Rightmove on the right track

4th Nov 2009 07:59

Rightmove said August was the busiest month ever for its property web site, prompting advertisers to return to the service.The company said the last four months has seen ‘healthy growth’ in revenue and earnings, while cash generation remains strong.Usage of the web site has been running at record levels, with August’s record month showing a 40% year on year increase on page impressions.In the July to October period pages viewed were around 35% higher than the corresponding period of 2008.The number of advertisers on the web site at the end of October stood at 17,600, representing a 5% improvement from the low point seen in February 2009. Average revenue per advertiser is also on the climb.Estate agency and lettings membership rose to 14,100 by the end of October, an 8% increase from the low point at the end of January 2009.On a day on which housebuilders Redrow and Taylor Woodrow both announced increased levels of activity, Rightmove added more evidence to claims of a pick-up in the housing market by saying the number of new developments coming to market from volume house builders has increased.The company said it is confident of meeting market expectations for the full year and that its targeted cost savings of £5m for 2009 will be achieved.