Rightmove Full Year Financial Results as Strong as Ever

Rightmove plc, the UK's largest property portal, today released its audited results for the year ended 31 December 2022

Highlights include:

• Record revenue of £332.6m, up 9% YoY
• Operating profit of £241.3m, up 7% YoY
• Total membership flat—19,014 (18,969 in 2021)
• ARPA up 11% to £1,314 per month

As always with Rightmove, the question surrounding its profitability continues to be “how much”. The portal is one of the most dominant in the world, and it comes as no surprise that the UK #1 beat 2021's numbers comfortably.

ARPA (average revenue per advertiser) hit £1,314 per month in 2022, an increase on 2021's £1,189, representing the second-highest year ever for absolute ARPA growth.

Agency revenue was up 10% on 2021, rising to £247.3M from £224.5M, while New Homes rose to £52.6M from £50.0M, a 5% increase.

Meanwhile, commercial, data services and third party revenues all generated double-digit percentage growth over the course of the year.

Web traffic was 34% higher than the pre-pandemic record, with over 16.3 Billion minutes spent on Rightmove's platform in the year. However, this was lower than last year, when traffic hit 18.3Bn minutes spent on the platform.

The chair's review made a point to highlight Rightmove's strategic innovation during the year, including increasing the digitisation of tenants' rental journeys. Rightmove's premium Optimiser package was bolstered by the addition of the Native Search Advert product, with over 1300 signups to the Optimiser package during the year.

Rightmove memberships also held steady, with just a 0.2% increase to 19,014 members in 2022.

Peter Brooks-Johnson, Rightmove CEO, said:

“Rightmove continues to be the place that people turn to and return to first, with an average of over 1.35bn minutes spent on our platform every month in 2022. The continuing love home movers have for Rightmove is testament to the team's focus on providing an easy to use leading edge platform, enhanced with innovation which home movers want. This is exemplified by the ability to create Property Lists which we launched in 2022. Over one million lists, and counting, have been created since launch.”

Brooks-Johnson will leave the company imminently, with Rightmove's investor relations release confirming that Johan Svanstrom will replace him as CEO in March 2023.