Rightmove revenue falls by almost a third despite surge in visitor numbers
Property giant Rightmove saw revenue fall by 29 per cent to £205.7m in 2020 as coronavirus restrictions battered the housing market.
The firm felt the strain of providing a 75 per cent discount on invoice values to estate agents and new customers between April and July last year.
Operating profit also dropped 37 per cent to £135.1m, while basic earnings per share hit 12.6p compared to 19.6p in 2019.
Optimism
Peter Brooks-Johnson, CEO of Rightmove, remains positive about the company’s outlook despite the challenges faced in 2020.
“In a year when we stayed in our homes more than ever before, people continued to turn to Rightmove for their next move and for real-time information, helping us to extend our lead in the market,” he said.
“The record traffic and enquiries that followed the reopening of the market led to us sending 51 million property leads to our customers.”
The firm said it expected to continue robust market activity this year, ahead of a potential tax break extension and reinstated dividend payment.
Website traffic
Over one million residential properties advertised on Rightmove last year, more than anywhere else in the UK.
Traffic grew by 31 per cent as users spent almost 16 billion minutes on its website.
Rightmove’s share price currently stands at 606.4p.
Brooks-Johnson added: “We remain mindful that 2021 may bring further Covid-related challenges, but we will continue to deliver our strategy to help make home moving easier, delivering the best solutions to our customers and the most engaging experience for our users.”