Rightmove Trading Update: Strong Start to 2024

Rightmove has released a trading update reiterating its full-year revenue and margin guidance ahead of today's AGM.

Highlights include:

• Estate agency membership increased by circa 250 since the end of 2023
• Full-year revenue guidance unchanged, at +7-9% on 2023
• Full-year underlying operating margin guidance unchanged, at 70%
• Customer numbers are expected to grow by up to +2% in 2024 (was previously expected to be a slight decrease)
• ARPA growth updated to +£75-£85 on 2023’s £1,431, reflecting the change in customer mix, as outlined above

Johan Svanstrom, CEO at Rightmove, said:

"Overall, we continue to expect a better year for the UK property market in 2024 than in 2023.  Within that, we see different dynamics across the many segments that we serve, with particular strength in resales.  We are pleased to see our existing and new partners recognising the value that we can deliver together.

"We have a growing, innovative portfolio of digital services, exemplified by strong take-up of Optimiser Edge and an increase in lettings branches and affordable new homes developments.  We remain confident in achieving a year of good financial and strategic progress and are focused on driving further long-term platform growth."

Additionally, Rightmove says its digital end-to-end solution 'Lead to Keys' attracted 70 partners to Rightmove, while 170 existing partners have added the product to their subscriptions.

Meanwhile, the company’s Strategic Growth Areas of Mortgages, Commercial, and Rental Services are all performing in line with expectations.