Rightmove profits rise as estate agents pay more to shift homes [FT.com - Mergermarket]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: FT.com - Mergermarket
Joshua OliverJump to comments sectionUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Rightmove boosted revenues and profit last year as estate agents spent more with the ’s largest property platform to try to shift homes amid a sharp downturn in the housing market.The company reported an 8 per cent rise in annual profit before tax to £260mn, on rising advertising revenue as agents paid more for marketing.But it said online traffic to its site had fallen last year and warned that customer numbers would likely drop in 2024 due to continued uncertainty in the market, sending shares down 4 per cent in early trading on Friday.“When the market is a little bit weaker, there is arguably a greater need to use the Rightmove platform to reach buyers and sellers,” said chief executive Johan Svanstrom. “Both estate agents and new homes developers needed to work harder to close sales.”A sharp rise in borrowing costs last yea
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