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Rightmove’s revenue up 85%

Rightmoves trading update for 2006 reveals that revenue for the full year is expected to hit about 33.6m, an 85% increase from 2005.

Profit before tax on an adjusted basis is expected to be slightly above the range of analysts’ estimates of 17.0m to 17.4m, primarily as a result of stronger sales.

By the end of 2006 an estimated 83% of all estate agents in England and Wales were listing their properties on the Rightmove website.

The retention among advertisers is 93% for 2006 which is close to the top end of the range achieved in previous years.

Rightmove net cash balances at December 31 2006 amounted to 14.8m, up from 5.2m at June 2006.

Also, 2007 will see the launch of new advertising services allowing Rightmove
members to differentiate their brands, branch offerings and listings as well as
providing new revenue streams to Rightmove.

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