06 July 2007
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 2007, due to be
released on 31 August 2007.
Given the continued growth in new members, high retention rates and a strong
uptake of Rightmove Choice differentiation products in the first half, the Board
is confident that revenue and profit before tax for the full year will be no
less than the current consensus of analysts' forecasts. The consensus of
analysts' estimates for profit before tax, before share option (IFRS 2) charges,
Key achievements for the half year have been:
• Web site traffic up 58% on the first six months of 2006 at 24.3m visits per
month, with Rightmove now accounting for 82% of all pages served on the top
four UK property websites, up from 80% a year ago (May 2007 compared to May
2006. Source: Hitwise)
• Overall year-on-year increase of 26% in customer numbers from 14,680 to
18,515. This was achieved through strong growth in all regions including
London which has benefited from its own marketing campaign.
June 07 Dec 06 June 06 Annual
Estate agents 12,295 11,239 10,360 +19%
New homes developers 3,478 2,801 2,367 +47%
Lettings only 2,234 1,800 1,523 +47%
Overseas 508 423 430 +18%
• All 15 of the largest 15 estate agents (following Kinleigh Folkard & Hayward's
42 offices joining) and 95 of the largest 100 estate agents now list on
Rightmove. With the signing of McCarthy & Stone 19 of the top 20 developers
also list on Rightmove.
• Since launch in February 2007, 2,900 Rightmove Choice products are in use.
• The Holiday Lettings business, in which a 67% stake was acquired in March,
has traded ahead of expectations.
• A share buy-back programme was initiated in mid June with the aim of
repurchasing up to £10.5m of Rightmove shares and retaining these in treasury.
By 30 June, 1.177m shares had been bought in at an average price of 606p and
at a total cost of £7.19m, of which £3.1m was paid out in early July.
• Net cash balances at 30 June 2007 were £16.9m
• Numis Securities appointed as joint brokers alongside UBS.
Rightmove: Graham Zacharias (FD) +44(0)1908 308500
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