Rightmove begins share buyback ahead of results

Rightmove has kicked off the process to buy back up to £23m of its shares in the coming eight weeks.

The FTSE 250 property website group said the share buyback, which will run until the close of business on 22 February.

Rightmove is due to publish results for the calendar year on 23 February, having last updated the market in July with an 11% rise in first-half profit and revenue.

The buyback will see a maximum of 0.51m of its total 93.3m shares acquired for no more than 105% of the average middle market closing price of the company’s shares for the five dealing days preceding the date of purchase.

Rightmove confirmed that it had no unpublished price sensitive information at the current time.