Rightmove has reported a 7% (£12.6m) increase in revenue, to £192.1m, with an operating profit of £131.6m, up 2%, in its results for the six months to 30th June 2024.
The firm’s underlying operating profit was £135.1m, up 1% from £133.2m in 2023.
Basic earnings per share were up 2% to 12.4p, and underlying basic earnings per share were up 2% to 12.8p.
Operating profit and underlying operating profit include one-off acquisition costs of £0.6m, relating to HomeViews and the strategic long-term investment in Coadjute, as well as a one-off charge of £3.0m in relation to the investment in Coadjute.
Adjusting to remove the impact of these costs means operating profit was £135.2m, up 4%, underlying operating profit was £138.7m, up 4%, and underlying EPS was 13.2p, up 6%.
Rightmove reported an 80% market share, with 8.3 billion minutes spent on the platform over the six month period and stable membership numbers.
Johan Svanstrom, chief executive officer at Rightmove, said: “We’re pleased to deliver a strong set of H1 results, and to be progressing in executing our plan to build an even more valuable digital platform for the UK property industry.
“Our performance came against the backdrop of the sustained challenging mortgage rate environment.
“The period saw a pick-up in existing-homes listings and transactions, a continued yet softening imbalance of demand and supply for rentals, and a tentative outlook for new homes development volumes.
“With the election now concluded, the property market looks forward to potential interest rate reductions which will further stimulate activity.
“On the back of our leading position in the market, we have exciting momentum expanding our products and innovation for consumers and partners and remain confident in Rightmove’s long-term prospects.”
Adrian Lunn, director at Eddisons, said: “Against a challenging backdrop where would-be buyers are still grappling with higher mortgage rates and a drought of new homes coming on to the market, the UK’s largest online property portal delivered a 7% hike in revenues and maintained its position as the market leader.
“It’s an impressively resilient performance and Rightmove’s half-year results serve as a reminder of the digital platform’s dominant position in the online property space.
“Rightmove commands over 80% of its market, but the enemy is at the gates. Only six months ago, it’s market share stood at 86%, so the platform is clearly having to fight for its breakfast in an ever more competitive landscape.
“That said, users spent over 8.3 million minutes on the platform, which seems pretty unassailable for now and guidance for revenue growth remains unchanged at 7-9%.
“With the property market poised for growth, spurred by the new government’s policies for new housing combined with the likelihood of falling interest rates later this year, Rightmove seems to be well positioned to benefit from a recovery and to continue to lead the property market’s ongoing digital evolution.”
