Rightmove PLC (LON:RMV) said it has been accepted as eligible to access the government’s covid corporate financing facility.
Management is confident that the online property portal has access to enough liquidity to leave it “well positioned to return to growth as markets normalise”.
So far, the FTSE 100-listed group, which had a cash balance of £32.1mln at the end of December, has not issued any commercial paper under the government-backed scheme, having recently extended its bank credit facility by a year to February 2022 and cancelled its final dividend payment last month.
Also in March the group gave a 75% discount to its estate agency clients for the four months from April, taking a £65-75mln revenue hit.
Shares in the company were up 1.5% to 477.6p on Tuesday morning.