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.”