Rightmove profits up 17%

Rightmove has announced a pre-tax profit of £30m for the year to December 31 2009, compared to a pre-tax profit of £25.5m in 2008.

The property website has posted an underlying operating profit of £41.9m, up 2% from the £41m profit of 2008.

Rightmove grew its number of advertisers from 16,741 to 17,664, earning an average revenue per advertiser of £308 a month.

The company says that the increase in profits was driven last year by the impact of cost-cutting exercises carried out in 2008, and an increase in average online spending.

Ed Williams, managing director of Rightmove, says: “The last 18 months have demonstrated the importance of Rightmove in leading a structural shift from traditional media to online property advertising.

“As early as April 2009 our revenues started to rise in contrast to traditional property advertising media which continues to decline.”