Rightmove, the popular U.K property website, has announced a 7.5% increase in pretax profit for the first half of 2023. Despite a more uncertain market, customers have continued to rely on and upgrade Rightmove's products to support their businesses.
For the period ending June 30, the company recorded a pretax profit of £130.3 million, up from £121.2 million in the previous year. Revenue also saw a significant rise, reaching £179.45 million compared to £162.65 million.
Rightmove attributes this growth to its customers' increased utilization of its digital products and their ongoing upgrades to higher-tier packages. The company's preferred metric, operating profit, amounted to £129.5 million—up from £121.3 million in the first half of 2022.
Additionally, average revenue per advertiser experienced a solid uptick, climbing to £1,411 per month from £1,290 in 2022. Such positive results have prompted Rightmove's board to declare an interim dividend of 3.6 pence per share, reflecting an increase from the previous year's 3.3 pence.
Looking ahead, Rightmove expects to meet its previous forecasts for 2023. The company sees numerous opportunities on the horizon and plans to increase investment modestly to drive organic growth. Maintaining an underlying operating margin of 70%-72%, Rightmove anticipates achieving double-digit revenue and profit growth in the medium term.
The performance of Rightmove during a more challenging market demonstrates its resilience and adaptability in meeting customer needs. The company's commitment to innovation and providing valuable digital solutions continues to position it as a leader in the property industry.
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