Rightmove profits rise amid 'resilient traffic'

In the year to the end of December 2022, operating profit was up 7% at £241.3m, with revenues 9% higher at £332.6m. Rightmove said customers continued to upgrade their packages and to increase their use of digital products.

Underlying earnings per share rose 9% to 23.8p and the total dividend for the year was lifted by 9% to 8.5p a share.

Rightmove said average revenue per advertiser was up 11% to £1,314 per month, the second-highest year ever for absolute ARPA growth. Meanwhile, total membership was flat at 19,014.

It highlighted "resilient traffic", with a total of 16.3bn minutes spent on the platform during the year, down from 18.3bn in 2021 but still 34% higher than the pre-pandemic record of 2019.

Looking ahead, the company said that while it remains alert to the ongoing economic uncertainty, it is not materially impacted by the property market cycle, other than in "the most extreme circumstances".

Chief executive Peter Brooks-Johnson said: "The year's changing housing market conditions demonstrated our customers' resilience and ability to adapt and to continue to succeed. The softening from the Covid-induced frenetic market towards a more normal market earlier in the year was disrupted in the final few months by the unexpected rapid mortgage rate increases.

"The strength of our results is a reminder of how effective and integral our new and existing products and services are in helping our customers in both faster and slower markets."