Rightmove Plc - Trading Statement
Trading Update
Looking ahead with confidence
Market update
Looking across the segments that we serve, we see greater optimism among our partners looking into 2025 than at this time last year.
Our latest leading property market data
[1]
shows a continuation of the trends indicated at our interim results on
Property transaction flow is improving, supporting business growth for our
Our
Guidance update
We are in line to meet market expectations for revenue and adjusted underlying operating profit for the year, and are tightening our 2024 guidance given at the interim results in July as follows:
-- Revenue of approximately £390m (within our previous guidance of 7-9% growth) -- Reiterate guidance of adjusted underlying operating margin of 70%. This will be before one-off costs of approximately £10m[2] -- Membership numbers are expected to grow by around +1% on 2023 (within our previous guidance of up to +2%), reflecting a slower-than-expected recovery inNew Homes developments --Average Revenue Per Advertiser (ARPA) growth of +£85-£95 on 2023's £1,431, higher than our previous guidance of +£75-£85, reflecting the successful sales and migration to the Optimiser Edge top-end package for Estate Agents, as well as product uptake across bothEstate Agent and New Homes partners.
We expect to see a modest acceleration in revenue growth in 2025 from the full-year impact of Optimiser Edge uptake, product-led growth across our Core business, and continued progress within our Strategic Growth Areas of Commercial Property, Mortgages and Rental Services.
Current trading and outlook: looking ahead with confidence
Reinforcing our network effect by delivering consumer and partner value
Lead generation remains strong, with 20% more leads sent to our resale and dual partners in the period.
This delivers superior outcomes to our partners, with
Divisional update and outlook
Within our Core business, we have successfully executed on
In
Within
Our Strategic Growth Areas of Mortgages, Commercial Property, and Rental Services continue to perform in line with our expectations.
Within Mortgages, we have delivered >150% more leads to our lender and broker partners year-on-year, and recently launched a remortgage product within Track a Property, supporting the introduction of further leads to our broker partners.
Our
"This has been another period of strong progress for
Enquiries:
Investor Relations Investor.Relations@rightmove.co.uk
Sodali & Co rightmove@sodali.com
About
--Rightmove has theUK's largest selection of properties for sale and to rent, adds more listings than anyone else, and over 80% of all time spent on property portals is onRightmove . --Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen. -- People can searchRightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools. -- Partners include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents. -- Using theUK's largest housing datasets, we issue a number of regular reports to track market indicators: our monthly House Price Index (established 2002), our quarterly Rental Trends Tracker (established 2015), a weekly Mortgage Rates Tracker (established 2023), and a quarterly Commercial Insights Tracker (established Q1 2024). Historical data is available on request. -- Founded in 2000,Rightmove listed on theLondon Stock Exchange in 2006 and is a member of theFTSE 100 index.
[1] House Price Index published on 21 October, for the period 8 September - 12 October; Rental Price Tracker published on 16 October for the period 1 July - 30 September; Mortgage Tracker published on 6 October.
[2]
Reflects previously communicated costs related to the investments in Coadjute and Homeviews, as well as costs incurred in relation to the potential offer for
[3]
83% in September, the most recent month available. Source: Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of
[4]
1 July -
[5] Renovation Calculator helps consumers to explore the added value that existing or planned renovation works might have on a property: see https://www.rightmove.co.uk/press-centre/rightmove-launches-new-renovation-calculator/
[6]
Sales outcomes source: Street (January -