Rightmove H1 revenue grows on continued demand for products

26th Jul 2024 09:03

(Sharecast News) - Online real estate portal operator Rightmove said on Friday that both revenue and operating profits had grown in the six months ended 30 June, driven by continued demand from agents and new home developers.

Rightmove said interim revenues were up 7% at £192.1m, as both agents and new home developers renewed contracts, upgraded their packages and invested in additional products.

Operating profits were up 2% at £131.6m, while underlying operating profits were 1% firmer at £135.1m and basic earnings per share were 2% stronger at 12.4p.

The FTSE 100-listed group also declared an interim dividend per share of 3.7%, up 3% year-on-year and said it had returned £100.2m to shareholders via share buybacks and dividends during H1.

Rightmove kept its full-year guidance unchanged and continues to expect revenue growth of 7-9%.

Chief executive Johan Svanstrom 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."

As of 0900 BST, Rightmove shares were down 1.09% at 561.80p.

Reporting by Iain Gilbert at Sharecast.com