REG - Rightmove Plc - Annual Audited Results 31 December 2022
03/03/2023 07:00
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RNS Number : 7457R Rightmove Plc 03 March 2023
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FULL YEAR ANNOUNCEMENT FOR RIGHTMOVE PLC - YEAR ENDED 31 DECEMBER 2022
Rightmove plc, the UK's largest property portal, today announces its audited
results for the year ended 31 December 2022.
Financial Highlights 2022 2021 Change vs 2021 % Change vs 2021
Revenue £332.6m £304.9m £27.7m +9%
Operating profit £241.3m £226.1m £15.2m +7%
Underlying operating profit((1)) £245.4m £231.0m £14.4m +6%
Underlying operating profit excluding £245.4m £228.6m £16.8m +7%
prior year 'other income'((2))
Final dividend 5.2p 4.8p 0.4p +8%
Total dividend for the year 8.5p 7.8p 0.7p +9%
Basic earnings per share 23.4p 21.3p 2.1p +10%
Underlying earnings per share((3)) 23.8p 21.8p 2.0p +9%
· Revenue up £27.7m/9% on 2021 to £332.6m, as customers continued to
upgrade their packages and to increase their use of digital products
· Operating profit of £241.3m; up 7% on 2021 (2021: £226.1m)
· Excluding the one-off impact of 'other income' of £2.4m in the
prior year (in relation to the release in 2021 of the contingent consideration
for the acquisition of Van Mildert), underlying operating profit((2)) is up
7% compared to 2021.
· Final dividend for 2022 up 8% to 5.2p (2021: 4.8p) per ordinary
share. Total dividend for 2022 up 9% to 8.5p (2021: 7.8p)
· £197.7m of cash returned to shareholders through share buybacks
and dividends during 2022 (2021: £238.8m)
· Cash and cash equivalents, including money market deposits, at
the end of the period of £40.1m (31 December 2021: £48.0m).
Operational highlights
· Average revenue per advertiser (ARPA) ((4)) up 11% to £1,314 per
month (2021: £1,189); second-highest year ever for absolute ARPA growth
· Total membership flat at 19,014 (2021: 18,969), with Agency branches
down 178 and New Homes Developments up 223 since the start of the year
· Resilient traffic despite a significantly less frenetic property
market than 2021, with a total of 16.3 billion((5)) minutes spent on the
platform in the year (2021: 18.3 billion). Time on platform 34% higher than
the pre-pandemic record of 2019
· Continued uptake of our premium Optimiser 2020 package, with 34%
of independent agents now subscribing, up from 21% in December 2021
· Ongoing strategic innovation, with the launch of the Rental
Lead-to-Keys flow and increased consumer usage of the integrated Mortgage in
Principle capability both digitising more of the home-moving transaction.
· Approval of our medium term emissions reduction targets by the
Science-Based Targets initiative (SBTi).
(1) Underlying operating profit is operating profit before the
share-based payments including the related National Insurance charge
(2) Underlying operating profit excluding prior year 'other income'
removes the impact of £2.4m 'other income' in 2021, which represented the
release of a one-off contingent consideration provision
(3) Underlying EPS is profit for the year before share-based
payments charges (including the related National Insurance and appropriate tax
adjustments), divided by the weighted average number of ordinary shares
outstanding in the period
(4) Average Revenue per Advertiser (ARPA) is calculated as revenue
from Agency and New Homes advertisers in a given month divided by the total
number of advertisers during the month, measured as a monthly average over
year
(5) Source: Google analytics
Outlook
Rightmove's network effects continue to position us at the heart of the UK
property market and our visibility of property market data remains unrivalled.
Our financial performance in 2022 reflects the trust that our customers
continue to place in our digital products to help drive their businesses in
both faster and slower markets.
While we remain alert to the ongoing economic uncertainty, Rightmove is not
materially impacted by the property market cycle, other than in the most
extreme circumstances.
The strong ARPA growth in H2 2022, and the momentum it provides for 2023,
gives us increased confidence in ARPA growth in 2023.
We expect customer numbers to follow a similar pattern to that of the second
half of 2022.
In 2023, we will maintain our disciplined cost management and focus on
profitable revenue growth, as we continue to invest in innovation. The
increased inflationary backdrop is not expected to materially impact costs,
and we expect an Underlying Operating Margin for 2023 of c73%.
Our capital returns policy, whereby substantially all cash generated in the
year is returned to shareholders, remains unchanged.
The strength of our proposition, coupled with our on-going innovation,
underpins the Board's confidence in Rightmove's outlook for 2023 and beyond.
Peter Brooks-Johnson, Chief Executive Officer, said:
"The year's changing housing market conditions demonstrated our customers'
resilience and ability to adapt and to continue to succeed. The softening from
the covid-induced frenetic market towards a more normal market earlier in the
year was disrupted in the final few months by the unexpected rapid mortgage
rate increases. The strength of our results is a reminder of how effective and
integral our new and existing products and services are in helping our
customers in both faster and slower markets.
"Rightmove continues to be the place that people turn to and return to first,
with an average of over 1.35bn minutes spent on our platform every month in
2022. The continuing love home movers have for Rightmove is testament to the
team's focus on providing an easy to use leading edge platform, enhanced with
innovation which home movers want. This is exemplified by the ability to
create Property Lists which we launched in 2022. Over one million lists, and
counting, have been created since launch.
"There's much more to come and exciting plans ahead for Rightmove. As a
company that will always be close to my heart, and as a shareholder, I look
forward to watching Rightmove's ongoing progress as it continues to make home
moving easier."
The Company will publish a pre-recorded audio results presentation at 7.00am
today, followed by an audio Q&A session for analysts and investors at
9.30am with Peter Brooks-Johnson, CEO, and Alison Dolan, CFO.
Enquiries: Investor Relations Investor.Relations@rightmove.co.uk (mailto:Investor.Relations@rightmove.co.uk)
Rightmove Press Office Press@rightmove.co.uk (mailto:Press@rightmove.co.uk)
Chair's review
It is my pleasure to present Rightmove's results for the year ended 31
December 2022. In a year of continued economic challenge and global change,
our results demonstrate the resilience of Rightmove's business model and the
clear value we provide to our customers and to the UK's home hunters.
Rightmove remains the first place that consumers turn to time after time as
they look for their next home.
In spite of the Russian invasion of Ukraine, increased inflation and the
challenges in world markets, UK housing transaction numbers remained resilient
in 2022, particularly in the first half of the year, with c1.2m transactions.
Traffic to the Rightmove site remained considerably higher than pre-pandemic
levels as consumers showed how they continue to trust and rely on us to find a
property, even in less certain times. I am proud that our teams continued to
deliver such a high quality of service to our customers and to home hunters
throughout the year.
2023 will see a transition in leadership for Rightmove as Peter Brooks-Johnson
steps down after more than 17 years in the business and as our CEO for the
last six years. I would like to thank Peter for his dedication and service. He
has been fundamental in helping Rightmove become the successful business it is
today and the UK's largest property portal. Under his leadership, the Company
has increased the value it provides to customers and to home hunters, with
time spent on the portal increasing from 11.7bn minutes in 2016 to over 16bn
minutes in 2022. This has delivered sustained growth for our shareholders,
increasing annual revenues from £220m to £333m in the same period and
returning more than £1 billion through dividends and share buybacks over that
time.
During 2022, the Board focused on supporting the management team with the
ongoing delivery of Rightmove's strategic plan. In addition to the growth in
the core business, we continued to make progress with other strategic
initiatives, including increasing the digitisation of tenants' rental
journeys, simplifying the process for them; growing the value of the
Commercial real estate business; and providing an enhanced experience for
consumers seeking a mortgage. Our ambition remains for Rightmove to be an
innovative and sustainable growth business for the benefit of all stakeholders
as we continue to evolve our product offering and value proposition for the
benefit of our customers, consumers and shareholders.
Financial Results
The Group's results reflect the strength of our business model and core value
proposition, delivering underlying operating profit((1)) of £245.4m (2021:
£231.0m) and operating profit of £241.3m (2021: £226.1m) from revenue of
£332.6m (2021: £304.9m). Underlying earnings per share((2)) were 23.8p
(2021: 21.8p) and basic earnings per share 23.4p (2021: 21.3p). Our cash((3))
position at the year-end was £40.1m (2021: £48.0m), having returned all
surplus cash to shareholders.
Returns to shareholders and dividend
In keeping with our policy of returning free cash to our shareholders,
£197.7m (2021: £238.8m) was returned through the share buyback programme and
dividend payments.
The Board remains confident in our ability to deliver sustainable returns to
shareholders and is recommending a final dividend of 5.2p per share for 2022
(2021: 4.8p). The final dividend will be paid, subject to shareholder
approval, on 26 May 2023, taking the total dividend for the year to 8.5p, an
increase of 9% on 2021 (2021: 7.8p).
Board changes
Johan Svanstrom was appointed to the Board on 20 February 2023 and will become
CEO in March 2023. He will bring significant experience of growing
established business to business to consumer online marketplace businesses.
Following his appointment as Global President of Hotels.com and Expedia
Affiliate Network brands in 2013, he served on the Expedia Group global
leadership team for over five years - growing revenues to over $3 billion and
leading direct teams of 1,500 people across four continents. A Swedish
national based in the UK, Johan most recently served as a Partner, EQT Growth
Advisory Team, which is part of EQT, the global investment organisation.
Other Board changes
Rakhi Goss-Custard leaves the Board in May 2023, having served her maximum
term of nine years as a Non-Executive Director. Rakhi has made a significant
contribution to the Board, bringing extensive knowledge of the customer and
consumer experiences from a range of other digital product and mobile
platforms. We have commenced a search for her successor and will keep the
market appraised of our progress. I would like to thank Rakhi for her
contribution to the Board and to the business throughout her tenure.
Board governance
The recently established Board sub-committee, the Corporate Responsibility
Committee, has continued to guide and oversee progress in the execution of our
Environmental, Social and Governance (ESG) strategy, and I am delighted with
the approval of our Net-Zero target by the Science-Based Targets initiative
(SBTi).
This is our second year of reporting under the framework of the Taskforce for
Climate-Related Financial Disclosures and we have updated our climate-related
risk assessments. Further detail can be found in the Sustainability Report.
The Audit Committee has overseen the implementation of the new Enterprise
Resource Planning (ERP) finance system, as well as a revised Risk Management
Framework.
The Remuneration Committee has reviewed and revised the Company's Remuneration
Policy during the year. Consultation with Rightmove's largest shareholders has
been broadly positive and the Policy will be put to shareholders at our Annual
General Meeting in May 2023.
Looking ahead
Our ambition to innovate continually to make home moving easier in the UK and
to create long-term sustainable growth for the benefit of all stakeholders is
undeterred as we move into 2023 and continue to execute on our long-held
strategy for the benefit of our customers, consumers and shareholders.
On behalf of the Board, I would like to thank all our customers for their
confidence and support and our employees, who continue to serve our customers
and consumers so well through their dedication and hard work.
I am looking forward to welcoming Johan into the business and to working with
the Board and the Rightmove team in 2023.
Andrew Fisher
Chair
(1) Underlying Operating Profit is defined as operating profit before
share-based payments charges (including the related National Insurance)
(2) Underlying EPS is defined as profit for the year before share-based
payments charges (including the related National Insurance and appropriate tax
adjustments), divided by the weighted average number of ordinary shares in
issue for the period
(3) Cash including money market deposits
Chief Executive's review
Rightmove's purpose is to make home moving easier in the UK, and the trusted
place that we hold at the heart of Britain's home moving journeys was evident
during 2022. Against a backdrop of macro-economic uncertainty, particularly
in the second half of the year, home movers continued to turn to Rightmove not
only as the place to find their next home, but as the most reliable source of
information about the housing market. For the twelfth consecutive year,
Google report that more people start their home search with 'Rightmove' rather
than 'Property'; this popularity led to home-movers spending over 16 billion
minutes on our platform searching for their next property.
Our customers continued to invest in our digital products, to showcase their
expertise and to build their businesses, in what was a year of contrast for
our customers, with the underlying post-pandemic robust market of the first
quarter returning to a more normal market over the course of the year. This
theme was punctuated by the rapid rise in mortgage rates following the mini
budget. The robustness of our business model and the return of investment on
our products for agents and developers are evidenced by the high ARPA growth
of £125 - our second-highest year ever for absolute ARPA growth after the
2021 Covid-recovery year.
I am proud that we have emerged from the pandemic disruption with deeper
relationships than ever with our customers, who have seen our products deliver
such strong returns for them, not just through the buoyant market conditions
of Q1 2022, but in the more normal conditions over the remainder of the year.
2022 has very much demonstrated the semi-countercyclical nature of the
Rightmove Agency and New Homes businesses. Estate Agents started the year
with a seller-led, stock-constrained market that then evolved to one in which
realistic pricing was key to concluding sales. Throughout the year, agents
continued to purchase additional Rightmove Products to drive their businesses
forward, by winning the right instructions, and the average revenue per
advertiser (ARPA) for Agency grew 11% to £1,278.
New Homes developers began the year with many developments fully sold off-plan
and therefore not advertised. The fall in demand in the fourth quarter saw
Developers turn to Rightmove's digital products to help to boost sales, which
resulted in a 8% increase in the number of developments listed on Rightmove at
the end of 2022 and increased take-up by developers of our products,
particularly Native Search Adverts and Digital Marketing. ARPA for New Homes
grew by 11% to £1,513 in the year.
Rightmove's key smaller businesses - Commercial Property, Data Services,
Overseas Listings and Third-Party Advertising - which leverage the strength of
our property advertising business - also continued their impressive growth
rates throughout 2022. These business units all maintained double-digit growth
in 2022 and contributed £31.5m to revenue (2021: £26.8m). Our more nascent
businesses, Tenant Services and Mortgages, continue to evolve their
proposition for consumers as well as for agents and landlords, and we have
learnt an enormous amount during 2022 about the right next steps as we build
these businesses.
Rightmove's commitment to innovation remains undimmed. One of many examples
of our innovation to help our customers be more efficient is the launch of our
Certification for Estates and Lettings Agents - a series of online training
courses with a bespoke learning management system that enables agents to
receive an Ofqual-regulated Level 3 certificate. We help our customers to
reach the UK's largest audience of home hunters more effectively through
continuous improvements to our market-leading products, such as Local
Valuation Alert and Native Search Adverts, and we are playing a leading role
in digitising the processes of buying and renting a home through our
Lead-to-Keys and Mortgage in Principle flows.
I am delighted that our products and our teams have delivered such strong
value for our customers and our consumers throughout the entirety of what has
been a turbulent year for the country and the economy. Our progress is
testament to our disciplined focus and the huge efforts that 'Rightmovers'
have put into building this business together with our industry customers. We
look forward to delivering further growth as we continue to shape the UK
property market and support our customers in 2023.
Our Strategy - making home moving easier
The place consumers turn to and return to first
Rightmove is synonymous with home-moving, remaining the place home hunters and
sellers turn and return to first when looking for a property or to research
the market. Over 80% of all time spent on property portals in the UK continues
to be spent on Rightmove((1)); a reflection of the quality and innovation in
our technology and platforms, delivering the most effective search and
research tools and up-to-date property content.
During 2022, the level of consumer engagement on the Rightmove platforms
remained exceptionally high: consumers paid over 2.3 billion((2)) visits to
our platforms (2021: 2.5 billion visits) and spent over 16.3 billion((2))
minutes searching for properties on Rightmove (2021: 18.3 billion minutes).
Over 70% of all time spent on Rightmove's platforms in 2022 was to our
mobile-optimised site and apps.
This level of consumer engagement is underpinned by our culture of continuous
improvement. One focus during 2022 was to encourage home hunters to engage
more deeply with Rightmove by logging in while searching. We released
features such as a customisable 'Property List', to help home hunters to
organise their search journey in categories that make sense to them. Since
release, over a million unique lists have been created, by over 600,000
people, not only making the search process more effective for home hunters but
generating useful data for future product development. My Enquires, another
feature available to logged-in users, allows home hunters to track properties
they have enquired on and record their thoughts, making Rightmove even more
integral in the path to a new home. Over 9% of people sending leads have
used the feature since it launched in November 2022.
In addition to searching for properties, consumers use Rightmove data to
research the property market. Rightmove's unique demand data, analytical
capabilities and access to real-time search and sales patterns provide
valuable insights and commentary on property and home-moving trends. Property
research tools, such as sold prices data and the "Where Can I Live?" tool,
were widely used by landlords, homeowners, buyers and sellers during 2022.
Following a ground-up refresh, consumers spent 18% longer browsing our sold
prices data, which integrates our proprietary archive of over 16.4m unique
properties. We sent an average of 3.3 million consumer emails every week to
keep both consumers and professionals up to date with the property market, and
our House Price Index remains the most accurate leading indicator of house
prices in the UK, based on 95% of newly advertised properties in the UK.
Consumers expect the platform they rely on to be available all the time.
Testament to the engineering prowess and dedication of the team, Rightmove
maintained its industry leading level of uptime of 99.9% meaning the platform
was unavailable for less than 43 minutes for the entirety of 2022.
Unrivalled returns for our customers through digital marketing solutions and
insight
Rightmove provides its customers with exposure of their brands and properties
to the largest possible home-moving audience, as well as a range of digital
services and information. This helps them to market more effectively; win more
business; grow their market share; save time; and create new revenue streams.
The high traffic to Rightmove, coupled with the strong rentals market, meant a
continued rise in the number of property-specific leads delivered to our
customers, with over 67m leads sent in 2022, an increase of 8% on 2021. At
over 2 leads every second, this is a new record for the number of leads sent
from Rightmove in a year.
The extensive digital product suite we offer to customers has been carefully
designed to be effective in both faster and slower markets. As the market
changed during 2022, and stock levels increased, our customers turned more
than ever to our products to help them to win property sales instructions
efficiently.
Our premium packages, Enhanced and Optimiser, help our agency customers to
generate more opportunities to win instructions cost-effectively. These
packages include branding solutions to boost agents' performance in the
awareness stage of the marketing funnel. The branding suite was enhanced in
2022 with the introduction of the Native Search Advert product, exclusively
for our Optimiser customers. Reflecting the evolving nature of online
advertising, Native Search Adverts provide our customers for the first time
with a medium by which to market themselves via video on the Rightmove
platform. The product is particularly strong on mobile and uses smart
targeting to help to ensure the best return for agents. To help agents to
deliver engaging video content, we automatically created innovative,
data-driven videos for each agent, drawing on over 182,000 data points.
Our popular Local Valuation Alert and Rightmove Discover products fast-track
agents to the consideration stage of a home seller's process for choosing an
agent. During 2022, we continued to enhance the performance of these products
to keep them at the forefront of digital marketing for our customers.
Local Valuation Alert was optimised on our mobile platform, which helped to
deliver over 22% more leads from people asking for a valuation on their home
in 2022 compared to 2021. Rightmove Discover was upgraded to encompass an
on-demand version, allowing customers to self-serve their membership and
access products immediately.
The usefulness of our additional products to customers is demonstrated by over
1,300 agents electing to upgrade to our top Optimiser package during 2022.
These package upgrades, along with customers choosing to buy more products and
our pricing actions, contributed to the strong agency ARPA growth between
January and December 2022.
New Homes developers also continued to invest in our top subscription packages
specifically designed for them - despite facing a stock-constrained market for
much of the year, when developments were fully sold out, reducing developers'
needs to advertise. Advanced Development Listings creates an opportunity to
cross-sell and up-sell plots on a development, providing better engagement and
lead-generation, and subscription to this package increased by 37% on last
year. In the fourth quarter, as the property market cooled, sales of the
two products introduced in 2021 - the Property and Developer Carousels -
increased. Both products were designed to operate most effectively in a
demand-constrained environment. The growth, along with the resurgence of the
Digital Marketing Campaign product has generated significant momentum for New
Homes ARPA as we head into 2023.
Rightmove's value to our customers goes beyond digital advertising solutions;
we also offer tools and training to our customers to support them in running
their businesses more efficiently. Rightmove Plus - included free of charge as
part of all Rightmove membership packages - helps customers throughout the
property marketing lifecycle and was used by over 90% of independent estate
agents during 2022. The Best Price Guide, for example, a reporting tool within
Rightmove Plus which helps agents to gather comparable properties to support
their suggested property price, saves them up to an hour per market appraisal.
The Best Price Guide alone was used over 17 million times in 2022, a 22%
increase on 2021.
Rightmove's culture of constant improvement and innovation helps to create
more opportunities for our customers to identify potential new business. A
good example of this is Opportunity Manager, which is a lead management tool
available with our Optimiser package and is powered by an algorithm that is
constantly learning and improving to intelligently spot the home hunters who
are most likely to turn into potential home sellers in an agent's area. The
opportunity to get a head start on marketing to these potential vendors led to
a third of Optimiser customers using Opportunity Manager at least once a week.
Our market-leading professional training programme, free to all members,
remains an invaluable tool for our customers. Delivered in webinars, it was
viewed by more than 14,000 property professionals, both live and through our
on-demand service, and the topics covered in 2022 ranged from 'economy' and
'winning more stock' to 'legislation across sales and lettings'. Our Rightmove
Hub, which hosts all the material, had more than 1.4 million page views in the
year.
In November, we were proud to launch a new Ofqual-regulated Level 3
certificate to estate and lettings agents - the Certificate for Estate and
Lettings Agents (CELA). The training is free to Rightmove members (who pay
only for the final exam) and is provided online, backed by a bespoke learning
management system. It includes an overview of the industry, from experts, on
the moving process, codes of practice, legislation and customer services,
giving them an easy way to demonstrate their quality and credibility to
sellers and landlords. By the end of the year, within six weeks of launch,
over 1,700 agents had enrolled with momentum growing into 2023.
The Rightmove platform is tailored to ensure it works for our entire range of
customers across the different business units. Rightmove's Commercial Real
Estate (CRE) portal provides access to the largest audience of agents,
surveyors, landlords, owners, developers and investors in the UK. The market
share of time spent on Rightmove Commercial increased by 3% to 63% in 2022.
This platform increasingly generates leads from occupiers with significant
scale, allowing CRE agents not only to earn a fee on the property being
advertised but to introduce clients to the other professional services they
offer. Reflecting the increasing size and value of this audience to our CRE
customers, ARPA has increased by 30%.
Rightmove's Data Services business supports the property industry by
delivering property valuation tools and insights based on our unparalleled
datasets. Surveyors use our Surveyor Comparable Tool to make property
valuations - it was used in over 75% of mortgage transactions in the UK in
2022, with more than 2.3 million reports run - whilst our Automated Valuation
Model is used by lenders and was used to value more than £4.9 trillion worth
of property in 2022.
Innovating to make the home moving process more efficient by being more
digital
Rightmove has played, and continues to play, a leading role in the ongoing
digitisation of the property search market in the UK. Our goal is to improve
all aspects of the journey - from searching for a home to being ready to
transact. We want to make the process more transparent, efficient and less
stressful for both professionals and home hunters, while creating
opportunities to expand and augment our revenue beyond classified advertising.
Rightmove is helping to drive an increasingly digital rental journey, making
the process less fragmented and frustrating for agents, landlords and tenants
alike. We launched our 'Lead-to-Keys' tenancy digital workflow in June, with
virtually every element of the tenancy journey - from initial lead, via video
viewing, holding deposit, tenant referencing, security deposit, digitally
signed contract to 'keys' (and beyond into tenant and landlord insurance and
broadband services for tenants) - now available on the Rightmove platform. The
introduction of "enhanced leads" in the fourth quarter allows tenants to share
a little more about themselves when enquiring about a property, reducing the
likelihood of a frustrating reference failure for them late in the process.
Our tenant-referencing product is also increasingly sophisticated, as we
introduced open-banking to our referencing process during the year, reducing
both the application time for tenants and the accuracy for agents and for
landlords. These two releases created a market first, with tenants able to
search, secure and contract on a property entirely from their mobile device.
We also continued to enhance the early stage of the home-buying journey that
involves understanding affordability. Our nascent digital flow for mortgages
brings together the Mortgage in Principle (MiP) and property search tools,
with helpful content which not only creates more certainty for borrowers but
increases the volume and quality of mortgage leads for our mortgage partner.
Consumers are able to apply for a MIP directly from our site and can then
tailor their search journey to a successful MiP, confident that they will be
able to borrow the amount they need to secure their next home. Despite only
reaching scale in Q4, the number of MiPs completed was nearly double that in
2021. Plans are well advanced to make the journey to achieving a MiP easier
and more efficient for a greater proportion of borrowers in the first quarter
of 2023. This helps both prospective buyers and enhances agent efficiency
through better qualified leads.
Our environment and society
'Doing the right thing' is central to the way we do things and our response to
a range of issues. As an organisation, we live by our values and our values
extend beyond how we do business. We believe Rightmove can and should be a
force for good within the communities in which we operate.
During 2022, we remained focused on delivering our environmental strategy, and
the Science Based Targets Initiative's scientists validated our emissions
reductions targets as being consistent with the 1.5 degrees global warming
initiative. These targets will see us reach Net Zero in both our own business
and in our supply chain by 2040. Beyond what we do within our business, we
believe we can use the reach of our platform to continue to help consumers to
understand the available options to make their homes more energy efficient.
We continued to engage with our local communities with an emphasis on
charities that matter to our employees, making donations and offering
employee-matched funding. We supported charities close to our offices, where
our contributions can make a significant impact including Willen Hospice and
Harry's Rainbow who support bereaved children.
A diverse Rightmove is important to us. We recognise that a diverse team will
provide a wide range of perspectives that promote innovation and business
success. Drawing on what is unique about individuals adds value to the way we
do business and helps us to anticipate and then provide the features our
customers and home hunters expect from the Rightmove platform. We are
committed to reducing the gender pay gap within Rightmove and are pleased to
report that the ethnic diversity of our employees reflects the UK population,
with good representation in each pay quartile. We continue to work on
promoting inclusion and opportunity beyond our workforce. Through our
partnership with Makers' Academy we hope to encourage people to switch to a
career in technology, particularly those from disadvantaged backgrounds.
More information about these initiatives and our environmental policy can be
found in the Environmental, Social and Governance Report.
The Rightmove team
Our people define Rightmove: talent and passion to perform is not enough to
make a great Rightmover - the way in which we behave towards each other, our
customers and consumers is vital and creates a culture which is inclusive and
supportive, where everyone matters and knows that their ideas will be
explored, and views respected. Our employees live by the central behaviours of
doing the right thing for our customers and consumers, driving improvement,
and taking responsibility for making things that matter happen.
In 2022 87% (2021: 89%) of employees, responding to the annual Have Your Say
Survey, agreed that 'Rightmove is a great place to work'.
I am proud of the vibrant culture and business we have built together, and I
would like to thank everyone for everything they have done to achieve this. I
wish Johan every success and hope he will enjoy his journey at Rightmove as
much as I have. I look forward to watching Rightmove's continued success in
the future.
Peter Brooks-Johnson
Chief Executive Officer
2 March 2023
(1) Source: Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web
& App, Total Audience, Custom-defined list of Rightmove Sites,
RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM, ONTHEMARKET.COM, and
BOOMIN.COM January - December 2022, United Kingdom
(2) Source: Google analytics
Financial Review
Rightmove's strong financial performance in 2022 reflects the exceptional
returns we offer for customers, who continued to invest in our digital
products and in package upgrades throughout the year.
Revenue
Revenue increased by £27.7m/9% on 2021, to £332.6m (2021: £304.9m), driven
by an increase in product uptake and package upgrades within Estate Agency and
New Homes, our annual cycle of price increases and growth in the Other
business units.
2022 2021 Change vs 2021 £m Change vs 2021 %
£m
£m
Agency 247.3 224.5 22.8 10%
New Homes 52.6 50.0 2.6 5%
Other 32.7 30.4 2.3 8%
Total revenue 332.6 304.9 27.7 9%
2022 2021 Change vs 2021 Change vs 2021 %
Agency branches 15,932 16,110 (178) (1%)
New Homes developments 3,082 2,859 223 8%
Total membership 19,014 18,969 45 0%
Agency revenues increased to £247.3m, up 10%/£22.8m on 2021 as a result of
continued investment by agents in additional products and package upgrades, as
well as core membership price increases from contract renewals. Agency
ARPA((1)) increased to £1,278, up 11%/£123 from £1,155 in 2021. Agency
customer numbers ended the year broadly flat at 15,932; a decrease of 1%/ 178
compared to 2021 (2021: 16,110).
New Homes revenue of £52.6m was up 5%/£2.6m on 2021, reflecting strong
product spend by new homes developers during the last quarter in particular,
when the number of developments advertised also increased. Development
numbers ended the year at 3,082 - an increase of 8%/223 on 2021 (2021: 2,859).
New Homes ARPA((2)) increased to £1,513 per development per month; up
11%/£146 on 2021 (2021: £1,367).
Other revenues of £32.7m were up 8%/£2.3m on 2021. Commercial, Overseas,
Data Services and Third Party all saw double-digit percentage growth: gains in
Commercial £1.7m/19%; Data Services £1.2m/15%; Overseas £1.1m/21%; Third
Party £0.7m/15%; and Auctions £0.2m, which were largely offset by a decline
in Mortgage revenues of £2.6m, driven by the change in our monetisation
model.
Administration costs
Operating costs of £91.3m were up £10.1m/12% from £81.2m in 2021.
Underlying operating costs((3)) (defined as operating costs before the
inclusion of share-based payments charges and related National Insurance
totalling £4.1m) were £87.2m - an increase of £10.9m/14% compared to 2021
(2021: £76.3m). The increase is due primarily to:
· £7m of higher payroll costs, from increased headcount, including the
full year impact of 2021's new heads, and the annual salary increase of 5% -
which was higher than previous years (3%) due to higher inflation and was
brought forward from January 2023 to October 2022 to assist employees with the
higher cost of living. Other benchmarking and performance uplifts added a
further 2% and took the total salary increase to 7%. The charge also
included a one-off cost of living payment of £1,000 to all employees other
than senior management, paid in November;
· £3m of increased overhead costs, as staff travel and
entertainment costs reverted to pre-pandemic levels; training and recruitment
costs increased in line with headcount; and inflation pushed up certain
third-party costs; and
· £1m of additional marketing costs - mostly marketing of new
initiatives and increased digital advertising, and technology costs for
hosting and security.
Operating profit
2022 2021 Change vs 2021 £m Change vs 2021 %
£m £m
Revenue 332.6 304.9 27.7 9%
Other income - 2.4 (2.4) (100)%
Admin costs (91.3) (81.2) (10.1) (12%)
Operating profit 241.3 226.1 15.2 7%
Operating margin 73% 74%
Operating profit of £241.3m increased by £15.2m/7% on 2021, with an
operating profit margin for 2022 of 73% (2021: 74%).
Underlying Operating Profit((4)) of £245.4m, before the impact of the
share-based incentive charges and related National Insurance of £4.1m,
increased by £14.4m/6% compared to 2021 (2021: £231.0m), with an underlying
operating profit margin((5)) for 2022 of 74% (2021: 76%).
The prior year's results and margins were impacted by other income of £2.4m:
a one-off credit representing the release of a contingent consideration
provision in relation to the acquisition of Rightmove Landlord and Tenant
Services (previously Van Mildert) in 2019, as the threshold performance
criteria for pay-out were not met. Excluding the impact of the prior year
other income, the comparative prior year operating margin was 73%, the
underlying operating margin was 75% and the increase in the underlying profit
in 2022 would be £16.8m/7%.
Earnings per share (EPS)
Basic EPS increased by 10% to 23.4p (2021: 21.3p), driven by the increase in
profit and continuation of the share buyback programme, which reduced the
weighted average number of ordinary shares in issue to 835.3m (2021: 858.8m).
Underlying EPS((6)) (based on underlying operating profit((4))) increased by
9% to 23.8p (2021: 21.8p).
Taxation
The consolidated effective tax rate for the year ended 31 December 2022 was
18.9% (2021: 18.9%), slightly below the UK's enacted tax rate of 19.0%.
All tax matters are managed to ensure that the right amount of tax is paid and
collected at the right time, in line with all applicable tax laws and there
were no overdue taxes at the year end.
As in prior years, the total amount of UK taxes paid and collected by the
Group is significantly more than the corporation tax paid on UK profits.
Rightmove's total tax contribution to the UK Exchequer in 2022 was £119.8m
(2021: £113.8m). Of this, £52.2m (2021: £48.0m) related to taxes borne by
the Group, while the remaining £67.6m (2021: £65.8m) was collected in
respect of payroll taxes and VAT. The increase in total tax contribution
compared to the prior year is primarily due to higher operating profits, which
impacted both VAT and corporation tax.
As a result of the increase in the tax rate to 25% from April 2023, our
effective tax rate for 2023 will increase to c23%, and be c25% in 2024.
Balance sheet
Summary consolidated statement of financial position
2022 2021 Change
£m £m £m
Property, plant and equipment 10.4 12.0 (1.6)
Intangible assets 22.1 21.1 1.0
Deferred tax asset 1.5 2.2 (0.7)
Trade and other receivables 26.6 23.1 3.5
Contract assets 0.5 0.1 0.4
Income tax receivable 0.6 1.1 (0.5)
Cash and money market deposits 40.1 48.0 (7.9)
Trade and other payables (20.9) (22.8) 1.9
Contract liabilities (2.3) (2.6) 0.3
Lease liabilities (9.6) (11.0) 1.4
Provisions (0.8) (0.6) (0.2)
Net assets 68.2 70.5 (2.3)
Rightmove's balance sheet at 31 December 2022 shows total equity of £68.2m
(2021: £70.5m).
Trade and other receivables of £26.6m increased by £3.5m on December 2021,
primarily due to the £3.0m increase in trade receivables to £20.9m (2021:
£17.9m), reflecting the higher December 2022 revenue and a slight increase in
ageing of debts: debtor days for the year were 23 days, slightly up on the 22
days in December 2021.
Trade and Other Payables of £20.9m have decreased £1.9m reflecting the
timing of trade payments and an improvement in the payment of suppliers which
were being made in an average of 17 days (December 2021: 19 days).
Cash flow and liquidity
Rightmove remained debt-free during 2022 and cash generation remained strong,
at 101% of Operating Profit((7)). Cash generated from operating activities
increased by £7.4m to £244.2m (2021: £236.8m).
The closing cash balance, including money market deposits, was £40.1m (2021:
£48.0m). Surplus cash continues to be invested primarily in short-term,
easily accessible money market deposits, including in a green money-market
fund.
The Group bought back and cancelled 22.3m ordinary shares during the year
(2021: 26.7m), at a cost of £130.9m (including expenses) as part of its
ongoing share buyback programme (2021: £175.6m). Dividends totalling
£67.7m (2021: £64.5m) in relation to the final 2021 dividend payment and
interim 2022 payment were also paid during the year.
Shareholder returns
The Directors are recommending a final dividend of 5.2p per ordinary share,
which will be paid on 26 May 2023 to all shareholders on the register on 28
April 2023. This will take the total dividend for the year to 8.5p (2021:
7.8p). The Board's capital structure and returns policy remains unchanged.
Alison Dolan
Chief Financial Officer
2 March 2023
(1) Agency ARPA is calculated as revenue from Agency advertisers in
a given month divided by the total number of advertisers during the month,
measured as a monthly average over the year
(2) New Homes ARPA is calculated as revenue from New Homes
developers in a given month divided by the total number of developers during
the month, measured as a monthly average over the year
(3) Underlying costs are defined as administrative expenses before
share-based payments charges (including the related National Insurance)
(4) Underlying operating profit is defined as operating profit
before share-based payments charges (including the related National Insurance)
(5) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue
(6) Underlying EPS is defined as profit for the year before
share-based payments charges (including the related National Insurance and
appropriate tax adjustments), divided by the weighted average number of
ordinary shares in issue for the period
(7) Cash generated from operating activities of £244.2m (2021:
£236.8m) compared to operating profit as reported in the income statement of
£241.3m (2021: £226.1m).
Principal Risks and Uncertainties
The Board and Audit Committee regularly review the principal risks to our
business, our position against our risk appetite, and monitor progress to
manage risks within that risk appetite.
Consideration is given to emerging risks and to any changes in the internal or
external environment that could impact our strategy and how we operate. We
regularly update our risks and responses where required. The Board and Audit
Committee have reviewed the principal risks and uncertainties faced by the
Group:
Key risk description Impact Changes in the year Monitoring and mitigation Change from prior year
1 Macroeconomic environment Substantially fewer housing transactions than is normal may lead to a Housing transactions in 2022 were down 14% year on year versus 2021, ending Monitoring of the housing market, including leading indicators and membership
reduction or consolidation in the number of Agency branches or a reduction in the year at 1.2m((1)) but remain 8% higher than pre-pandemic levels trends.
The Group derives almost all its revenues from the UK and is therefore the number of New Home developments advertised; both of which are a major (2019:1.1m).
dependent on the macroeconomic conditions surrounding the UK housing market determinant of the Group's revenues.
and consumer confidence, which impacts property transaction levels.
Continuing to provide the most significant and effective exposure for
Overall membership numbers were flat on December 2021, reflecting a 1% customers' brands and properties.
A more uncertain macro and political environment may also lead to a decrease in Agency branches and an 8% increase in New Homes developments year
lengthening of the typical property transaction cycle, resulting in cash flow on year.
issues for smaller agents with lower stock levels.
Remaining the largest source of high-quality leads, offering value-adding
products and packages and helping to drive operational efficiencies for our
ARPA((2)) was up 11%/£125 from 2021 to £1,314, reflecting the increased customers; thereby embedding the value of our membership.
A contraction in the volume of transactions in the UK housing market could product sales at higher prices.
lead to a reduction in advertisers' marketing budgets, which could reduce the
demand for the Group's property advertising products.
Maintaining a flexible cost base that can respond to changing conditions.
2 Competitive environment Increased competition may impact Rightmove's ability to grow revenues due to Rightmove continued to retain the largest and most engaged audience of any UK Communication of Rightmove's value to advertisers.
the potential loss of audience, advertisers or demand for additional property portal and its market share of a selection of the top property
The Group operates in a competitive marketplace, with attractive margins and advertising products. portals was 84% in 2022((3)) (2021: 88%). (The slight decrease reflecting only Continued investment in our account management teams to help customers run
low barriers to entry, which may result in increased competition from existing a change in the Comscore methodology). their businesses more efficiently.
competitors, or new entrants targeting the Group's primary revenue markets.
Sustained marketing investment in the Rightmove brand.
Sustained investment and innovation in serving all of our audiences.
3 New or disruptive technologies and changing consumer behaviours Failing to innovate may impact Rightmove's ability to grow revenues due to the We commenced a Cloud migration programme, - to better leverage the latest Developing our product proposition to continually meet our customers' needs
potential loss of audience engagement, advertisers and demand for additional technological innovations and improve our development turnaround times - and and evolving business models.
Rightmove operates in a fast-moving online marketplace. Failure to innovate or advertising products. started to migrate key areas of the platform over to Cloud.
adopt new technologies or failure to adapt to changing customer business
models and evolving consumer behaviour may impact the Group's ability to offer A new online user research platform was rolled out across our teams, to create
the best products and services to its advertisers and the best consumer time efficiencies and allow us to define and conduct research more quickly and Large in-house technology team with culture of innovation.
experience. frequently.
Ongoing monitoring of consumer behaviour and annual 'Hackathons'.
Regular contact with the start-up and prop-tech communities to stay abreast of
market innovations.
4 Cyber-security and IT systems Any loss of website availability, or theft/ misuse of data held within the Continued investment in enhancing security and related controls, across both Disaster Recovery and Business Continuity Plans subject to regular testing and
Group's databases and IT systems, could result in reputational damage to the our website hosting environment and administrative IT estate, ensuring we are review.
The Group has a high dependency on technology and internal IT systems. In Group from loss of consumer and customer confidence in the Rightmove brand; protecting customers, consumers and our own data.
today's digital world there are increased risks associated with external and financial loss arising from potential penalties, fines and lawsuits.
Best in class security controls (and investment in) for both our cloud hosting
cyber-attacks which could result in an inability to operate our platforms. A
During 2022 we completed projects to deal with Ransomware - to render our environment and software development
security breach, such as corruption or loss of key data, may disrupt the backups immutable and "encryption-proof. We also implemented advanced
efficiency and functioning of the Group's day-to-day operations.
tooling to counteract the growth in automated "credential stuffing"
cyber-attacks affecting the website.
Regular testing of the security of the IT systems and platforms - including
A new, third party managed, detection and response service was introduced. penetration testing
During 2022 we commissioned several third-party assurance exercises to test
and review our capabilities and controls. This included penetration tests,
'red team' engagements, a technical review of our IT environment by external Ongoing monitoring of, and detection of, external threats and monitoring
cyber security specialists and an audit (by PwC our internal auditors) of threat capability
ransomware protections and cloud security processes.
Regular internal information security training, phishing and 'spearphishing'
tests.
Incident response capabilities that leverage automation and orchestration
tooling integrated with our external managed services and coupled with the
right in-house expertise.
5 Securing and retaining the right talent The inability to recruit and retain talented people could impact our ability Annual salary rise brought forward three months to 1 October 2022 (from 1 Jan Ongoing succession planning and development of future leaders.
to maintain our financial performance and deliver growth. 2023) in order to address the cost-of-living concerns whilst also providing a
Our continued success is dependent on our ability to attract, recruit, retain
£1,000 one-off cost of living payment.
and motivate our highly skilled workforce. When key staff leave or retire, there is a risk that knowledge or competitive
advantage is lost. Learning and development for all employees, including mandatory training.
Revised hybrid working policy to provide the option of up to three days at
home, with two set days in the office (previously up to two days at home with
three selected days in the office). The ability for all employees to participate in the success of the Group
through the SIP and SAYE schemes.
Continued investment in employee development and training - with a focus on
manager capabilities, wellbeing and learning opportunities. Regular staff communication and engagement.
Employee sentiment remains strong, with our 'great place to work' score at 87%
(2021: 89%).
Small increase in risk
Risk unchanged
(1) Source: HMRC transactions for the UK as published in January
2023.
(2) Revenue from Agency and New Home advertisers in a given month
divided by the total number of advertisers during the month, measured as a
monthly average over the year.
(3) Source: Comscore MMX® Desktop only + Comscore Mobile Metrix®
Mobile Web & App, Total Audience, Custom-defined list of Rightmove Sites,
RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM, ONTHEMARKET.COM, and
BOOMIN.COM January - December 2022, United Kingdom
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
2022 2021
Note £000 £000
Revenue 3 332,622 304,886
Other income 4 - 2,407
Administrative expenses (91,279) (81,193)
Operating profit 4
241,343 226,100
Operating profit before share-based incentive charges 245,412 230,965
Share-based incentive charge 12 (4,069) (4,865)
Financial income 381 20
Financial expenses (442) (471)
Net financial expense (61) (451)
Profit before tax 241,282 225,649
Income tax expense 7 (45,601) (42,555)
Profit for the year being total comprehensive income 195,681 183,094
Attributable to:
Equity holders of the Parent
195,681 183,094
Earnings per share (pence)
Basic 5 23.4 21.3
Diluted 5 23.4 21.3
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
2022 2021
£000
Note £000
Non-current assets
Property, plant and equipment 10,429 11,990
Intangible assets 22,074 21,141
Deferred tax asset 1,460 2,169
Total non-current assets 33,963 35,300
Current assets
Trade and other receivables 8 26,614 23,112
Contract assets 454 120
Income tax receivable 593 1,057
Money market deposits 5,047 5,003
Cash and cash equivalents 35,089 42,985
Total current assets 67,797 72,277
Total assets 101,760 107,577
Current liabilities
Trade and other payables 9 (20,874) (22,757)
Lease liabilities (2,327) (2,177)
Contract liabilities (2,325) (2,633)
Provisions - (61)
Total current liabilities (25,526) (27,628)
Non-current liabilities
Lease liabilities (7,242) (8,832)
Provisions (829) (585)
Total non-current liabilities (8,071) (9,417)
Total liabilities (33,597) (37,045)
Net assets 68,163 70,532
Equity
Share capital 10 838 860
Other reserves 594 572
Retained earnings (net of own shares held) 66,731 69,100
Total equity attributable to the equity holders 68,163 70,532
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of directors on 2 March
2023 and were signed on its behalf by:
Peter Brooks-Johnson
Director
Alison Dolan
Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022 2021
£000
£000
Cash flows from operating activities
Profit for the year 195,681 183,094
Adjustments for:
Depreciation charges 3,504 3,448
Amortisation charges 1,082 991
Financial income (381) (20)
Financial expenses 442 471
Non-cash gain and movements in other provisions - (84)
Share-based payments 4,179 3,923
Income tax expense 45,601 42,555
Operating cash flow before changes in working capital 250,108 234,378
(Increase)/decrease in trade and other receivables (3,456) 338
(Decrease)/increase in trade and other payables (1,883) 3,832
Increased/(decrease) in provisions 39 (2,989)
(Increase)/decrease in contract assets (334) 214
(Decrease)/increase in contract liabilities (308) 1,063
Cash generated from operating activities 244,166 236,836
Financial expenses paid (451) (209)
Income taxes paid (45,622) (41,611)
Net cash from operating activities 198,093 195,016
Cash flows used in investing activities
Interest received on cash and cash equivalents 305 23
Increase in money market deposits (44) (5,003)
Acquisition of property, plant and equipment (835) (700)
Acquisition of intangible assets (2,015) (19)
Net cash used in investing activities (2,589) (5,699)
Cash flows used in financing activities
Dividends (67,679) (64,447)
Purchase of own shares for cancellation (129,981) (174,369)
Purchase of own shares for share incentive plans (2,898) (1,284)
Cost incurred on purchase of own shares (933) (1,224)
Payment of principal portion of lease liabilities (2,391) (2,464)
Proceeds on exercise of share-based incentives 482 766
Net cash used in financing activities (203,400) (243,022)
Net decrease in cash and cash equivalents (7,896) (53,705)
Cash and cash equivalents at 1 January 42,985 96,690
Cash and cash equivalents at 31 December
35,089 42,985
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Share capital Own shares held Other Reverse acquisition reserve Retained earnings Total
£000 £000 reserves £000 £000 equity
£000 £000
At 1 January 2021 887 (11,552) 407 138 133,265 123,145
Total comprehensive income
Profit for the year - - - - 183,094 183,094
Transactions with owners recorded directly in equity
- - - 3,923 3,923
Share-based payments -
Tax credit in respect of - - - - 928 928
share-based incentives recognised directly in equity
Dividends (64,447) (64,447)
Exercise of share based awards - 1,248 - - (482) 766
Purchase of shares for share incentive plans - (1,284) - - - (1,284)
Cancellation of own shares (27) - 27 - (174,369) (174,369)
Costs of shares purchases (1,224) (1,224)
At 31 December 2021 860 (11,588) 434 138 80,688 70,532
At 1 January 2022 860 (11,588) 434 138 80,688 70,532
Total comprehensive income
Profit for the year - - - - 195,681 195,681
Transactions with owners recorded directly in equity
Share-based payments - - - - 4,179 4,179
Tax charge in respect of - - - - (1,220) (1,220)
share-based incentives recognised directly in equity
Dividends - - - - (67,679) (67,679)
Exercise of share-based incentives - 588 - - (106) 482
Purchase of shares for - (2,898) - - - (2,898)
share incentive plans
Cancellation of own shares (22) - 22 - (129,981) (129,981)
Costs of share purchases - - - - (933) (933)
At 31 December 2022 838 (13,898) 456 138 80,629 68,163
The accompanying notes form part of these financial statements.
NOTES
1 General information, judgements and estimates
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2022 or 2021 but is derived
from those accounts. Statutory accounts for 2021 have been delivered to the
registrar of companies, and those for 2022 will be delivered on 24 March 2023.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
Rightmove plc (the Company) is a public limited company registered in England
(Company no. 6426485) domiciled in the United Kingdom (UK). The consolidated
financial statements of the Company as at and for the year ended
31 December 2022 comprise the Company and its interest in its subsidiaries
(together referred to as the Group).
The consolidated financial statements of the Group as at and for the year
ended 31 December 2022 are available upon request to the Company Secretary
from the Company's registered office at 2 Caldecotte Lake Business Park,
Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE or are available on
the corporate website at plc.rightmove.co.uk.
Statement of compliance
The Group financial statements have been prepared and approved by the Board of
directors in accordance with UK-adopted international accounting standards
("IFRS"). The consolidated financial statements were authorised for issue by
the Board of directors on 2 March 2023.
Basis of preparation
The accounts have been prepared in accordance with UK-adopted international
accounting standards and the requirements of the Companies Act 2006. The
financial statements have been prepared on an historical cost basis.
Climate change
In preparing the financial statements, the Directors have considered the
impact of climate change, particularly in the context of the climate change
risks identified in the Sustainability section of the Strategic Report and the
Group's stated target of net zero carbon emissions by 2040. These
considerations did not have a material impact on the financial reporting
judgements and estimates in the current year. This reflects the conclusion
that climate change is not expected to have a significant impact on the
Group's short-term or medium-term cash flows including those considered in the
going concern and viability assessments, impairment assessments of the
carrying value of non-current assets and the estimates of future profitability
used in our assessment of the recoverability of deferred tax assets.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control exists when the
Group has existing rights that give it the ability to direct the relevant
activities of an entity and has the ability to affect the returns the Group
will receive as a result of its involvement with the entity. In assessing
control, potential voting rights that are currently exercisable or convertible
are taken into account. The financial statements of subsidiaries are included
in the consolidated financial statements from the date that control commences
until the date that control ceases.
Alternative performance measures
In the analysis of the Group's financial performance, certain information
disclosed in the financial statements may be prepared on a non-GAAP basis or
has been derived from amounts calculated in accordance with IFRS but are not
themselves an expressly permitted GAAP measure. These measures are reported in
line with the way in which financial information is analysed by management and
designed to increase comparability of the Group's year-on-year financial
position, based on its operational activity. The key alternative performance
measures presented by the Group are:
· Underlying profit: which is defined as profit for the year before
share-based payments charges (including the related National Insurance and
appropriate tax adjustments);
· Underlying earnings per share (EPS): which is defined as
underlying profit divided by the weighted average number of ordinary shares
outstanding during the period;
· Underlying operating profit: which is defined as operating profit
before share-based payments charges (including the related National
Insurance);
· Underlying costs: which is defined as administrative expenses
before share-based payments charges (including the related National
Insurance); and
· Underlying operating margin: which is defined as the underlying
operating profit as a percentage of revenue.
The directors believe that these alternative performance measures provide a
more appropriate measure of the Group's business performance, as share-based
payments are a non-cash charge that is not entirely driven by the principal
operational activity of the Group. The directors therefore consider
underlying operating profit to be the most appropriate indicator of the
performance of the business and year-on-year trends.
A reconciliation of the underlying performance measures to the GAAP measures
are shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is
presented below:
2022 2021
£000
£000
Profit for the year 195,681 183,094
Share-based incentives charge 4,179 3,923
NI on share-based incentives (110) 942
Impact on tax charge (999) (1,144)
Underlying profit 198,751 186,815
Underlying profit is used instead of profit to calculate the underlying
earnings per share: which is underlying profit divided by the weighted average
number of ordinary shares in issue for the period, whereas earnings per share
is profit for the year divided by weighted average number of ordinary shares
in issue for the period.
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is
presented below:
2022 2021
£000
£000
Operating profit 241,343 226,100
Share-based incentives charge 4,179 3,923
NI on share-based incentives (110) 942
Underlying operating profit 245,412 230,965
Underlying operating profit is used to calculate the underlying operating
margin: which is underlying operating profit as a proportion of revenue,
whereas the operating margin calculated as operating profit as a proportion of
revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is
presented below:
2022 2021
£000
£000
Administration expenses 91,279 81,193
Share-based incentives charge (4,179) (3,923)
NI on share-based incentives 110 (942)
Underlying costs 87,210 76,328
Going concern
The directors have performed a detailed and extended going concern review and
tested the Group's liquidity in a range of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained strongly cash
generative and had a cash balance of £35.1m and money market deposits of
£5.0m at 31 December 2022 (31 December 2021: cash balance of £43.0m and
money market deposits of £5.0m).
The Group bought back shares to the value of £130.0m during the period (2021:
£174.4m) and paid dividends totaling £67.7m in May and October 2022 (2021:
£64.5m).
In stress testing the future cash flows of the Group, the directors modelled a
range of scenarios which considered the effect on the Group of reductions of
varying severity in the number of housing transactions for the period to 30
June 2024 ("the going concern period") and modelled the likely timing of
cashflows from our customers during the going concern period. These included
severe, but plausible downside scenarios. The model considered the impact of
changes in the key drivers of the Group's revenues, including customer numbers
and average revenue per advertiser (ARPA). In all the scenarios tested, the
Group remained cash positive and debt-free.
The directors are confident that the Group will remain cash positive and will
have sufficient funds to continue to meet its liabilities as they fall due for
the period to 30 June 2024 and are therefore prepared the financial statements
on a going concern basis.
Judgements and estimates
The preparation of the consolidated financial statements in accordance with UK
Adopted International accounting standards and the requirements of Companies
Act 2006 requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience, and various other factors that
are believed to be reasonable under the circumstances, the results of which
form the basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods, if applicable.
Management has determined that there are no significant areas of estimation
uncertainty or critical judgements in applying accounting policies that have a
significant effect on the amounts recognised in the consolidated financial
statements.
2 Significant accounting policies
New and revised standards and interpretations
There were no new standards adopted by the group during the year.
The IASB have issued some amendments to IFRS that become mandatory in a
subsequent accounting period. The Group has evaluated these changes and
assessed that there are no standards that are issued, but not yet effective,
that would be expected to have a material impact on the Group in the current
or future reporting periods nor on foreseeable future transactions.
3 Revenue
The Group's operations and main revenue streams are those described in these
annual financial statements. The Group's revenue is derived from contracts
with customers.
Disaggregation of revenue
In the following table, revenue is disaggregated by property and non-property
advertising revenue. The table also includes a reconciliation of the
disaggregated revenue with the Group's business units.
Year ended Agency New Homes Other Total
31 December 2022
£000 £000 £000 £000
Revenue stream
Property products 247,310 52,588 17,254 317,152
Non-property products - - 15,470 15,470
247,310 52,588 32,724 332,622
Year ended Agency New Homes Other Total
31 December 2021
£000 £000 £000 £000
Revenue stream
Property products 224,490 50,026 14,211 288,727
Non-property products - - 16,159 16,159
224,490 50,026 30,370 304,886
Geographic information
In presenting information on the basis of geography, revenue and assets
reflect the geographical location of customers.
2022 2021
Revenue Trade receivables Revenue Trade receivables
£000 £000 £000 £000
Group
UK 327,188 20,880 300,056 17,876
Rest of the world 5,434 29 4,830 54
332,622 20,909 304,886 17,930
Contract balances
The contract assets primarily relate to the Group's rights to consideration
for services provided but not invoiced at the reporting date. The contract
assets are transferred to trade receivables when invoiced and the rights have
become unconditional.
The contract liabilities primarily relate to the advance consideration
received from Agency, Overseas and Commercial customers, for which revenue is
recognised as or when the services are provided.
The following table provides information about contract assets and contract
liabilities from contracts with customers:
Contract assets Contract liabilities
£000 £000
Contract balances as at 31 December 2021 120 (2,633)
Performance obligations satisfied in previous years (120) -
Performance obligations satisfied in current year - 2,623
Accrued/(deferred) during the year 454 (2,315)
Contract balances as at 31 December 2022 454 (2,325)
4 Operating profit
2022 2021
£000
£000
Operating profit is stated after charging:
Employee benefits 45,474 37,974
Depreciation of property, plant and equipment 3,504 3,448
Amortisation of intangibles 1,082 991
Trade receivables impairment charge 733 260
Auditor's remuneration 2022 2021
£000
£000
Fees payable to the Company's auditor in respect of the audit
Audit of the Company's financial statements 140 53
Audit of the Company's subsidiaries pursuant to legislation 310 235
Total audit remuneration 450 288
Fees payable to the Company's auditor in respect of non-audit related services
Half year review of the condensed financial statements 40 25
All other services 10 2
Total non-audit remuneration 50 27
There were no other fees payable to EY LLP (2021: there were no other fees
payable to KPMG LLP).
In the prior year operating profit is stated after the credit for "Other
Income" which relates to the release of the provision, in June 2021, for
contingent consideration that arose of the acquisition of Rightmove Landlord
and Tenant Services Limited in 2019. The provision was released due to the
possibility of meeting the threshold performance criteria within the remaining
timescales, to the end of 2021, being remote.
5 Earnings per share (EPS)
Pence per share
£000 Basic Diluted
Year ended 31 December 2022
Profit for the year and EPS 195,681 23.4 23.4
Underlying profit and underlying EPS 198,751 23.8 23.7
Year ended 31 December 2021
Profit for the year and EPS 183,094 21.3 21.3
Underlying profit and underlying EPS
186,815 21.8 21.7
Weighted average number of ordinary shares (basic)
2022
Number of shares
2021
Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and 857,732,814 884,234,565
SIP Trust
Less own shares held in treasury at the beginning of the year (12,480,472) (13,285,490)
Weighted effect of own shares purchased for cancellation (9,977,584) (12,603,891)
Weighted effect of share-based incentives exercised 144,448 436,477
Weighted effect of shares purchased (99,344) (11,640)
Issued ordinary shares at 31 December less ordinary shares held by treasury,
SIP and the EBT
835,319,862 858,770,021
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potentially dilutive shares. The
Group's potentially dilutive instruments are in respect of share-based
incentives granted to employees.
2022 2021
Number of shares Number of shares
Weighted average number of ordinary shares (basic) 835,319,862 858,770,021
Dilutive impact of share-based incentives outstanding 2,185,506 1,511,725
837,505,368 860,281,746
The average market value of the Group's shares for the purposes of calculating
the dilutive effect of share-based incentives was based on quoted market
prices during the period which the share-based incentives were outstanding.
6 Dividends
Dividends declared and paid by the Company were as follows:
2022 2021
Pence per share £000 Pence per share £000
2020 final dividend paid - - 4.50 38,900
2021 interim dividend paid - - 3.00 25,594
2021 final dividend paid 4.8 40,312 -
2022 interim dividend paid 3.3 27,393 -
8.1 67,705 7.5 64,494
Unclaimed dividends returned - (26) - (47)
Net dividends included in the statement of cash flows
- 67,679 - 64,447
After the reporting date, a final dividend of 5.2p (2021: 4.8p) per
qualifying ordinary share, being £42,911,000 (2021: £40,403,000), was
proposed by the Board of Directors. The final dividend will be paid, subject
to shareholder approval, on 26 May 2023.
The 2021 final dividend of £40,312,000 (4.8p per qualifying share) was paid
on 27 May 2022. It was £91,000 lower than that reported in the 2021 annual
accounts due to a decrease in the ordinary shares entitled to a dividend
between 25 February 2022 and the interim dividend record date of 29 April
2022.
The 2022 interim dividend paid on 28 October 2022 was £27,393,000, being
£407,000 lower than that reported in the 2022 Half Year report of
£27,800,000. This was due to a decrease in the number of ordinary shares
entitled to a dividend between 30 June 2022 and the interim dividend record
date of 30 September 2022.
7 Income tax expense
2022 2021
£000
£000
Current tax expense
Current year 46,041 42,307
Adjustment to current tax charge in respect of prior years 102 113
46,143 42,420
Deferred tax
Origination and reversal of temporary differences (195) (113)
Adjustment to deferred tax in respect of prior years (85) 175
Increase in tax rate at which deferred tax is being recognised (262) 73
(542) 135
Total income tax expense 45,601 42,555
Income tax recognised directly in equity
2022 2021
£000 £000
Current tax
Share-based incentives (28) (609)
Deferred tax
Share-based incentives 1,180 (260)
Increase in tax rate at which deferred tax is being recognised 68 (59)
1,248 (319)
Total income tax charge/(credit) recognised directly in equity 1,220 (928)
Total income tax recognised directly in equity in respect of the Company was a
charge of £123,000 (2021: a credit of £211,000).
Reconciliation of effective tax rate
The Group's consolidated effective tax rate for the year ended
31 December 2022 is 18.9% (2021: 18.9%) which is lower than (2021: lower
than) the standard rate of corporation tax in the UK due to the items shown
below:
2022 2021
£000
£000
Profit before tax 241,282 225,649
Current tax at 19.0% (2021: 19.0%)
45,844 42,873
(Increase)/reduction in tax rate at which deferred tax is being provided (262) 73
Net (non-taxable income) /non-deductible expenses 16 (654)
Adjustment to deferred tax charge in respect of prior years (85) 175
Adjustment to current tax charge in respect of prior years 102 113
Difference between the current and deferred tax rates (14) (25)
45,601 42,555
Factors affecting future tax charge
The increase in the UK corporation rate from 19% to 25% (effective 1 April
2023) was substantively enacted on 24 May 2021. This will increase the
Company's future current tax charge accordingly. The deferred tax at 31
December 2022 has been calculated based on these rates, reflecting the
expected timing of reversal of the related temporary differences.
8 Trade and other receivables
Group 2022 2021
£000
£000
Trade receivables 21,754 18,645
Less provision for impairment of trade receivables (845) (715)
Net trade receivables 20,909 17,930
Prepayments 5,243 5,028
Interest receivable 48 1
Other debtors 414 153
26,614 23,112
9 Trade and other payables
2022 2021
£000
£000
Trade payables 1,155 3,056
Trade accruals 6,147 7,748
Other creditors 1,284 979
Other taxation and social security 12,288 10,974
20,874 22,757
10 Share capital
2022 2021
Amount Number of Amount Number of
£000 shares £000 shares
In issue ordinary shares
At 1 January 860 859,678,232 887 886,387,616
Purchase and cancellation of shares (22) (22,277,147) (27) (26,709,384)
At 31 December 838 837,401,085 860 859,678,232
All issued shares are fully paid. The nominal value of a share is 0.1p. The
holders of ordinary shares are entitled to receive dividends as declared from
time to time and are entitled to one vote per ordinary share at general
meetings of the Company. Included within shares in issue at 31 December 2022
are 1,375,963 (2021: 1,158,418) shares held by the EBT, 930,592 (2021:
787,000) shares held by the SIP and 12,185,222 (2021: 12,480,472) shares held
in Treasury.
In June 2007, the Company commenced a share buyback program to purchase its
own ordinary shares. The total number of shares bought back in 2022 was
22,277,147 (2021: 26,709,384) shares representing 2.7% (2021: 3.1%) of the
ordinary shares in issue (excluding shares held in treasury). All the shares
bought back in both years were cancelled. The shares were acquired on the open
market at a total consideration (excluding costs) of £129,981,000
(2021: £174,369,000). The maximum and minimum prices paid were £6.89
(2021: £7.83) and £4.39 (2021: £5.52) per share respectively. The average
price paid was £5.83 (2021: £6.53). Costs incurred on purchase of own
shares in relation to stamp duty charges and broker expenses were £910,000
(2021: £1,224,000).
11 Reconciliation of movement in capital and reserves
Own shares held - £000
EBT shares reserve SIP shares reserve Treasury
£000 £000 shares Total
£000 £000
Own shares held as at 1 January 2021 (1,825) (3,415) (6,312) (11,552)
Shares purchased for share incentive plans (1,127) (157) - (1,284)
Shares transferred to SIP 1,127 (1,127) - -
Share-based incentives exercised in the year 273 560 383 1,216
SIP releases in the year - 32 32
Own shares held as at 31 December 2021 (1,552) (4,107) (5,929) (11,588)
Own shares held as at 1 January 2022 (1,552) (4,107) (5,929) (11,588)
Shares purchased for share incentive plans (2,216) (682) - (2,898)
Shares transferred to SIP 555 (555) - -
Share-based incentives exercised in the year 56 289 140 485
SIP releases in the year - 103 - 103
Own shares held as at 31 December 2022 (3,157) (4,952) (5,789) (13,898)
Own shares held - number of shares
Number of shares
EBT shares reserve SIP shares reserve Treasury
shares Total
Own shares held as at 1 January 2021 1,395,476 757,575 13,285,490 15,438,541
Shares purchased for share incentive plans 148,147 20,278 - 168,425
Shares transferred to SIP (148,147) 148,147 - -
Share-based incentives exercised in the year (237,058) (133,200) (805,018) (1,175,276)
SIP releases in the year - (5,800) - (5,800)
Own shares held as at 31 December 2021 1,158,418 787,000 12,480,472 14,425,890
Own shares held as at 1 January 2022 1,158,418 787,000 12,480,472 14,425,890
Shares purchased for share incentive plans 432,254 128,774 - 561,028
Shares transferred to SIP (99,476) 99,476 - -
Share-based incentives exercised in the year (115,233) (63,893) (295,250) (474,376)
SIP releases in the year - (20,765) - (20,765)
Own shares held as at 31 December 2022 1,375,963 930,592 12,185,222 14,491,777
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any
exercises of share-based incentives.
At 31 December 2022, the EBT held 1,375,963 (2021: 1,158,418) ordinary
shares in the Company, representing 0.2% (2021: 0.1%) of the ordinary shares
in issue (excluding shares held in treasury). The market value of the shares
held in the EBT at 31 December 2022 was £7,031,000 (2021: £9,209,000).
(b) SIP shares reserve
In November 2014, the Company established the Rightmove Share Incentive Plan
Trust (SIP). This reserve represents the cost of acquiring shares less any
exercises or releases of SIP awards. Employees of Rightmove Group Limited and
Rightmove plc were offered 500 free shares with effect from 21 December 2022
(2021: 400), subject to a three-year service period. During the year 63,893
shares were exercised (2021: 133,200) and 20,765 shares (2021: 5,800) were
released by the SIP in relation to good leavers and retirees. 99,476 shares
were transferred to the SIP reserve from the EBT (2021: 148,147).
At 31 December 2022, the SIP held 930,592 (2021: 787,000) ordinary shares in
the Company, representing 0.1% (2021: 0.1%) of the ordinary shares in issue
(excluding shares held in treasury). The market value of the shares held in
the SIP at 31 December 2022 was £4,755,000 (2021: £6,257,000).
(c) Treasury shares
This represents the cost of acquiring shares held in treasury less any
exercises of share-based incentives. These shares were bought in 2008 at an
average price of 47.60 pence and may be used to satisfy certain share-based
incentive awards. The market value of the shares held in treasury at 31
December 2022 was £62,266,000 (2021: £99,220,000).
Other reserves
This represents the Capital Redemption Reserve in respect of own shares bought
back and cancelled. The movement of £22,000 (2021: £27,000) is the nominal
value of ordinary shares bought back and cancelled during the year.
Details of share buybacks and cancellation of shares are disclosed in note 10.
Retained earnings
The loss on the exercise of share-based incentives of £106,000 (2021:
£482,000) is the difference between the value that the own shares, held by
the EBT, SIP and treasury, were originally acquired at and the exercise price
at which share-based incentives were exercised or released during the year.
12 Share-based payments
The Group operates share-based incentive schemes for executive directors and
employees.
All share-based incentives are subject to a service condition. Such conditions
are not taken into account in the fair value of the service received. The fair
value of services received in return for share-based incentives is measured by
reference to the fair value of share-based incentives granted. The estimate of
the fair value of the share-based incentives is measured using either the
Monte Carlo or Black Scholes pricing model as is most appropriate for each
scheme. National insurance is being accrued, where applicable, at a rate of
13.8%, which management expects to be the prevailing rate when the awards are
exercised, based on the share price at the reporting date.
The Group recognised a total share-based incentives charge for the year of
£4,179,000 (2021: £3,923,000) plus a related national insurance credit of
£110,000 (2021: charge £942,000) - total share-based payments related
charges of £4,069,000 (2021: £4,865,000).
ADVISERS AND SHAREHOLDER INFORMATION
Contacts Registered office Corporate advisers
Chief Executive Officer: Peter Brooks-Johnson Rightmove plc Financial adviser
Chief Financial Officer: Alison Dolan 2 Caldecotte Lake UBS Investment Bank
Company Secretary: Carolyn Pollard Business Park Joint brokers
Caldecotte Lake Drive
Website: https://plc.rightmove.co.uk (https://plc.rightmove.co.uk)
Milton Keynes UBS AG London Branch
MK7 8LE Numis Securities Limited
Registered in Auditor
England no. 06426485 EY LLP
Bankers
Financial calendar 2022 Barclays Bank plc
2022 full year results 3 March 2023 Santander UK plc
Final dividend record date 28 April 2023 HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting 5 May 2023
Final dividend payment 26 May 2023 Solicitors
Half year results 28 July 2023 EMW LLP
Slaughter and May
Herbert Smith Freehills LLP
Registrar
Link Asset Services((1))
( (1)) Shareholder enquiries
The Company's registrar is Link Group. They will be pleased to deal with any
questions regarding your shareholding or dividends. Please notify them of your
change of address or other personal information. Their contact details are:
Shareholder helpline: 0371 664 0300 calls are charged at the standard
geographic rate and will vary by provider. Calls outside the United Kingdom
will be charged at the applicable international rate. Lines are open between
09:00 - 17:30, Monday to Friday excluding public holidays in England and
Wales.
Email: shareholderenquiries@linkgroup.co.uk (mailto:enquiries@linkgroup.co.uk)
Signal Shares shareholder portal: www.signalshares.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.signalshares.com%2F&data=04%7C01%7CCheryl.Addo%40rightmove.co.uk%7C6580216f9ee9414815e208d8b0b78ae6%7C8cd57a9404ae4a8e9869feb23e19960c%7C0%7C0%7C637453649634726454%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=oILVPr%2BM%2BISe%2BUJX23LXtPiA1Xvwig37y1253ZCOpSM%3D&reserved=0)
Address: Link Group
10th Floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder
portal, a service offered by Link Group at www.signalshares.com
(http://www.signalshares.com/) . The shareholder portal is an online service
enabling you to quickly and easily access and maintain your shareholding
online - reducing the need for paperwork and providing 24 hour access for your
convenience. You may:
- View your holding balance and get an indicative valuation
- View the dividend payments you have received
- Cast your proxy vote on the AGM resolutions online
- Update your address
- Register and change bank mandate instructions so that dividends can be
paid directly to your bank account
- Elect to receive shareholder communications electronically
- Access a wide range of shareholder information and download shareholder
forms
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