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Rightmove FY16 Pre-tax Profit Rises; CEO Nick McKittrick To Retire

Rightmove Plc. (RMV.L) reported that its profit before tax for fiscal year 2016 rose to 161.55 million pounds from last year's 137.10 million pounds or 112.74 pence per share in the prior year.

Profit for the year increased to 129.54 million pounds or 136.41 pence per share from 109.47 million pounds or 112.74 pence per share in the previous year.

Underlying operating profit was up 15% to 166.2 million pounds driven by strong organic revenue growth of 15% to 220.0 million pounds and continued focus on cost control.

Underlying basic EPS increased by 18% to 142.8 pence. Basic EPS increased by 21% to 137.9 pence. The growth in EPS was mainly driven by the increase in profitability in the year together with the benefit from continued share buyback programme which reduced the weighted average number of ordinary shares.

Revenue for the year grew to 219.99 million pounds from 192.13 million pounds last year.

The Board previously announced that it would increase the interim dividend to 19 pence (H1 2015: 16.0p) per ordinary share, which was paid on 6 November 2016.

The Board proposes to pay a final dividend of 32.0 pence (2015: 27.0p) per ordinary share for a total dividend for the year of 51.0p (2015: 43.0p), an increase of 19%. The final dividend, subject to shareholder approval, will be paid on 2 June 2017 to all shareholders on the register on 5 May 2017.

The Board is confident of continued success in 2017.

Rightmove also announces today that Nick McKittrick has notified the Board of his intention to retire as Chief Executive and as a Board director of the Company at the forthcoming AGM on 9 May 2017. Peter Brooks-Johnson, who is currently the Chief Operating Officer and a Board director since 2011 will become the Chief Executive Officer. Nick will remain with the Company until 30 June 2017 to ensure a smooth transition process.

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