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
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
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
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
-0- Nov/08/2012 07:00 GMT
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