure on the HIPs product will be reviewed in the light of thedevelopment of the HIPs market and the company's place within it. Rightmove reaffirms its trading statement as made on the 6 July 2006 whichconfirmed that revenue and profit before tax for the full year 2006 will exceedthe range of analysts' estimates as at that date. In addition as a leadingprovider of technology delivered services to the real estate industry, Rightmovebelieves it is well placed to continue building its web based advertisingbusiness and develop additional services. Rightmove will update investors as appropriate, including indicating the impactof any further significant announcement by the government. ENDS Enquiries: Rightmove +44 (0)20 7379 5151Ed WilliamsGraham Zacharias Maitland +44 (0)20 7379 5151Neil BennettBrian HudspithCharlotte Barker This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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