REG - Rightmove Plc - Final Results
28/02/2025 07:15
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RNS Number : 7946Y Rightmove Plc 28 February 2025
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Rightmove plc, the UK's largest property portal, today announces its audited
results for the
year ended 31 December 2024
Delivering at pace while investing for growth
Key headlines
· Leading platform and network effects -
o attracting the highest consumer engagement:
§ with the UK's largest selection of properties((1))
§ accounting for over 80% of all consumer time spent on UK property
portals((2)) - 16.4bn minutes in 2024((3)) (2023:15.4bn)
§ Rightmove was the fourth-busiest UK-based digital platform in 2024((4)),
behind only the BBC, digital publisher Reach, and the government's own
website, Gov.uk
o clear value recognition by our partners, including:
§ quickest-ever uptake for a top package (Optimiser Edge)
§ the second-highest estate agency retention in 10 years
· Strategic Growth Areas of Commercial Property, Mortgages, and Rental
Services delivering operationally and financially - up 27%((5)) year-on-year -
with significant runways for growth
· Technology innovation and AI usage accelerating, with over 5,000
releases in 2024 by 24 AI-enabled product teams, strengthening the proposition
for partners and consumers (2023: 3,700 releases by 16 product teams)
· Headcount up 14% to just under 900 employees - 60% of new recruits
were in technology roles
· Underlying markets and platform strength support confidence for 2025
and beyond
Financial highlights Change vs 2023 % Change vs 2023
2024 2023
Revenue £389.9m £364.3m £25.6m 7%
Operating profit £256.3m £258.0m (£1.7m) (1%)
Underlying operating profit((6)) £273.9m £264.6m £9.3m 4%
Final dividend 6.1p 5.7p 0.4p 7%
Total dividend for the year 9.8p 9.3p 0.5p 5%
Basic earnings per share 24.4p 24.5p (0.1p) (0%)
Underlying basic earnings per share((7)) 26.2p 25.2p 1.0p 4%
· Revenue up 7%, as estate agency and new homes developer partners
continued to upgrade their packages, increased their use of digital products
and renewed contracts
· Underlying operating profit((6)) up 4%, with underlying operating profit
margin of 70%,((8)) in line with guidance. Operating profit down 1% due to the
impact of one-off transaction-related charges of £9.2m((9))
· Final dividend for 2024 up 7% to 6.1p per ordinary share (2023:
5.7p). Total dividend for 2024 up 5% to 9.8p (2023: 9.3p)
· £181.7m of surplus cash returned to shareholders through share
buybacks and dividends during 2024 (2023: £201.7m)
· Cash and cash equivalents, including money market deposits, at the
end of the year of £41.3m (31 December 2023: £38.8m)
Operational highlights
· Consumer:
o Sustained traffic growth, with a total of 16.4 billion minutes spent on
the platform in the year((3)), up 6% (2023: 15.4 billion)
o Over 80% of traffic was direct and organic, while we also invested in
engaging all generations through channels including Facebook, Instagram,
LinkedIn and TikTok, across which engagement increased by 39%
year-on-year((10))
· Partner:
o Continued growth in the uptake of our top packages: "Optimiser Edge" for
estate agents, with 31% of independent agents subscribing (December 2023: 8%);
and "Advanced" for new homes developers, with 60% of developers subscribing
(December 2023: 53%)
o Retention of existing partners was 90%, the second-highest in the last 10
years (2023: 89%)
o Of all leads delivered by portals, Rightmove delivered over 7 out of 10
vendor instructions and over 8 out of 10 lettings instructions((11))
· Strategic Growth Areas:
o Commercial Property delivered two major interface changes,((12)) attracted
over 150 more partners, and achieved over 60% of online consumer time((13))
o Rental Services saw over 500 partners sign up to its end-to-end digital
solution, Lead to Keys, of which one-third were new partners to Rightmove,
while referencing and ancillary revenue grew by 12%
o Financial Services ("Mortgages") more than doubled its revenues
year-on-year to £4.7m (2023: £2.2m), introducing over £24bn of potential
lending to its partners
o Together, these three areas contributed £23m in revenue, and 20% of Group
revenue growth
· Innovation:
o Our product teams delivered more than 5,000 releases during the year,
including the increasing use of AI, while maintaining 99.99% site uptime and a
4.8* app rating
o Examples of new products for partners included a new Commercial property
brochure feature; a remortgage proposition; company reports for multi-branch
estate agencies; and native search adverts for rental operators; while Premium
Price Guide, Opportunity Manager and Microsites were all enhanced
o Examples of features for consumers included testing an AI-driven tool for
local area information; launch of My Places to save favourite places and
calculate journey times; the introduction of the Renovation Calculator;
enhanced EPC functionality on listed properties; and new comparison features
to assess affordability with different mortgage providers
· Average revenue per advertiser (ARPA)((14)) rose £93 to £1,524 per
month (2023: £1,431). Estate agency ARPA((15)) was £1,440, increasing by 6%
(2023: £1,356) and new homes developers' ARPA((16)) of £1,987 increased by
9% (2023: £1,825)
· Total membership increased by 1% to 19,047 (2023: 18,785), with estate
agency branches up 285/2% and new homes developments down 23/1% since the
start of 2024. Average total membership across the year was flat with estate
agency up 1%/100, offset by new homes developments down 4%/133
Current end-market trends
Property end-market trends in the early months of 2025 are supportive for our
partners' businesses. The Bank of England cut the base rate to 4.5% on 6
February 2025, the lowest level since June 2023, which is beginning to feed
through to lower lending rates for homemovers and industry participants. In
resale, sales agreed have been ahead of 2019 levels since August 2024, while
completions are approaching 2019 levels, supporting pipelines and agent
confidence. Within the lettings sub-market, supply and demand are
rebalancing slightly, although enquiries per available property remain above
pre-Covid levels. For new homes developers, there has been a steady
improvement in the number of developments coming to market through the second
half of 2024 and into 2025.
Outlook
Our financial performance in 2024 reflected the strength of our leading
platform, with powerful data and network effects, and a proven ability to grow
profits and cashflows in all market conditions.
In 2025, we will continue to build a larger, more diversified, digital
Rightmove ecosystem in line with our strategy. We expect revenue growth of
8-10%, building on our progress in 2024 and benefiting from: the full-year
impact of Optimiser Edge uptake; further product-led growth across our core
business; and continued progress within our Strategic Growth Areas of
Commercial Property, Mortgages and Rental Services. We expect c1% growth in
membership and ARPA growth of £95 - £105 across estate agency and new homes
developers.
As we continue to invest in innovation for our consumers and partners, and in
accelerating our Strategic Growth Areas, we expect an underlying operating
margin of 70%.
The strength of our business model, our clear strategy, and our focus on
innovation underpin the Board's confidence in Rightmove's outlook for 2025 and
beyond.
Johan Svanstrom, Chief Executive Officer, said:
"We delivered strong results, demonstrating yet again the resilience of
Rightmove's business model. Consumers visited the Rightmove platform 2.3
billion times in 2024, and with the UK's largest selection of properties for
sale and to rent they spent a combined 16.4 billion minutes searching and
using our expanding set of valuable tools.
"We're continuing to invest in technology and products to make the platform
even more useful and effective for both partners and consumers. 24 AI-enabled
teams of software engineers delivered over 5,000 releases, features and
enhancements in 2024.
"We have a clear strategy to further digitise the home moving market, powered
by the UK's largest set of property data and insights. There is a long
runway of opportunity to both broaden and deepen Rightmove's services on one
connected platform, and our team is continuing to drive that momentum in
2025."
The Company will present its results at a meeting today for analysts and
investors at 9:30am, available online here:
https://edge.media-server.com/mmc/p/33nhptvv
Enquiries:
Investor Relations investor.relations@rightmove.co.uk
(mailto:investor.relations@rightmove.co.uk)
Sodali
rightmove@sodali.com (mailto:rightmove@sodali.com)
(1) Source: Joreca, November 2024
(2) Time in minutes spent on Rightmove platforms (site and app): most
recent available month of data. Source: Comscore MMX® Desktop only + Comscore
Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of
Rightmove sites, zoopla.co.uk, primelocation.com, onthemarket.com, United
Kingdom, December 2024 (83%)
(3) Source: Google Analytics
(4) Comscore MMX Multi-Platform, Top 100 Properties, Total Audience,
January-December 2024, UK. Based on 'Total Pageviews' of websites that were
founded or primarily based in the UK
(5) Strategic Growth Areas' revenue - 2023: £18.4m, 2024: £23.4m
(6) Underlying operating profit is operating profit before share-based
payments charges (including the related National Insurance charge) and
transaction-related charges
(7) Underlying basic EPS is defined as underlying profit (profit for the
year before share-based payments charges including the related National
Insurance, transaction-related charges and appropriate tax adjustments),
divided by the weighted average number of ordinary shares outstanding during
the period
(8) Underlying operating margin is defined as the underlying operating
profit as a percentage of revenue
(9) Comprises legal and professional fees of £6.2m relating to the
HomeViews acquisition, investment in Coadjute and the unsolicited offer for
Rightmove, in addition to a £3.0m charge in relation to the investment in
Coadjute (Coadjute is strategic and longer-term in its nature and the
acquisition cost of £3.0m is considered to have a fair value of £nil and is
recognised in the Income Statement as a strategic research-related cost)
(10) December 2024 vs December 2023, for Facebook, Instagram, LinkedIn,
Tiktok. 'Engagement' defined as reactions, comments, shares, saves, link
clicks and profile actions
(11) Vendor instructions source: Street (January - December 2024), compared
to all UK portals. Lettings instructions source: RLTS tenant survey, compared
to all UK portals. Question: "How did you find the property you are applying
for?"
(12) https://www.rightmove.co.uk/commercial-property
(https://www.rightmove.co.uk/commercial-property)
(13) Source: SimilarWeb, 1 January - 31 December 2024
(14) 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
(15) Agency ARPA is calculated as revenue from Agency advertisers/customers
in a given month divided by the total number of advertisers during the month,
measured as a monthly average for the year
(16) New Homes ARPA is calculated as revenue from new homes developers in a
given month divided by the total number of advertisers during the month,
measured as a monthly average for the year
Chair's Review
Rightmove is an exceptional business with significant opportunities, a clear
strategy and a strong team to continue to deliver significant value for all
our stakeholders
It is my pleasure to present Rightmove's results for the year ended 31
December 2024. Our strong financial results demonstrate the ongoing power of
the Group's platform and business model and the meaningful value we deliver
for our partners, consumers and all our stakeholders.
Rightmove remains the place that consumers turn to first, and return to the
most, as they search for property market data and research tools to help them
make their move. Traffic to the Rightmove site increased 6%, with consumers
spending 16.4bn minutes on Rightmove during 2024 (2023: 15.4bn), and the vast
majority of consumer time spent on property portals in the UK continued to be
on Rightmove.
In turn, our partners continued to trust the Rightmove platform and invest in
the variety of digital products which support them not only in advertising and
generating leads, but in understanding their local markets and creating new
opportunities to grow their businesses. We remained focused on innovation and
investment in product development, growing the range of digital tools
available across the platform. Our dual focus on consumer engagement and
partner products enables us to produce superior results for our partners,
ensuring we are building success together.
I am pleased to see the pace of delivery across both consumers and partner
innovation higher than it has ever been. We have embraced the transformative
power of AI, implementing cutting-edge efficiency tools across our business
and successfully delivering innovative machine-learning and AI solutions for
our partners and consumers. Building on this momentum, we will accelerate our
progress even further in 2025, driving new levels of impact and innovation.
Helping to build a greener property market remained high on our agenda during
the year, and we continued to expand our role through leveraging our vast
datasets to provide green insights and allow consumers to make more informed
decisions. Our contribution was recognised in the award of a Prime ESG rating
by Institutional Shareholder Services (ISS).
During 2024, the Board focused on supporting the management team in the
ongoing delivery of our strategic ambitions over the medium term. As the
business continued to grow, the number of employees expanded by 14% during the
year, to just under 900, with 60% of new hires being in technology roles as we
continue to focus investing in products and innovation. The leadership team
evolved with a new Chief People Officer, the introduction of a Chief Data
Officer role, and several other new senior leaders across the business.
It is the talented, experienced team who deliver the value that Rightmove
provides to its partners and other stakeholders. On behalf of the Board, I
would like to thank all our partners for their continued confidence in
Rightmove, and our exceptional team for their dedication and hard work as we
continually strive to exceed the expectations of all our stakeholders.
The Board also focused on carefully reviewing and responding to the
unsolicited offer from REA, whilst engaging with shareholders during that
process. The Board is grateful to all its shareholders who engaged and
provided their views. Rightmove is an exceptional business and we are
confident that we will deliver significant future value for shareholders.
Financial highlights and dividend
The Group's results reflect the strength of the business model and our core
value proposition. Revenue grew 7% to £389.9m (2023: £364.3m), delivering
underlying operating profit((1)) of £273.9m (2023: £264.6m) and statutory
operating profit of £256.3m (2023: £258.0m).
Rightmove continued to generate very strong free cashflow and, in keeping with
our policy of returning all surplus cash to our shareholders, £181.7m (2023:
£201.7m) was returned in the year: £107.4m through the share buyback
programme and £74.3m in dividend payments made in May and October. The
cash((2)) position at the year-end was £41.3m (2023: £38.8m).
The Board remains confident in Rightmove's ability to deliver sustainable
returns to shareholders and is recommending a final dividend of 6.1p per share
for 2024 (2023: 5.7p), taking the total dividend for the year to 9.8p (2023:
9.3p), in line with our progressive policy. The final dividend will be paid,
subject to shareholder approval, on 24 May 2025.
Board changes
On 15 September 2024, Alison Dolan stepped down from her position as CFO and
as an Executive Director and left the Group on 30 September. I would like to
thank Alison for the significant contribution she made to the Board throughout
her tenure and to the continued success of Rightmove.
Ruaridh Hook was appointed to the Board as CFO and Executive Director on 15
September 2024. Having been with the business since 2016, he brings deep
knowledge of Rightmove, its commercial model and the market, and is already
well known both within the organisation and externally.
Board governance
The Corporate Social Responsibility Committee continued to guide and oversee
progress in the delivery of our Environmental, Social and Governance (ESG)
strategy, ensuring continuous improvement and alignment with best practice.
The CSR Committee received comprehensive updates on People and Culture,
including progress on Diversity, Equality and Inclusion initiatives, and on Go
Greener, one of Rightmove's two key initiatives.
The Audit Committee oversaw the transition from outsourced internal audit to
an in-house function and the appointment of a new Head of Internal Audit &
Assurance. A key priority of the Committee was monitoring the progress
across the business towards readiness for the Corporate Governance reforms.
Looking ahead
Rightmove is a business positioned for sustained growth with a clear strategy
and a strong team. Our mission to make the UK property market easier and
simpler, through providing a superior platform and data to facilitate this,
ensures that everyone can make their move whilst delivering exceptional value
to all our stakeholders.
We move into 2025 with a stronger platform, further differentiated proposition
and increased capabilities. I am excited about the opportunities ahead and
confident in Rightmove's ability to realise these.
Andrew Fisher
Chair
(1) Underlying operating profit is defined as operating profit before
share-based payments charges (including the related National Insurance) and
transaction related charges
(2) Cash includes money market deposits of £5.5m (2023: £5.2m)
Chief Executive's review
Delivering our diversified growth strategy at accelerated pace to drive value
for stakeholders
I am very pleased to report continued financial, operational and strategic
progress for Rightmove during 2024. We delivered strong financial growth,
reflecting the increased quality and range of digital products we offered to
both consumers and our partners, whilst driving forward the strategy that was
set out at the end of 2023 to expand and broaden our business.
We have a complete view of our partners' end-markets, the UK residential and
commercial property sector. Housing market activity started the year slowly,
with consumers cautious in the face of high interest rates, before gradually
improving. The year ended with the number of housing sales transactions
slightly ahead of 2023 at 1.1 million((1)) (2023: 1.0 million). In the
lettings market, the recent years' strong imbalance of more demand from
prospective tenants than properties available (supply) reduced over 2024, yet
remains roughly double the level seen before the pandemic. New homes
development numbers declined in the first half of the year, before recovering
into the year-end. Our partners, in both estate agency and new homes
development, worked hard to win new buyer and vendor mandates and then to
close sales. They continued to trust in Rightmove, and increased their uptake
of our products, data solutions and premium packages to drive their
businesses.
Total revenue for the year increased by 7% on 2023, demonstrating the
resilience of our business model through property market cycles and the value
we deliver. Core membership numbers ended the year ahead of 2023 at 19,047 (up
262/1%), driven by growth in Agency branches (up 285/2%), partially offset by
a decline in new homes developments (down 23/1%) reflecting the challenging
market for developers and fewer new build developments coming to market. Our
Other business units grew strongly at a combined rate of 13%.
Our strategy - delivering exceptional value to consumers, our partners and all
our stakeholders through digitising the UK property market
Our vision is to give everyone the belief they can make their move. Our
strategy is to deliver exceptional value to both our partners and consumers by
leveraging our platform, which contains the UK's largest property data,
audience and partner base. We are excited about the significant long-term
opportunities for further digitising the property eco-system, where our scale
will yield results for all our stakeholders.
During the year we made strong progress in further cloud-enabling our platform
and, with expanded technology team resources, we are now driving more and
faster product releases and innovation. We are leveraging the power of
artificial intelligence, underpinned by the 3.0 petabytes((2)) in our data
platform, to delight consumers, drive partner value, monetise data, and gain
internal efficiencies. Some examples are set out in the sections below.
Helping consumers move more easily
Throughout 2024 Rightmove remained the place that consumers chose to turn to
first and engage with for property search and research. Over 80% of all time
spent on property portals in the UK was spent on Rightmove ((3)) and Google
continued to report that more people start their property searches with
'Rightmove' than with 'Property' ((4)). During 2024, consumers visited the
Rightmove platform over 2.3 billion times (2023: 2.2 billion) and spent over
16.4 billion minutes searching for properties or researching the market, 6%
higher than 2023 (2023: 15.4 billion). 73% of all time spent on Rightmove's
platforms in 2024 was to our mobile site and apps (2023: 71%).
This consumer engagement not only reflects the quality of the platform
experience and the salience of our brand, but also supports Rightmove's
platform as the largest choice of residential properties available for rent or
sale compared to any other property portal((5)).
We are continually investing in our platform, products and content, ensuring
that home movers have everything they need make informed decisions for their
move, now or in the future. During 2024, key parts of the platform were
redesigned to improve user experience and navigation to quickly find or be
served information. This included new feature functionality onto the main
search pages and adding significant amounts of new and detailed information
for each individual property, previously only available by calling the estate
agent or developer. For instance, the property listing Energy Performance
Certificate (EPC) functionality was enhanced (resulting in 23% more engagement
with this tool), supporting our goals to bring more transparency and knowledge
on sustainability in the property market. We added several features to our
apps, including AI functionality to keywords and location content.
We actively learn more about our consumers and then develop more personalised
and relevant experiences for them, with a focus on the serious home hunters.
We ended the year with 8.7 million consumers signed up to our marketing
(doubling the number of home moving profiles to over 6 million at the end of
2024, compared to 2.4 million in 2023) and with a 20% increase in consumers
who are 'signed in' to Rightmove; both of which improved our data signal
universe which we use for future product development and enhancing partner
products. We are capturing the information in a completely new consumer
engagement platform implemented during the second half of 2024.
We built out several components of the 'Afford' part of our strategy to
digitally assist the home-moving process; next to our Mortgage in Principle
product we grew tools like Track a Property and the Renovator Calculator tool.
The latter allows consumers to understand how larger home upgrades will affect
the value of their home, or one under consideration, and saw over 60,000
completions in only 4 months after launch.
Exceptional returns and value for our partners
Rightmove's consumer reach provides our partners with the largest UK property
audience and platform to advertise their brands, services and properties. Our
goal is to enable success for estate agents, homes builders, landlords, and
financial services providers by offering a wide and very data-driven range of
digital marketing and efficiency products. Our partners can choose what is
most suitable for their specific business objectives and local market, given
any prevailing macroeconomic conditions.
Our premium packages allow our partners to tailor their entire package, select
products relevant to them and gain optional access to exclusive products that
are not otherwise available. During the year, there were significant increases
in uptake of our top packages by both estate agents and new homes
developers. By the end of 2024, over 60% of developers were subscribed to
the new homes package Advanced (2023: 53%) and 3,492 of our estate agent
partners had adopted Optimiser Edge (2023: 934).
The uptake of the new and exclusive products within the top packages also
increased significantly in the year, demonstrating the value provided from our
on-going investment and product development. Native Search Adverts (an
interactive advert on the search results page that drives enhanced consumer
engagement and the ability to re-target consumers) was used by nearly four
times as many agents in 2024 than 2023. The uptake of the Premium Price Guide
(providing data-backed personalised reporting to support agents' valuations)
increased three-fold.
Our lead generation products - Rightmove Discover and Local Valuation Alert -
are based on our unique consumer behaviour data and increase the comparative
value of a Rightmove sales lead. We continued to refine these products during
the year and uptake increased by 7%.
In addition to marketing and lead generation, we further invested in helping
our estate agency partners run their businesses more efficiently, under a
programme that we call Building Success Together. This programme is built on
research and engagement with our partner base, and comprises four pillars they
told us are most important to them:
· Insight: the digital tools and intelligence that sit in the partner
platform, Rightmove Plus, were revamped and redesigned during 2024. This meant
that running day-to-day operations, such as managing property listings,
accessing data and generating reports such as the Best Price Guide (used over
21 million times during 2024), became more intuitive and easier to navigate
for the 92% of independent UK estate agents who use Rightmove Plus.
· Training: we expanded the range of educational programmes and events
on offer to our partners, much of it accessible through the Rightmove Hub.
Partners have access to a suite of webinars, professional training programmes
and Ofqual-regulated Level 3 certifications, as well as the provision of other
educational materials and tracking tools for their employees. By the end of
2024, 68% of estate agency branches had a Rightmove Hub account, compared to
56% in 2023, and had engaged over 32,000 times on the training suite. Over
2,500 agents signed up to the Certificate for Estate and Lettings Agents
qualification (CELA), with over 25,000 training course enrolments (more than
double 2023's 11,409); and we welcomed over 9,000 webinar guests from our
partners in the year.
· Control: we increased the number of self-serve tasks available for
agents using our platforms, with 65% of user changes now capable of being
administered digitally by the partner, allowing them to make the changes they
need whenever they want.
· Advocacy: we continued to champion our partners, influencing policy
makers and working together with agents on shared problems. For example, we
were the only property portal to have interviews with Rishi Sunak and Keir
Starmer ahead of the election, advocating for various actions we believe will
stimulate mobility and affordability in the property market.
Investing in Strategic Growth Areas
Our investment in digital innovation extended beyond the core business of
Agency and New Homes, to three strategic growth areas of Commercial Property,
Mortgages and Rental Services. We see significant multi-year opportunities to
go deeper into the value chain, further digitising processes beyond 'find' and
into 'afford', as well as the later stages of 'transact', 'move' and
'lifestyle' - and to scale quickly. We build out these services as logical
layers of our core platform, further strengthening that core and network
effects by increasing use cases and aggregating data.
Our Commercial business is dedicated solely to commercial properties, with
commercial consumers ranging from FTSE businesses, industrial warehouses and
offices operators, to small advisors and retailers. We developed new landing
pages and an underlying data model, launched new Rightmove Commercial branding
and insights reports, and a new product 'Brochure Leads'. Commercial revenue
grew 11% during 2024, with membership increasing by 17%.
Our Mortgages digital offering provides consumers with the ability to assess
their borrowing affordability through obtaining an almost instant Mortgage in
Principle (MiP) on Rightmove, direct from our lender partner. Alternatively,
they can connect and speak to one of our agents' preferred brokers. In 2024,
we helped more consumers than ever continue their search and move with a
Mortgage in Principle: as uptake on MiPs, and mortgage revenue((6)), more than
doubled. We delivered a range of product enhancements and content expansions,
such as comparisons between consumers' existing and new mortgage providers,
and applications for both purchase and remortgage. We saw a significant
increase of awareness and search ranking for mortgage related terms, thanks to
our early product marketing.
In Rental Services, 2024 was the first full year of selling 'Lead to Keys',
which is our new digital end-to-end product for lettings agents, landlords and
renters, whereby a rental agreement can be achieved in five digitised and
efficient steps. Having launched towards the end of 2023 with 31 agents,
Lead to Keys is in the early days of its potential. However, it is growing
fast and we saw over 500 agents signed up to the service by the end of 2024.
We expanded the product range and feature functionality within the two main
products, Tenancy Manager and Enquiry Manager, to both source and then qualify
potential tenants quickly. Rightmove's strong existing upper funnel position
of tenancy applications enables a strong and efficient process flow for rental
agents adopting the service.
Making a difference and contributing to communities and the environment
Doing the right thing underpins our culture and extends to the communities in
which we operate and to the environment. We believe that Rightmove can, and
should, make a positive difference in these areas.
Giving back to communities and charities remains high on our agenda and we
launched a new 'give-back' employee volunteering days program and matched cash
donations. We continued to support select charities with both funding and
time, supporting local communities in which we operate, as well as national
causes like homelessness.
As for environmental sustainability, with the UK property market contributing
25% of total UK emissions ((7)) we believe that Rightmove has not just the
opportunity, but the responsibility, to provide unique data and insights to
help the UK go greener and to accelerate change to meet its Net Zero targets
by 2050. The Rightmove platform's reach and vast historical and real time
data, is used to inform and facilitate action amongst many different
stakeholders.
During 2024 we continued with our Go Greener initiative, which provides a
pathway to greener property in the UK, and published our third Greener Homes
report ((8)) in October. This report was based on millions of Rightmove's
property data points, as well as government data and opinions from thousands
of homeowners, landlords and renters that we surveyed. It provided suggestions
and insights on the incentives that are needed to help people make green
improvements.
We also continued to focus on improving Rightmove's own operational emissions
and targets.
Moving forward with the Rightmove team
2024 was a year of growth; not only in our financial results but in our team
of 'Rightmovers', which expanded by 14% to just under 900 employees. New
teams were created, and existing teams were bolstered, to ensure we continue
to deliver on our strategy through providing exceptional value to our partners
and consumers: driving improvement and efficiencies across both their
businesses and our own. Of these new recruits, 60% were in technology roles
demonstrating our commitment to accelerating innovation across all parts of
Rightmove, particularly from leveraging AI solutions.
The Rightmove team underpins Rightmove's success. Our creative, innovative,
collaborative and inclusive workforce is committed to delivering for our
partners and consumers. Diversity and learning are core to our People agenda
and benefits everyone and the business itself, by ensuring a more enjoyable
workplace and a broad range of perspectives that promote innovation and
business success.
I am proud of what Rightmove is delivering, its impact on generating value for
the UK property market and our progress in digitising the value chain across
the UK property ecosystem. I am excited by our ambition for the future and
look forward to supporting the team in delivering our vision.
Johan Svanstrom
Chief Executive Officer
27 February 2025
(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 2024, United Kingdom.
(4) Source: Google analytics
(5) Source: (Joreca, November 2024
(6) Mortgage revenue - 2024: £4.7m, 2023: £2.2m
(7) Source - UK Green Building Council
(8) Source - Green Homes Report available at
https://hub.rightmove.co.uk/greener-homes-report-2024/
Financial Review
A strong financial performance, during a year of continued investment, driven
by growing demand for our digital products and services
Revenue
Revenue increased by £25.6m/7% on 2023 to £389.9m (2023: £364.3m). Agents
and new homes developers continued to trust the Rightmove platform and
products to help them grow their businesses. This was despite a subdued
property market for much of the year and a challenging environment for new
homes sales. Estate agency membership retention, at 90%, was the second
highest in a decade, whilst overall membership remained broadly flat on 2023,
reflecting fewer new homes' developments coming to market. Other business
units grew strongly, led by mortgages and commercial.
2024 2023 Change vs 2023 £m Change vs 2023 %
£m
£m
Agency 280.0 262.0 18.0 7%
New Homes 69.2 66.4 2.8 4%
Other 40.7 35.9 4.8 13%
Total revenue 389.9 364.3 25.6 7%
2024 2023 Change vs 2023 Change vs 2023 %
Agency branches 16,124 15,839 285 2%
New Homes developments 2,923 2,946 (23) (1%)
Total membership 19,047 18,785 262 1%
Agency revenues increased to £280.0m, up 7%/£18.0m on 2023. This was due to
agents continuing to invest in package upgrades and additional products. We
saw the quickest ever adoption of our top end package, Optimiser Edge, with
over 1,600 partners upgrading across the year and a further 1,100 migrating
from the Optimiser 20 package. Agency ARPA((1)) increased 6%/£84 to £1,440
(2023: £1,356). ARPA growth saw a 1% impact from a higher proportion of lower
ARPA lettings joiners this year. 60% of ARPA growth came from product
purchases, with the largest drivers being upgrades to the Optimiser Edge
package and partners buying incremental product as part of their current
package. Membership ended the year up 2% compared to 2023 at 16,124 branches
(2023: 15,839).
New Homes revenue, at £69.2m, was up 4%/£2.8m on 2023 and reflected upgrades
to the top package (Advanced) and successful contract renewals. New Homes
ARPA((2)) increased 9%/£162 to £1,987 per development per month (2023:
£1,825). However, the revenue impact of increased average spend by new homes'
developers was partially offset by development numbers, which were on average
across the year 4% lower than in 2023 and ended the year at 2,923, a decrease
of 1%/23 on December 2023 (2023: 2,946).
The £4.8m growth in Other business units was led by Mortgages, which grew
£2.5m to £4.7m, more than doubling year-on-year, as more consumers assessed
their affordability and borrowing ability using our Mortgages in Principle
product. Commercial Real Estate revenues grew by £1.3m/11% to £13.5m, with
increased membership numbers of 154/17%. The Other business units of Data
Services, Overseas and Third Party contributed a combined £1.0m of growth.
2024 Revenue vs 2023
2024 Revenue by area
Administration costs
Operating costs of £133.6m were up 26%/£27.3m from £106.3m in 2023.
Underlying operating costs((3)) (operating costs excluding share-based payment
charges of £8.4m and transaction related costs of £9.2m) were £116.0m, an
increase of 16%/£16.3m on 2023 (2023: £99.7m).
The increase in underlying costs((3)) reflects the planned investment in
headcount in-line with our strategy, mainly in technology roles to support the
growth of Mortgages, Commercial and Rental Services and increased innovation
across the business.
The cost increases comprised:
· £10.5m payroll costs: reflecting a 14% increase in year end
headcount (879 vs 774 in 2023), of which 60% of the new roles were technology
roles and an increase in average salary costs from the annual salary increase
of 4%, to support employees with the higher cost of living, and other
benchmarking and performance uplifts adding a further 3% across the year;
· £2m technology related costs: mainly due to increased spend on IT
infrastructure, continued migration to the Cloud and investment in security
software;
· £2m marketing costs: reflecting investment in digital social media
marketing and in third party advertising partners, as well as in our strategic
growth areas;
· £1m depreciation and amortisation: mostly increased amortisation
arising from the increased investment in product development (£0.5m), as well
as the acquired HomeViews assets (£0.3m).
The share-based payments charge of £8.4m increased £1.8m on 2023 (2023:
£6.6m), following new awards, as well as a higher related national insurance
charge due to the impact of the increase in the share price during the year.
Transaction related costs of £9.2m (2023: nil) related to:
· Legal and professional fees of £6.2m, arising from the HomeViews
acquisition and investment in Coadjute during the first half and the costs
incurred in relation to the unsolicited offer for Rightmove in the second
half; and
· A £3.0m charge in relation to the investment in Coadjute, which is
strategic and longer-term in its nature and the acquisition cost of £3.0m is
considered to have a fair value of £nil and is recognised in the Income
Statement as a strategic research-related cost (see Note 13).
Operating profit
2024 2023 Change vs 2023 £m Change vs 2023 %
£m £m
Revenue 389.9 364.3 25.6 7%
Administrative expenses (133.6) (106.3) (27.3) (26%)
Operating profit 256.3 258.0 (1.7) (1%)
Operating margin 66% 71%
Excluding charges that are not entirely driven by the principal operational
activity of the Group:
Share-based payments charges 8.4 6.6 1.8 27%
Transaction related costs 9.2 - 9.2 100%
Underlying operating profit((4)) 273.9 264.6 9.3 4%
Underlying operating margin((5)) 70% 73%
Operating profit of £256.3m decreased by 1%/£1.7m on 2023, with an operating
profit margin for 2024 of 66% (2023: 71%).
Underlying operating profit((4)) of £273.9m increased by 4%/£9.3m compared
to 2023 (2023: £264.6m), with an underlying operating profit margin((5)) of
70% (2023: 73%).
Taxation
Profit before taxation of £258.4m reduced 1%, with a tax charge of £65.7m
(2023: £60.6m). This represents an effective tax rate for the year of 25.4%
(2023: 23.3%), slightly above the UK's standard rate for the year of 25.0%
(2023:23.5%) due to the impact of non-deductible charges.
Rightmove's total tax contribution to the UK Exchequer in 2024 was £161.0m
(2023: £148.4m). Of this, £75.0m (2023: £69.1m) related to taxes borne by
the Group, while the remaining £86.0m (2023: £79.2m) was collected in
respect of payroll taxes and VAT. The increase in total tax contribution
compared to the prior year is primarily due to the full year impact of the
corporation tax rate of 25.0% (effective 1 April 2023).
Earnings per share (EPS)
Basic EPS reduced 0.1p to 24.4p (2023: 24.5p) reflecting the reduction in
profit (due to the impact of the one-off transaction related costs and the
full year higher tax rate in 2024), which more than offset the impact of the
share buyback programme in reducing weighted average number of ordinary shares
in issue by 3% to 790.2m (2023: 813.3m).
Underlying basic EPS((6)) (based on underlying operating profit((4)))
increased by 4% to 26.2p (2023: 25.2p).
Balance sheet
Summary consolidated statement of financial position
2024 2023 Change
£m £m £m
Property, plant and equipment 8.4 9.4 (1.0)
Intangible assets 36.2 21.8 14.4
Deferred tax asset 1.4 2.4 (1.0)
Trade and other receivables 29.0 31.5 (2.5)
Contract assets 1.3 0.8 0.5
Income tax receivable 0.9 0.2 0.7
Money market deposits 5.5 5.2 0.3
Cash 35.8 33.6 2.2
Trade and other payables (27.0) (24.7) (2.3)
Contract liabilities (3.2) (2.5) (0.7)
Lease liabilities (6.2) (7.5) 1.3
Provisions (0.8) (0.8) (0.0)
Other liabilities (0.4) - (0.4)
Net assets 80.9 69.4 11.5
Rightmove's balance sheet at 31 December 2024 shows net assets and total
equity at £80.9m (2023: £69.4m), including cash and money market deposits of
£41.3m (2023: £38.8m).
The increase in intangible assets of £14.4m, to £36.2m, is due to the
acquisition of HomeViews, which generated goodwill and intangible assets of
£8.8m, as well as the impact of capitalised internal labour costs totalling
£8.0m, offset by amortisation of £2.4m.
Trade and other receivables of £29.0m decreased by £2.5m on December 2023,
reflecting improved ageing of trade receivables, which decreased to £21.8m
(2023: £24.5m).
Trade and other payables of £27.0m increased by £2.3m due to timing of
accruals and other payments. Payments to suppliers continued to be made
well within agreed payment terms.
The closing cash balance, including money market deposits, was £41.3m (2023:
£38.8m). Surplus cash continues to be invested in short-term, easily
accessible deposits, including in a green money-market fund.
Cashflow, capital structure and dividends
Cash generation remained strong at 108% of operating profit((7)) (2023: 104%)
with the increase on the prior year mostly due to improved working capital.
Cash generated from operating activities increased by £9.4m to £277.6m
(2023: £268.2m). Cash used in investing activities grew to £17.2m (2023:
£1.7m) largely reflecting the acquisitions of HomeViews and Coadjute, as well
as increased investment in product development.
As a result of this increased investment in the business, and an increase in
cash invested in the employee benefit trust to further encourage employee
share ownership, the cash returned to shareholders in the buyback programme
during the year reduced to £107.4m (2023: £130.0m).
Dividends totalling £74.3m were paid in the year in relation to the final
2023 dividend payment and interim 2024 payment (2023: £71.7m). The Group
purchased and cancelled 18.8m ordinary shares during the year (2023: 24.0m),
at a cost of £108.2m (including expenses of £0.8m) as part of its ongoing
share buyback programme (2023: £130.9m).
Our capital allocation policy remains unchanged. We continue to prioritise
organic investment whilst continuing to evaluate value-accretive M&A
opportunities that might help us to accelerate the execution of our strategy.
Surplus cashflow is returned via our longstanding progressive dividend policy,
following which all remaining surplus cash generated in the year is returned
via share buybacks.
Consistent with this policy, the Directors are recommending a final dividend
of 6.1p per ordinary share, which will take the total dividend for the year to
9.8p - growth of 5% on the 2023 dividend. The final dividend, subject to
shareholder approval, will be paid on 23 May 2025 to all shareholders on the
register on 25 April 2025.
Ruaridh Hook
Chief Financial Officer
27 February 2025
(1) Agency ARPA is calculated as revenue from Agency customers 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) and
transaction related charges
(4) Underlying operating profit is defined as operating profit
before share-based payments charges (including the related National Insurance)
and transaction related charges
(5) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue
(6) Underlying basic EPS is defined as profit for the year before
share-based payments charges (including the related National Insurance), and
transaction-related charges 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 £277.6m (2023:
£268.2m) compared to operating profit as reported in the income statement of
£256.3m (2023: £258.0m).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2024
2024 2023
Note £000 £000
Revenue 3 389,882 364,316
Administrative expenses (133,552) (106,283)
Operating profit 4
256,330 258,033
Underlying operating profit: 273,916 264,570
Share-based incentive charge 12 (8,356) (6,537)
Transaction related charges 4 (9,230) -
Financial income 2,617 2,227
Financial expenses (547) (491)
Net financial income 2,070 1,736
Profit before tax 258,400 259,769
Income tax expense 7 (65,687) (60,618)
Profit for the year being total comprehensive income 192,713 199,151
Attributable to:
Equity holders of the Parent
192,713 199,151
Earnings per share (pence)
Basic 5 24.4 24.5
Diluted 5 24.3 24.4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Note 2024 2023
£000 £000
Non-current assets
Property, plant and equipment 8,385 9,385
Intangible assets 36,245 21,842
Deferred tax asset 1,449 2,383
Total non-current assets 46,079 33,610
Current assets
Trade and other receivables 8 29,001 31,474
Contract assets 1,270 759
Income tax receivable 905 165
Money market deposits 5,482 5,224
Cash and cash equivalents 35,761 33,641
Total current assets 72,419 71,263
Total assets 118,498 104,873
Current liabilities
Trade and other payables 9 (27,036) (24,737)
Lease liabilities (2,497) (2,291)
Contract liabilities (3,168) (2,536)
Total current liabilities (32,701) (29,564)
Non-current liabilities
Other non-current liabilities (417) -
Lease liabilities (3,665) (5,112)
Provisions (853) (841)
Total non-current liabilities (4,935) (5,953)
Total liabilities (37,636) (35,517)
Net assets 80,862 69,356
Equity
Share capital 10 795 814
Other reserves 637 618
Retained earnings (net of own shares held) 79,430 67,924
Total equity attributable to the equity holders of the Parent
80,862 69,356
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 27
February 2025 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£000
£000
Cash flows from operating activities
Profit for the year 192,713 199,151
Adjustments for:
Depreciation charges 3,613 3,424
Amortisation charges 2,386 1,560
Financial income (2,617) (2,227)
Financial expenses 547 491
Fair value movements on investment 3,000 -
Share-based payments 7,439 5,886
Income tax expense 65,687 60,618
Operating cash flow before changes in working capital 272,768 268,903
Decrease/(increase) in trade and other receivables 2,429 (4,503)
Increase in trade and other payables 2,299 3,863
Increase in contract assets (511) (305)
Increase in contract liabilities 632 211
Cash generated from operating activities 277,617 268,169
Financial expenses paid (538) (479)
Income taxes paid (65,809) (60,979)
Net cash from operating activities 211,270 206,711
Cash flows used in investing activities
Interest received on cash and cash equivalents 2,404 1,694
Acquisition of property, plant and equipment (1,055) (2,018)
Acquisition of subsidiary, net of cash received (7,552) -
Acquisition of investment (3,000) -
Acquisition of intangible assets (8,023) (1,328)
Net cash used in investing activities (17,226) (1,652)
Cash flows used in financing activities
Dividends (74,308) (71,651)
Purchase of own shares for cancellation (107,441) (130,000)
Purchase of own shares for share incentive plans (7,325) (1,998)
Cost incurred on purchase of own shares (804) (922)
Payment of principal portion of lease liabilities (2,781) (2,530)
Proceeds on exercise of share-based incentives 735 594
Net cash used in financing activities (191,924) (206,507)
Net increase/(decrease) in cash and cash equivalents 2,120 (1,448)
Cash and cash equivalents at 1 January 33,641 35,089
Cash and cash equivalents at 31 December
35,761 33,641
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Own Reverse acquisition reserve
Share capital shares Other £000 Retained earnings Total
£000 held reserves £000 equity
£000 £000 £000
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
- - - - 5,886 5,886
Share-based payments
Tax credit in respect of share-based - - - - 133 133
incentives recognised directly in equity
Dividends - - - - (71,651) (71,651)
Exercise of share-based awards - 2,156 - - (1,562) 594
Purchase of shares for share incentive plans - (1,998) - - - (1,998)
Cancellation of own shares (24) - 24 - (130,000) (130,000)
Costs of shares purchases - - - - (922) (922)
At 31 December 2023 814 (13,740) 480 138 81,664 69,356
At 1 January 2024 814 (13,740) 480 138 81,664 69,356
Total comprehensive income
Profit for the year - - - - 192,713 192,713
Transactions with owners recorded directly in equity
Share-based payments - - - - 7,439 7,439
Tax charge in respect of - - - - 497 497
share-based incentives recognised directly in equity
Dividends - - - - (74,308) (74,308)
Exercise of share-based incentives - 1,103 - - (368) 735
Purchase of shares for - (7,325) - - - (7,325)
share incentive plans
Cancellation of own shares (19) - 19 - (107,441) (107,441)
Costs of share purchases - - - - (804) (804)
At 31 December 2024 795 (19,962) 499 138 99,392 80,862
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 2024 or 2023 but is derived
from those accounts. Statutory accounts for 2023 have been delivered to the
registrar of companies, and those for 2024 will be delivered by 31 March 2025.
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
2024 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 2024 are available on the corporate website at
plc.rightmove.co.uk or 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.
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 27 February 2025.
Basis of preparation
The consolidated financial statements 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 and are presented to the nearest £'000.
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
transaction related charges and the appropriate tax adjustments;
· Underlying operating profit: which is defined as operating profit
before share-based payments charges (including the related National Insurance)
and transaction related charges;
· 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 transaction related charges; 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, which
exclude charges or credits that are not entirely driven by the principal
operational activity of the Group, provide useful information to investors and
enhance the understanding of our results. The charges that are not entirely
driven by the principal operational activity of the Group include costs
relating to share-based payments, transaction related charges - such as those
in relation to acquisitions, investments or bid defence - and restructuring.
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:
2024 2023
£000 £000
Profit for the year 192,713 199,151
Share-based incentives charge 7,439 5,886
NI on share-based incentives 917 651
Legal, professional and transaction related charges 6,230 -
Investment fair value loss 3,000 -
Impact on tax charge (3,152) (1,008)
Underlying profit 207,147 204,680
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 (see Note 5).
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is
presented below:
2024 2023
£000 £000
Operating profit 256,330 258,033
Share-based incentives charge 7,439 5,886
NI on share-based incentives 917 651
Legal, professional and transaction related charges 6,230 -
Investment fair value loss 3,000 -
Underlying operating profit 273,916 264,570
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:
2024 2023
£000 £000
Administration expenses 133,552 106,283
Share-based incentives charge (7,439) (5,886)
NI on share-based incentives (917) (651)
Legal, professional and transaction related charges (6,230) -
Investment fair value loss (3,000) -
Underlying costs 115,966 99,746
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 £35.8m and money market deposits of
£5.5m at 31 December 2024 (31 December 2023: cash balance of £33.6m and
money market deposits of £5.2m).
The Group bought back shares to the value of £107.4m during the period (2023:
£130.0m) and paid dividends totalling £74.3m in May and October 2024 (2023:
£71.7m).
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 2026
("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 2026 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. 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 2026 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 financial statements.
2 Accounting policy information
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 became mandatory in
the period:
- IAS 1 regarding classification of liabilities as current or
non-current and non-current liabilities with covenants;
- IFRS 16 in relation to accounting for sale and leaseback
transactions; and
- IAS 7 and IFRS 7 disclosure updates regarding supplier finance
arrangements.
These amendments are either not applicable or have an immaterial impact on the
Group.
The Group has evaluated further amendments to IFRS that will become mandatory
in subsequent periods and assessed that only IFRS 18: Presentation and
Disclosure in Financial Statements would have an impact on presentation, which
will be adopted in the year commencing 1 January 2027 when it becomes
effective. Whilst not expected to have an impact, the review of IFRS 9 and
IFRS 7, Amendments to the Classification and Measurement of Financial
Instruments, are still on going.
Segmental reporting
Rightmove has one reportable segment, being the consolidated result. Whilst
the Chief Operating Decision Maker separately monitors revenue for different
business units, they do not separately monitor business unit profit, operating
costs, financial income, financial expenses and income taxes for these areas
of the business, instead monitoring this on a consolidated level.
The Group presents internal financial information that measures business
performance to the Chief Executive Officer, who is the Group's Chief Operating
Decision Maker. This information is used for the purpose of making decisions
about resources to be allocated and of assessing performance. This financial
information includes information on revenue performance and specific
monitoring of trade receivable levels for each of the following business
units:
- Agency, which provides resale and lettings property advertising
services, Rental Operators advertising and Rental Services on Rightmove's
platforms;
- New Homes, which provides property advertising services to new
home developers and housing associations on Rightmove's platforms; and
- Other, which comprises Commercial and Overseas property
advertising services; and non-property advertising services which include
Third Party advertising and Data Services; and the Financial Services
(Mortgages) business.
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 2024
£000 £000 £000 £000
Revenue stream
Property products 279,989 69,198 20,118 369,305
Non-property products - - 20,577 20,577
279,989 69,198 40,695 389,882
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
Geographic information
In presenting information geographically, revenue and assets reflect the
physical location of customers.
2024 2023
Revenue Trade receivables Revenue Trade receivables
£000
£000
£000
£000
Group
UK 384,112 21,796 358,470 24,480
Rest of the world 5,770 21 5,846 11
389,882 21,817 364,316 24,491
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 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)
Performance obligations satisfied in 2023 (759) -
Performance obligations satisfied in 2024 - 2,470
Accrued/(deferred) during 2024 1,270 (3,102)
Contract balances as at 31 December 2024 1,270 (3,168)
4 Operating profit
2024 2023
£000 £000
Operating profit is stated after charging:
Employee benefits 64,420 54,544
Depreciation of property, plant and equipment 3,613 3,424
Amortisation of intangibles 2,386 1,560
Trade receivables impairment charge 1,629 1,712
Legal, professional and transaction related charges* 6,230 -
Investment fair value loss 3,000 -
*Legal and professional fees in relation to transactions includes fees in
relation to acquisitions and investments (Note 13) as well as costs in
relation to the unsolicited offer for Rightmove.
Auditor's remuneration 2024 2023
£000
£000
Fees payable to the auditor in respect of the audit
Audit of the Company's financial statements 60 55
Audit of the Company's subsidiaries pursuant to legislation 356 345
Total audit remuneration 416 400
Fees payable to the Company's auditor in respect of non-audit related services
Half year review of the condensed financial statements 66 40
Total non-audit remuneration 66 40
There were no other fees payable to Ernst & Young LLP (2023: no other fees
payable).
5 Earnings per share (EPS)
Pence per share
£000 Basic Diluted
Year ended 31 December 2024
Profit for the year and EPS 192,713 24.4 24.3
Underlying profit and underlying EPS 207,147 26.2 26.1
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
Weighted average number of ordinary shares (basic) 2024 2023
Number of shares
Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and 811,252,473 835,094,530
SIP Trust
Less own shares held in treasury at the beginning of the year (11,709,197) (12,185,222)
Weighted effect of own shares purchased for cancellation (8,933,806) (9,991,531)
Weighted effect of share-based incentives exercised 363,417 433,805
Weighted effect of shares purchased (755,421) (14,726)
Issued ordinary shares at 31 December less ordinary shares held by treasury,
SIP and the EBT
790,217,466 813,336,856
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.
2024 2023
Number of
Number of shares
shares
Weighted average number of ordinary shares (basic) 790,217,466 813,336,856
Dilutive impact of share-based incentives outstanding 2,384,515 2,002,000
792,601,981 815,338,856
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:
2024 2023
Pence per share £000 Pence per share £000
2022 final dividend paid - - 5.2 42,588
2023 interim dividend paid - - 3.6 29,084
2023 final dividend paid 5.7 45,226 - -
2024 interim dividend paid 3.7 29,112 - -
9.4 74,338 8.8 71,672
Unclaimed dividends returned - (30) - (21)
Net dividends included in the statement of cash flows
- 74,308 - 71,651
After the reporting date, a final dividend of 6.1p (2023: 5.7p) per
qualifying ordinary share, being £46,900,000 (2023: £45,330,000), was
proposed by the Board of Directors. The final dividend will be paid, subject
to shareholder approval, on 23 May 2025.
The 2023 final dividend of £45,226,000 (5.7p per qualifying share) was paid
on 24 May 2024. It was £104,000 lower than that reported in the 2023 annual
accounts due to a decrease in the ordinary shares entitled to a dividend
between 2 March 2024 and the final dividend record date of 28 April 2024.
The 2024 interim dividend paid on 25 October 2024 was £29,112,000, being
£412,000 higher than that reported in the 2024 Half Year report of
£28,700,000. This was due to an increase in the expected number of ordinary
shares entitled to a dividend between 30 June 2024 and the interim dividend
record date of 27 September 2024.
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
2024 2023
£000
£000
Current tax expense
Current year 65,214 61,324
Adjustment to current tax charge in respect of prior years (210) 149
65,004 61,473
Deferred tax
Origination and reversal of temporary differences 578 (455)
Adjustment to deferred tax in respect of prior years 105 (324)
Increase in tax rate at which deferred tax is being recognised - (76)
683 (855)
Total income tax expense 65,687 60,618
Income tax recognised directly in equity
2024 2023
£000
£000
Current tax
Share-based incentives (88) (30)
Deferred tax
Share-based incentives (409) (95)
Increase in tax rate at which deferred tax is being recognised - (8)
(409) (103)
Total income tax credit recognised directly in equity (497) (133)
Reconciliation of effective tax rate
The Group's consolidated effective tax rate for the year ended
31 December 2024 is 25.4% (2023: 23.3%) which is more than (2023: lower
than) the standard rate of corporation tax in the UK due to the items shown
below:
2024 2023
£000
£000
Profit before tax 258,400 259,769
Current tax at 25% (2023: 23.5%)
64,600 61,098
Increase in tax rate at which deferred tax is being provided - (76)
Net non-deductible expenses/(non-taxable income) 1,068 (44)
Adjustment to deferred tax charge in respect of prior years 105 (324)
Share-based incentives 124 (167)
Adjustment to current tax charge in respect of prior years (210) 149
Difference between the current and deferred tax rates - (18)
65,687 60,618
Factors affecting future tax charge
The increase in the UK Corporation Tax rate from 19% to 25% was effective 1
April 2023 (substantively enacted on 24 May 2021). This has increased the
Group's current tax rate accordingly. The deferred tax at 31 December 2023
and 31 December 2024 has been calculated based on these rates, reflecting the
expected timing of reversal of the related temporary differences.
8 Trade and other receivables
2024 2023
£000
£000
Trade receivables 23,331 25,740
Less provision for impairment of trade receivables (1,514) (1,249)
Net trade receivables 21,817 24,491
Prepayments 6,251 6,259
Interest receivable 361 405
Other debtors 572 319
29,001 31,474
9 Trade and other payables
2024 2023
£000
£000
Trade payables 1,326 2,057
Trade accruals 9,270 7,662
Other creditors 3,033 1,510
Other taxation and social security 13,407 13,508
27,036 24,737
10 Share capital
2024 2023
Amount Number of Amount Number of
£000 shares £000 Shares
In issue ordinary shares
At 1 January 814 813,449,619 838 837,401,085
Purchase and cancellation of shares (19) (18,772,755) (24) (23,951,466)
At 31 December 795 794,676,864 814 813,449,619
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 2024
are 1,833,148 (2023: 1,029,919) shares held by the EBT, 1,320,429 (2023:
1,167,227) shares held by the SIP and 11,168,495 (2023: 11,709,197) shares
held in Treasury.
In June 2007, Rightmove plc commenced a share buyback program to purchase its
own ordinary shares. The total number of shares bought back in 2024 was
18,772,755 (2023: 23,951,466) shares representing 2.4% (2023: 2.9%) 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 £107,441,000
(2023: £130,000,000). The maximum and minimum prices paid were £6.84
(2023: £5.97) and £5.00 (2023: £4.73) per share respectively. The average
price paid was £5.72 (2023: £5.43). Costs incurred on purchase of own shares
in relation to stamp duty charges and broker expenses for share buy backs were
£753,000 (2023: £910,000). Costs incurred on purchase of own shares in
relation to stamp duty charges and broker expenses for the SIP award were
£14,000 (2023: £12,000) and for the RSP award were £37,000 (2023: £nil).
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 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 as at 1 January 2024 (1,860) (6,321) (5,559) (13,740)
Shares purchased for share incentive plans (5,910) (1,415) - (7,325)
Shares transferred to SIP 594 (594) - -
Share-based incentives exercised in the year 66 713 260 1,039
SIP releases in the year - 64 - 64
Own shares held as at 31 December 2024 (7,110) (7,553) (5,299) (19,962)
Own shares held - number of shares
EBT shares reserve SIP shares reserve Treasury
shares Total
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
Own shares held as at 1 January 2024 1,029,919 1,167,227 11,709,197 13,906,343
Shares purchased for share incentive plans 1,028,015 209,088 - 1,237,103
Shares transferred to SIP (88,502) 88,502 - -
Share-based incentives exercised in the year (136,284) (132,413) (540,702) (809,399)
SIP releases in the year - (11,975) - (11,975)
Own shares held as at 31 December 2024 1,833,148 1,320,429 11,168,495 14,322,072
(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 2024, the EBT held 1,833,148 (2023: 1,029,919) of the
ordinary shares in issue, representing 0.2% (2023: 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 2024 was £11,765,000
(2023: £5,928,000).
(b) SIP shares reserve
In November 2014, the Rightmove Share Incentive Plan Trust (SIP) was
established. 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 445 free shares with effect from 19 December 2024
(2023: 600),
subject to a three-year service period. During the year shares were exercised
132,413 (2023: 104,740) and 11,975 shares (2023: 12,200) were released by the
SIP in relation to good leavers and retirees. 88,502 shares were transferred
to the SIP reserve from the EBT (2023: 127,240).
At 31 December 2024, the SIP held 1,320,429 (2023: 1,167,227) of the
ordinary shares in issue, representing 0.2% (2023: 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 2024 was £8,475,000 (2023:
£6,718,000).
(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 2024, the Treasury held 11,168,495 of the
ordinary shares in issue. The market value of the shares held in treasury at
31 December 2024 was £71,679,000 (2023: £67,398,000).
Other reserves
Other reserves of £499,000 (2023: £480,000) represents the Capital
Redemption Reserve in respect of own shares bought back and cancelled. The
movement of £19,000 (2023: £24,000) 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 £368,000 (2023:
£1,562,000) 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.
Reverse acquisition reserve
This reserve of £138,000 (2023: £138,000) resulted from the acquisition of
Rightmove Group Limited by Rightmove plc and represents the difference between
the value of the shares acquired at 28 January 2008 and the nominal value of
the shares issued.
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 Group recognised a total share-based payments charge for the year of
£7,439,000 (2023: £5,886,000). The NI charge for the year, relating to all
awards, was £917,000 (2023: £651,000). The share price at 31 December 2024
was £6.42 (2023: £5.76).
The total charge in relation to share-based payments was £8,356,000 (2023:
£6,537,000)
13 Business combinations and other acquisitions
HomeViews Platform Limited
On 1 February 2024, the Group acquired the entire ordinary share capital of
HomeViews Platform Limited, a business providing the UK's biggest community of
verified resident reviews of property developments, with a particular focus on
the build to rent sector. This augments our existing Rental Operators
proposition, provides a basis for introducing resident reviews into other
business units, and will leverage the scale benefits that the Rightmove
platform and customer base bring to the HomeViews' existing market. This
acquisition has been treated in line with IFRS 3 - business combinations.
Total consideration £000
Cash consideration 8,471
Total consideration 8,471
The following table provides a reconciliation of the amounts included in the
Consolidated Statement of Cash Flows:
£000
Cash consideration 8,471
Net of cash and cash equivalents acquired (519)
Net cash cost paid for subsidiary 7,952
Deferred consideration (400)
Net cash outflow included in the statement of cash flows 7,552
The total cash consideration of £8,471,000 excludes acquisition costs of
£590,000, which have been recognised as an expense in the period in the
Consolidated Statement of Comprehensive Income (£370,000 in the period and
£220,000 in December 2023). Included within transaction costs on acquisition
of £590,000 are legal and due diligence fees and stamp duty. The deferred
consideration will be payable on the second anniversary of the completion date
and has no performance obligations
.
In the eleven-month period to 31 December 2024, HomeViews contributed revenue
of £1.3m and a trading loss after tax of £0.2m to the Group's results. If
the acquisition had occurred on 1 January 2024, management estimates that
consolidated revenue would have been £1.4m and consolidated profit for the
period would have still been lowered by £0.2m. In determining these amounts,
management has assumed that the fair value adjustments, determined
provisionally, that arose on the date of acquisition would have been the same
if the acquisition had occurred on 1 January 2024.
The deferred consideration of £400,000 has accrued £17,000 of interest in
the post-acquisition period.
Net assets acquired
The following table details the final fair values of the assets and
liabilities acquired at the date of acquisition:
Carrying values pre-acquisition Fair value adjustments Fair
£000
£000
values
£000
Non-current assets
Property, plant and equipment 14 - 14
Intangible assets - IT development costs - 757 757
Intangible assets - customer relationships - 1,845 1,845
Total non-current assets 14 2,602 2,616
Current assets
Trade and other receivables 150 - 150
Cash and cash equivalents 519 - 519
Total current assets 669 - 669
Current liabilities
Trade and other payables (328) - (328)
Total current liabilities (328) - (328)
Non-current liabilities - deferred tax - (650) (650)
Fair value of net assets acquired 355 1,952 2,307
Goodwill
Goodwill arising from the acquisition has been recognised as follows:
£000
Total consideration 8,471
Fair value of net assets acquired (2,307)
Goodwill 6,164
The goodwill figure recognised above includes the knowledge and experience of
HomeViews which is established within the Rental Operators markets, their
skilled workforce and the reputation of the business.
This is together with the synergy benefits expected to the Group through
leveraging the scale and reach of the Rightmove customer base, its sales and
marketing teams and technological capability. For the purposes of impairment
testing, goodwill allocated to the relevant lowest cash generating unit which
is the Agency only unit.
The Directors have considered the fair value of assets and liabilities
acquired and have concluded that there are no other intangible assets to be
recognised other than goodwill, computer software and customer relationships.
Investment in Coadjute Limited
During the period, the Group acquired a 7.4% holding in Coadjute Limited, a
business providing a nationwide infrastructure for the property market,
connecting buyers, sellers and property professionals with data, services, and
each other. Other investors include Lloyds Banking Group, Nationwide and
NatWest. The potential of a platform like Coadjute to, over time, digitise and
transform the house purchase journey - reducing the time to closure and
providing greater visibility of the progress of the transaction to buyers,
sellers and lenders - is immense, but this is a journey that will take time.
For that reason, the investment is strategic and longer-term in its nature and
the acquisition cost of £3.0m is considered to have a fair value of £nil and
is recognised in the Income Statement as a strategic research-related cost.
14 Subsequent events
There were no subsequent events, between the 31 December 2024 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: Ruaridh Hook 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 Peel Hunt LLP
Registered in Auditor
England no. 06426485 Ernst & Young LLP
Bankers
Financial calendar 2024 Barclays Bank plc
2024 full year results 28 February 2025 Santander UK plc
Final dividend record date 25 April 2025 HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting 9 May 2025
Final dividend payment 23 May 2025 Solicitors
Half year results 25 July 2025 EMW LLP
Linklaters LLP
Herbert Smith Freehills LLP
Registrar
MUFG Corporate Markets ((1))
( (1)) Shareholder enquiries
The Company's registrar is MUFG Corporate Markets. 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@cm.mpms.mufg.com
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: MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder
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. END FR BCGDDXBDDGURRecent news on Rightmove
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