REG - Rightmove Plc - Annual Financial Report
01/03/2024 07:00
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RNS Number : 0624F Rightmove Plc 01 March 2024
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FULL YEAR ANNOUNCEMENT FOR RIGHTMOVE PLC - YEAR ENDED 31 DECEMBER 2023
Rightmove plc, the UK's largest property portal, today announces its audited
results for the year ended 31 December 2023.
A year of strong financial, operational and strategic progress
Financial Highlights 2023 2022 Change vs 2022 % Change vs 2022
Revenue £364.3m £332.6m £31.7m +10%
Operating profit £258.0m £241.3m £16.7m +7%
Underlying operating profit((1)) £264.6m £245.4m £19.2m +8%
Final dividend 5.7p 5.2p 0.5p +10%
Total dividend for the year 9.3p 8.5p 0.8p +9%
Basic earnings per share 24.5p 23.4p 1.1p +5%
Underlying basic earnings per share((2)) 25.2p 23.8p 1.4p +6%
· Revenue up £31.7m/10% on 2022 to £364.3m, as customers continued to
upgrade their packages and increase their use of digital products
· Operating profit of £258.0m; up 7% on 2022 (2022: £241.3m);
Underlying Operating Profit((1)) of £264.6m; up 8% on 2022 (2022: £245.4m)
· Basic earnings per share up 5% to of 24.5p (2022: 23.4p) and
underlying basic earnings per share((2)) up 6% to 25.2p (2022: 23.8p)
· Final dividend for 2023 up 10% to 5.7p (2022: 5.2p) per ordinary
share. Total dividend for 2023 up 9% to 9.3p (2022: 8.5p)
· £201.7m of cash returned to shareholders through share buybacks
and dividends during 2023 (2022: £197.7m)
· Cash and cash equivalents, including money market deposits, at
the end of the period was £38.9m (31 December 2022: £40.1m)
Operational highlights
· Average revenue per advertiser (ARPA) ((3)) up 9% to £1,431 per
month (2022: £1,314)
· Total membership reduced 1% at 18,785 (2022: 19,014), with Agency
branches down 93/1% and New Homes Developments down 136/4% since the start of
the year
· Resilient traffic, with a total of 15.4 billion((4)) minutes
spent on the platform in the year (2022: 16.3 billion). Time on platform 27%
higher than 2019 (2019: 12.1 billion)
· Continued uptake of our top packages - Optimiser Edge and 2020
for agents, with 35% of independent agents now subscribing, up from 34% in
December 2022, and Advanced for developers, with 53% of developers subscribing
(December 2022: 42%)
· Ongoing strategic innovation to increase the digitisation of
sales and rental transactions, with the introduction of agent mortgage broker
solutions for consumers and the full Lead to Keys digital journey for renters
and rental agents
· Rebasing of our emissions targets and continued progress towards
achieving them; alongside the launch of our Go Greener initiatives to help
facilitate the property industry's green transition, using our vast and unique
property market dataset.
(1) Underlying operating profit is operating profit before the
share-based payments (including the related National Insurance charge)
(2) Underlying basic 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
(3) 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 the
year
(4) Source: Google analytics
Outlook
Our financial performance in 2023 reflects the resilience of our business
model, our market leading position with UK consumers and the strength of the
Rightmove network effect. We continue to build the business from this position
of strength.
In 2024, we expect ARPA growth of £100-£110, driven by the
new Optimiser Edge package, ongoing product uptake and contract renewals,
with overall revenue growth of 7-9%.
Customer numbers are likely to drop slightly, given the ongoing uncertainty in
the macro environment.
We will continue to invest in innovation for both our consumers and our
customers, and into accelerating our strategic growth areas of commercial real
estate, rental services and mortgage lead generation, while maintaining
disciplined cost management. We anticipate an underlying operating margin((1))
of 70% in 2024.
Our capital allocation policy remains unchanged. We prioritise organic
investment, including any bolt-on M&A that might help us to accelerate the
execution of our strategy. We then prioritise a progressive dividend policy,
following which all remaining cash generated in the year is returned via share
buybacks.
The strength of our business model, coupled with ongoing innovation, underpins
the Board's confidence in Rightmove's outlook for 2024 and beyond.
(1) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue.
Johan Svanstrom, Chief Executive Officer, said:
"In a year of economic uncertainty, consumers continued to trust Rightmove as
the place to turn to help them make their move. Customers were able to
choose from an expanded, more sophisticated product suite, to continue to
drive business results in a changing market environment.
"Our financial performance in 2023 reflects the strength of our business model
and our platform network effects.
"The results are underpinned by the commitment and talent of the Rightmove
team, who are focused on innovation and delivering continuous improvement for
our customers and consumers. We reshaped our strategy during 2023, setting
out a plan to further digitise the property sector, expand our business,
stretch our brand and accelerate the financial performance long term. We are
looking forward to 2024 with confidence and to delivering further value to all
stakeholders on our platform, progressing the ambitious Rightmove strategy."
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 Johan Svanstrom, 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)
Powerscourt
rightmove@powerscourt-group.com
Chair's review
It is my pleasure to present Rightmove's results for the year ended 31
December 2023. In a year of ongoing economic challenge, I am delighted that
our strong financial results demonstrate the resilience of the Group's
business model and the value we have delivered for both our customers and all
our stakeholders.
Economic uncertainty, driven by higher interest rates, continued throughout
2023, with much speculation on the potential for a negative impact on the
housing market. In the end, housing transactions remained resilient at
1.0million((1)) (2022:1.2million). Home hunters remained active in their
desire to move, and our customers continued to use our site and digital
products to help them find new properties and sell current ones - developing
their own businesses via Rightmove as they did so. Home hunters continued to
trust and value Rightmove as the place they turn to first and return to most,
as they searched for their next property and for a trusted agent to help with
their home-moving journey.
The value that Rightmove's customers and consumers derive from our products is
delivered by our talented and adaptable teams, who are committed to exceeding
their expectations and ensure they receive a market leading experience. On
behalf of the Board, I would like to thank all our customers for their
continued confidence in Rightmove, and our colleagues, for their dedication
and hard work.
Johan Svanstrom succeeded Peter Brooks-Johnson as Chief Executive in March in
an orderly and seamless transition for which I would like to thank both Peter
and Johan. We set out the strategy for the business for the coming
five-year period at our Investor Day on 27 November, establishing the size of
the opportunities for some of our newer strategic businesses - commercial real
estate; mortgages and rental services - as well as the ongoing opportunity for
growth in our core business. We provided clarity on the financial and
operational targets we have set and the acceleration of revenue and profit
that these represent.
During 2023, the Board focused on supporting the management team and on
establishing our ambition over both the medium and longer terms. We also
focused on the potential of AI to help to deliver some of this growth at
greater pace and cost-efficiency, enabling us to continue to give our
customers and consumers the user experience they have come to expect from the
UK's number one property portal.
Financial Results
The Group's results reflect the strength of the business model and our core
value proposition, delivering underlying operating profit((2)) of £264.6m
(2022: £245.4m) and operating profit of £258.0m (2022: £241.3m) from
revenue of £364.3m (2022: £332.6m). Underlying basic earnings per share((3))
was 25.2p (2022: 23.8p) and basic earnings per share 24.5p (2022: 23.4p). The
cash((4)) position at the year-end was £38.9m (2022: £40.1m), having
returned all surplus cash to shareholders.
Returns to shareholders and dividend
In keeping with our policy of returning free cash to our shareholders,
£201.7m (2022: £197.7m) was returned: £130m through the share buyback
programme, and £71.7m through dividend payments made in May and October.
The Board remains confident in our ability to deliver sustainable returns to
shareholders and is recommending a final dividend of 5.7p per share for 2023
(2022: 5.2p). The final dividend will be paid, subject to shareholder
approval, on 24 May 2024, taking the total dividend for the year to 9.3p
(2022: 8.5p).
Board changes
On 6 March 2023, Peter Brooks-Johnson stepped down from his position as CEO
and as an Executive Director. I would like to thank Peter for his leadership
as CEO and for everything he contributed throughout his 16 years of
outstanding service that enabled Rightmove to become the clear market leader.
Johan Svanstrom was appointed to the Board on 20 February 2023, and became CEO
on 6 March 2023, bringing an impressive track record of growing established
business-to-consumer online marketplace businesses.
Rakhi Goss-Custard stepped down from the Board on 5 May 2023, having served
her maximum term as a Non-Executive Director. I would like to thank Rakhi for
the significant contribution she made to the Board throughout her tenure and
particularly for the deep knowledge of the customer and consumer experiences
she brought from a range of other digital product and mobile platforms.
Kriti Sharma was appointed to the Board on 25 July 2023. She brings
internationally recognised expertise in AI and a strong record of building and
transforming successful technology businesses and products for consumer, B2B
and enterprise companies. She is currently Chief Product Officer, LegalTech,
for Thomson Reuters and was formerly the VP of Artificial Intelligence at FTSE
100 software company The Sage Group plc.
Board governance
The Corporate Responsibility Committee has continued to guide and oversee
progress in the delivery of our Environmental, Social and Governance (ESG)
strategy. I am delighted with the launch of our new Go Greener initiative,
which will help provide a pathway to greener property in the UK, recognising
that Rightmove has an opportunity to not only focus on its own operations and
emissions but to contribute, through its unique property market data and
insights, to helping with the UK's target to become Net Zero by 2050.
The Audit Committee has overseen the selection of a new Head of Internal Audit
as we transition, during 2024, from outsourced internal audit to an in-house
function and has continued to monitor the second phase of the implementation
of the new Enterprise Resource Planning (ERP) system.
Looking ahead
Our mission remains to continually innovate, to make property moving easier
and simpler by giving everyone the best place to turn to - and return to - for
access to the tools, data and expertise to successfully enable their move.
Whilst continuing to focus on our core business of the UK domestic property
market, our ambitions are to further invest into, and digitise, our existing
but smaller business areas. These include enhanced advertising in the
commercial real estate market, capturing value from our unique property data,
improving the rental journey and offering a range of mortgage related
products.
I am looking forward to continuing to work with our teams on our long-held
strategy to deliver greater value for all our stakeholders in 2024.
Andrew Fisher
Chair
(1) Residential property transactions in the UK recorded by the Land Registry
(2) Underlying Operating Profit is defined as operating profit before
share-based payments charges (including the related National Insurance)
(3) Underlying basic 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
(4) Cash including money market deposits
Chief Executive's review
One year in and I am delighted to report continued growth for Rightmove
through 2023. With all the macro uncertainty, particularly in the early part
of the year, we have delivered not just strong financial growth, but increased
the quality and range of products and efficiency tools we offer to our
consumers and customers. We also reshaped our strategy, setting out an
ambitious plan to expand our business, stretch our brand, and deliver
meaningful acceleration in both revenues and profits over the coming five
years. Our new vision is to 'give everyone the belief they can make their
move'.
Resilience of the business model through all cycles of the property market
The housing market slowed somewhat during 2023, reflecting the increased
interest rates and noisy economic backdrop, to 1.0 million ((1)) sales
transactions (2022: 1.2 million).
The most notable impact of the higher interest rate environment was increased
caution on the part of buyers and sellers. Although this prolonged the
property cycle (the time it takes for a seller to find a buyer) to an average
of 59 days ((2)) (2022: 37 days), it remained broadly in line with
pre-pandemic markets (2019: 66 days). In this slower property market, both
estate agents and new homes developers needed to work harder to close sales
and to win new vendor mandates. Nonetheless, they remained resilient and
agile, and trusted the Rightmove platform and products to provide them with
marketing solutions, lead-generation opportunities and market data.
As a result, our revenues increased by 10% on 2022. This continued growth in
a more challenging market, as well as during the post pandemic years of more
frenzied property market activity, demonstrates the robustness of our business
model, and the return on investment our products provide to customers, in all
cycles of the property market.
Leading products and innovation for both consumers and customers
Rightmove remained the place that consumers chose to turn to first, and engage
with most, throughout 2023. Over 86% of all time spent on property portals
in the UK was spent on Rightmove (2022: 85%) ((3)) and Google continued to
report that more people start their property searches with 'Rightmove' than
with 'Property'((4)). Consumers visited the Rightmove platform over 2.2
billion times during 2023 (2022: 2.3 billion) and spent over 15.4 billion
minutes searching and researching properties (2022: 16.3 billion). The
reduction in both visits and time since 2022 reflects the more challenging
market during 2023, however both metrics are well above pre-pandemic levels
and show the growing strength of the Rightmove platform; up 38% and 27%
respectively on 2019 (2019: 1.6 billion visits, 12.1 billion minutes).
Consumers ongoing choice of Rightmove reflects our investment in continuous
improvement of the platform's features and the data that underpins it, and a
determination to ensure that every visit is both worthwhile and enjoyable.
During 2023, we focused on ways to get to know more about our consumers - to
allow us to better personalise their experiences and provide each visitor with
relevant content, expanding beyond the part of finding a property. In addition
to search tools, we invested in expanding the research data we provide to
consumers - such as our House Price Index, and our publication of weekly
mortgage updates and a quarterly rental tracker; all of which leverage our
unique property data. We sent 3.6 million consumer emails every week,
providing updates and insights on the property market.
The extent of Rightmove's consumer reach means that our customers can
advertise their own brands and properties to the largest property audience in
the UK. With our suite of marketing products, customers see both outstanding
and measurable results. During 2023, we continued to invest in new and
improved products to deliver further customer value and to improve marketing
opportunities. We enhanced our top package for estate agents with the launch
of Optimiser Edge, which contains two exclusive products: Native Search
Adverts (NSA), an interactive advert on the search results page that drives
enhanced consumer engagement and the ability to re-target consumers; and a
Premium version of our Price Guide that provides data-backed personalized
reporting to support agents' valuations. Both products exemplify how Rightmove
can deliver unsurpassed value from the largest and deepest data set in the UK
market. The top package for new homes developers, Advanced, was upgraded to
improve the look of video content which showcases their developments.
The extent of our consumer reach also allows us to provide customers with a
wealth of behavioural data through our lead-generation products - Rightmove
Discover and Local Valuation Alert - which increase the value of a Rightmove
sales lead. Over 60 million leads were sent from our platform during 2023, a
reduction on 2022 (2022: 67 million) due to the slower market and buyer
caution, but a strong 50% increase on 2019 (2019: 40 million), demonstrating
the value of our ongoing investment in lead generation products.
More than marketing
Customers get much more than marketing as part of their Rightmove
membership. Our customer platform, Rightmove Plus, is designed to make
running customers' day-to-day businesses easier and more time efficient,
through managing their listings, accessing data and generating reports such as
the Best Price Guide (used over 19 million times in 2023). Customers also have
access to the Rightmove Hub which provides market leading professional
training programmes for their employees. This includes regularly scheduled
CPD-certified webinars - covering topics from the latest legislation and
mandatory training requirements to changes in the market conditions (viewed
over 23,000 times during 2023); a hub of supporting documents and material to
research and read; and our free Ofqual-regulated Level 3 Certificate for
Estate and Lettings Agents (CELA), which over 3,000 agents signed up to during
2023. Agent managers can assign, track and ensure compliance with training
across their teams using the Teams View tool within the Hub. Over 40,000
individual agents are registered on the Rightmove Hub.
Expanding our vision and strategy
Our vision is to give everyone the belief they can make their move, and, to
achieve that vision, our mission remains to make the move easier and simpler,
by giving everyone access to the best tools, expertise and data to make it
happen. Our strategy is ultimately to deliver exceptional value to both
customers and consumers on the back of the broadest range of property data in
the UK, fuelled by unsurpassed digital scale, which in turn will generate
growth and exceptional value for all our stakeholders.
As we set out at our Investor Day in November, we see numerous opportunities
to expand the Rightmove offering, beyond our ongoing focus on the core
business of the residential property market segment. Although the core
business will remain our primary business driver, we have now set our ambition
in each of commercial real estate, rental services and mortgage generation.
We are going deeper into the value chain within several property market
segments and further digitising processes together with our partners: beyond
'find' and into 'afford' as well as the later stages of 'transact', 'move' and
'lifestyle'.
During 2023, we made progress in each of these three strategic growth areas.
In rentals, which stands for over 50% of all moving journeys each year in the
UK ((5)), we developed a new solution, whereby a rental agreement can now be
achieved in five digitised and connected steps, bringing efficiency to all
three stakeholders of consumers, agents and landlords. In financial
services, we doubled our revenue by building out our digital mortgage in
principle (MIP) tool, to provide greater volumes and higher-quality MIP leads
to our lender partner. We also connected an estate agent broker to the
online application journey; for the first time allowing consumers to access
mortgage advice without leaving our platform, by innovating together with our
agent partners. Finally, our commercial real estate business saw strong
double-digit growth as we began the process of creating a world-class digital
commercial real-estate advertising product. We see significant long-term
opportunity by deepening the Rightmove commercial product set and delivering
value to commercial landlords, tenants and brokers on a market leading and UK
focused platform.
We have strong conviction that our strategy will serve us well over the
medium-term. It is underpinned not only by our business model and network
effect, but by structural tailwinds in the UK property market, which has a
shortage of housing stock relative to demand; a growing population; increasing
lifespans; increasing real estate values, and ever-increasing digital
adoption, all of which create a multiplier economic effect. We are investing
in our data platform and the enabling technologies of cloud, mobile and
generative AI. We see opportunities to further strengthen our data moat and
leading network effects, driving discovery and efficiency for consumers and
customers, as well as internal operations.
Our vision to give everyone the belief that they can make their move is
all-encompassing. The Rightmove platform and data will provide the products,
data and insights for anyone considering any property related move, delivering
value to the entire eco-system.
Contributing to communities and the environment
Giving back to the communities in which we operate, not only through
volunteering and charitable giving, but through supporting the environment, is
high on our agenda.
We believe that Rightmove has not just the opportunity, but the
responsibility, to provide insights to help the UK go greener and to
accelerate change to meet its Net Zero targets by 2050. The UK property
market contributes 25% of total UK emissions((6)). Rightmove's platform has
the reach and audience, as well as vast amounts of unique property market
data, to inform and facilitate action amongst stakeholders to drive the needed
reduction in sector emissions.
We launched our Go Greener initiative in the second half of the year, which
provides a pathway to greener property in the UK and defines the central
pillars of how Rightmove will contribute: Greener Homes, Greener Data, Greener
Buildings, Greener Rightmove. Our initiatives include supplying green property
data and insights to better understand a property's green credentials;
becoming a trusted voice for consumers, customers and property professionals
as they assess the challenges and benefits of making green improvements; and
driving greener buildings by enabling commercial tenants and investors to
discover sustainable buildings and opportunities. We also published our
second Greener Homes report ((7)) in July, which combined millions of
Rightmove's property data points, from the last 15 years, as well as
government data and opinions from thousands of homeowners, landlords and
renters that we surveyed. The report provided suggestions and insights on the
incentives that are needed to help people make green improvements.
Rightmove, in parallel, is continuing its focus on improving its own
operational emissions and targets. In 2023, we achieved our three-year
environmental target to reduce our office electricity tonnes of CO2 by 10% and
are ahead of plan on our target to have 75% of fleet cars ultra-low emission
by 2025, and 100% by 2028. We also completed a rebase of 2020 calculation
methodology and data sets, to ensure consistency with our latest carbon
footprint calculation.
Moving forward with the Rightmove team
The commitment and talent of the Rightmove team was one of my first
impressions on joining, and it has endured. The team underpins Rightmove's
success. We have a performant culture that is inclusive, creative, innovative
and collaborative. Our team is focused on delivering for our customers and
consumers and driving improvement right across the business. Working and
playing hard, well over 80% of employees say that 'Rightmove is a great place
to work' in the annual employee survey.
Employee polices and benefits were reviewed and enhanced during the year: two
additional days annual holiday for everyone, plus two further 'Rightmove
gives-back' days for volunteering; increasing the employer pension
contribution; and an increased cycle to work allowance. We refreshed and
extended our Thrive programme which provides support and training in
well-being, mental health and financial matters.
Diversity is core to our People agenda, benefitting everyone and the business:
bringing not only a more enjoyable workplace but a broader range of
perspectives, which reflect the consumers and customers we serve, promoting
innovation and business success. We continue to evolve our internal training
on all aspects of diversity. Whilst we are pleased that certain aspects have
improved, such as our gender pay gap and the ethnic diversity of our employees
reflecting the UK population, we believe and know there is always more to do.
I am proud of what the Rightmove team delivered, and equally proud of our
ambitions for the future - and would like to thank everyone for the hard and
high-quality work during 2023. I look forward to continuing to support the
team in delivering further value to all stakeholders on our platform and
progressing the ambitious Rightmove strategy.
Johan Svanstrom
Chief Executive Officer
(1) Residential property transactions in the UK recorded by the Land Registry
(2) Source - Rightmove Data Services
(3) Source: Comscore Mobile Metrix® Mobile App only, total Audience,
Custom-defined list of Rightmove (Mobile App) and Zoopla Property Search
(Mobile App), January - December 2023, United Kingdom.
(4) Source: Google analytics
(5) Based on number of private rented properties in the UK and average tenancy
length (English Housing Survey 2022-2023)
(6) Source - UK Green Building Council
(7) Source - Green Homes Report available at
https://www.rightmove.co.uk/guides/energy-efficiency/rightmove-greener-homes-report-2023/
Financial review
A strong financial performance, against an uncertain economic backdrop, driven
by the resilient and growing demand for Rightmove's products and services that
deliver exceptional value for customers and consumers.
Revenue
Revenue increased by £31.7m/10% on 2022, to £364.3m (2022: £332.6m), due to
increased demand for our products and packages within Estate Agency and New
Homes, annual price increases and growth in the Other business units.
2023 2022 Change vs 2022 £m Change vs 2022 %
£m
£m
Agency 262.0 247.3 14.7 6%
New Homes 66.4 52.6 13.8 26%
Other 35.9 32.7 3.2 10%
Total revenue 364.3 332.6 31.7 10%
2023 2022 Change vs 2022 Change vs 2022 %
Agency branches 15,839 15,932 (93) (1%)
New Homes developments 2,946 3,082 (136) (4%)
Total membership 18,785 19,014 (229) (1%)
Agency revenues increased to £262.0m, up 6%/£14.7m on 2022, as agents
continued to invest in additional products and to upgrade their packages, as
well as the annual price increases from contract renewals. Agency ARPA((1))
increased to £1,356 - up 6%/£78 on 2022 (2022: £1,278). Agency customer
numbers ended the year broadly flat at 15,839 - down 1%/ 93 compared to 2022
(2022: 15,932).
New Homes revenue, at £66.4m, was up 26%/£13.8m on 2022, reflecting
significant upgrades to the Advanced package, incremental purchase of
products, and successful contract renewals. New Homes ARPA((2)) increased to
£1,825 per development per month, up 21%/£312 on 2022 (2022: £1,513).
Development numbers ended the year at 2,946 - a decrease of 4%/ 136 on 2022
(2022: 3,082).
Outside the core business, our other business units also grew by £3.2m/10% in
aggregate, led by our Strategic Growth Businesses. Mortgages revenues doubled,
growing by over 130%((3)), as more consumers completed their transactions with
a mortgage initially secured through our Mortgages in Principle product.
Commercial Real Estate revenues grew by 15%((4)), driven by higher customer
numbers, and higher ARPA reflecting increased spending on digital products -
multi-channel marketing campaigns and banner adverts in particular.
2023 Revenue by Segment
Administration costs
Administration costs of £106.3m were up £15.0m/16% from £91.3m in 2022.
Underlying operating costs((5)) (defined as operating costs before the
inclusion of share-based payments charges and related National Insurance of
£6.5m) were £99.7m - an increase of £12.5m/14% on 2022 (2022: £87.2m). The
increase is due primarily to:
· £8m higher payroll costs: reflecting increased headcount of 12%
(average 727 vs 647 in 2022) and the impact of the annual salary increase
(7%), partially offset by reduced contractor costs as permanent roles were
filled throughout the year;
· £2m higher Tech costs: mostly from increased spend on
consultancy on AI; migration of our data centres to the Cloud; infrastructure
maintenance; and higher costs for software licences following the increased
headcount;
· £2m of increased overhead costs: general inflation across rent
and utilities, staff expenses; higher spend on legal and professional fees;
and larger doubtful debt charges reflecting the impact of the challenging
market dynamics on smaller agents with more payment plans utilised during the
year; and,
· £0.5m increased depreciation and amortisation charges:
reflecting increased software amortisation following the full year impact, and
ongoing capitalisation of MIP and ERP development costs.
The share-based payments charge of £6.5m increased by £2.4m on 2022 (2022:
£4.1m) reflecting new awards, accelerated charges for good leavers and the
impact of the increase in the share price during the year on the national
insurance charge.
Operating profit
2023 2022 Change vs 2022 £m Change vs 2022 %
£m £m
Revenue 364.3 332.6 31.7 10%
Admin costs (106.3) (91.3) (15.0) 16%
Operating profit 258.0 241.3 16.7 7%
Operating margin 71% 73%
Operating profit of £258.0m increased by 7%/£16.7m on 2022, with an
operating profit margin for 2023 of 71% (2022: 73%).
Underlying operating profit((6)) of £264.6m increased by 8%/£19.2m compared
to 2022 (2022: £245.4m), with an underlying operating profit margin((7)) of
73% (2022: 74%).
Earnings per share (EPS)
Basic EPS increased by 5% to 24.5p (2022: 23.4p), driven by the increase in
profit and continuance of the share buyback programme, which reduced the
weighted average number of ordinary shares in issue to 813.3m (2022: 835.3m).
Underlying basic EPS((8)) (based on underlying operating profit((6)))
increased by 6% to 25.2p (2022: 23.8p).
Taxation
The consolidated effective tax rate for the year ended 31 December 2023 was
23.3% (2022: 18.9%), slightly below the UK's blended standard rate for the
year of 23.5% (2022: 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 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 was £148.4m in 2023 (2022:
£119.8m). Of this, £69.1m (2022: £52.2m) related to taxes borne by the
Group, while the remaining £79.2m (2022: £67.6m) was collected in respect of
payroll taxes and net VAT. The increase in total tax contribution compared
to the prior year is primarily due to the rise in corporation tax rate to
25.0% effective 1 April 2023, and higher operating profit, which impacted both
VAT and corporation tax. Rightmove's tax strategy can be found on the
corporate website.
Summary consolidated statement of financial position
2023 2022 Change
£m £m £m
Property, plant and equipment 9.4 10.4 (1.0)
Intangible assets 21.8 22.1 (0.3)
Deferred tax asset 2.4 1.5 0.9
Trade and other receivables 31.5 26.6 4.9
Contract assets 0.8 0.5 0.3
Income tax receivable 0.2 0.6 (0.4)
Money market deposits 5.2 5.0 0.2
Cash 33.6 35.1 (1.5)
Trade and other payables (24.7) (20.9) (3.8)
Contract liabilities (2.5) (2.3) (0.2)
Lease liabilities (7.5) (9.6) 2.1
Provisions (0.8) (0.8) 0.0
Net assets 69.4 68.2 1.2
Rightmove's balance sheet at 31 December 2023 shows net assets and total
equity at £69.4m (2022: £68.2m), including cash and money market deposits
of £38.8m (2022: £40.1m).
Trade and other receivables of £31.5m increased by £4.9m on December 2022,
primarily reflecting higher revenues in 2023, which increased trade
receivables to £24.5m (2022: £20.9m), as well as some ageing of debts, with
debtor days for the year at 24 (2022: 23 days). The remaining increase in
other receivables reflects the timing of prepayments and quarterly interest
receivable on cash and money market deposits.
Trade and other payables of £24.7m increased by £3.8m due to the timing of
expenditure and invoices received for both trade and capital expenditure
purchases, as well as higher year end creditors for VAT and social security
payments; where the increases are driven by higher revenues and increased
headcount. Payments to suppliers continued to be made on a timely basis: on
average within 19 days (2022: 17 days).
Cash flow and liquidity
Rightmove remained debt-free during 2023 and cash generation remained strong
at 104% of Operating Profit((9)) (2022: 101%). Cash generated from operating
activities increased by £24.0m to £268.2m (2022: £244.2m).
The closing cash balance, including money market deposits, was £38.8m (2022:
£40.1m). Surplus cash continues to be invested in short-term,
easily-accessible money market deposits, including in a green money-market
fund.
The Group bought back and cancelled 24.0m ordinary shares during the year
(2022: 22.3m), at a cost of £130.9m (including expenses) as part of its
ongoing share buyback programme (2022: £130.9m). Dividends totalling
£71.7m in relation to the final 2022 dividend payment and interim 2023
payment were also paid during the year (2022: £67.7m).
Shareholder returns
Consistent with our progressive dividend policy, the Directors are
recommending a final dividend of 5.7p per ordinary share, which will take the
total dividend for the year to 9.3p - growth of 9% on the 2022 dividend. It
will be paid on 24 May 2024 to all shareholders on the register on 26 April
2024.
Alison
Dolan
Chief Financial Officer
(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) Mortgage revenue growth of over 130% resulted in revenue of
£2.2m for the 2023 financial year
(4) Commercial revenue growth of 15% resulted in revenue of £12.2m
for the 2023 financial year
(5) Underlying costs are defined as administrative expenses before
share-based payments charges (including the related National Insurance)
(6) Underlying operating profit is defined as operating profit
before share-based payments charges (including the related National Insurance)
(7) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue
(8) Underlying basic 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
(9) Cash generated from operating activities of £268.2m (2022:
£244.2m) compared to operating profit as reported in the income statement of
£258.0m (2022: £241.3m).
Principal risks and uncertainties
The principal risks and uncertainties facing the Rightmove Group have been
assessed in accordance with our risk management framework. Principal risks are
defined as those risks which could seriously affect the performance, future
prospects or reputation of the Group. These include risks that would threaten
the Group's business model, future performance, solvency or liquidity.
Effective management of these risks is essential to the execution of our
strategy, the achievement of sustainable shareholder value, the maintenance of
our reputation, and ongoing good governance.
A description of the principal risks and uncertainties faced by the Group in
2023 (in no order of priority), together with the potential impact and
monitoring and mitigating activities, is set out in the table below.
Macroeconomic environment
change from prior year
The Group derives almost all its revenues from the UK and is therefore
dependent, to a certain extent, on the prevailing macroeconomic conditions in
the UK housing market and on consumer confidence, both of which can influence
the number of property transactions in a given year. The Rightmove business
model and consumer engagement largely shield it from all but extreme market
swings - nonetheless a severe and prolonged recession could reduce the
customer base and, potentially, negatively impact revenues.
Potential impact
Substantially fewer housing transactions than normal may lead to a reduction,
or consolidation, in the number of agency branches, or a reduction in the
number of new home developments advertised; both of which are an important
contributor to the Group's revenues. A more uncertain macro and/or political
environment may lengthen the property transaction cycle, reducing cash flows
for smaller agents and/or leading to a reduction in advertisers' marketing
budgets, reducing demand for the Group's property advertising products.
Changes in the year
Despite the ongoing economic uncertainty during 2023, housing transactions
remained broadly stable at 1.0 million((1)) (2022: 1.2 million and 2019: 1.0
million) and the impact on Rightmove's performance and results was minimal:
revenue was up 10% and membership numbers broadly flat (229/1% lower than
December 2022) and ARPA((2)) was up 9%/£117 from 2022.
Risk monitoring and mitigation
· Monitoring of the housing market, including leading indicators
and membership trends
· Continuing to provide the most significant and effective exposure
for customers' brands and properties
· Remaining the primary source of high-quality leads, offering
value-adding products and packages and helping to drive operational
efficiencies for our customers; thereby embedding the value of our membership
· Maintaining a flexible cost base that can respond to changing
conditions
Competitive
environment change
from prior year
The Group operates in a competitive marketplace, with attractive margins and
low barriers to entry, which may result in increased competition from existing
competitors, or new entrants targeting the Group's primary markets.
Potential impact
Increased competition may impact Rightmove's ability to grow revenues due to a
potential loss of audience, advertisers or demand for additional advertising
products.
Changes in the year
There have been some changes in the competitive environment during the year.
Rightmove continued to retain the largest and most engaged audience of any UK
property portal - its market share of a selection of the top property portals
was 86% in 2023((3)) (2022: 85.0%)((3))
Risk monitoring and mitigation
· Sustained investment and innovation to provide products to our
customers to help them build their businesses and to consumers to meet all of
their property search and listing requirements
· Communication of Rightmove's value to advertisers
· Continued investment in our account management teams to help
customers run their businesses more efficiently
· Sustained marketing investment in the Rightmove brand
New or Disruptive
technologies change
from prior year
Rightmove operates in a fast-moving online marketplace. Failure to innovate or
adopt new technologies and or failure to adapt to changing customer business
models and evolving consumer behaviour may impact the Group's ability to offer
the best products and services to its advertisers and the best consumer
experience.
Potential impact
Failing to innovate on a timely basis may impact Rightmove's ability to grow
or sustain revenues due to the potential loss of audience engagement,
advertisers and demand for additional advertising products.
Changes in the year
Progress continues with Cloud migration, currently over 40% complete and
expect to complete in 2025. Following the procurement of our new user
research tool in 2022, over 2,000 sessions were held with users to conduct
research, understand evolving needs and how Rightmove can support. With the
acceleration in technology advancement within AI over the past 18 months, we
conducted an accelerated discovery programme, to understand both the threats
and opportunities that AI poses for Rightmove, in advance of building out our
AI capability in 2024. Finally, investing continued in the consumer
proposition to accelerate progress.
Risk monitoring and mitigation
· Ongoing research and prototyping of new concepts with users
· Formation of the new AI and consumer teams that will enable us to
accelerate innovation in our consumer roadmap
· Ongoing engagement with start-ups, prop-tech and international
peers to stay abreast of market innovation
Cyber security and IT
systems Change
from prior year
The Group has a high dependency on technology and IT systems. In today's
digital world there are increased risks associated with external cyber-attacks
which could result in an inability to operate our platforms. A security
breach, such as corruption or loss of key data, may disrupt the efficiency and
functioning of the Group's day-to-day operations.
Potential impact
Any loss of website availability, or theft/misuse of data held within the
Group's databases and IT systems, could result in reputational damage to the
Group from loss of consumer and customer confidence, as well as financial loss
arising from increased downtime or potential penalties, fines and lawsuits.
Changes in the year
High levels of cyber threat-activity continued. We remained focused on
investing in enhanced security controls, across both our website hosting
environment and administrative IT estate, ensuring that customers',
consumers', and company data is protected. In addition to our in house IT
environments, we extended security activities this year to cover cloud-based
SaaS services which increasingly support our day-to-day business operations.
Third-party assurance exercises continued to be used to validate our
capabilities and controls; undertaking penetration tests, benchmarking
exercises, and an assessment of current working practices against the ISO27001
standard for information security management.
Risk monitoring and mitigation
· Disaster Recovery and Business Continuity Plans subject to
regular testing and review, including incident response capabilities, which
are provided by external managed services
· Best in class security controls (and investment in) for both all
of our IT environments (on-premise, cloud and SaaS)
· Regular testing of the security of our IT systems and platforms -
including penetration testing with ongoing monitoring and detection of
external threats and threat capabilities
· Regular internal information security training, phishing and
spearphishing tests
· Embedding best practice for secure application development into
our software development lifecycle
· Regular review of any changes in the technology landscape (for
example, AI) and assessment of the security implications
Regulatory risks
Change from prior year
The Group operates in an increasingly complex regulatory environment. There is
a risk that the Group fails to comply with these requirements or to respond to
changes in regulations - including GDPR and, for its subsidiaries, the
Financial Conduct Authority's rules and guidance.
Potential impact
Failure to meet regulatory requirements could lead to reputational damage,
legal action and/or financial penalties - all of which could impact both the
performance of the Group and returns to shareholders
Changes in the year
Key changes in 2023 included updates to our existing Consumer Duty policies,
processes and controls to ensure compliance with the new requirements, as
directed by the FCA; continued work on our primary and secondary Data
Protection Impact Assessments; as well updating our cookie policy, launching a
new cookie wall and updating the marketing consent modal.
Risk monitoring and mitigation
· Code of Conduct in place, underpinned by policies and procedures
· Group-wide mandatory training programmes, which include
anti-bribery and corruption, data privacy, information security and continuous
professional development for all in regulated roles
· A dedicated internal legal, risk and compliance team responsible
for identifying, assessing and responding to upcoming changes in laws and
regulations; with access to external specialist advice.
· Risk Management Frameworks in place to monitor, oversee and
challenge both legal & regulatory risks and ensuring compliance with our
regulated activities
· Proactive engagement with regulators, legislators, trade bodies
and policy makers
Securing and retaining the right
talent Change
from prior year
Our continued success is dependent on our ability to attract, recruit, retain
and motivate our highly skilled workforce.
Potential impact
An inability to recruit and retain talented people could impact our ability to
maintain our financial performance and deliver our strategic objectives. If
key staff leave or retire, there is a risk that knowledge or competitive
advantage is lost.
Changes in the year
During 2023, we announced several changes in benefits which included awarding
all employees an additional two days' annual holiday from 2024 onwards, and
additional loyalty days for all those who reach 10 years' service. Other
benefit options were refreshed, which included pension contributions and
private medical health. Investment continued in employee development and
training - with a focus on manager capabilities, well being and learning
opportunities, which include one-to-one well-being coaching. The non-executive
directors continued to host face to face sessions with employees to hear
feedback first-hand. Employee sentiment remains strong, with our 'great place
to work' score at 88% (2022: 87%).
Risk monitoring and mitigation
· Regular benchmarking of total reward packages
· Regular staff communication and engagement and semi-annual
employee survey
· Ongoing succession planning and development of future leaders
· Learning and development for all employees, including mandatory
training
· The ability for all employees to participate in the success of
the Group through the SIP and SAYE schemes
· Hybrid working policy to provide the option of up to three days
at home, with two set days in the office
Key:
No change since prior year Slight increase since
prior year Slight decrease since prior year
Emerging risks
Emerging risks are new risks, or changing risks, which we believe are not
immediate but may represent a significant future opportunity or threat, are
not yet fully understood, and where the likelihood and the impact are
uncertain or even widely unknown. These include company-specific risks and
global risks affecting the macro economy and are beyond any particular
party's capacity to control, including scenarios which could derail our
strategic plans.
Our approach to emerging risk identification, prioritisation and response, is
systematic and includes horizon scanning and impact assessment, and
consideration of consolidating risks. This identification, capture, evaluation
and on-going monitoring of emerging risks falls within our risk management
framework and is reviewed formally by the Board semi-annually with the risk
register. Examples of emerging risks include:
· The pace of change in relation to environmental and other ESG
matters as well as evolving consumer expectations; and
· The pace of technological change with regards to Artificial
Intelligence and the possible impact on consumer behaviour.
(1) Residential property transactions in the UK recorded by the Land
Registry
(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, January - December 2023, United Kingdom
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2023
2023 2022
Note £000 £000
Revenue 3 364,316 332,622
Administrative expenses (106,283) (91,279)
Operating profit 4
258,033 241,343
Operating profit before share-based incentive charges 264,570 245,412
Share-based incentive charge 12 (6,537) (4,069)
Financial income 2,227 381
Financial expenses (491) (442)
Net financial income/(expense) 1,736 (61)
Profit before tax 259,769 241,282
Income tax expense 7 (60,618) (45,601)
Profit for the year being total comprehensive income 199,151 195,681
Attributable to:
Equity holders of the Parent
199,151 195,681
Earnings per share (pence)
Basic 5 24.5 23.4
Diluted 5 24.4 23.4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
Note 2023 2022
£000
£000
Non-current assets
Property, plant and equipment 9,385 10,429
Intangible assets 21,842 22,074
Deferred tax asset 2,383 1,460
Total non-current assets 33,610 33,963
Current assets
Trade and other receivables 8 31,474 26,614
Contract assets 759 454
Income tax receivable 165 593
Money market deposits 5,224 5,047
Cash and cash equivalents 33,641 35,089
Total current assets 71,263 67,797
Total assets 104,873 101,760
Current liabilities
Trade and other payables 9 (24,737) (20,874)
Lease liabilities (2,291) (2,327)
Contract liabilities (2,536) (2,325)
Total current liabilities (29,564) (25,526)
Non-current liabilities
Lease liabilities (5,112) (7,242)
Provisions (841) (829)
Total non-current liabilities (5,953) (8,071)
Total liabilities (35,517) (33,597)
Net assets 69,356 68,163
Equity
Share capital 10 814 838
Other reserves 618 594
Retained earnings (net of own shares held) 67,924 66,731
Total equity attributable to the equity holders of the Parent
69,356 68,163
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 29
February 2024 and were signed on its behalf by:
Johan Svanstrom
Director
Alison Dolan
Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 2022
£000
£000
Cash flows from operating activities
Profit for the year 199,151 195,681
Adjustments for:
Depreciation charges 3,424 3,504
Amortisation charges 1,560 1,082
Financial income (2,227) (381)
Financial expenses 491 442
Share-based payments 5,886 4,179
Income tax expense 60,618 45,601
Operating cash flow before changes in working capital 268,903 250,108
Increase in trade and other receivables (4,503) (3,456)
Increase/(decrease) in trade and other payables 3,863 (1,883)
Increase in provisions - 39
Increase in contract assets (305) (334)
Increase/(decrease) in contract liabilities 211 (308)
Cash generated from operating activities 268,169 244,166
Financial expenses paid (479) (451)
Income taxes paid (60,979) (45,622)
Net cash from operating activities 206,711 198,093
Cash flows used in investing activities
Interest received on cash and cash equivalents 1,694 305
Increase in money market deposits - (44)
Acquisition of property, plant and equipment (2,018) (835)
Acquisition of intangible assets (1,328) (2,015)
Net cash used in investing activities (1,652) (2,589)
Cash flows used in financing activities
Dividends (71,651) (67,679)
Purchase of own shares for cancellation (130,000) (129,981)
Purchase of own shares for share incentive plans (1,998) (2,898)
Cost incurred on purchase of own shares (922) (933)
Payment of principal portion of lease liabilities (2,530) (2,391)
Proceeds on exercise of share-based incentives 594 482
Net cash used in financing activities (206,507) (203,400)
Net decrease in cash and cash equivalents (1,448) (7,896)
Cash and cash equivalents at 1 January 35,089 42,985
Cash and cash equivalents at 31 December
33,641 35,089
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Own shares held Reverse acquisition reserve
Share capital £000 Other £000 Retained earnings Total
£000 reserves £000 equity
£000 £000
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
- - - 4,179 4,179
Share-based payments -
Tax credit in respect of - - - - (1,220) (1,220)
share-based incentives recognised directly in equity
Dividends - - - - (67,679) (67,679)
Exercise of share-based awards - 588 - - (106) 482
Purchase of shares for share incentive plans - (2,898) - - - (2,898)
Cancellation of own shares (22) - 22 - (129,981) (129,981)
Costs of shares purchases - - - - (933) (933)
At 31 December 2022 838 (13,898) 456 138 80,629 68,163
At 1 January 2023 838 (13,898) 456 138 80,629 68,163
Total comprehensive income
Profit for the year - - - - 199,151 199,151
Transactions with owners recorded directly in equity
Share-based payments - - - - 5,886 5,886
Tax charge in respect of - - - - 133 133
share-based incentives recognised directly in equity
Dividends - - - - (71,651) (71,651)
Exercise of share-based incentives - 2,156 - - (1,562) 594
Purchase of shares for - (1,998) - - - (1,998)
share incentive plans
Cancellation of own shares (24) - 24 - (130,000) (130,000)
Costs of share purchases - - - - (922) (922)
At 31 December 2023 814 (13,740) 480 138 81,664 69,356
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 2023 or 2022 but is derived
from those accounts. Statutory accounts for 2022 have been delivered to the
registrar of companies, and those for 2023 will be delivered on 1 March 2024.
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
2023 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 2023 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's 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 29 February 2024.
Basis of preparation
The accounts have been prepared in accordance with UK-adopted international
accounting standards and the requirements of the Companies Act 2006. On
publishing the Group's financial statements, the Company is taking advantage
of the exemption in section 408 of the Companies Act 2006 not to present its
individual statement of comprehensive income and related notes that form a
part of these approved financial statements. 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 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 operating profit: which is defined as operating profit
before share-based payments charges (including the related National
Insurance);
· Underlying basic earnings per share (EPS): which is defined as
underlying profit divided by the weighted average number of ordinary shares
outstanding during the period;
· 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:
2023 2022
£000
£000
Profit for the year 199,151 195,681
Share-based incentives charge 5,886 4,179
NI on share-based incentives 651 (110)
Impact on tax charge (1,008) (999)
Underlying profit 204,680 198,751
Underlying profit is used instead of profit to calculate the underlying basic
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:
2023 2022
£000
£000
Operating profit 258,033 241,343
Share-based incentives charge 5,886 4,179
NI on share-based incentives 651 (110)
Underlying operating profit 264,570 245,412
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:
2023 2022
£000
£000
Administration expenses 106,283 91,279
Share-based incentives charge (5,886) (4,179)
NI on share-based incentives (651) 110
Underlying costs 99,746 87,210
Going concern
The Directors have performed a detailed 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 highly cash
generative and had a cash balance of £33.6m and money market deposits of
£5.2m at 31 December 2023 (31 December 2022: cash balance of £35.1m and
money market deposits of £5.0m).
The Group bought back shares to the value of £130.0m during the period (2022:
£130.0m) and paid dividends totalling £71.7m in May and October 2023 (2022:
£67.7m).
In reaching its assessment on going concern, the Directors have used the most
recent Board approved forecasts for the Group for the period to 30 June 2025
("the going concern period"), which have been modelled to reflect the expected
impact of current economic conditions on trading, as set out in these
financial statements.
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 2025 and modelled the likely timing of cashflows from our customers
during the going concern period.
These included severe but plausible downside scenarios that are considered to
pose the greatest threat to the business model and future performance of the
Group, such as: an economic shock, increased competition and new disruptive
technologies, or a cyber threat. 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) - one scenario being a 30% reduction in
revenue, irrespective of cause. Cost assumptions were also considered in each
of the severe but plausible scenarios, including an increase in marketing
costs and IT costs, employee recruitment and retention costs, and higher spend
on innovation and protection of the platform. The scenarios were stress tested
individually and in combination. In all combinations of the scenarios tested,
the Group remained cash positive and debt-free.
The Directors also reviewed the results of a reverse stress test, which was
undertaken to provide an illustration of the scenario required to exhaust cash
balances. The possibility of this scenario arising was assessed to be highly
remote and could arise only in extreme circumstances, much more severe than
the scenarios modelled above.
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
at least the period to 30 June 2025 and have 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 areas of estimation uncertainty
that have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year or
critical judgements in applying accounting policies that have a significant
effect on the amounts recognised in the consolidated and Company financial
statements.
2 Significant accounting policies
New and revised standards and interpretations
There were no new standards adopted by the group that had a material impact
during the year.
The IASB have issued a number of amendments to IFRS that become mandatory in
the period:
· IAS 1 regarding accounting policies
· IFRS 17 in relation to accounting for insurance contracts;
· IAS 8 amendment to the definition of accounting estimates;
· IAS 12 amendments in relation to deferred tax related to assets
and liabilities arising from a single transaction, including leases and the
impact of Pillar Two Model Rules,
Except for IAS 1, these amendments are either not applicable or have only an
immaterial impact on the Group. The Group is not in scope for Pillar Two
rules, as it does not meet the threshold of annual revenue of 750 million
Euros and therefore the amendment to IAS12 in relation to Pillar Two has no
impact.
The Group has evaluated further amendments to IFRS that become mandatory in
subsequent periods 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 the
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 2023
£000 £000 £000 £000
Revenue stream
Property products 261,954 66,447 18,877 347,278
Non-property products - - 17,038 17,038
261,954 66,447 35,915 364,316
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
Geographic information
In presenting information geographically, revenue and assets reflect the
physical location of customers.
2023 2022
Revenue Trade receivables Revenue Trade receivables
£000
£000
£000
£000
Group
UK 358,470 24,480 327,188 20,880
Rest of the world 5,846 11 5,434 29
364,316 24,491 332,622 20,909
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 2021 (120)
Performance obligations satisfied in 2022 2,623
Accrued/(deferred) during 2022 454 (2,315)
Contract balances as at 31 December 2022 454 (2,325)
Performance obligations satisfied in 2022 (454) -
Performance obligations satisfied in 2023 - 2,114
Accrued/(deferred) during 2023 759 (2,325)
Contract balances as at 31 December 2023 759 (2,536)
4 Operating profit
2023 2022
£000
£000
Operating profit is stated after charging:
Employee benefits 54,544 45,474
Depreciation of property, plant and equipment 3,424 3,504
Amortisation of intangibles 1,560 1,082
Trade receivables impairment charge 1,712 733
Auditor's remuneration 2023 2022
£000
£000
Fees payable to the auditor in respect of the audit
Audit of the Company's financial statements 55 140
Audit of the Company's subsidiaries pursuant to legislation 345 310
Total audit remuneration 400 450
Fees payable to the Company's auditor in respect of non-audit related services
Half year review of the condensed financial statements 40 40
All other services - 10
Total non-audit remuneration 40 50
There were no other fees payable to Ernst & Young LLP (2022: no other fees
payable).
5 Earnings per share (EPS)
Pence per share
£000 Basic Diluted
Year ended 31 December 2023
Profit for the year and EPS 199,151 24.5 24.4
Underlying profit and underlying EPS 204,680 25.2 25.1
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
Weighted average number of ordinary shares (basic)
2023 2022
Number of shares
Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and 835,094,530 857,732,814
SIP Trust
Less own shares held in treasury at the beginning of the year (12,185,222) (12,480,472)
Weighted effect of own shares purchased for cancellation (9,991,531) (9,977,584)
Weighted effect of share-based incentives exercised 433,805 144,448
Weighted effect of shares purchased (14,726) (99,344)
Issued ordinary shares at 31 December less ordinary shares held by treasury,
SIP and the EBT
813,336,856 835,319,862
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.
2023 2022
Number of shares
Number of shares
Weighted average number of ordinary shares (basic) 813,336,856 835,319,862
Dilutive impact of share-based incentives outstanding 2,002,000 2,185,506
815,338,856 837,505,368
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:
2023 2022
Pence per share £000 Pence per share £000
2021 final dividend paid - - 4.8 40,312
2022 interim dividend paid - - 3.3 27,393
2022 final dividend paid 5.2 42,588 -
2023 interim dividend paid 3.6 29,084 -
8.8 71,672 8.1 67,705
Unclaimed dividends returned - (21) - (26)
Net dividends included in the statement of cash flows
- 71,651 - 67,679
After the reporting date, a final dividend of 5.7p (2022: 5.2p) per
qualifying ordinary share, being £45,330,000 (2022: £42,911,000), was
proposed by the Board of Directors. The final dividend will be paid, subject
to shareholder approval, on 24 May 2024.
The 2022 final dividend of £42,588,000 (5.2p per qualifying share) was paid
on 26 May 2023. It was £323,000 lower than that reported in the 2022 annual
accounts due to a decrease in the ordinary shares entitled to a dividend
between 2 March 2023 and the final dividend record date of 28 April 2023.
The 2023 interim dividend paid on 27 October 2023 was £29,084,000, being
£216,000 lower than that reported in the 2023 Half Year report of
£29,300,000. This was due to a decrease in the number of ordinary shares
entitled to a dividend between 30 June 2023 and the interim dividend record
date of 29 September 2023.
The terms of the EBT provide that dividends payable on the ordinary shares
held by the EBT are waived. No provision was made for the final dividend in
either year, and there are no income tax consequences.
7 Income tax expense
2023 2022
£000
£000
Current tax expense
Current year 61,324 46,041
Adjustment to current tax charge in respect of prior years 149 102
61,473 46,143
Deferred tax
Origination and reversal of temporary differences (455) (195)
Adjustment to deferred tax in respect of prior years (324) (85)
Increase in tax rate at which deferred tax is being recognised (76) (262)
(855) (542)
Total income tax expense 60,618 45,601
Income tax recognised directly in equity
2023 2022
£000
£000
Current tax
Share-based incentives (30) (28)
Deferred tax
Share-based incentives (95) 1,180
Increase in tax rate at which deferred tax is being recognised (8) 68
(103) 1,248
Total income tax (charge)/credit recognised directly in equity (133) 1,220
Reconciliation of effective tax rate
The Group's consolidated effective tax rate for the year ended
31 December 2023 is 23.3% (2022: 18.9%) which is lower than (2022: lower
than) the standard rate of corporation tax in the UK due to the items shown
below:
2023 2022
£000
£000
Profit before tax 259,769 241,282
Current tax at 23.5% (2022: 19.0%)
61,098 45,844
Increase in tax rate at which deferred tax is being provided (76) (262)
(Non-taxable income)/net non-deductible expenses (44) 16
Adjustment to deferred tax charge in respect of prior years (324) (85)
Share-based incentives (167) -
Adjustment to current tax charge in respect of prior years 149 102
Difference between the current and deferred tax rates (18) (14)
60,618 45,601
Factors affecting future tax charge
The increase in the UK corporation rate from 19% to 25% was effective 1 April
2023 (substantively enacted on 24 May 2021). This has increased the
Company's future current tax charge accordingly. The deferred tax at 31
December 2023 has been calculated based on these rates, reflecting the
expected timing of reversal of the related temporary differences.
8 Trade and other receivables
Group 2023 2022
£000
£000
Trade receivables 25,740 21,754
Less provision for impairment of trade receivables (1,249) (845)
Net trade receivables 24,491 20,909
Prepayments 6,259 5,243
Interest receivable 405 48
Other debtors 319 414
31,474 26,614
9 Trade and other payables
2023 2022
£000
£000
Trade payables 2,057 1,155
Trade accruals 7,662 6,147
Other creditors 1,510 1,284
Other taxation and social security 13,508 12,288
24,737 20,874
10 Share capital
2023 2022
Amount Number of Amount Number of
£000 shares £000 Shares
In issue ordinary shares
At 1 January 838 837,401,085 860 859,678,232
Purchase and cancellation of shares (24) (23,951,466) (22) (22,277,147)
At 31 December 814 813,449,619 838 837,401,085
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 2023
are 1,029,919 (2022: 1,375,963) shares held by the EBT, 1,167,227 (2022:
930,592) shares held by the SIP and 11,709,197 (2022: 12,185,222) 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 2023 was
23,951,466 (2022: 22,277,147) shares representing 2.9% (2022: 2.7%) 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 £130,000,000
(2022: £129,981,000). The maximum and minimum prices paid were £5.97
(2022: £6.89) and £4.73 (2022: £4.39) per share respectively. The average
price paid was £5.43 (2022: £5.83). Costs incurred on purchase of own
shares in relation to stamp duty charges and broker expenses for share buy
backs were £910,000 (2022: £910,000). Costs incurred on purchase of own
shares in relation to stamp duty charges and broker expenses for the SIP award
were £12,000 (2022: £23,000).
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 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 as at 1 January 2023 (3,157) (4,952) (5,789) (13,898)
Shares purchased for share incentive plans (725) (1,273) - (1,998)
Shares transferred to SIP 725 (725) - -
Share-based incentives exercised in the year 1,297 557 230 2,084
SIP releases in the year - 72 - 72
Own shares held as at 31 December 2023 (1,860) (6,321) (5,559) (13,740)
Own shares held - number of shares
EBT shares reserve SIP shares reserve Treasury
shares Total
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
Own shares held as at 1 January 2023 1,375,963 930,592 12,185,222 14,491,777
Shares purchased for share incentive plans 127,240 226,335 - 353,575
Shares transferred to SIP (127,240) 127,240 - -
Share-based incentives exercised in the year (346,044) (104,740) (476,025) (926,809)
SIP releases in the year - (12,200) - (12,200)
Own shares held as at 31 December 2023 1,029,919 1,167,227 11,709,197 13,906,343
(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 2023, the EBT held 1,029,919 (2022: 1,375,963) ordinary
shares in the Company, representing 0.1% (2022: 0.2%) of the ordinary shares
in issue (excluding shares held in treasury). The market value of the shares
held in the EBT at 31 December 2023 was £5,928,000 (2022: £7,031,000).
(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 600 free shares with effect from 20 December 2023
(2022: 500), subject to a three-year service period. During the year 104,740
shares were exercised (2022: 63,893) and 12,200 shares (2022: 20,765) were
released by the SIP in relation to good leavers and retirees. 127,240 shares
were transferred to the SIP reserve from the EBT (2022: 99,476).
At 31 December 2023, the SIP held 1,167,227 (2022: 930,592) ordinary shares
in the Company, representing 0.1% (2022: 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 2023 was £6,718,000 (2022: £4,755,000).
(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. At 31 December 2023, the Treasury held 11,709,197 of the
ordinary shares in issue. The market value of the shares held in treasury at
31 December 2023 was £67,398,000 (2022: £62,266,000).
Other reserves
Other reserves of £480,000 (2022: £456,000) represents the Capital
Redemption Reserve in respect of own shares bought back and cancelled. The
movement of £24,000 (2022: £22,000) is the nominal value of ordinary shares
bought back and cancelled during the year.
Retained earnings
The loss on the exercise of share-based incentives of £1,562,000 (2022:
£106,000) is the difference between the weighted average value that the own
shares, held individually 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 service conditions. 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 payments charge for the year of
£5,886,000 (2022: £4,179,000) The NI charge for the year, relating to all
awards, was £651,000 (2022: a credit of £110,000).
13 Subsequent events
On 1 February 2024, the Group acquired 100% equity capital and voting rights
of HomeViews Platform Limited (HomeViews) for cash consideration of
£8m. HomeViews is the UK's biggest community of verified resident reviews of
property developments, with a particular focus on the build to rent sector.
Due to the timing of the acquisition being after 31 December 2023, the results
of HomeViews are not included in our financial statement for the year ended 31
December 2023 and the acquisition accounting has not yet been completed. In
line with IFRS 3, the price accounting for the acquisition will be finalised
within 12 months of the acquisition date.
Other than the above transaction, there were no other subsequent events,
between the 31 December 2023 and the reporting date.
ADVISERS AND SHAREHOLDER INFORMATION
Contacts Registered office Corporate advisers
Chief Executive Officer: Johan Svanstrom 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 (http://www.rightmove.co.uk)
Milton Keynes UBS AG London Branch
MK7 8LE Numis Securities Limited
Registered in Auditor
England no. 06426485 Ernst & Young LLP
Bankers
Financial calendar 2024 Barclays Bank plc
2023 full year results 1 March 2024 Santander UK plc
Final dividend record date 26 April 2024 HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting 10 May 2024
Final dividend payment 24 May 2024 Solicitors
Half year results 26 July 2024 EMW LLP
Linklaters LLP
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
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
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AnnouncementREG-Rightmove Plc: Transaction in Own Shares
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