19 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 Housing
and Planning, regarding changes to the implementation of Home Information Packs
The Minister's statement includes the announcement that the Home Condition
Report within the HIP will be voluntary for the foreseeable future. Rightmove
believes that it had put in place the systems, people and capabilities to be
able to implement HIPs in line with the original timetable and specification.
The implication is that the overall value of each HIP will be lower than
previously expected. Accordingly, revenues and potential earnings from
Rightmove's HIPs product are likely to be significantly lower than current
Future expenditure on the HIPs product will be reviewed in the light of the
development of the HIPs market and the company's place within it.
Rightmove reaffirms its trading statement as made on the 6 July 2006 which
confirmed that revenue and profit before tax for the full year 2006 will exceed
the range of analysts' estimates as at that date. In addition as a leading
provider of technology delivered services to the real estate industry, Rightmove
believes it is well placed to continue building its web based advertising
business and develop additional services.
Rightmove will update investors as appropriate, including indicating the impact
of any further significant announcement by the government.
Rightmove +44 (0)20 7379 5151
Maitland +44 (0)20 7379 5151
This information is provided by RNS
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