Property portal Rightmove’s revenues shot up 20% in the first half of this year to £47m – of which an incredible £33.4m was profit.
In its half-year results for the six months to June 30, Rightmove said that there had been strong growth across its entire business, with a 3% increase in the number of agents and developers listing properties on it and a 45% leap in revenue from additional advertising profits.
Rightmove’s website traffic has seen a 23% increase, up from 3.9bn page impressions to 4.8bn when comparing the first six months of 2010 to 2011, with May 2011 being the website’s busiest month ever.
As part of this strong performance in traffic, significant growth has been seen in Rightmove’s mobile traffic which accounted for 14% of all property searches in June 2011 compared to just 5% in June a year ago.
The number of advertisers on Rightmove now stands at 18,480, a 3% year-on-year increase, and revenue from additional advertising products has seen a 45% increase.
Take-up of additional advertising products has helped Rightmove to increase its first half-year revenues by 20% to £47.0m, up from £39.2m in 2010, with underlying operating profit for this period of £33.4m.
Rightmove’s managing director Ed Williams said: “We continue to invest heavily in advertising and development to ensure we can provide value to Rightmove member agents in enabling their properties and brand to reach the largest possible audience.
“Increased take-up of our additional products demonstrates the confidence our member advertisers have in using Rightmove to achieve their advertising goals.”
The size of Rightmove’s lead over its competitors continued to grow, with overall market share up 1% to 83% of all page impressions on the top four UK property websites. The first six months of 2011 also saw Rightmove cement its position as one of the top ten most used websites by UK consumers, alongside web giants such as Google and Facebook. No other property website comes within the top 100.
Williams added: “Our ‘Britain Moves at Rightmove’ television advertising campaign successfully reflected how Rightmove has become firmly engrained within the home-moving habits of the British public. This is highlighted by our position as one of the nation’s top ten most used websites.”
Rightmove shares have doubled in value since this time a year ago.
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