Rightmove Plc (RMV.L), a United Kingdom-based property website, reported Friday an increase in profit for the first-half, on 49% revenue growth, despite softness in the UK housing market.
Pre-tax profit for the period rose to GBP 19.8 million from GBP 12.1 million in the preceding year. Profit attributable to equity holders increased to GBP 12.6 million or 10.57 per share from GBP 8.7 million or 6.55 per share in the same period of last year.
Underlying earnings per share, before the charge for share-based payments, capital reconstruction costs and employer's NI on share options under issue, grew 38% to 11.3 pence from 8.2 pence in the previous year.
First-half revenue grew 49% to GBP 37.8 million from GBP 25.4 million in the previous year, driven by strong growth in revenue per advertiser and sales to new members.
Rightmove also noted that the success of Rightmove Choice advertising products and the introduction of email campaigns for new home developers contributed to 35% increase in average revenue per advertiser per month.
During the first-half, overall membership increased 5%, while estate agency membership declined 3%. Further, retention rate among estate agents was down to 84% due to a large number of estate agency businesses leaving the industry. Page impressions on Rightmove websites were up 15% to 3.1 billion.
Commenting on the results, Ed Williams, Group Managing Director, said, "These strong results, coming at a time of severe housing market difficulties, are evidence of the strength of the Rightmove proposition and the loyalty of our customers."
Further, the Board of Directors, declared an interim dividend of 3.0 pence, to be paid on October 10, to shareholders of record as of September 12.
Looking ahead, Ed Williams, said, "Our primary focus is on maintaining our market position through delivering the most effective service to our customers. As a result, irrespective of market conditions, we believe we will see a continuation of the dramatic structural shift of property advertising online which has been accelerated by the current cyclical downturn."
He added, "The Board reiterates its confidence in meeting market expectations for the current year."
Shares of RMV.L are currently trading on the LSE at 320.50 pence, up 4.00 pence or 1.26%, on a volume of 308,889 shares.
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