06 July 2006
Rightmove plc, the UK's number one property website, today issues a trading
update ahead of its results for the half year ended 30 June 2006, due to be
released on 1 September 2006.
Given the positive first half outturn, the Board is confident that revenue and
profit before tax for the full year will exceed the top end of the range of
analysts' estimates. Analysts' estimates for profit before tax, excluding HIPs
development costs, flotation expenses and share option (IFRS 2) charges are in a
range from £16.1m to £16.4m.
Key achievements for the half year have been:
• Growth in customer numbers is significantly ahead of previous
June 06 Dec 05 Incr.% June 05
Estate agents 10,360 8,573 +21% 7,802
New homes developers 2,367 1,549 +53% 1,369
Lettings 1,523 957 +59% 232
Overseas 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
• 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
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 Exchange