Last checked at 9 May 2012 07:00
Embargoed for release at 07.00 hours, 9th May 2012 RIGHTMOVE PLC INTERIM MANAGEMENT STATEMENT
Rightmove plc ("Rightmove"), the UK's number one property website, today publishes its Interim Management Statement for the period from 1st January 2012 to 9th May 2012. Financial and operating information relates to the period 1st January 2012 to 30th April 2012 unless otherwise stated.
Current trading
The business continues to trade in line with the strong start to 2012 communicated at the time of our Full Year Results in February:
* Rightmove traffic is setting new records and is up over 20% on the same period in 2011 * Average Revenue per Advertiser* (ARPA) has grown strongly as a result of sales of additional advertising products and price increases. This means we are well advanced in achieving a similar increase to last year * Over 75% of agents and new homes developers are now taking at least one additional product and over 30% of their spend in April was on additional advertising products. The performance of the newly launched Local Valuation Alert has been particularly encouraging * The overall number of advertisers* at the end of April was unchanged on December 2011.
Activity on Rightmove during the first four months is up over 20% on a year ago and January was our busiest month ever (over one billion page impressions). Mobile access to Rightmove through our Apps (iPhone, iPad and Android App) and our optimised mobile website has been of particular note in terms of rate of growth.
We ran our "Britain Moves at Rightmove" TV advertising campaign again in January, February and April. Paid site traffic continues to be negligible showing the ongoing strength of Rightmove's brand recognition and further success in optimising our organic search performance.
Agency
Agency ARPA has increased substantially compared to the same period in 2011 as a result of further adoption of additional advertising products, including the new Local Valuation Alert product, and price increases. Rightmove agency membership is unchanged this year reflecting a stable underlying market.
New homes
New homes ARPA has continued to grow as a result of price increases, sales of additional advertising products and email campaigns. The number of developments on Rightmove at the end of April is unchanged from the start of the year.
Other businesses
Our data services business, a modest contributor in terms of overall Rightmove revenue, has had a very strong start to the year with a number of long-term contract wins in recent months, including its biggest ever single contract win. Our overseas homes advertising business continues to trade profitably.
Costs
Operating costs remain low and are unlikely to exceed the £31m communicated at the Full Year Results in February.
Return of capital and financial position
The final dividend for 2011 of 11p will be paid on 8th June 2012 to members on the register on 11th May 2012. So far this year the Company has acquired and subsequently cancelled 1,150,000 shares at a cost of £15.9m. At 30 April 2012 Rightmove had £24.3m of net cash.
Outlook
Subject to there being no significant decline in the UK housing market, the Board remains confident of meeting its expectations as communicated at the Full Year Results.
Contact: For Ed Williams (MD) or Nick McKittrick (FD) please contact Rightmove plc Press Office, 07894 255295
* Agency offices and new homes developments
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