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WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

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The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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Rightmove PLC (RMV)

  Print      Mail a friend       Annual reports

Friday 21 August, 2009

Rightmove PLC

2009 Half year results


                                                                               
                                                                               
                                Embargoed until  07.00,  Friday  21 August 2009

                                                                               
                                 RIGHTMOVE PLC                                 
                            2009 HALF YEAR RESULTS                             



Rightmove plc, the UK's no. 1 property search website, announces half year
results for the six months ended
30 June 2009.


Financial and operational highlights for the six months ended 30 June 2009

  * Revenue down 11% to £33.6m (2008: £37.8m)
   
  * Operating costs reduced by 19% to £13.7m (2008: £17.0m)
   
  * Underlying operating profit* down 4% to £19.9m (2008: £20.8m)
   
  * Underlying earnings per share* up 13% to 12.8p (2008: 11.3p)
   
  * Interim dividend maintained at 3.0p per ordinary share (2008: 3.0p)
   
  * Net cash from operating activities increased by 9% to £16.2m (2008: £14.9m)
   
  * Net debt reduced by 58% to £9.9m (2008: £23.3m)
   
  * Page impressions on Rightmove websites up 3% to 3.2bn (2008: 3.1bn)
   
  * Number of advertisers down 13% to 16,874 (2008: 19,301), but up 1% in the
    six month period since 31 December 2008, and average spend per advertiser
    up 1% at £305 per month (2008: £301^)
   


Ed Williams, Group Managing Director, said:

"Rightmove has proven its worth in tough times. Customer loyalty, coupled with
cost management, mean we have been able to weather these housing market
conditions with minimal impact on profitability. Our business is already
growing again on all major measures whether that is in terms of usage of our
website by home hunters, in terms of number of advertisers or in terms of their
individual spend with us."



* Before share-based payments and NI on share-based incentives
^ H1 2008 ARPA has been restated using the new method adopted at the end of
2008 based on taking the ARPA for the six month period rather than the ARPA for
the last month of the period

Half year statement

Strategic position


Our strategic objectives as we started 2009 were to maintain our market
position as the UK's leading property website, to maintain our advertising
customer base (in so far as those advertisers themselves remained in the
industry), and to defend the value we deliver as compared to alternative forms
of property advertising. These objectives appeared to us as key to the future
success of the business in the face of the toughest property market conditions
in a generation.


At the mid-year our market position is stronger than ever, helped by our "See
More" TV campaign and online optimisation of our website which, together with
continued investment in leading functionality, have contributed to record
levels of site traffic. The advertising customer base has been immensely loyal.
We have grown the number of customers since the start of 2009 among estate
agents, lettings agents and holiday homes owners. The number of new homes
developer customers is unchanged, though individual companies typically have
fewer developments to market than six months ago. The value we deliver has
enabled us to maintain prices, grow discretionary spend and continue to invest
in the business.


Rightmove's share of property advertising spend has grown substantially as
advertisers cut back on traditional media.



Financial performance


Revenue decreased by 11% to £33.6m compared to the same period last year, with
declines in the number of estate agents in the industry and in the number of
developments being marketed accounting for the decline.

However underlying operating profit* decreased by only 4% to £19.9m. The
resilience of operating profits reflects the success in reducing costs during
the second half of 2008 and the continued focus on costs during this most
recent period. Operating costs were down by 19% at £13.7m even though we
maintained marketing spend to reinforce our leadership position. As a result,
the underlying operating margin for the first half of 2009 was 59.2% compared
to 55.1% for the first half of 2008.

Underlying earnings per share* (UEPS) rose 13% to 12.8p compared to 11.3p a
year ago. The rise in UEPS was principally due to the increase in the deferred
tax asset arising on share-based incentives and the substantial share buy back
programme in 2008. The effective tax rate was 28%.


Operating performance

The first six months of 2009 have seen growth in most key metrics compared to
the position at the end of 2008. In several of the cases where there has been
growth this year (e.g. membership), the figures are down on a year ago as a
result of the tough trading conditions in the second half of last year.
Therefore we have compared all our key operating metrics with the same period
in 2008, except for membership and retention numbers which are a comparison of
December 2008 with mid 2009:

  * Page impressions on Rightmove websites at 3.2bn for the first half of 2009,
    up 3% on the same period a year ago
   
  * Market share of page impressions compared to our three largest competitors
    at 80% (up from 78% a year ago)
   
  * Overall membership since the start of the year up 1% to 16,874:
   
      + Estate agents up 2% to 9,960
       
      + Lettings agents up 15% to 3,632
       
      + New homes developer customers unchanged but the number of developments
        advertised down 14% to 2,898
       
      + Overseas homes advertisers down 11% to 384
       
      + Holiday Lettings adverts up 18% to 33,521
       
  * Higher retention rates among agents at 94% for the first six months
    (compared to 74% for the whole of 2008), but increased churn rate among new
    homes developments and overseas homes averaging 9% (2008: 8%) and 13%
    (2008: 8%) per month respectively
   
  * Revenue from discretionary products of £4.1m compared with £3.7m for the
    same period a year ago, despite the reduction in advertiser numbers
   
  * Average revenue per advertiser (ARPA) up 1% at £305 per month (2008:£301 ^). 
    However, the significant reduction in the number of new homes
    developments at the same time as an increase in lettings only agents has
    depressed the increase. If there had been a constant mix of customer types,
    ARPA would have been up 5% driven particularly by new homes developers.
   

Website traffic is up by 3% compared to the first half of 2008 at 3.2bn page
impressions. This is an especially strong performance given that the first
three months of 2008 saw relatively high levels of activity before a sharp
downturn in the market in April 2008. Traffic in 2009 has remained strong in
May, June and July at a time when in most previous years we have seen declines
compared to the January to March peaks. Monday 10 August 2009 was the busiest
day in the nine year history of Rightmove websites with page impressions of
22.6m.

The number of estate agents in the market appears to have stabilised and, as a
result of gaining market share, Rightmove has more estate agent members than at
the start of the year. There has been strong growth in the number of lettings
agents and in the number of estate agents also offering a lettings service
helping Rightmove's rapid growth in this area. The threat to the future of
house builders appears much reduced as they have managed to generate
significant cash inflows from selling properties albeit at lower prices and
renegotiating their debt arrangements. However, the low levels of new
developments coming to market and a switch among Housing Associations to social
rent have resulted in a significant reduction in the number of developments
being marketed. Conditions for our overseas homes business have been
challenging with the UK seen as a poor potential source of buyers for overseas
sellers as a result of the general economic conditions in the UK and the
weakness of Sterling. In contrast conditions have been ideal for the growth of
our Holiday Lettings business, which has grown revenues by 52% year on year, as
holiday-makers trade down to self-catering short-haul holidays and home owners
seek higher occupancy rates.

Rightmove Choice products (our upgraded advertising services above and beyond
standard property listings) are now used by 39% of our advertisers, with those
that take Choice products buying more than two each. Despite a marked decline
in the total number of advertisers as compared to a year ago, revenue from
Choice products and email campaigns increased by 11% to £4.1m (2008: £3.7m).


Uncertainties, threats and risks


We indicated three main areas of uncertainty or risk to our business in the
2008 annual report, identifying that the business was inevitably exposed to the
general uncertainty of the housing market particularly transaction volumes; the
threat of new property websites; and Rightmove's ability to capture marketing
spend from local newspapers when the property advertising sector recovers.


The gradual but sustained increase in housing transactions, coupled with
significant cost reductions within our customers' businesses, probably account
for the stability we have seen in agent numbers. There is increasing evidence
that the number of new homes developments being marketed has reached the
bottom, reflected in our own most recent numbers.


In respect of the competitive landscape, the first half of 2009 saw the exit
from the UK market of Real Estate Australia (the Australian market leader owned
by News Corporation) as it wound down Property Finder. The supposed threat of
new entrants has not materialised. Rightmove's market share of the top four UK
property websites by pages viewed increased in the period to 80% (2008: 78%), a
historically very high level.


Local newspaper groups' own reported results for property advertising bring
home the scale to which advertisers have cut spend in tough market conditions.
Increased sales of Choice products at a time when newspapers are still
experiencing declines in property advertising is an encouraging early sign.
Rightmove's biggest challenge and opportunity is now to increase our customers'
spend with us whether on our existing product set or new products we will be
introducing as the housing market recovers.



Cash flow and net debt

In April 2009, we termed out £25m of a £40m revolving loan facility with the
Bank of Scotland which had been used for the specific purpose of facilitating
share buy backs. The term of the loan facility is five years with £5m repayable
within one year. At the half year, following payment of our full year dividend
of 7.0p per ordinary share, net debt stood at £9.9m (2008: £23.3m).

Cash generated from operations was £22.4m (2008: £19.2m) with cash flow
conversion in excess of 100% for the six month period. With continued strong
operating cash flows we will be in a position to either repay the outstanding
debt early or increase the rate at which we return capital to shareholders.


Dividends

The Board intends to pay an interim dividend of 3.0p (2008: 3.0p) in line with
our policy of maintaining dividends until such time as profits are growing
again. The interim dividend will be paid on 13 November 2009 to members on the
register on 16 October 2009.


Current trading and outlook

The last 18 months have borne out that the Rightmove business is only strongly
exposed to the property market to the extent that it affects the number of
potential advertisers in business. We appear now to be in a period where the
number of offices and developments being marketed is sustainable, with the
prospect of growth in our advertiser numbers over the coming year.

Building on the revenue growth achieved since the low point in April, July has
seen the highest monthly revenue for the year-to-date. With continued low
costs, July generated our second highest monthly operating profit ever. July
was also the best month ever in terms of usage by home hunters (measured by
page impressions on the site) and saw a further strengthening of market share
of page impressions of the top four property websites. A £1m TV advertising
campaign has been booked for September.

We are confident of increased average spend on Rightmove by our customers over
the next 12 months. A number of factors which have had a dampening impact on
the average spend, such as the change in mix of our customers, are unlikely to
continue and may well start to reverse. The resilience of spend on our Choice
products at the worst point in the cycle and the recent increases in adoption
are encouraging. The return on investment of Rightmove as compared to local
newspapers (which continue to account for the lion's share of advertising
spend) remains, in our opinion, compelling. Similar to newspaper advertising,
our next product set will allow our customers to promote their services and
brands not just the properties that they advertise.

The Board is confident of exceeding market expectations for 2009, while not quite 
matching 2008 operating profit*, and achieving further growth in 2010.

Scott Forbes, Chairman
Ed Williams, Managing Director
21 August 2009


For further information please contact:-
Rightmove
Ed Williams, Managing Director  
Nick McKittrick, Finance Director and Chief Operating Officer
Telephone: 0207 087 0605/0207 087 0664

            RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF            
                           THE HALF YEAR REPORT 2009                           



We confirm that to the best of our knowledge:
The condensed set of financial statements has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU;

The interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed consolidated interim financial
statements; and description of the principal risks and uncertainties for the
remaining six months of the financial year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Group during that period; and any changes in the related
party transactions described in the last annual report that could do so.

By order of the Board
Scott Forbes, Chairman
Ed Williams, Managing Director
21 August 2009

                                                                               
                                                                               
       CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME        
                     for the six months ended 30 June 2009                     

                                                                               
                           Note   6 months ended 6 months ended      Year ended
                                         30 June        30 June     31 December
                                            2009           2008            2008
                                                                               
                                            £000           £000            £000
                                                                               
Revenue                      3            33,557         37,817          74,046
                                                                               
Administrative expenses                 (14,652)       (17,702)        (34,555)
                                                                               
Operating profit before                                                        
share-based payments, NI                                                       
on share-based incentives                                                      
and capital reconstruction                19,856         20,833          41,004
credit                                                                         
                                                                               
Share-based payments         4             (841)          (958)         (1,998)
                                                                               
NI on share-based            4             (110)            240             240
incentives                                                                     
                                                                               
Capital reconstruction                         -              -             245
credit                                                                         
                                                                               
Operating profit                          18,905         20,115          39,491
                                                                               
Financial income             5               109            203             630
                                                                               
Financial expenses           6             (823)          (524)         (1,955)
                                                                               
Net financial expenses                     (714)          (321)         (1,325)
                                                                               
Profit before tax                         18,191         19,794          38,166
                                                                               
Income tax expense           9           (5,182)        (7,203)        (12,663)
                                                                               
Profit for the period                                                          
being total comprehensive                 13,009         12,591          25,503
income                                                                         
                                                                               
Attributable to:                                                               
                                                                               
Equity holders of the                     13,009         12,591          25,503
Parent                                                                         
                                                                               
Earnings per share (pence)                                                     
                                                                               
Basic                        7             11.94          10.71           22.49
                                                                               
Diluted                      7             11.90          10.57           22.48
                                                                               
Dividends per share          8              7.00           6.00            9.00
(pence)                                                                        
                                                                               
Total dividends              8             7,615          7,082          10,358


CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

                              as at 30 June 2009                               

                                                                               
                            Note   30 June 2009   30 June 2008 31 December 2008
                                           
                                           £000           £000             £000
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and          10           1,610          2,142            1,883
equipment                                                                      
                                                                               
Intangible assets                        10,948          7,839           11,123
                                                                               
Deferred tax assets                         328            192              164
                                                                               
Total non-current assets                 12,886         10,173           13,170
                                                                               
Current assets                                                                 
                                                                               
Trade and other receivables  11           9,387         12,485           12,627
                                                                               
Cash and cash equivalents    12          15,118          3,162           23,059
                                                                               
Total current assets                     24,505         15,647           35,686
                                                                               
Total assets                             37,391         25,820           48,856
                                                                               
Current liabilities                                                            
                                                                               
Loans and borrowings         14         (5,000)       (26,500)         (39,750)
                                                                               
Bank overdraft               12               -              -            (172)
                                                                               
Trade and other payables     13        (11,523)       (13,400)         (12,418)
                                                                               
Income tax payable                      (5,361)        (6,224)          (5,787)
                                                                               
Deferred consideration       16         (6,133)        (2,461)          (6,133)
                                                                               
Provisions                                  (2)          (160)             (13)
                                                                               
Total current liabilities              (28,019)       (48,745)         (64,273)
                                                                               
Non-current liabilities                                                        
                                                                               
Loans and borrowings         14        (20,000)              -                -
                                                                               
Deferred tax liabilities                   (86)           (99)             (92)
                                                                               
Provisions                                    -          (167)                -
                                                                               
Total non-current                      (20,086)          (266)             (92)
liabilities                                                                    
                                                                               
Net liabilities                        (10,714)       (23,191)         (15,509)
                                                                               
Equity                                                                         
                                                                               
Share capital                             1,201          1,212            1,201
                                                                               
Other reserves                              231            220              231
                                                                               
Deficit on retained                    (12,146)       (24,623)         (16,941)
earnings                                                                       
                                                                               
Total equity attributable                                                      
to equity                    15        (10,714)       (23,191)         (15,509)
holders of the Parent                                                          
                                                                               



            CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS             
                     for the six months ended 30 June 2009                     

                                                                               
                             Note       6 months       6 months      Year ended
                                           ended          ended     31 December
                                    30 June 2009   30 June 2008            2008
                                                                               
                                            £000           £000            £000
                                                                               
Cash flows from operating                                                      
activities                                                                     
                                                                               
Profit for the period                     13,009         12,591          25,503
                                                                               
Adjustments for:                                                               
                                                                               
Depreciation charges                         328            314             648
                                                                               
Amortisation charges                         243            207             452
                                                                               
Financial income               5           (109)          (203)           (630)
                                                                               
Financial expenses             6             823            524           1,955
                                                                               
Share-based payments charge    4             841            958           1,998
                                                                               
Income tax expense                         5,182          7,203          12,663
                                                                               
Operating cash flow before                                                     
changes in working capital                20,317         21,594          42,589
                                                                               
Decrease/(increase) in trade                                                   
and other receivables                      3,241        (1,283)         (1,462)
                                                                               
Decrease in trade and other              (1,117)        (1,310)         (2,296)
payables                                                                       
                                                                               
(Decrease)/increase in                      (11)            154           (160)
provisions                                                                     
                                                                               
Cash generated from                       22,430         19,155          38,671
operations                                                                     
                                                                               
Interest paid                              (476)          (191)         (1,480)
                                                                               
Income taxes paid                        (5,778)        (4,100)         (9,972)
                                                                               
Net cash from operating                                                        
activities                                16,176         14,864          27,219
                                                                               
Cash flows from investing                                                      
activities                                                                     
                                                                               
Interest received                            108            203             667
                                                                               
Acquisition of property,                    (57)          (414)           (491)
plant and equipment                                                            
                                                                               
Acquisition of intangible                   (66)          (466)           (464)
assets                                                                         
                                                                               
Proceeds from disposal of                                                      
property, plant and                            -              -               1
equipment                                                                      
                                                                               
Net cash used in investing                  (15)          (677)           (287)
activities                                                                     
                                                                               
Cash flows from financing                                                      
activities                                                                     
                                                                               
Dividends paid                 8         (7,615)        (7,082)        (10,358)
                                                                               
Subsidiary dividends paid to   8                                               
minority shareholders                      (534)              -               0
                                                                               
Purchase of shares for        15               -       (11,917)        (11,917)
treasury                                                                       
                                                                               
Purchase of shares for        15               -       (29,861)        (32,840)
cancellation                                                                   
                                                                               
Purchase of shares by The                                                      
Rightmove Employees' Share    15           (918)              -               -
Trust (EBT)                                                                    
                                                                               
Share buy back expenses                        -          (272)           (287)
                                                                               
Proceeds on exercise of                       12              -               -
share options                                                                  
                                                                               
Proceeds from borrowings                       -         26,500          39,750
                                                                               
Repayment of borrowings       14        (14,750)              -               -
                                                                               
Debt issue costs                           (125)          (200)           (200)
                                                                               
Net cash used in financing              (23,930)       (22,832)        (15,852)
activities                                                                     
                                                                               
Net (decrease)/increase in                                                     
cash and                                 (7,769)        (8,645)          11,080
cash equivalents                                                               
                                                                               
Cash and cash equivalents at              22,887         11,807          11,807
1 January                                                                      
                                                                               
                                                                               
Cash and cash equivalents at  12          15,118          3,162          22,887
period end                                                                     

  
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY  
                     for the six months ended 30 June 2009                     

                                                                                             
                                      EBT own                       Reverse                  
                      Share    Share   shares Treasury    Other acquisition Retained    Total
                    capital  premium  reserve   shares reserves     reserve earnings   equity

                       £000     £000     £000     £000     £000        £000     £000     £000
                                                                                             
At 1 January 2008     1,327      105 (17,149) (19,362)        -           -   47,471   12,392
                                                                                             
Capital                (33)    (105)        -   19,362        -         138 (19,362)        -
reconstruction                                                                               
                                                                                             
Profit for the            -        -        -        -        -           -   12,591   12,591
period                                                                                       
                                                                                             
Dividends to                                                                                 
shareholders              -        -        -        -        -           -  (7,082)  (7,082)
                                                                                             
Equity settled                                                                               
share-based               -        -        -        -        -           -      958      958
incentives charge                                                                            
                                                                                             
Purchase of shares                                                                           
for treasury              -        -        - (11,917)        -           -        - (11,917)
                                                                                             
Purchase of own           -        -        - (29,861)        -           -        - (29,861)
shares                                                                                       
                                                                                             
Cancellation of own                                                                          
shares                 (82)        -        -   29,861       82           - (29,861)        -
                                                                                             
Share buy back                                                                               
expenses                  -        -        -        -        -           -    (272)    (272)
                                                                                             
At 30 June 2008       1,212        - (17,149) (11,917)       82         138    4,443 (23,191)
                                                                                             
                                                                                             
At 1 January 2008     1,327      105 (17,149) (19,362)        -           -   47,471   12,392
                                                                                             
Capital                (33)    (105)        -   19,362        -         138 (19,362)        -
reconstruction                                                                               
                                                                                             
Profit for the            -        -        -        -        -           -   25,503   25,503
period                                                                                       
                                                                                             
Dividends to                                                                                 
shareholders              -        -        -        -        -           - (10,358) (10,358)
                                                                                             
Equity settled                                                                               
share- based              -        -        -        -        -           -    1,998    1,998
incentives charge                                                                            
                                                                                             
Purchase of shares                                                                           
for treasury              -        -        - (11,917)        -           -        - (11,917)
                                                                                             
Purchase of own           -        -        - (32,840)        -           -        - (32,840)
shares                                                                                       
                                                                                             
Cancellation of own                                                                          
shares                 (93)        -        -   32,840       93           - (32,840)        -
                                                                                             
Share buy back                                                                               
expenses                  -        -        -        -        -           -    (287)    (287)
                                                                                             
At 31 December 2008   1,201        - (17,149) (11,917)       93         138   12,125 (15,509)
                                                                                             
                                                                                             
At 1 January 2009     1,201        - (17,149) (11,917)       93         138   12,125 (15,509)
                                                                                             
Profit for the            -        -        -        -        -           -   13,009   13,009
period                                                                                       
                                                                                             
Dividends to                                                                                 
shareholders              -        -        -        -        -           -  (7,615)  (7,615)
                                                                                             
Subsidiary                                                                                   
dividends to              -        -        -        -        -           -    (534)    (534)
minority                                                                                     
shareholders                                                                                 
                                                                                             
Equity settled                                                                               
share- based              -        -        -        -        -           -      841      841
incentives charge                                                                            
                                                                                             
Gain on exercise of                                                                          
share options             -        -       10        -        -           -        2       12
                                                                                             
Purchase of own                                                                              
shares by the EBT         -        -    (918)        -        -           -        -    (918)
                                                                                             
At 30 June 2009       1,201        - (18,057) (11,917)       93         138   17,828 (10,714)


NOTES

1 General information


Rightmove plc (the Company) is a Company registered in England
(Company no. 6426485) domiciled in the United Kingdom (UK). The condensed
consolidated interim financial statements of the Company as at and for the six
months ended 30 June 2009 comprise the Company and its interest in its
subsidiaries (together referred to as the Group). Its principal business is the
operation of the Rightmove.co.uk website which is the UK's largest property
website.

The consolidated financial statements of the Group as at and for the year ended
31 December 2008 are available upon request to the Company Secretary from the
Company's registered office at 4th Floor, 33 Soho Square, London, W1D 3QU 
or from the investor relations website at www.rightmove.co.uk/investors.rsp.

Basis of preparation

The condensed consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standard IAS 34 Interim
Financial Reporting and the Disclosure and Transparency Rules of the UK's
Financial Services Authority. They do not include all of the information
required for full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group as at and for the year
ended 31 December  2008.

The condensed consolidated interim financial statements were approved by the
Board of directors on 21 August 2009. The half year results for the current and
comparative period are unaudited. The auditor, KPMG Audit Plc, has carried out
a review of the interim financial statements and their report is set out at the
end of this document.

The comparative figures as at and for the year ended 31 December 2008 are
extracted from the Group's statutory accounts for that financial year. Those
accounts have been reported on by the auditor and delivered to the registrar of
companies. The report of the auditor was:
(i) unqualified;
(ii) did not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report; and
(iii) did not contain a statement under Section 237 (2) or (3) of the Companies
Act 1985.

The Group's financial risk management objectives and policies are consistent
with that disclosed in the consolidated financial statements as at and for the
year ended 31 December 2008.

Going concern


The Group has significant cash balances of £15,118,000 (30 June 2008:£3,162,000). 
As described in Note 14 the Group has £25,000,000 of term debt as at 30 June 2009 
of which £5,000,000 is repayable within one year.

The Group's forecasts and projections, taking account of reasonably possible
changes in performance show that the Group will be able to operate within the
current level of its facility and meet scheduled loan payments and related bank
covenant requirements.

After making enquiries, the directors have a reasonable expectation that the
Group and the Company have adequate resources to continue in operational
existence for the foreseeable future. Accordingly they continue to adopt the
going concern basis in preparing these accounts.

2 Significant accounting policies


The accounting policies applied by the Group in these condensed consolidated
interim financial statements are in accordance with International Financial
Reporting Standards as adopted by the European Union (Adopted IFRSs) and except
as described below are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 31 December 2008.

The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.

Revised IAS 1 Presentation of Financial Statements (2007) introduces the term
`total comprehensive income' which represents changes in equity during the
period other than those changes from transactions with owners in their capacity
as owners. The Group has elected to present one performance statement being the
statement of comprehensive income which replaces the income statement.


IFRS 8 Operating Segments introduces the `management approach' to segment
reporting under which segment information is presented on the same basis as
that used for internal reporting purposes. This has resulted in an increase in
the number of reportable segments presented, as the previously reported
property advertising segment has been split into Agency, New Homes, Holiday
Lettings and Other segments.

The same accounting policies are anticipated to be applied for the year ending
31 December 2009.

Judgments and estimates

The preparation of financial statements in conformity with Adopted IFRSs
requires management to make judgments, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgments about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in future periods if applicable.

In particular information about significant areas of estimation uncertainty and
critical judgments in applying accounting policies that have the most
significant effect on the amounts recognised in the financial statements is
included in the following notes:

Note 4 Measurement of share-based payments
Note 11 Impairment of trade receivables
Note 16 Deferred consideration carrying value


3 Segment information

The Group's reportable segments are as follows:

  * The Agency segment which provides resale and lettings property advertising
    services on www.rightmove.co.uk;
   
  * The New Homes segment which provides property advertising services to new
    homes developers and Housing Associations on www.rightmove.co.uk;
   
  * The Holiday Lettings segment which provides advertising services in
    connection with holiday rental properties on www.holidaylettings.co.uk; and
   
  * The Other segment comprises overseas property advertising services on
    www.rightmove.co.uk and non-property advertising services which include
    business and information services, banner advertising on
    www.aboutmyplace.co.uk, Automated Valuation Model services and Local
    Editions.
   

Management monitors the operating results of business segments separately for
the purpose of making decisions about resources to be allocated and of
assessing performance. Segment performance is evaluated based on revenue which
in certain respects, as explained in the table below, is measured differently
from revenue as reported in the consolidated financial statements. All revenues
in all periods are derived from third parties and there are no inter-segment
revenues.

Operating costs, finance income, financial expenses and income taxes in
relation to the Agency, New Homes and the Other segment are managed on a
centralised basis at a Rightmove Group Limited level and as there are no
internal measures of individual segment profitability relevant disclosures have
been shown under the heading of Central in the table below.

                                                                               
Operating               New  Holiday   Sub                                        
segments       Agency Homes Lettings  total  Other  Central Adjustments  Total 
                 £000  £000     £000   £000  £000     £000        £000    £000

                                                                               
Six months                                                                     
ended 30 June                                                                  
2009                                                                           
                                                                               
Revenue        22,479 7,463    2,866 32,808 1,303        -    (554)(1)   33,557
                                                                               
Operating           -     -    1,158  1,158     -   19,294  (1,547)(3)   18,905
profit(2)                                                                      
                                                                               
Depreciation                                                                   
and                 -     -     (15)   (15)     -    (514)     (42)(4)    (571)
amortisation                                                                   
                                                                               
Financial           -     -        8      8     -      101           -      109
income                                                                         
                                                                               
Financial           -     -        -      -     -    (823)           -    (823)
expenses                                                                       
                                                                               
Trade           5,138 2,579       80  7,797   213        -      147(6)    8,157
receivables(5)                                                                 
                                                                               
Other segment       -     -      934    934     -   19,102    9,198(7)   29,234
assets                                                                         
                                                                               
Segment             -     -    (480)  (480)     - (45,449)  (2,176)(8) (48,105)
liabilities                                                                    
                                                                               
Capital             -     -       10     10     -      113           -      123
expenditure(9)                                                                 

Six months                                                                      
ended                                                                           
30 June 2008                                                                    
                                                                                
Revenue       25,454   9,449   1,886  36,789   1,918        - (890) (1)   37,817
                                                                                
Operating          -       -     572     572       -   21,193   (1,650)   20,115
profit(2)                                                          (10)         
                                                                                
Depreciation                                                                    
and                -       -     (7)     (7)       -    (472)  (42) (4)    (521)
amortisation                                                                    
                                                                                
Financial          -       -       8       8       -      195         -      203
income                                                                          
                                                                                
Financial          -       -       -       -       -    (391) (133)(12)    (524)
expenses                                                                        
                                                                                
Trade          5,523   4,210      68   9,801     458        -    187(6)   10,446
receivables                                                                     
(5)                                                                             
                                                                                
Other              -       -   1,101   1,101       -    8,522  5,751(7)   15,374
segment                                                                         
assets                                                                          
                                                                                
Segment            -       -   (184)   (184)       - (47,328)   (1,499) (49,011)
liabilities                                                         (8)         
                                                                                
Capital            -       -      56      56       -      824         -      880
expenditure                                                                     
(9)                                                                             

Year ended                                                                     
31 December                                                                    
2008                                                                           
                                                                               
Revenue       49,428  18,676   3,791  71,895   3,209        -  (1,058)   74,046
                                                                   (1)         
                                                                               
Operating          -       -     907     907       -   41,239  (2,655)   39,491
profit(2)                                                         (11)         
                                                                               
Depreciation                                                                   
and                -       -    (19)    (19)       -    (997) (84) (4)  (1,100)
amortisation                                                                   
                                                                               
Financial          -       -      30      30       -      600        -      630
income                                                                         
                                                                               
Financial          -       -     (2)     (2)       -  (1,679)    (274)  (1,955)
expenses                                                          (12)         
                                                                               
Trade          5,209   3,704      50   8,963     852        -   150(6)    9,965
receivables                                                                    
(5)                                                                            
                                                                               
Other              -       -   1,538   1,538       -   28,113 9,240(7)   38,891
segment                                                                        
assets                                                                         
                                                                               
Segment            -       -   (322)   (322)       - (62,413)  (1,630) (64,365)
liabilities                                                        (8)         
                                                                               
Capital            -       -     102     102       -      853        -      955
expenditure                                                                    
(9)                                                                            

(1) Segment revenue in respect of Holiday Lettings is recognised for management
purposes when the invoice is raised. In the consolidated financial statements
the revenue is spread evenly over the period of the contracted service with any
deferred revenue held on the balance sheet and accordingly an adjustment has
been made to reconcile to consolidated Group revenue.
(2) Operating profit is stated after the charge for depreciation and
amortisation.
(3) Operating profit for the six months ended 30 June 2009 does not include
share-based payments charge (£841,000), NI on share-based incentives (£
110,000), the amortisation of customer relationships (£42,000) and the
additional segment revenue recognised by Holiday Lettings (£554,000).
(4) Depreciation and amortisation excludes the consolidation adjustment in
respect of the amortisation of customer relationships.
(5) The only segment assets that are separately monitored by the Chief
Operating Decision Maker relate to trade receivables net of any associated
provision for impairment. All other segment assets are reported on a
centralised basis.
(6) The adjustments column reflects the reclassification of credit balances in
accounts receivable made on consolidation for statutory accounts purposes.
(7) Other segment assets exclude goodwill arising on consolidation in
connection with the accounting entries for the acquisition of Holiday Lettings
Limited (HLL) as well as the net book value of customer relationships.
(8) The adjustment column reflects the reclassification of credit balances in
accounts receivable as well as an adjustment to reflect the deferred revenue
balance in respect of the Holiday Lettings segment.
(9) Capital expenditure consists of additions of property, plant and equipment
and intangible assets (excluding goodwill).
(10) Operating profit for the six months ended 30 June 2008 does not include
share-based payments charge (£958,000), NI on share-based incentives 
(£240,000 credit), the amortisation of customer relationships (£42,000) and the
additional segment revenue recognised by Holiday Lettings (£890,000).
(11) Operating profit for the year ended 31 December 2008 does not include
share-based payments charge (£1,998,000), NI on share-based incentives 
(£ 240,000 credit), capital reconstruction credit (£245,000), the amortisation of
customer relationships (£84,000) and the additional segment revenue recognised
by Holiday Lettings (£1,058,000).
(12) Financial expenses exclude the consolidation adjustment relating to the
unwinding of the effective interest rate on the HLL deferred purchase
consideration.

4 Share-based payments

Share options
In accordance with IFRS 2 a charge of £747,000 (30 June 2008: £958,000) is
included in the statement of comprehensive income, being the amortisation of
the value of all share options granted since 2006. Included in the charge for
the six months ended 30 June 2009 is £74,000 representing the IFRS 2 charge on
1,103,948 executive unapproved share options which were granted on 5 March 2009
at an exercise price of £2.24, subject to a relative TSR performance condition.


Employer's National Insurance (NI) is being accrued, where applicable, at a
rate of 12.8% on the difference between the share price at the balance sheet
date and the average exercise price of the share options. The charge for the
six month period ended 30 June 2009 is £93,000. Based on the share price at 30
June 2008 the accrual built up in prior periods was reversed resulting in a
credit to the statement of comprehensive income of £240,000.


Deferred share plan

In March 2009 a deferred share plan was established which will allow certain
senior management employees the opportunity to earn a bonus linked as a
percentage of base salary settled in deferred shares. The award of shares in
March 2010 is contingent on the satisfaction of pre-set internal targets
including profit before tax relative to the business plan and key performance
indicators such as website traffic share and customer retention. The right to
the shares will be deferred for two years from March 2010 until March 2012 and
potentially forfeitable during that period should the employee leave
employment. The deferred share awards have been valued using the Black Scholes
model and the resulting IFRS 2 charge has been spread evenly over the combined
performance period and the vesting period of the shares, being three years. The
charge for the six months ended 30 June 2009 is £94,000.


NI is being accrued, where applicable, at a rate of 12.8% based on the share
price at the period end date. The charge for the six month period ended 
30 June 2009 is £17,000.


5 Financial income

                                                                               
                                6 months ended  6 months ended       Year ended
                                  30 June 2009    30 June 2008 31 December 2008
                                          £000            £000             £000
                                                                               
Interest income on cash                    109             203              551
balances                                                                       
                                                                               
Interest income on over                      -               -               79
payment of taxes                                                               
                                                                               
                                           109             203              630


6 Financial expenses

                                                                               
                                6 months ended  6 months ended       Year ended
                                  30 June 2009    30 June 2008 31 December 2008
                                          £000            £000             £000
                                                                               
Debt issue costs                           125             200              200
                                                                               
Interest expense                           429             138            1,367
                                                                               
Unwinding of effective                                                         
interest rate on deferred                    -             133              274
purchase consideration                                                         
                                                                               
Other financial expenses                   269              52              113
                                                                               
Preference dividend interest                 -               1                1
                                                                               
                                           823             524            1,955

7 Earnings per share (EPS)

                               Weighted average                                
                                     number of         Earnings           Pence
                                ordinary shares            £000       per share
                                                                               
Six months ended 30 June 2009                                                  
                                                                               
Basic EPS                           108,954,232          13,009           11.94
                                                                               
Diluted EPS                         109,319,317          13,009           11.90
                                                                               
Underlying basic EPS                108,954,232          13,960           12.81
                                                                               
Underlying diluted EPS              109,319,317          13,960           12.77
                                                                               
Six months ended 30 June 2008                                                  
                                                                               
Basic EPS                           117,518,535          12,591           10.71
                                                                               
Diluted EPS                         119,123,970          12,591           10.57
                                                                               
Underlying basic EPS                117,518,535          13,309           11.32
                                                                               
Underlying diluted EPS              119,123,970          13,309           11.17
                                                                               
Year ended 31 December 2008                                                    
                                                                               
Basic EPS                           113,405,224          25,503           22.49
                                                                               
Diluted EPS                         113,449,416          25,503           22.48
                                                                               
Underlying basic EPS                113,405,224          27,016           23.82
                                                                               
Underlying diluted EPS              113,449,416          27,016           23.81


Weighted average number of ordinary shares (basic)

                              6 months ended     6 months ended         Year ended
                                30 June 2009       30 June 2008   31 December 2008
                            Number of shares   Number of shares   Number of shares
                                                                              
Issued ordinary shares at 1                                                   
January less ordinary            111,697,173        121,046,278        121,046,278
shares held by the EBT                                                        
                                                                              
Effect of own shares held        (2,505,430)        (1,783,400)        (2,146,388)
in treasury                                                                   
                                                                              
Effect of own shares                                                          
purchased for cancellation                 -        (1,744,343)        (5,494,666)
                                                                              
Effect of own shares                                                          
purchased by the EBT               (238,576)                  -                  -
                                                                              
Effect of share options                1,065                  -                  -
exercised                                                                     
                                                                              
                                 108,954,232        117,518,535        113,405,224

Weighted average number of ordinary shares (diluted)

For diluted EPS, the weighted average number of ordinary shares in issue is
adjusted to assume conversion of all dilutive potential shares. The Group has
one potential dilutive instrument being those ordinary shares held by the EBT
to satisfy share-based incentives granted to employees.

                              6 months ended     6 months ended         Year ended
                                30 June 2009       30 June 2008   31 December 2008
                            Number of shares   Number of shares   Number of shares
                                                                              
Weighted average number of                                                    
ordinary shares (basic)          108,954,232        117,518,535        113,405,224
                                                                              
Dilutive impact of own                                                        
shares held by the EBT               365,085          1,605,435             44,192
                                                                              
                                 109,319,317        119,123,970        113,449,416


Underlying EPS is calculated before the charge for share-based payments,
capital reconstruction credit and NI on share-based incentives. A
reconciliation of the basic earnings for the period to the underlying earnings
is presented below:

                              6 months ended   6 months ended        Year ended
                                30 June 2009     30 June 2008  31 December 2008
                                        £000             £000              £000
                                                                               
Basic earnings for the                13,009           12,591            25,503
period                                                                         
                                                                               
Share-based payments                     841              958             1,998
                                                                               
NI on share-based                        110            (240)             (240)
incentives                                                                     
                                                                               
Capital reconstruction                     -                -             (245)
credit                                                                         
                                                                               
Underlying earnings for the           13,960           13,309            27,016
period                                                                         

8 Dividends

Company dividends

Dividends declared and paid by the Company were as follows:

                         6 months ended     6 months ended       Year ended    
                          30 June 2009       30 June 2008     31 December 2008 
                                                                               
                       Pence per          Pence per          Pence per         
                           share     £000     share     £000     share     £000
                                                                               
2007 final dividend            -        -       6.0    7,082       6.0    7,082
paid                                                                           
                                                                               
2008 interim dividend          -        -         -        -       3.0    3,276
paid                                                                           
                                                                               
2008 final dividend          7.0    7,615         -        -         -        -
paid                                                                           
                                                                               
                             7.0    7,615       6.0    7,082       9.0   10,358


After the period end an interim dividend of 3.0p (30 June 2008: 3.0p) per
qualifying ordinary share being £3,264,000 (30 June 2008: £3,279,000) was
proposed by the directors. No provision was made for the interim dividend in
either period and there are no income tax consequences.

The 2008 final dividend paid on 12 June 2009 was £7,615,000 
(31 December 2008:£7,643,000). The difference of £28,000 was due to a 
reduction in the ordinary shares entitled to a dividend between 31 December 2008 
and the final dividend record date of 15 May 2009.


Subsidiary dividends

Dividends of £534,000 were paid in the period by Holiday Lettings Holdings
Limited to minority shareholders.


9 Taxation

The Group's consolidated effective tax rate for the six months ended
30 June 2009 is 28% (30 June 2008: 36%). The difference between the standard
rate and the effective rate at 30 June 2008 was mainly attributable to the
reversal of the deferred tax asset on share options (6%) and disallowable
expenditure (2%).

The net deferred tax asset of £242,000 at 30 June 2009 (30 June 2008: £192,000)
is in respect of tax losses brought forward, equity settled share-based
incentives and accelerated capital allowances.

The deferred tax asset relating to equity settled share-based incentives at 30
June 2009 is £176,000 (30 June 2008: £4,000).


10 Property, plant and equipment

During the six months ended 30 June 2009 the Group acquired assets with a cost
of £57,000 (30 June 2008: £414,000).


Assets with a carrying value of £nil were disposed of during the six months
ended 30 June 2009 (30 June 2008: £nil).

As at 30 June 2009 the Group had committed to incur capital expenditure of £nil
(30 June 2008: £nil).


11 Trade and other receivables

                                                                              
                                                                              
                                   30 June 2009   30 June 2008     31 December
                                                                          2008
                                                                              
                                           £000           £000            £000
                                                                              
Trade receivables                         8,398         11,082          10,266
                                                                              
Less provision for impairment of                                              
trade receivables                         (241)          (726)           (383)
                                                                              
Net trade receivables                     8,157         10,356           9,883
                                                                              
Amounts owed by related parties               -             90              82
(see Note 17)                                                                 
                                                                              
Other debtors                               182            763             260
                                                                              
Prepayments and accrued income            1,040          1,276           2,395
                                                                              
Accrued interest receivable                   8              -               7
                                                                              
                                          9,387         12,485          12,627

12 Cash and cash equivalents

                                                                               
                                                                               
                                     30 June 2009   30 June 2008    31 December
                                                                           2008
                                                                               
                                             £000           £000           £000
                                                                               
Bank accounts                               5,118          2,439          5,091
                                                                               
Deposit accounts                           10,000            723         17,968
                                                                               
                                                                               
Cash and cash equivalents                  15,118          3,162         23,059
                                                                               
Bank overdraft used for cash                                                   
management purposes                             -              -          (172)
                                                                               
Cash and cash equivalents in the                                               
statement                                  15,118          3,162         22,887
of cash flows                                                                  

Cash balances were placed on deposit for varying lengths between one and three
months during the period and attracted interest at a weighted average rate of
1.1% (30 June 2008: 5.0%).


13 Trade and other payables

                                                                               
                                     30 June 2009   30 June 2008    31 December
                                                                           2008
                                                                               
                                             £000           £000           £000
                                                                               
Trade payables                                624          1,080          1,225
                                                                               
Trade accruals                              1,949          2,535          2,112
                                                                               
Other creditors                               265            137             67
                                                                               
Other taxation and social security          1,854          3,262          2,601
                                                                               
Deferred revenue                            6,809          6,386          6,413
                                                                               
Interest payable                               22              -              -
                                                                               
                                           11,523         13,400         12,418


14 Loans and borrowings

During the period £14,750,000 of the revolving loan facility with the Bank of
Scotland was repaid out of surplus cash. On 16 April 2009 the Company converted
£25,000,000, being the balance of its Sterling-denominated revolving loan
facility, into a five year term loan. The loan bears interest at LIBOR plus
1.5% together with a mandatory cost applied by the lender and is repayable over
five years in 20 equal instalments.

                                                                               
                          30 June 2009       30 June 2008     31 December 2008 
                                                                               
                                 Carrying           Carrying           Carrying
                           Fair     value     Fair     value      Fair    value
                          value      £000    value      £000     value     £000
                           £000               £000                £000         
                                                                               
Non-current                                                                    
liabilities                                                                    
                                                                               
Unsecured bank           20,000    20,000        -         -         -        -
borrowings                                                                     
                                                                               
Current liabilities                                                            
                                                                               
Bank overdraft                -         -        -         -       172      172
                                                                               
Current portion of                                                             
unsecured bank            5,000     5,000   26,500    26,500    39,750   39,750
borrowings                                                                     
                                                                               
Cash and cash          (15,118)  (15,118)  (3,162)   (3,162)  (23,059) (23,059)
equivalents                                                                    
                                                                               
Total net debt            9,882     9,882   23,338    23,338    16,863   16,863

15 Reconciliation of movement in capital and reserves

                                                                                              
                                      EBT own                       Reverse                   
                      Share    Share   shares Treasury    Other acquisition Retained    Total 
                    capital  premium  reserve   shares reserves     reserve earnings    equity
                       £000     £000     £000     £000     £000        £000     £000      £000
                                                                                              
At 1 January 2008     1,327      105 (17,149) (19,362)        -           -   47,471    12,392
                                                                                              
Capital                (33)    (105)        -   19,362        -         138 (19,362)         -
reconstruction                                                                                
                                                                                              
Profit for the            -        -        -        -        -           -   12,591    12,591
period                                                                                        
                                                                                              
Dividends to                                                                                  
shareholders              -        -        -        -        -           -  (7,082)   (7,082)
                                                                                              
Equity settled                                                                                
share-based               -        -        -        -        -           -      958       958
incentives charge                                                                             
                                                                                              
Purchase of shares                                                                            
for treasury              -        -        - (11,917)        -           -        -  (11,917)
                                                                                              
Purchase of own           -        -        - (29,861)        -           -        -  (29,861)
shares                                                                                        
                                                                                              
Cancellation of own                                                                           
shares                 (82)        -        -   29,861       82           - (29,861)         -
                                                                                              
Share buy back                                                                                
expenses                  -        -        -        -        -           -    (272)     (272)
                                                                                              
At 30 June 2008       1,212        - (17,149) (11,917)       82         138    4,443  (23,191)
                                                                                              
At 1 January 2008     1,327      105 (17,149) (19,362)        -           -   47,471    12,392
                                                                                              
Capital                (33)    (105)        -   19,362        -         138 (19,362)         -
reconstruction                                                                                
                                                                                              
Profit for the            -        -        -        -        -           -   25,503    25,503
period                                                                                        
                                                                                              
Dividends to                                                                                  
shareholders              -        -        -        -        -           - (10,358)  (10,358)
                                                                                              
Equity settled                                                                                
share-based               -        -        -        -        -           -    1,998     1,998
incentives charge                                                                             
                                                                                              
Purchase of shares                                                                            
for treasury              -        -        - (11,917)        -           -        -  (11,917)
                                                                                              
Purchase of own           -        -        - (32,840)        -           -        -  (32,840)
shares                                                                                        
                                                                                              
Cancellation of own                                                                           
shares                 (93)        -        -   32,840       93           - (32,840)         -
                                                                                              
Share buy back                                                                                
expenses                  -        -        -        -        -           -    (287)     (287)
                                                                                              
At 31 December 2008   1,201        - (17,149) (11,917)       93         138   12,125  (15,509)
                                                                                              
At 1 January 2009     1,201        - (17,149) (11,917)       93         138   12,125  (15,509)
                                                                                              
Profit for the            -        -        -        -        -           -   13,009    13,009
period                                                                                        
                                                                                              
Dividends to                                                                                  
shareholders              -        -        -        -        -           -  (7,615)   (7,615)
                                                                                              
Subsidiary                                                                                    
dividends to              -        -        -        -        -           -    (534)     (534)
minority                                                                                      
shareholders                                                                                  
                                                                                              
Equity settled                                                                                
share-based               -        -        -        -        -           -      841       841
incentives charge                                                                             
                                                                                              
Gain on exercise of                                                                           
share options             -        -       10        -        -           -        2        12
                                                                                              
Purchase of own                                                                               
shares by the EBT         -        -    (918)        -        -           -        -     (918)
                                                                                              
At 30 June 2009       1,201        - (18,057) (11,917)       93         138   17,828  (10,714)

Share buy back
In June 2007, the Company commenced a share buy back programme to purchase its
own ordinary shares. The total number of shares bought back in the six months
to 30 June 2009 was nil.

The total number of shares bought back in the six months to 30 June 2008 was
10,712,806 representing 9% of the issued share capital (excluding shares held
in treasury). Of the 10,712,806 shares bought back, 8,207,376 shares were
cancelled and 2,505,430 shares were transferred to treasury. The shares were
acquired on the open market at a total consideration (excluding costs) of 
£41,778,000. The maximum and minimum prices paid were 501p and 319p per share
respectively.

EBT own shares reserve
This reserve represents the carrying value of own shares held by the EBT.
During the period the EBT purchased 399,836 shares on the open market at a cost
of £918,000 to satisfy share incentive awards. 5,210 Sharesave options were
exercised in the period at a price of £2.59 per ordinary share, which were
satisfied by shares held in the EBT. At 30 June 2009 the EBT held 8,748,326
(30 June 2008: 8,353,700) ordinary shares in the Company of £0.01 each
representing 7.4% (30 June 2008: 7.0%) of the issued share capital (excluding
shares held in treasury). The market value of the shares held in the EBT at the
end of the period was £30,750,000 (30 June 2008: £22,387,916).


16 Deferred consideration

In terms of the HLL shareholders' agreement a put and call option exists to
acquire the remaining 33.3% interest owned by management. The put option can be
exercised any time from 1 July 2009 based either on a multiple of EBIT per the
latest audited accounts or HLL's market value if higher. At 31 December 2008
the deferred consideration was increased to £6,133,000 based on the directors'
best estimate of likely market value for the business. The directors consider
that this valuation continues to be appropriate as at 30 June 2009.


17 Related parties

Transactions with principal shareholders
As at 30 June 2009 the Company has no principal shareholders.

As at 30 June 2008 the Company had one principal shareholder, Connells Limited,
who held 17.9% of the then issued share capital (excluding shares held in
treasury). The Group's transactions and balances with this former shareholder
for the comparative periods were as follows:

                                                                               
                                          6 months ended             Year ended
                                            30 June 2008       31 December 2008
                                                    £000                   £000
                                                                               
Amounts owed byformershareholder:                                              
                                                                               
Sequence (UK) Limited (Connells)                      58                     55
                                                                               
Connells Residential                                  32                     27
                                                                               
                                                      90                     82
                                                                               
                                                                               
Amounts invoiced to former                                                     
shareholder:                                                                   
                                                                               
Sequence (UK) Limited (Connells)                     337                    581
                                                                               
Connells Overseas Property                             2                      2
Department                                                                     
                                                                               
Connells Residential                                 186                    333
                                                                               
                                                     525                    916

Dividends paid:                                                                
                                                                               
Connells Limited                                   1,275                  1,912


Inter-group interest
During the period Rightmove plc was charged interest of £347,000 
(30 June 2008: £nil) by Rightmove Group Limited in respect of balances 
owing on the inter-group loan in accordance with a loan agr eement dated 
30 January 2008.


Transactions with directors and key management
There were no material transactions with directors or key management in any
period.


Independent review report to Rightmove plc

Introduction

We have been engaged by the Company to review the condensed set of financial
statements in the half year financial report for the six months ended
30 June 2009 which comprises the condensed consolidated interim statement of
comprehensive income, the condensed consolidated interim statement of financial
position, the condensed consolidated interim statement of cash flows, the
condensed consolidated interim statement of changes in shareholders' equity and
the related explanatory notes. We have read the other information contained in
the half year financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Services Authority
("the UK FSA"). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work, for
this report, or for the conclusions we have reached.

Directors' responsibilities

The half-year financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-year
financial report in accordance with the DTR of the UK FSA.

As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the EU. The condensed
consolidated set of financial statements included in this half year financial
report has been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed
consolidated set of financial statements in the half year financial report
based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit performed in accordance
with International Standards on Auditing (UK and Ireland) and consequently does
not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to
believe that the condensed consolidated set of financial statements in the half
year financial report for the six months ended 30 June 2009 is not prepared, in
all material respects, in accordance with IAS 34 as adopted by the EU and the
DTR of the UK FSA.

S J Wardell
for and on behalf of KPMG Audit Plc
Chartered Accountants
Milton Keynes

21 August 2009

ADVISERS AND SHAREHOLDER INFORMATION


Contacts                                                  
                                                          
Managing Director:      Ed Williams                                                                               

Chief Operating Officer Nick McKittrick                   
and Finance Director:                                     
                                                          
Company Secretary:      Liz Taylor                        
                                                          
Website                 www.rightmove.co.uk               
                                                          
Email                   investor.relations@rightmove.co.uk
                                                          
Financial calendar 2009                                   
                                                          
Half year results       21 August 2009                    
                                                          
Interim dividend record 16 October 2009                   
date                                                      
                                                          
Interim dividend        13 November 2009                  
payment                                                   
                                                          
IMS                     November 2009                     
                                                          
Full year results       26 February 2010                  
                                                          
Annual General Meeting  May 2010                          
                                                          
Registered office                                         
Rightmove plc                                             
4th Floor                                                 
33 Soho Square                                            
London W1D 3QU                                            
                                                          
Registered in England                                     
no.6426485                                                
                                                          
Corporate advisers                                        
                                                          
Financial adviser                                         
                                                          
UBS Investment Bank                                       
                                                          
Joint broker                                              
                                                          
UBS Limited                                               
                                                          
Numis Securities Limited                                  
                                                          
Auditor                                                   
                                                          
KPMG Audit Plc                                            
                                                          
Bankers                                                   
                                                          
Barclays Bank plc                                         
                                                          
Bank of Scotland plc                                      
                                                          
Solicitors                                                
                                                          
Slaughter and May                                         
                                                          
Pinsent Masons                                            
                                                          
Registrar                                                 
Capita Registrars*                                        
*Shareholder enquiries
The Company's registrar is Capita Registrars. They will be pleased to deal with
any questions regarding your shareholding or dividends. Please notify them of
your change of address or other personal information. Their address details
are:
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 OGA

Capita Registrars is a trading name of Capita Registrars Limited

Capita shareholder helpline: 0871 664 0300 (calls cost 10p per minute plus
network extras) (overseas: +44 20 8639 3399)
Email: ssd@capitaregistrars.com
Share portal (www.capitashareportal.com)

Through the website of our registrar, Capita Registrars, shareholders are able
to manage their shareholding online and facilities include electronic
communications, account enquires, amendment of address and dividends mandate
instructions.

                      RIGHTMOVE PLC HALF YEAR REPORT 2009