Rightmove PLC (LSE:RMV), the UK's largest property portal, reported a strong financial performance in its earnings report for the six months ending 30 June 2023, with revenues increasing 10% to £179.5mln.
This marks the highest revenue growth in a first half period since 2018.
Operating profit also saw a boost, rising by 7% to £129.5mln, while underlying operating profit, excluding exceptional items, increased by 9% to £133.2mln.
Basic earnings per share increased to 12.1p, up from 11.7p in 2022, stemmed by the impact of a corporation tax increase in 2023.
Shareholder returns remained robust, with an interim dividend increase of 9% to 3.6p per ordinary share, up from 3.3p in 2022.
Additionally, £97.6mln was returned to shareholders through share buybacks and dividends in the first half of 2023.
Cash and cash equivalents, including money market deposits, totalled £43.2mln at the end of the period, up from £40.1mln at the end of December.
Rightmove witnessed its highest per-advertiser revenue growth in the new homes segment, which was up 23% to £330.
Rightmove's market share remains strong at 86%.
The company expects revenue and profit growth in the medium term and beyond and plans to increase its investment in the business to drive organic growth while maintaining an underlying profit margin of 70% to 72%.
“These results clearly illustrate that Rightmove continues to be the property portal that consumers turn to first and engage with the most, and that our customers continue to use our innovative products and services to support their businesses in both slower and faster housing markets,” stated chief executive Johan Svanstrom.