Rightmove performing well

10th Nov 2011 12:58

Property listings web site Rightmove has continued to show strong growth in revenue, earnings and cash generation over the past four months. However, the company saw its share price fall 1.66% after reporting that it acquired and subsequently cancelled 991,000 shares at a cost of £11.6m. In a statement the firm said: "We continued to make healthy gains in average revenue per advertiser (ARPA) in the third quarter driven by further adoption of our advertising products."Discretionary spend by our customers on advertising products in the thirdquarter was up over 35% compared to the same period in 2010. The number ofadvertisers at the end of October stood at 18,422, up 2% since the start of theyear."Rightmove's most recent TV marketing campaign in September recorded its highest ever market share of page impressions, with around 90m property searches performed during the period, more than double the number of searches in the same period in 2010.Meanwhile, estate agency and lettings membership at the end of October stoodat 15,192, a 2.5% increase from the start of the year.The firm has increased its interim dividend by 2p to 7p per share. At 31 October Rightmove had £29.8m of net cash.The share price fell 1.66% to 1,366p by 13:16.NR