Rightmove Moves Up 6.5% on Excellent First Half
LONDON -- Rightmove (ISE: RMV.L) , the U.K.'s market-leading home-search website, was up 6.5% at the time of this writing on the strength of excellent half-year results. Revenue rose 23%, up to 57.9 million pounds from 2011's 47 million pounds, underlying profits were up 38% at 42.6 million pounds, with earnings per share up 30% to 32.2 pence, helped by a reduced capital base as a result of 30 million pounds spent on share buybacks.
Contributing to the results were an increase in site traffic of over 20% versus the same period in 2011, with a notable increase in mobile access via Rightmove's smartphone apps, and a 20% increase in average revenue per advertiser.
Ed Williams, Rightmove's managing director, commented: "Britain continues to move at Rightmove. Not only is Rightmove where home movers look for their next home, but we are the definitive source of information on what is happening in the UK property market. Our reputation with agents and other property professionals, whether through our data services business or as the source of the best view of the market for landlords and vendors, goes from strength to strength."
Rightmove's results are all the more impressive coming at a time when house prices have fallen for the fourth time in five months (according to the Nationwide building society today) and mortgage approvals are at their lowest since 2010.
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The article Rightmove Moves Up 6.5% on Excellent First Half originally appeared on Fool.com.Jon doesn't own shares in Rightmove. The Motley Fool has adisclosure policy.
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