Rightmove, a leading U.K property website, has announced a rise in pretax profit and expects ongoing revenue growth. In 2023, the company recorded a pretax profit of 259.8 million pounds, up from GBP241.3 million in the previous year. Revenue also saw an increase to GBP364.3 million compared to GBP332.6 million.
Factors Driving Growth
The growth in revenue was attributed to the company’s robust business model, rising demand for its products and packages, annual price adjustments, and expansion in noncore business units. On average, revenue per advertiser rose to GBP1,431 a month from GBP1,314 a month in 2022.
Strong Online Presence
Rightmove experienced significant online traffic with over 2.2 billion visits and 15.4 billion minutes spent on the platform in 2023. Despite a slight decrease from the previous year’s numbers, the company continues to maintain a substantial digital presence.
Future Outlook
Looking ahead to 2024, Rightmove anticipates further growth with average revenue per advertiser projected to increase by GBP100-GBP110. The company expects overall revenue growth of 7%-9%, although customer numbers may fluctuate due to macroeconomic uncertainties.
Confidence in Future
Rightmove remains confident in its outlook for 2024 and beyond, emphasizing the strength of its business model and commitment to innovation. The company’s board declared a final dividend of 5.7 pence per share, representing a 9% increase from the previous year and bringing the total for the year to 9.3 pence.
For more information, please visit Rightmove’s official website.