Rightmove posts strong H1 with more property listings and new customers

29th Jul 2015 09:48

(ShareCast News) - Property website Rightmove saw its half-year revenues and profits grow thanks to new customers and a rise in property listings.Revenues during the six months ended 30 June 2015 rose 16% to £93.1m and pre-tax profits increased 13% to £66.6m.Website visits increased 17% year-on-year to an average of 110m per month, while residential property listings rose 10% to 1.1m. Rightmove said this was 50% more than any other portal.Following the strong results, the company announced an interim dividend of 16p, an increase of 23% from last year.Chief executive Nick McKittrick said Rightmove has grown its customer base to an "all-time high" and added:"Our share of traffic amongst the top four property websites has increased significantly as more people search and research the only place with over one million properties for sale and to rent in the UK."Numis said the results were ahead of the broker's expectations, noting the revenue growth was "impressive"."Rightmove's market position has continued to strengthen through the period, and of note, it now has inventory 50% higher than any competitor," it added.As a result, Numis increased its price targer to 4070p and reiterated its 'buy' recommentation.Shares rose 3.51% to 3509p on Wednesday at 09:04.