Rightmove Plc - Trading Statement
AGM Update
Strong Start to 2024; Reiterating Full Year Revenue and Margin Guidance
Updating ARPA Guidance to Reflect Increased Customer Numbers
AGM update
In advance of its Annual General Meeting today,
Our expectations for revenue and profit for the full year are unchanged.
Market update
Our most recent monthly House Price Index [1] reported the average asking price for properties coming to market increasing by 1.1% month-on-month, with annual house price growth of 1.7%, the highest for 12 months.
Sales agreed between January and
According to our latest Rental Tracker [2] , the rental market remains very busy, with an estimated 50,000 properties needed to return the supply of rental properties to pre-pandemic levels. With an 18% increase in listings availability in the first four months of 2024 compared to the same period in 2023, rental agents received an average of 14 leads per available property, and average rents were 7.6% higher than the same period in 2023.
Trading update
Audience update
Customer update
Within
The increase in membership numbers is positive for revenue and profit and provides increased consumer choice on the
ARPA growth, excluding the recent change in customer mix, would be in line with our previous guidance of +£100-110.
There has been no change to
Guidance update
As a result of the combined impact of the above, we now expect a different mix of ARPA and customer numbers from that anticipated at the start of the year. We therefore update guidance for 2024 as follows:
-- Full year revenue guidance unchanged, at +7-9% on 2023 -- Full year underlying operating margin guidance unchanged, at 70% -- Customer numbers expected to grow by up to +2% on 2023, versus previous guidance of a slight decrease -- ARPA growth updated to +£75-£85 on 2023's £1,431, reflecting the change in customer mix, as outlined above
Other updates
Alongside Lloyds Banking Group, Nationwide and NatWest, we were pleased to invest in Coadjute, a platform which aims to digitise the home-moving process and to make it more efficient for consumers, agents and the wider industry. We acquired HomeViews, the
Our Strategic Growth Areas of Mortgages, Commercial, and Rental Services are all performing in line with our expectations. Within Mortgages, we have had a positive start to the year, with strong consumer interest and machine learning-led optimisation improving the mortgage journey for consumers and improved outcomes for our partners. Our Commercial re-platforming continues at pace, with a new landing page expected later this year. As set out above, Rental Services continues to see strong uptake from lettings agents, and our new Lettings customers will also build a pipeline for Rental Services going forward.
We remain focused on building success with our agent and developer partners, providing real-time, tailored, digital solutions based on the largest
"Overall, we continue to expect a better year for the
Enquiries:
Investor Relations Investor.Relations@rightmove.co.uk
Powerscourt rightmove@powerscourt-group.com
About
--Rightmove has theUK's largest selection of properties for sale and to rent, adds more listings than anyone else, and over 80% of all time spent on property portals is onRightmove . --Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen. -- People can searchRightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools. -- Customers include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents. -- Using theUK's largest housing datasets, we issue a number of regular reports to track housing market indicators: our monthly House Price Index (established 2002), our quarterly Rental Trends Tracker (established 2015), and a weekly Mortgage Rates Tracker (established 2023). Historical data is available on request. -- Founded in 2000,Rightmove listed on theLondon Stock Exchange in 2006 and is a member of theFTSE 100 index.
[1]
Published on 22 April, for the period 10 March to
[2]
Published on 29 April, for the period 1 January to
[3]
Source: Comscore Media Metrix Desktop, Mobile Web, Mobile App,