Embargoed for release at 07.00 hours, 10th November 2011
INTERIM MANAGEMENT STATEMENT
Rightmove plc ("Rightmove"), the UK's number one property website, publishes
its Interim Management Statement for the period from 1 July 2011 to 31 October
The last four months have continued to show strong growth in revenue, earnings
and cash generation.
We continued to make healthy gains in average revenue per advertiser (ARPA) in
the third quarter driven by further adoption of our advertising products.
Discretionary spend by our customers on advertising products in the third
quarter was up over 35% compared to the same period in 2010. The number of
advertisers at the end of October stood at 18,422, up 2% since the start of the
year. Changes to 2012 pricing are progressing according to plan.
Activity on Rightmove has been strong with page impressions for the period up
over 20% compared to the same period in 2010. Following our most recent TV
marketing campaign in September we have recorded our highest ever market share
of page impressions. Around 90 million property searches were performed on our
mobile platforms in the period, which is more than double the number of
searches in the same period in 2010.
ARPA during the third quarter was ahead of the average for the first half of
the year reflecting further growth in adoption of our advertising products and
the full impact of membership fee increases implemented between January and the
start of May. Estate agency and lettings membership at the end of October stood
at 15,192, a 2.5% increase from the start of the year.
The number of developments advertised has been stable during the period. ARPA
during the third quarter showed healthy growth compared to the average for the
first half of the year. Of note, was the particularly strong demand for our
email campaign service.
Although both modest contributors in terms of overall revenue, our overseas
property advertising business had its best quarter this year and our data
services business continues to trade healthily.
Return of cash
Our interim dividend, up 2p to 7p per share, will be paid on 11 November 2011
to shareholders on the register as at 14 October 2011. Since the announcement
of the half year results in early August, the Company has acquired and
subsequently cancelled 991,000 shares at a cost of £11.6m. At 31 October 2011
Rightmove had £29.8m of net cash.
The Board is confident of meeting expectations for the current year. The Board
expects to achieve further organic growth in 2012 on the assumption that
housing market conditions continue to be challenging but do not substantially
For Ed Williams, Managing Director and Nick McKittrick, Chief Operating Officer
and Finance Director please contact Rightmove plc Press Office, 07894 255295