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Rightmove’s share price jumps

Rightmove saw its shares leap last week after increasing its profit forecast for 2010.

A statement issued by the board of Rightmove, the country’s largest home search website, states: “We are confident that 2010 profits will be above current market expectations, subject to no significant change in market conditions.”

Following the announcement last Tuesday the firm’s shares rose by 41p, from 525p at the start of the day to 566p at the close. It levelled out at around 585p later in the week

Rightmove says its trading figures for January reveal a substantial increase in average spend per advertiser, along with a healthy uptake of display advertising deals the firm launched last December.

It will be announcing its full-year results for the year ending December 31 2009 on February 26.

Rightmove saw its pre-tax profits in the six months to June 30 fall from £19.7m in 2008 to £18.2m last year.

Meanwhile, Rightmove’s confidence index for January shows that 53% of consumers believe property prices will rise this year.

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