Rightmove has announced its full year results for 2023:

- Revenue increased by 10%, underlying operating profit up 8%

- Total dividend up 9%

- Targeting 7-9% revenue growth in 2024 with a slight decline in operating margin

Charlie Huggins, Manager of the Quality Shares Portfolio at Wealth Club, commented:

"This is another decent set of results from Rightmove. Despite the significant challenges facing the housing market, it has again grown revenue and profit, underlining the resilience of its business model.

Rightmove's revenues aren't directly linked to the number of houses bought and sold, or even to house prices. Combined with its exceptionally dominant market position this has underpinned Rightmove's progress.

However, the competitive environment is hotting up. CoStar's acquisition of OnTheMarket means Rightmove now faces a highly credible and deep-pocketed rival. While it seems very unlikely CoStar will topple Rightmove, it could make it more difficult for Rightmove to raise prices and force it to respond with higher marketing and advertising costs. Time will tell.

One thing's for sure, Rightmove cannot afford to rest on its laurels. Innovation is becoming increasingly important and that comes at a cost. This means operating profit growth is expected to lag revenue growth in the year ahead."

Ends

For further information contact:

Jo Thorne: 07939882816, jo.thorne@wealthclub.co.uk

About Wealth Club

The aim of Wealth Club is simple. To provide high net worth individuals and sophisticated investors with clear, impartial and well researched information on investment opportunities not typically available through mainstream stockbrokers or financial advisers. Wealth Club was set up in February 2016 and is now the largest non-advisory broker of tax efficient investments such as VCTs, EIS and Inheritance Tax Portfolios. Since launch 11,000 clients have invested more than £1.1 billion through its platform.

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