Rightmove announces 23% surge in profits
Friday 24th February 2012
Rightmove this morning unveiled fresh rises in both turnover and profits. The profits for last year were an astonishing £69.4m on turnover of £97m - a profit margin of around 71%.
Announcing its full-year results for 2011, it revealed underlying profits before tax were up by 23% on the previous year. Turnover, boosted by take-up of its products by agents, rose 19% from £81.6m in 2010.
The overall number of agents and developers using Rightmove also rose, by 1.3% from 18,042 in 2010 to 18,276.
The results also show growth in site traffic to hit new records. Website traffic increased by 22%, whilst Rightmove's share of pages viewed on the top four property websites increased to an apparently unassailable 84%.
According to independent traffic auditors Hitwise, Rightmove served nearly double the number of pages of property information than 1,400 UK property websites served in total and around ten times that of its nearest competitor - statistics that will hardly be music to the ears of Digital and Zoopla as they try to get their proposed merger through the OFT to mount a single, credible challenge to Rightmove's might.
Rightmove managing director Ed Williams said: "The strength of these results demonstrates that in today's marketplace, Britain moves at Rightmove.
"We put Rightmove advertisers in front of the UK's largest online audience of home-movers and are continuing to invest in new innovations which connect the British home-moving public with the properties, brands and expertise of our advertisers."
He added: "In 2012, we will continue to invest in innovation, marketing and website performance to ensure that Rightmove member advertisers have the opportunity to stand out in their local property market."
Then with something that sounds like a death knell for local media, Williams added: "With further strong growth in 2012, there is every prospect that this will be the year when the property industry's spend on advertising on the internet will exceed that on local newspapers for the first time."
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