Record results for Rightmove as profits and revenues surge

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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