Rightmove confident of meeting expectations

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Property search website Rightmove saw interim revenue surge 49% despite the tough conditions in the UK housing market and reiterated that it will meet market expectations for the year.

Revenue increased from £25.4m to £37.8m, driven by strong growth in revenue per advertiser and sales to new members. Pre-tax profit rose to £19.7m from £12.1m before

Interim dividend was hiked to 3.0p per share from 2.0p previously.

“The board reiterates its confidence in meeting market expectations for the current year,” said the group.

Average revenue per advertiser was up to £317 per month against £234 per month, while the number of advertisers increased 5% to 19,301. Page impressions on Rightmove websites rose 15% to 3.1bn

The group said the remainder of 2008 will see estate agents leaving the industry at higher rates than in the first six months of the year as conditions continue to toughen.

By focusing resources on Housing Associations, Rightmove said it will look to protect its position in the new homes market.

“Irrespective of market conditions, we believe we will see a continuation of the dramatic structural shift of property advertising online which has been accelerated by the current cyclical downturn,” it added.

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