Rightmove rebounds after pandemic discounts end
Rightmove has regained the ground it lost during the pandemic as half-year revenue and profit rise.
The property portal drew revenue of £149.9m for the six months to 30 June, a 58% increase on the pandemic-ravaged first six months of 2020, but also a 4% rise on H1 of 2019.
Operating profit showed a similar story, rising by 86% from last year to £114.9m, a 6% increase on H1 2019.
Rightmove has regained the ground it lost during the pandemic as half-year revenue and profit rise.
The property portal drew revenue of £149.9m for the six months to 30 June, a 58% increase on the pandemic-ravaged first six months of 2020, but also a 4% rise on H1 of 2019.
Operating profit showed a similar story, rising by 86% from last year to £114.9m, a 6% increase on H1 2019.
The portal also returned £128.3m to shareholders over the period through share buybacks, a marked increase on 2020’s £30.1m and 2019’s £54m.
The average amount of money made from each advertiser was also up, by 63% to £1,163 per month, as discounts introduced during the pandemic were reversed. Increased traffic and demand for homes meant that the final figure was the firm’s highest ever level. The amount made from agencies – £109.6m – was up by 65% on H1 2020 and 5% on 2019.
Chief executive Peter Brooks-Johnson said: “The first half of 2021 brought further lockdowns, instilling in many a desire or motivation to move home, and the nation relied on us to help them to find their new life, with a record 10.4bn minutes spent searching and researching on Rightmove.”
He added that the platform’s new digital mortgage and rental “journeys” would increase revenue further in H2.
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