UPDATE 1-Property website Rightmove warns of revenue hit from coronavirus impact [Reuters]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Reuters
UPDATE 1-Property website Rightmove warns of revenue hit from coronavirus impact - Reuters 2 Min Read (Adds background on government steps, Rightmove’s measures) March 20 (Reuters) - UK property website Rightmove said on Friday the coronavirus pandemic has resulted in a number of property deals falling through and forced the company to offer discounts, pointing to more pain for estate and letting agents. Rightmove said it was discounting customers’ invoices by 75% for the next four months, leading to a hit of 65 million pounds ($76.47 million)-75 million pounds ($88.24 million) to its revenue this year. In 2019, it booked a revenue of 289.3 million pounds. “The speed of the slowdown in the UK housing market has been significant,” the company said. Shares in the company slumped nearly 10% to 429.6 pence by 0858 GMT. The impact from the coronavirus comes just as the British housing market, which had been subdued for the past four years due to Brexit-related uncertainty, was beginning to
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