Rightmove confident as site hits soar

 
City A.M. Reporter
ONLINE property sales company Rightmove kept up positive momentum in the first four months of the year, reporting good growth in site traffic and in its advertising revenue.

Rightmove, which runs Britain’s number one property website, said yesterday it is confident it will meet its expectations for 2013 if the UK housing market does not worsen significantly.

“We see this as a strong start to the year,” analysts at Citi said in a note. “We are relatively comfortable on the competitive outlook and think Rightmove can continue to benefit from the structural shift of property advertising from print to online.”

Overall activity increased 20 per cent compared with the same period last year, the company said.

The number of advertisers on the website at the end of April was 18,526, up one per cent on the end of 2012.

Shares in FTSE 250-listed Rightmove ended the day 2.6 per cent higher at 1,957p.