Rightmove surfs property wave as revenue and earnings grow

PROPERTY website Rightmove has seen both revenue and earnings grow over the past four months as it benefits from the steady pick up in the housing market.

Page impressions were up around 30 per cent between July and the end of October, compared to the same period last year, while the number of pages viewed on mobile devices doubled to 1.7bn, the firm said yesterday.

It said the increased traffic had generated “new records” for the number of enquiries in the period, which rose 80 per cent compared to the same period last year.

It said average revenue per advertiser had also risen as its customers upped their spending on additional advertising products to promote their brand and properties.

Having grown customer numbers by over three per cent in the first half, it said total customer numbers were up another two per cent at the end of October.

Rightmove said as of the end of October it had £15.8m in cash, and that it was confident of meeting expectations for the full year.

Analysts at Numis said Rightmove’s comments were “very encouraging” and confirmed it has grown further since the first half of the year.

“The strong momentum seen in the first half has continued into the second half,” it added.

Shares closed virtually flat at 2,625p.