Posted on July 27, 2018 by staff

Rightmove profits rise as CEO hails ‘restless innovation’


The CEO of Rightmove has praised the group’s “restless innovation” as it posted another solid set of financial result in the face of increased competition.

The listed company generated revenue of £131.1 million for the six-month period to 30 June 2018, an increase of 10 per cent from £119.5m a year earlier.

Underlying operating profits also grew, rising by 11 per cent to £101 million.

“Our restless innovation delivers the fastest and easiest way to ‘find your happy’ from the 1.2 million UK residential properties on Rightmove leading to consumers sending over 22 million enquiries in the period,” said Peter Brooks-Johnson.

The chief executive revealed that the Rightmove website attracted a record 830 million visits during the six months.

This resulted in home hunters spending a record total of 6.5 billion minutes on its platforms.

Brooks-Johnson added: “We’re focused on helping our customers succeed by delivering the most significant and effective exposure for their properties and brands and also by being the largest source of high quality leads.

“In addition, Rightmove helps them drive operational efficiencies through software, tools and support which leverage our unique data and insight across the UK property market.

“The continued stable membership numbers and our subscription advertising model, together with the strength of the Rightmove offer for both customers and consumers, give us confidence in delivering expectations for the current year despite muted sentiment towards the UK property market.”