6th Jul 2006 07:01
Rightmove Plc06 July 2006 Rightmove plc TRADING UPDATE Rightmove plc, the UK's number one property website, today issues a tradingupdate ahead of its results for the half year ended 30 June 2006, due to bereleased on 1 September 2006. Given the positive first half outturn, the Board is confident that revenue andprofit before tax for the full year will exceed the top end of the range ofanalysts' estimates. Analysts' estimates for profit before tax, excluding HIPsdevelopment costs, flotation expenses and share option (IFRS 2) charges are in arange from £16.1m to £16.4m. Key achievements for the half year have been: • Growth in customer numbers is significantly ahead of previous expectations June 06 Dec 05 Incr.% June 05 Estate agents 10,360 8,573 +21% 7,802New homes developers 2,367 1,549 +53% 1,369Lettings 1,523 957 +59% 232Overseas 430 404 +6% 220 • Increased penetration with independent agents, notably in London, and at the upper end of the market with the addition of Savills, Knight Frank and Hamptons as Prime Location no longer requires exclusivity from its customers. • Rightmove no longer sees an upper limit of 80% on its market penetration. This is evidenced by 3 out of 10 regions having already breached this level, with East Anglia at 87%, closely followed by the South East and East Midlands at 86% each. • New homes saw key large customer gains with George Wimpey, David Wilson Homes and Redrow Homes. • As in previous years, prices were increased to all new joiners from July 1st. A new estate agent branch joining from July 1st. will now pay £300 per month to advertise all their properties, up from £250. • The HIPs proposition was further reinforced by the latest Government regulations. Rightmove's project is on track and within budget, with sales commitments in respect of over 400,000 packs secured. • Net cash balances were £5.2m • Entry into the FTSE 250 index was achieved at the first quarterly review following flotation -Ends- Enquiries: Rightmove: Graham Zacharias (FD) +44(0)20 7318 9084 Maitland: Neil Bennett / Brian Hudspith +44(0)20 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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