Property portal sees profit increase
RIGHTMOVE’S half-year results reveal a big rise in profits, with agents paying 14 per cent more on average per month to list their properties than last year.
Revenue for the six months to the end of June was up 16 per cent to £57.9m. Underlying profits were up 15 per cent to £49m against £42.6m for the same period last year. Rightmove’s underlying profit margin was 73 per cent.
Page impressions rose 22 per cent to 7.2bn and the number of advertisers went up 3.5 per cent in the first six months to 18,916.
Meanwhile, there are challenges to the property portal’s supremacy, including Yorkshirebased Property Network, the app that uses Facebook to give house hunters information.