Rightmove FY profits grow, customer numbers to ease

Real estate property portal operator Rightmove said on Friday that profits had risen in 2023 and guided for further revenue growth in 2024 despite warning that customer numbers were likely to ease this year.

Rightmove posted a 7% rise in operating profits to £258.0m, ahead of analysts' estimates for a reading of £258.30m, while revenues improved 10% to £364.30m. Average revenue per advertiser, a key measure for the company, grew 9% to £1,431 per month.

Looking forward, Rightmove now expects ARPA growth of £100.00-110.00 in 2024, partly due to its new Optimiser Edge package and contract renewals, and forecast 7-9% in revenue growth for the year.

However, given the current uncertain macro environment, Rightmove cautioned that customer numbers would likely ease in 2024.

As of 0930 GMT, Rightmove shares had slumped 5.05% to 538.0p.

Reporting by Iain Gilbert at Sharecast.com