Record results for Rightmove as profits and revenues surge

Rightmove announced both revenues and profits up in the first half of this year, driven by growth in its agency and new homes business.

Revenue rose 11% to £119.5m, with underlying profits up 11% to £91m, and operating profits up 9% to £87.6m. Its operating margin was 72.6%.

Rightmove will be paying an increased interim dividend of 22p to shareholders.

It also announced record numbers of agents and developers advertising on the portal with numbers up 1% since the start of the year, at 20,358 in total.

The average advertiser paid 10% more than this time a year ago, at £911 per month.

Record traffic meant that in the first half of the year, Rightmove attracted over 3,000 visits every minute – a record total of 790m visits in six months.

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Written by: Houseladder