Rightmove PLC (LSE:RMV) reported revenue growth has continued to track marginally ahead of consensus expectations, despite uncertainty in the housing market.
Updating investors on trading since July, the UK’s largest online property portal said the increase was driven primarily by higher-than-expected average revenue per advertiser (ARPA).
Rightmove expects ARPA growth for the full year to be £112-116, exceeding previous guidance of £103-£105.
The firm said the overall full-year outlook remains at least in line with previous guidance with revenue growth expected of 8-10%, underlying operating profit growth of 7-8% and underlying margin of around 73%.
The majority of the growth has been driven by new homes developers, while estate agents have continued to build their pipelines using a mix of branding, lead-generation and property products, Rightmove said.
The company said its commercial real estate business unit remains on track to deliver its expected full-year revenues, continuing to grow as planned.
Rightmove, which is hosting an Investor Day today, said it is targeting revenue of more than £600 million and underlying operating profit of £420 million by 2028.
Commercial real estate revenue is forecast of more than £35 million with mortgage revenue of over £25 million.