Property listings web site Rightmove has continued to show strong growth in revenue, earnings and cash generation over the past four months, and says it is confident of meeting full-year expectations.
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.
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." The group said that discretionary spend on advertising products rose 35%, while the number of advertisers was up 2%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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 stood at 15,192, a 2.5% increase from the start of the year.
"The board expects to achieve further organic growth in 2012 on the assumption that housing market conditions continue to be challenging but do not substantially worsen," the firm said.
At 31 October Rightmove had £29.8m of net cash.
The share price fell 1.66% to 1,366p by 13:16.
NR
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
