Rightmove H1 profits, revenue grow despite tough backdrop

Property portal Rightmove backed its full-year expectations on Friday as it reported a jump in first-half profit as revenues saw their biggest increase in five years despite the challenging backdrop.

In the six months to the end of June, operating profit rose 7% to £129.5m, on revenue of £179.5m, up 10% on the same period a year earlier. Rightmove said customers increased their use of its digital products and continued to upgrade their packages.

Average revenue per advertiser (ARPA) was up 9% to £1,411 per month and the interim dividend was lifted by 9% to 3.6p a share.

Rightmove said first-half ARPA has given the group the momentum to deliver full-year ARPA towards the top end of its guidance of between £95 and £105.

"The strength and resilience of Rightmove's business has remained apparent throughout the first half of 2023," the company said.

"Agents and developers have continued to use our products to win new mandates and to drive their businesses forward, and home-movers have continued to trust our sites to allow them to see the whole of the property market, helping them to make informed decisions. This has allowed us to deliver strong results, despite the backdrop of higher mortgage rates and the increased cost of living."