Rightmove sees 85% revenue growth

Rightmove has announced revenue growth of 85% from £18.2m to £33.6m in preliminary results for its first full year after flotation.

Underlying pre-tax profits were up 101% from £8.8m to £17.7m.

A final dividend was proposed of 3pence per share making 4.5pence for the full year

Use of its website was up more than 80% over 2005 and it says it was consistently a top 10 website.

Advertiser membership increased by 42% from 11,483 to 16,321.

Its projects for new advertising products and services are on track for delivery in the first quarter of the year.

Ed Williams, group managing director at Rightmove, says: “2006 was a landmark year in Rightmove’s history.

“Not only did we make a successful transition from being a privately owned business into a public company and a member of the FTSE250 index, but we also delivered strong growth in all areas.

“Indeed the rate of growth exceeded our expectations at the time of the flotation in March 2006, resulting in two upgrades to our profit forecasts since then. All our growth was organic and driven by increases in revenue.

“More than anything though I am pleased that we have preserved the creativity and entrepreneurialism that defines our company.

“We have a strong pipeline of new products and services to serve the housing market that now stretches through 2007.

“We remain committed to increasing the value that estate agents and new home developers get from our service. More than ever Rightmove is the place where home hunters find their next home.

“The outlook for continued growth remains strong. Membership numbers continue to grow, with very high retention rates.

“The recent launch of RightmoveChoice, our premium search service, has proved an immediate success with our customers.

“We are also making our very first footsteps into attracting a wider base of advertisers with the launch of advertising around our new interactive map service, Aboutmyplace.”