Rightmove reports growth in revenue and profits but drops in membership

Recently reported, Rightmove's half-year figures show continued strong growth in both profits and revenue. However, there are some signs of declining membership through its portal.

Overall membership numbers were down 1.0 percent since the start of the year, with agencies down 3.0 percent - those who de-listed were described by Rightmove this morning as “low-stock agency branches.” 

The number of agency branches was 16,768 at the end of June, compared with 17,328 at the start of the year.

However, the portal says the agency number decline was offset by new homes developers who are listing.

The all-important average revenue per advertiser - the key measurement for portals -  “grew more strongly than anticipated” says the agency. 

Monthly ARPA overall is £1,077 per listings branch, including new homes; ARPA per agency branch is £1,023 per month. Both are record highs for the portal.

Visitor growth continued with hits up 2.0 percent over this time in 2018 with an average of almost 141 million visits per month.

Its revenue for the six months to the end of June was £143.9 million, up from £131.1 million in the same period last year. Operating profit stood at £108.2 million, up from £98.2 million.

The portal has also acquired tenancy referencing company Van Mildert; the acquisition is subject to routine Financial Conduct Authority approval and should be confirmed in October.

“A 4.6 percent drop in transactions compared to 2018 has put pressure on some low-stock agency branches and created opportunity for others. We’re focused on helping all our customers succeed by delivering the most significant and effective exposure for their properties and brands to compete to win home sale instructions and also by being the largest source of high quality leads” says Rightmove Chief Executive Peter Brooks-Johnson in this morning’s trading statement.

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.