CEO set to leave Rightmove in a healthy state

The housing market may be subdued but that does not seem to be hampering the progress of Rightmove, the market leader in the property web site arena.

Average revenue per advertiser (ARPA) has continued to increase in the second half of the year, driven by further adoption of the group's advertising products.

Discretionary spend by Rightmove's customers on advertising products between July and October (inclusive) was up over 45% compared to the same period in 2011. The number of advertisers on the Rightmove web site at the end of October

stood at 18,526, up 1% since the start of the year. Changes to 2013 pricing are progressing according to plan, the group revealed.

Page impressions - how many times each page is called up for viewing - were up almost 20% year-on-year in the reporting period, with the group's smartphone apps helping drive the increase.

The board said it is confident of meeting its expectations for the current year, and anticipates further organic growth in 2013, although this is based on the assumption that the housing market does not worsen substantially.

Chief Executive, Ed Williams, may well be using the firm's site soon to pick a retirement home as he has announced his intention to retire at the end of April 30th. Williams was a co-founding executive of Rightmove, as was Finance Director and Chief Operating Office Nick McKittrick, who will take over from Williams. McKittrick's current roles will be filled internally when he becomes Chief Executive Officer.

JH