Half Year 2024 Rightmove PLC Earnings Call Transcript
Key Points
- Revenue growth of 7% year-on-year, with the letting segment growing by 12%.
- ARPA (Average Revenue Per Advertiser) tracking in line with guidance, showing strong financial performance.
- High consumer engagement with 8.3 billion minutes spent on the platform, indicating strong user retention.
- Successful product innovations, including the launch of the lead-to-keys product and a new commercial landing page.
- Strong operational performance with a 95% retention rate for agency members and a significant reduction in the number of leavers.
- New home developments have slowed, impacting membership growth in this segment.
- Continued challenges in the property market, with affordability constraints and elevated mortgage rates.
- Operating costs increased by 15%, primarily due to higher people costs and increased headcount.
- The lengthy completion times for property transactions (seven months) delay cash flow for agent partners.
- The market remains in a transitional phase, with new agent formation and new home developments yet to pick up significantly.
All right. Good morning, and welcome to Rightmove's results for the first six months of 2024. I'm joined today by Alison Dolan, our CFO; and also Ben Winstanley, our Head of IR. So I wanted to share a couple of key messages upfront with you.
Our platform and network effects remain unrivaled. We remain the place that homeovers come to in order to see virtually the entire U.K. property market with now ever-increasing utility, coverage and segmentation. Overall, H1 results have been in line with our expectations, strategically, operationally and financially. And our financial guidance today is unchanged from the AGM trading state in May.
And while we are in this room, operational delivery and indeed, innovation for our consumers and partners continue at pace back at our offices and out in the field. The underlying markets of property starting to look more positive and supportive, but as usual, the market is operating at different speed within different subsegments, and we'll get back to this.
So in that
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
