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Rightmove reports four months of growth

Rightmove is reporting four months of healthy growth in revenue and earnings and strong cash generation in its Interim Management Statement

Estate agency and lettings membership rose to 14,850 by the end of September, a 5% increase from the start of the year.

All the membership growth is coming from estate agents rather than rental only agents.

The number of new developments coming to market from volume house builders was stable during the period but there was a further small decline from Housing Associations.

It says: “The Board is confident of meeting expectations for the current year. On the assumption that housing market conditions continue to be challenging, with housing transactions running at around half the levels of a normal market, but do not substantially worsen, the Board expects to achieve significant organic growth in 2011.”

The interim dividend is up 2p to 5p per share and will be paid on November 12 to shareholders on the register as at 15 October.

As of September 30 Rightmove had £31.3m of net cash.

Use of the website increase by 16% between July and September 2010, compared to 2009 and it reports that it has made healthy gains in average revenue per advertiser in Q3 2010 driven by continued strong adoption of our advertising products.

The number of advertisers on the Rightmove website at the end of September stood at 18,100, up 2.5% since the start of the year.

Rightmove’s overseas property sales business saw its revenue hit its highest levels this year over the last three months.

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