6 August 2024
Rightmove
plc
Rightmove
plc
Contract
update and confirmation of guidance
Rightmove
plc, the UK's number one property portal, updates that its contract
with OpenRent will terminate with effect from 1 September 2024, as conditions for OpenRent's
ongoing Rightmove membership could not be
agreed.
Rightmove
reiterates its FY 2024 revenue and margin guidance. We continue to
anticipate revenue growth of 7-9% and an underlying operating
margin of 70%, when excluding the one-off acquisition costs and
Coadjute investment. These
are both in line with market expectations.
OpenRent
is classified as an online lettings agent within Rightmove's Estate
Agency (Lettings) sub-segment and represents approximately 700
branch equivalents, with less than 8% of Rightmove's lettings
listings in July
2024.
As
has been seen recently, market dynamics - within lettings in
particular - are fluid.
While we
remain confident of delivering revenue and margin in line with the
guidance above, the precise mix of membership and ARPA may
vary.
Our
current estimate is that membership will decline by up to 3%
year-on-year, with a year-on-year increase in ARPA of
£90-£100.
OpenRent's
landlord customers will therefore lose access to the UK's largest
property-seeking audience. Rightmove remains the place for
consumers to find more UK properties than any other portal, and in
H1 2024, delivered 8 times the number of properties rented than the
next largest portal.(1)
Over 80%
of all consumer time spent on property portals continues to be
spent on Rightmove.(2)
Resale
listings on Rightmove are entirely unaffected by this
change.
Enquiries:
Investor
Relations Investor.Relations@rightmove.co.uk
Powerscourt rightmove@powerscourt-group.com
About
Rightmove
-
Rightmove
has the UK's largest selection of properties for sale and to rent,
adds more listings than anyone else, and over 80% of all time spent
on property portals is on Rightmove.
-
Rightmove's
vision is to give everyone the belief that they can make their move
by giving people the best place to turn and return to for access to
tools and expertise to make it happen.
-
People can
search Rightmove for residential resale, new homes, rentals,
commercial property and overseas properties and use tools and
information including getting a Mortgage in Principle, checking
local sold prices, property valuations, market trends, maps and
schools.
-
Partners
include the following key groups: estate agents, lettings agents,
new homes developers, rental operators, commercial property
operators and overseas property agents.
-
Using the
UK's largest housing datasets, we issue a number of regular reports
to track housing market indicators: our monthly House Price Index
(established 2002), our quarterly Rental Trends Tracker
(established 2015), and a weekly Mortgage Rates Tracker
(established 2023).
-
Founded in
2000, Rightmove listed on the London Stock Exchange in 2006 and is
a member of the FTSE 100 index.
Notes:
(1)
Source: RLTS tenant survey, >100,000 tenants (January 2024 - June
2024). Question: "How did you find the property you are
applying for?"
(2)
Source: Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile
Web & App, Total Audience, Custom-defined list of Rightmove
sites, zoopla.co.uk, primelocation.com, onthemarket.com,
January 2024 to June 2024, United
Kingdom.