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The Markets
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The Markets
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Media

Rightmove shares move higher as it increases customer base

Shares in property sales portal Rightmove nudged almost 4% higher as it revealed ever more people are turning to it when hopping homes.

Shares in property sales portal Rightmove (LON:RMV) nudged almost 4% higher as it revealed ever more people are turning to it when hopping homes.

Its share of web traffic heading to the top four UK housing websites increased to 82% in the latest half year, compared to 77% as at June last year.

Revenues and profit also increased in the six months to end June, with underlying operating profit up 18% to £70.3 mln on revenue that was 16% higher at £93.1mln.

Chief executive Nick McKittrick, told investors: "Rightmove is becoming even more popular with the British home moving public.

"Our share of traffic amongst the top four property websites has increased significantly as more people search and research the only place with over one million properties for sale and to rent in the UK."

The business has added innovative strands, he said, with tools such as the valuation range app and recently launched School Checker.

The average revenue per advertiser in the period was up 10% to £740 per month compared to the same period a year ago (H1 2014: £671), it added.

Shares rose 3.86% to 3,521p.

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