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Rightmove reveals underlying profit of £41m

Rightmove has reported its underlying profit for 2008 grew by 33% from £30.7m to £41m.

Revenue for the property portal also rose by 31% from £56.7m to £74m.

But the company hasn’t escaped from the credit crunch unscathed.

It also posted a net debt of £16.9m, compared to net cash held for 2007 of £11.8m.

Rightmove were forced to make 78 members of staff redundant last year, representing 23% of its workforce at the time.

The company has calculated this will provide an estimated cost saving of £5m for this year.

A joint statement from managing director Ed Williams and finance director Graham Zacharias reads: “Despite the strength of our 2008 performance, the housing market downturn and the credit crunch has been and will continue to be too pronounced to insulate Rightmove.”

But they add: “Our 2008 results are the strongest possible evidence of our belief that Rightmove will be the biggest beneficiary of the structural shift of advertising spend from traditional media to online.”


Demand for rented accommodation up 56%

Your Move says that demand for rented accommodation boomed 56% over the last year.Despite a 7.6% month on month slowdown in the number of people signing up to new leases, rental demand in January 2009 was up a massive 56.4% on 2008. David Newnes, managing director of Your Move, says: “As far as the 2008 […]


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