Rightmove has announced that it will be announcing its full year results for the 12 months ended 31 December 2023 at 7am on Friday 1st March 2024.
A presentation for analysts will be available online from 7.15am that day at plc.rightmove.co.uk/investors/results-centre.
The last trading update provided by Rightmove, in November 2023, revealed higher-than-expected ARPA (average revenue per advertiser) thanks to the strength of demand from agents for its products.
Since reporting its interim results in July last year, Rightmove said overall revenue growth had continued to track marginally ahead of consensus expectations, despite uncertainty in the housing market.
The performance underscores the strength and resilience of the business, with both estate agent subscriptions and new homes development listings stable.
Rightmove’s share of consumer time in the second half to November remained unchanged – at c85% – which the portal says demonstrates the strength of the brand, its position with consumers and the established network effect of their business model.
ARPA set to exceed previous guidance
The strength of demand for Rightmove’s products since the portal last reported means that they expect ARPA growth for the full year to be £112-116, exceeding their previous guidance of £103-£105.
The majority of the growth has been driven by new homes developers, who have extended their usage of Rightmove’s Native Search Adverts and Advanced Development Listing products to sell their developments.
Estate agents have continued to build their pipelines using a mix of branding, lead-generation and property products.
Other business units performing as expected
Rightmove’s commercial real estate business unit remains on track to deliver its expected full year revenues, continuing to grow as planned. They have also continued to make good strategic progress with its mortgages business, and in November, it took an important strategic step by launching their first broker product, to enable consumers applying for a mortgage to access brokered advice through the site.
Confidence in full year outlook
The overall full year outlook for 2023 remains at least in line with Rightmove’s previous guidance. In terms of performance, they expect:
- ARPA growth of £112-£116
- Revenue growth of 8% -10%
- Underlying Operating Profit growth of 7-8%
- Underlying margin of c73%
Investor Day
Rightmove hosted an Investor Day at the London Stock Exchange on 27 November, where we they set out their plans to accelerate revenue and profit growth in the medium and longer term, both in the core business and in our identified strategic growth areas of commercial real estate, rentals and mortgages.
Rightmove set out the detail of its plans to deliver the following by 2028:
| Metric | 2028 target |
| Revenue | >£600m |
| Commercial Real Estate revenue | >£35m |
| Mortgages revenues | >£25m |
| Underlying Operating Profit | >£420m |
Commenting in November, Rightmove’s CEO, Johan Svanstrom, said: “The strength of our performance against an uncertain market backdrop demonstrates the strength of the UK consumer affinity to our platform, the value of the established network effect of our business model, the depth and richness of our consumer data, and the value that our customers place in our products to build their businesses. It also illustrates the resilience of our business model in all phases of the property market cycle.
“We continue to look to the future with confidence and remain focused on the delivery of our strategic plans, both in our core business and in strategic growth areas.”
£420 million profit and I haven’t contributed a penny!
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That’s fine that’s why you’re not my Agent.
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Well perhaps you should choose an agent that does more than just plonk a property on a portal and wait for the phone to ring?
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Fantastic results, well done Rightmove
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Speaking November, Rightmove’s CEO, Johan Svanstrom, said: “The strength of our performance against an uncertain market backdrop demonstrates the strength of the UK consumer affinity to our platform, the value of the established network effect of our business model, the depth and richness of our consumer data, and the value that our customers place in our products to build their businesses. It also illustrates the resilience of our business model in all phases of the property market cycle.
I’ve just used Google Translate “CEO talk to Agency Speak”
The strength of our performance shows how UK Estate Agents will never work together despite the fact they actually know they are our unpaid workforce who make our website what it is. Without them, we would have no business, but the constant bickering and kill your competitor attitude is why our business model is so good. When they earn nothing, we still earn lots and perhaps when they earn nothing is when our product sellers have their best commission months as they manage to convince the desperate agents that house hunters react better to listings surrounded by purple. (We call them products). We will continue to work closely enforcing rules where it makes us money and turning a blind eye to the ones who break the law, because we can.
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