RIGHTMOVE PLC: Interim Management Statement
Embargoed for release at 07.00 hours, 8th November 2012
INTERIM MANAGEMENT STATEMENT
Rightmove plc ("Rightmove"), the UK's number one property website, publishes its Interim Management Statement for the period from 1st July 2012 to 8th November 2012. Financial and operating information relates to the period 1st July 2012 to 31st October 2012 unless otherwise stated.
The last four months have continued to show healthy growth in revenue and earnings and strong cash generation.
Average revenue per advertiser (ARPA) has continued to increase, driven by further adoption of our advertising products. Discretionary spend by our customers on advertising products is up over 45% compared to the same period in 2011. The number of advertisers on the Rightmove website at the end of October stood at 18,526, up 1% since the start of the year. Changes to 2013 pricing are progressing according to plan.
Activity on Rightmove has been strong with page impressions up nearly 20% compared to the same period in 2011. Our latest iPhone, iPad and Android apps have proved particularly popular, with searches across our mobile platforms up over 100% in the period.
We ran our "Britain Moves at Rightmove" TV advertising campaign again in September and October. We also ran a campaign to promote our research tools for vendors and landlords which was entirely online and made use of new technology to provide a customised video to around 300,000 visitors.
ARPA for the period was ahead of the average for the first half of the year reflecting both the full impact of price rises to our membership fees implemented between January and the start of May and further adoption of our advertising products. Estate agency and lettings membership at the end of October stood at 15,412, a 2% increase from the start of the year.
ARPA for the period showed healthy growth compared to the first half of the year reflecting both the full impact of price increases to our membership fees and further adoption of advertising products, with particularly strong demand for our email campaigns service. The number of developments at the end of October stood at 2,555, a decrease of 113 developments since the start of the year.
Our Overseas property and Data Services businesses continue to trade healthily.
Dividend and buybacks
As previously announced, our interim dividend of 9p per share will be paid on 9th November 2012 to shareholders on the register as at 12th October 2012. Since the announcement of the half year results in early August, the Company has acquired and subsequently cancelled 769,000 shares at a cost of £12.2m. As at 31st October 2012 Rightmove had £23.5m of cash.
Separately today, Rightmove plc has announced the retirement of its Chief Executive, Ed Williams as of 30th April 2013. Nick McKittrick, a co-founding executive along with Mr Williams, will become Chief Executive from 30th April 2013 and his current roles of Finance Director and COO will be filled internally.
The Board is confident of meeting its expectations for the current year. The Board expects to achieve further organic growth in 2013 on the assumption that housing market conditions continue to be challenging but do not substantially worsen.
Please contact Rightmove plc Press Office on 07894 255295 for:
Scott Forbes, Chairman Ed Williams, Chief Executive Nick McKittrick, Chief Operating Officer and Finance Director
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