REG - Rightmove Plc - Half-year Report
25/07/2025 07:00
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RNS Number : 5155S Rightmove Plc 25 July 2025
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Rightmove plc, the UK's largest property portal, today announces its unaudited
results for the six months ended 30 June 2025
Strong results and product delivery across the platform
Key headlines
· Leading platform and network effects remain very strong
· Clear value recognition by our partners - highest H1 Estate Agency
retention in over 10 years
· Strategic Growth Areas of Commercial Property, Mortgages, and Rental
Services delivering operationally and financially - combined revenue up
37%(()(1)) year-on-year
· Technology innovation and AI usage have accelerated in the period
· 2025 guidance reiterated, with ongoing confidence in Rightmove's
long-term potential
Financial highlights
H1 2025 H1 2024* Change vs 2024 % Change vs 2024
Revenue £211.7m £192.1m £19.6m 10%
Operating profit £145.4m £131.6m £13.8m 10%
Underlying operating profit((2)) £151.3m £138.7m £12.6m 9%
Interim dividend per share 4.05p 3.70p 0.35p 9%
Basic earnings per share 14.1p 12.4p 1.7p 14%
Underlying basic earnings per share((4)) 14.7p 13.2p 1.5p 11%
*Consistent with disclosure at FY24, the comparative underlying measures for
H1 2024, issued on 26 July 2024, have been restated to exclude the transaction
related-charges incurred during H1 2024 of £3.6m - see note 1b to the
financial statements
· Revenue up 10% on H1 2024, as Estate Agency and New Homes
developer partners invested in upgrading their packages and purchased
incremental products; total membership increased 1% across Agency and New
Homes, compared to June 2024
· Underlying operating profit(()(2)) up 9% with underlying operating
profit margin of 71%(()(3)) reflecting planned growth-focused investment and
consistent with full-year guidance of 70%
· Interim dividend up 9% to 4.05p per share (H1 2024: 3.70p)
· £112.4m of surplus cash returned to shareholders through share
buybacks and dividends (H1 2024: £100.2m); with 9.1m shares (1.2% of
outstanding share capital) purchased and cancelled to 30 June (H1 2024: 10.1m,
1.2%)
· Cash and cash equivalents, including money market deposits, of
£42.4m (31 December 2024: £41.3m)
· 11% Underlying basic earnings per share(()(4)) growth
· Average Revenue per Advertiser ("ARPA")(()(5)) grew by £112,
predominantly product-led, with particular strength in New Homes
ARPA H1 2025 H1 2024 Change vs
H1 2024
Agency((6)) 1,520 1,417 103
New Homes((7)) 2,093 1,940 153
Total ARPA((5)) 1,609 1,497 112
· Total membership increased, driven by growth in Agency members
reflecting both retention and new agent formation
· Agent formation returned to levels not seen since 2020, as the
market is more conducive to new entrants
· New Homes' marginal increase reflects continued low levels of new
build developments coming to market
· Average total membership across the first half of the year was up
1% compared to H1 2024, with Estate Agency branches up 189/1% and New Homes
developments up 73/3%
Membership 30 June 2025 31 Dec 2024 30 June 2024 Change vs Dec 2024 Change vs Dec 2024 %
Agency branches 16,382 16,124 16,193 258 2%
New Homes developments 2,941 2,923 2,868 18 1%
Total membership 19,323 19,047 19,061 276 1%
Operational highlights
· Consumer:
o Sustained traffic growth, with a total of 9.1 billion minutes spent on the
platform in the period, up 10%((8)) (H1 2024: 8.3 billion) - second-highest on
record. Share of time was stable, >80% (Comscore) and >70%
(SimilarWeb/Data.ai)((9)). Over 85% of traffic was direct and organic((8))
o We invested in engaging all generations through channels including
Facebook, Instagram, LinkedIn and TikTok, across which engagement increased 3x
year-on-year((10)) as well as increasing consumers subscribed to marketing to
over 9m (+11% year-on-year)
· Partner:
o Continued growth in the uptake of our top packages:
§ "Optimiser Edge" for estate agents, with 33% of independent agents
subscribing (December 2024: 31%); and
§ the launch of a new top package "Ascend" for New Homes developers, with
c.150 developments already on the new package (c.5% of developments). With the
ratio of new builds to resale stock at a record low, developers turned to our
marketing products to help compete for buyers
o Retention of existing partners was 96%, the highest first-half agency
retention in over 10 years (H1 2024: 95%)
o Over 15m engagements with partners under the "Building Success Together"
partnership programme, through inclusive tools such as Rightmove Hub for
training - which saw a complete refresh in the period and is now used by 70%
of estate agency branches - Rightmove Plus for business management, and
account manager meetings
· Strategic Growth Areas:
o Commercial Property attracted over 100 more partners, (+17% since December
2024), achieved over 60% of online user time((11)) and sent 37% more leads to
partners
o Rental Services saw c.270 more partners sign up to its end-to-end digital
solution, Lead to Keys, of which over a third were new partners to Rightmove,
with revenue growth of 34%
o Mortgages more than doubled its revenue year-on-year to £4.5m (H1 2024:
£2.2m) introducing £20bn of potential lending to our partners (H1 2024:
£11bn)
o Together, these three areas contributed £15.3m in revenue, up 37% on H1
2024, and 21% of Group revenue growth (H1 2024: 21% of Group revenue growth)
· Innovation:
o Our product teams delivered more than 3,000 releases during the period,
including cloud transformation and increasing adoption of AI
o Examples of new products for partners included Buyer Profiles and
Appointment Requests for New Homes developers, a new data API for Commercial
partners, and improvements to our Rentals AVM (Automated Valuation Model),
upgrades to the Rightmove Hub, as well as pathfinding a new product in Estate
Agency
o Examples for consumers included acceleration of property valuation tools
usage, AI filters on our app, a global-first Property Checker within
Mortgages, and a Renters Checklist within Rental Services
Current end-market trends
Property end-market trends remain supportive for our partners' businesses.
Financial markets currently expect further cuts to the current Bank of England
base rate of 4.25%((12)) by the end of the year, with the lowest 2-year fixed
mortgage rate at 30 June 2025 of 3.8%, down 88bps year-on-year.((13)) In
resale, sales agreed in H1 2025 were 6% ahead of H1 2024, while completions
were up 22%, supporting pipelines and agent confidence. In June alone, new
listings and demand were up by 9% and 6% year-on-year, respectively: a
positive backdrop for the remainder of the year. Within the lettings
sub-market, supply and demand continue to rebalance, although enquiries per
available property remain above pre-COVID levels. New Homes developers
remain optimistic, although developments in the market remain at relatively
low levels.
Outlook
We continue to build a larger, more diversified, digital Rightmove ecosystem
in line with our strategy.
For the full year, we continue to expect revenue growth of 8-10%, 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
continue to expect c.1% growth in membership and ARPA growth of £95-£105 for
the year across Estate Agency and New Homes developers. H2 will see ongoing
revenue growth, but following last year's record H2 we expect the year-on-year
revenue growth percentage in H2 to be lower than H1.
We continue to invest in innovation and value delivery for our consumers and
partners across the Rightmove platform. We expect an underlying operating
margin of 70% for FY25.
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:
"These results highlight the strength of our platform and how we serve our
long-term partners with products tailored to their circumstances and needs.
Against a backdrop of a positive market for agents, we have seen an increase
in agent formation and estate agents using our top package, Optimiser Edge,
which helps maximise their performance. Developers of new builds are turning
to marketing products including our new Ascend package to help compete for
buyers when the ratio of new builds to resale stock is at a post-COVID low.
"Our investment in technology and people is yielding results and with
continued innovation, we remain committed to improving consumers' overall
moving journeys, and enabling our partners to grow, compete, and succeed. We
see a long runway of opportunity for digitalisation of the property ecosystem,
and confirm our financial outlook for the year."
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/xbpggc54
(https://edge.media-server.com/mmc/p/xbpggc54)
Enquiries:
Investor Relations investor.relations@rightmove.co.uk
(mailto:investor.relations@rightmove.co.uk)
Sodali
rightmove@sodali.com (mailto:rightmove@sodali.com)
(1) Strategic Growth Areas' revenue - H1 2024: £11.2m, H1 2025:
£15.3m
(2) Underlying operating profit is operating profit before
share-based payments charges (including the related National Insurance charge)
and transaction-related charges
(3) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue
(4) Underlying basic earnings per share (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
(5) 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
period
(6) 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 period
(7) 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 period
(8) Source: Google Analytics
(9) Time in minutes spent on Rightmove platforms (site and app):
most recent available month of data. Source: SimilarWeb (website), Data.ai
(app), June 2025 (74%). 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, June 2025 (80%).
(10) SimilarWeb (website) and Data.ai (app) January-June 2025 vs
January-June 2024, for Facebook, Instagram, LinkedIn, Tiktok. 'Engagement'
defined as reactions, comments, shares, saves, link clicks and profile actions
(11) Source: SimilarWeb, June 2025. Share of all time driven by
Rightmove (commercial sections only), Zoopla (commercial sections only),
Loopnet, NovaLoca and Estates Gazette
(12) Bank of England
(13) Rightmove Mortgages tracker
(https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/
(https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/)
)
About Rightmove
· Rightmove has the UK's largest selection of properties for sale and
to rent, adds more listings than anyone else, and over 80% of all time spent
on property portals is on Rightmove.
· Rightmove's vision is to give everyone the belief that they can make
their move by giving people the best place to turn and return to for access to
tools and expertise to make it happen.
· People can search Rightmove for residential resale, new homes,
rentals, commercial property and overseas properties and use tools and
information including getting a Mortgage in Principle, checking local sold
prices, property valuations, market trends, maps and schools.
· Customers include the following key groups: estate agents, lettings
agents, new homes developers, rental operators, commercial property operators
and overseas property agents and financial services operators
· Using the UK's largest housing datasets, we issue a number of regular
reports to track housing market indicators: our monthly House Price Index
(established 2002), quarterly Rental Trends Tracker (established 2015), daily
Mortgage Rates Tracker (established 2023) and quarterly Commercial Insights
Tracker (established 2024). Historical data is available on request.
· Founded in 2000, Rightmove listed on the London Stock Exchange in
2006 and is a member of the FTSE 100 index.
· For more information, please visit www.rightmove.co.uk/claims
(http://www.rightmove.co.uk/claims)
Financial performance
Revenue
Revenue increased by £19.6m/10% year on year to £211.7m (2024: £192.1m):
H1 2025 H1 2024 Change vs 2024 £m Change vs 2024 %
£m
£m
Agency 150.8 138.5 12.3 9%
New Homes 37.5 33.9 3.6 11%
Other 23.4 19.7 3.7 18%
Total Revenue 211.7 192.1 19.6 10%
Agency revenue increased by £12.3m year on year to £150.8m. Revenue growth
predominantly came from package upgrades, with almost 450 partners moving to
the top package Optimiser Edge. Customers increasingly purchased products
incrementally within their packages, with property product revenue increasing
particularly strongly as partners looked to differentiate properties, given
available properties for sale were at the highest level in 10 years. Contract
renewals remained in-line with previous years. We saw agent formation return
to levels not seen since H2 2020, as the market is more conducive to new
entrants. Agency ARPA((1)) increased by £103/7% to £1,520 (June 2024:
£1,417) and membership numbers were up 2% on 31 December 2024, ending the
first half of the year at 16,382 branches.
New Homes revenue increased by 11% to £37.5m. New Homes developers continue
to upgrade to our top packages with 68% on the Advanced package in H1 (H1
2024: 56%) and c.150 developments on the new Ascend package by period-end.
With the ratio of new builds to resale stock at a post-COVID low, developers
turned to our marketing products to help compete for buyers: revenue grew in
branding and closing products by 18% and 15% respectively. New Homes ARPA((2))
increased by £153/8% to £2,093 (June 2024: £1,940) aided by consistent
growth in development numbers which, at 2,941, were marginally up (18/1%) on
December. This increase was due to housing associations and retirement homes
increasing by 63, with New builds decreasing by 45 as new developments coming
to market remain subdued.
Other revenue increased to £23.4m, with growth across almost all business
units, primarily from mortgage revenue, up 107% to £4.5m reflecting an
increased volume of MIPs (mortgages in principle), and Commercial revenue
growth of 14% to £7.4m. Commercial ARPA decreased to £1,153 (June 2024:
£1,296) reflecting a higher mix of new, lower ARPA customers, with a 17%
increase in membership to 1,106 (December 2024: 949).
Administration costs
Total costs increased by £5.8m to £66.3m (2024: £60.5m), which included
share-based payments charges and related National Insurance of £5.9m (2024:
£3.5m) and transaction related charges of £nil (2024: £3.6m).
Excluding these share-based payments and transaction-related costs, underlying
operating costs((3)) increased by £7.0m/13% to £60.4m (2024: £53.4m*). The
increase was primarily due to:
· £4m payroll costs reflecting increased headcount and salary costs,
along with the National Insurance rate increase
· £2m other costs due to ongoing investment in marketing and
technology offset by savings in general and administrative costs
· £1m depreciation and amortisation charges
The share-based payments charge of £5.9m increased by £2.4m, mostly
reflecting higher National Insurance on unexercised awards, due to both the
higher share price and National Insurance increases, as well as the IFRS2
charge on new awards. There were no transaction-related charges during H1 2025
(2024: £3.6m comprised legal and professional fees of £0.6m in relation to
the HomeViews acquisition and Coadjute Investment and a £3.0m reduction in
fair value was charged in relation to the Coadjute investment: see note 14).
Operating profit and Earnings per Share
H1 2025 H1 2024* Change vs 2024 £m Change vs 2024 %
£m
£m
Revenue 211.7 192.1 19.6 10%
Administration costs (66.3) (60.5) (5.8) (10%)
Operating profit 145.4 131.6 13.8 10%
Operating margin 69% 69%
Excluding charges that are not entirely driven by the principal operational
activity of the Group:
Share-based incentive charges 5.9 3.5 2.4 69%
Transaction-related charges - 3.6 3.6 -
Underlying operating profit ((4)) 151.3 138.7 12.6 9%
Underlying operating margin ((5)) 71% 72%
Basic earnings per Share (EPS) 14.1 12.4 1.7 14%
Underlying basic earnings per Share((6)) 14.7 13.2 1.5 11%
*All the comparative underlying measures as at 30 June 2024 have been restated
to exclude the H124 transaction related costs - see note 1b to the financial
statements.
Operating profit increased by £13.8m to £145.4m (H1 2024: 131.6m), with an
operating profit margin of 69% (H1 2024: 69%).
Underlying operating profit((4)) increased by £12.6m/9% to £151.3m, with an
underlying operating profit margin((5)) of 71% (June 2024: 72%*), slightly
lower due to planned growth-focused investment.
The increase in basic and underlying earnings per share was driven by the
increase in profits and the share buyback programme, which reduced the
weighted average number of ordinary shares in issue to 777.1m (2024: 795.1m).
Summary consolidated statement of financial position
30 June 31 December 2024 30 June Change from
2025 £m 2024 Dec 2024
£m £m £m
Property, plant and equipment 7.7 8.4 9.1 (0.7)
Intangible assets 38.3 36.2 34.0 2.1
Deferred tax asset 2.4 1.4 1.7 1.0
Trade and other receivables 32.7 29.0 29.9 3.7
Contract assets 1.4 1.3 1.1 0.1
Income tax receivable - 0.9 - (0.9)
Cash inc. money market deposits 42.4 41.3 28.1 1.1
Trade and other payables (32.9) (27.0) (26.9) (5.9)
Contract liabilities (3.1) (3.2) (2.2) 0.1
Income tax payable (0.5) - (0.9) (0.5)
Lease liabilities (5.4) (6.2) (6.7) 0.8
Provisions (0.9) (0.9) (0.8) -
Other non-current liabilities (0.4) (0.4) (0.4) -
Net assets 81.7 80.9 66.0 0.8
Rightmove's balance sheet as at 30 June 2025 shows total equity of £81.7m (31
December 2024: £80.9m).
The increase in intangible assets to £38.3m is due to £4.0m capitalisation
of product development costs (2024: £4.4m), partially offset by £1.9m of
amortisation.
Trade and other receivables of £32.7m, increased £3.7m on December 2024
driven by increased trade receivables, from higher revenue and an increase in
prepayments reflecting timing. Trade and other payables of £32.9m increased
£5.9m on December 2024 due to higher accruals and VAT payable.
Cashflow, capital structure and dividends
Rightmove remained debt-free during the period and cash generation remained
strong. Cash generated from operating activities was £155.7m (June 2024:
£143.2m) and 107% of operating profit (2024: 109%)((7)).
The closing Group cash balance at 30 June 2025, including money market
deposits, was £42.4m (31 December 2024: £41.3m). Cash remains invested in
short-term, easily accessible money market deposits, including in a "green"
money-market fund.
Dividends totalling £47.4m were paid during the period in relation to the
final 2024 dividend (2024: £45.2m). Surplus cash generated was returned to
shareholders as part of the ongoing share buyback programme and the Group
purchased and cancelled 9.1 million ordinary shares during the period (2024:
10.1m), at a cost of £65.0m excluding expenses (2024: £55.0m).
Consistent with the capital allocation policy to grow dividends in line with
underlying earnings, the Directors are declaring an interim dividend of 4.05p
per ordinary share, which will be paid on 24 October 2025 to all shareholders
on the register as at 25 September 2025. We intend to continue the share
buyback programme in the second half of 2025.
*All the comparative underlying measures as at 30 June 2024 have been restated
to exclude the H124 transaction-related costs - see note 1b to the financial
statements.
Ruaridh Hook
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) 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 the appropriate tax adjustments, divided by
the weighted average number of ordinary shares outstanding during the period
(7) Cash generated from operating activities of £155.7m (2024:
£143.2m) compared to operating profit as reported in the income statement of
£145.4m (2024: £131.6m).
Principal Risks and Uncertainties
The Board and Audit Committee review the principal risks and uncertainties
facing the Group in line with the risk management framework; conducting a
robust assessment of the risks, including potential emerging risks, and of any
changes in the internal or external environment that could impact strategy and
operations. The Board and Audit Committee review the risk register, which
captures all material risks, principal risks and uncertainties faced by the
Group, semi-annually.
The risks set out in the 2024 Annual Report remain relevant for 2025 and there
have been no significant changes. An overview of the principal risks is
outlined below:
Risk Overview
Macroeconomic environment The Group derives almost all its revenues from the UK and is therefore
dependent to a certain extent on the macroeconomic conditions surrounding the
UK housing market and consumer confidence, which can impact property
transaction levels. Whilst consumer engagement and the Rightmove business
model largely shield the Group from all but extreme market swings, a severe
and prolonged recession could reduce the base and potentially impact Group
revenue.
Competitive environment The Group operates in a competitive marketplace, where there are attractive
margins and low barriers to entry, which has been changing through the
activities of our property portal competitors in recent years. Whilst
increased competition may impact Rightmove, through a potential loss of
consumer audience or reduced demand for advertising by customers, the impact
has been insignificant to date with all KPIs continuing to grow in the first
half of 2025.
New or disruptive technologies and changing consumer behaviours Rightmove operates in a fast-moving online marketplace. Failure to innovate or
to adopt new technologies, 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 experience to
consumers - adversely impacting revenue.
Cyber security and IT systems The Group has a high dependency on technology and internal IT systems. There
are increased risks associated with external cyber-attacks, such as those
recently seen in the retail sector, which could result in an inability to
operate the Rightmove platform. 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. Any loss of website availability, or theft or misuse of
data held by the Group, could result in reputational damage and/or financial
loss.
Regulatory risks 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. Any failure could lead to
reputational damage, legal action and/or financial penalties.
Securing and retaining the right talent Our continued success is dependent on our ability to attract, recruit, retain
and motivate our highly skilled workforce: to ensure the Group maintains its
performance and delivers its strategic objectives.
Further detail on these risks, and the ways in which they are monitored and
mitigated, is available in the Rightmove plc Annual Report 2024.
Statement of Directors' responsibilities
The Directors are responsible for preparing the interim report in accordance
with applicable law and regulations. The Directors confirm that the condensed
consolidated interim financial information has been prepared in accordance
with UK-adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
The interim management report includes a fair review of the information
required by the Disclosure Guidance and Transparency Rules paragraphs 4.2.7R
and 4.2.8R, namely:
· an indication of important events that have occurred during the six
months ended 30 June 2025 and their impact on the condensed set of financial
information, and a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
· material related-party transactions during the six months ended 30
June 2025 and any material changes in the related-party transactions described
in the Annual Report and Accounts 2024.
A list of current Directors is maintained on the Rightmove plc website:
https://plc.rightmove.co.uk (https://plc.rightmove.co.uk) .
The Directors are responsible for the maintenance and integrity of, amongst
other things, the financial and corporate governance information as provided
on the Rightmove website (https://plc.rightmove.co.uk). Legislation in the
United Kingdom governing the preparation and dissemination of financial
information may differ from legislation in other jurisdictions.
The interim report was approved by the Board of Directors and authorised for
issue on 24 July 2025 and signed on its behalf by:
Johan
Svanstrom
Ruaridh Hook
Chief Executive Officer
Chief
Financial Officer
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
Note Six months ended Six months ended Year ended
30 June 2025
30 June 2024*
31 December 2024
£000 £000 £000
Revenue 5 211,730 192,114 389,882
Administrative expenses (66,345) (60,512) (133,552)
Operating profit 145,385 131,602 256,330
Underlying Operating Profit* 1c 151,276 138,728 273,916
Share-based incentive charge 6 (5,891) (3,536) (8,356)
Transaction-related charges* 14 - (3,590) (9,230)
Financial income 1,459 1,356 2,617
Financial expenses (306) (270) (547)
Net financial income 1,153 1,086 2,070
Profit before tax 146,538 132,688 258,400
Income tax expense 9 (36,630) (33,748) (65,687)
Profit for the period being total comprehensive income 109,908 98,940 192,713
Attributable to:
Equity holders of the Parent 109,908 98,940 192,713
Earnings per share (pence)
Basic 7 14.1 12.4 24.4
Diluted 7 14.1 12.4 24.3
*All the comparative 30 June 2024 underlying measures have been restated to
exclude the H124 transaction related charges - as explained in note 1b
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Company number 06426485
at 30 June 2025
Note 30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Non-current assets
Property, plant and equipment 7,664 9,083 8,385
Intangible assets 10 38,358 34,005 36,245
Deferred tax assets 9 2,420 1,690 1,449
Total non-current assets 48,442 44,778 46,079
Current assets
Trade and other receivables 11 32,710 29,928 29,001
Contract assets 5 1,385 1,084 1,270
Income tax receivable - - 905
Money-market deposits 5,588 5,363 5,482
Cash and cash equivalents 36,817 22,740 35,761
Total current assets 76,500 59,115 72,419
Total assets 124,942 103,893 118,498
Current liabilities
Trade and other payables 12 (32,915) (26,921) (27,036)
Lease liabilities (2,597) (2,387) (2,497)
Contract liabilities 5 (3,059) (2,157) (3,168)
Income tax payable (548) (881) -
Total current liabilities (39,119) (32,346) (32,701)
Non-current liabilities
Lease liabilities (2,814) (4,308) (3,665)
Provisions (859) (847) (853)
Other non-current liabilities (423) (400) (417)
Total non-current liabilities (4,096) (5,555) (4,935)
Total liabilities (43,215) (37,901) (37,636)
Net assets 81,727 65,992 80,862
Equity
Share capital 786 804 795
Other reserves 646 628 637
Retained earnings (net of own shares) held) 80,295 64,560 79,430
Total equity attributable to the equity holders of the Parent
81,727 65,992 80,862
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
for the six months ended 30 June 2025
Note 6 months ended 6 months ended Year ended
30 June 2025
30 June 2024
31 December 2024
£000 £000 £000
Cash flows from operating activities
Profit for the period 109,908 98,940 192,713
Adjustments for:
Depreciation charges 1,894 1,782 3,613
Amortisation charges 10 1,920 967 2,386
Financial income (1,459) (1,356) (2,617)
Financial expenses 306 270 547
Fair value movements on investment 14 - 3,000 3,000
Share-based payments 6 4,541 3,330 7,439
Income tax expense 9 36,630 33,748 65,687
Operating cash flow before changes in working capital 140,681
153,740 272,768
(Increase)/decrease in trade and other receivables 11 (3,720) 1,153 2,429
Increase in trade and other payables 12 5,886 2,056 2,299
Increase in contract assets 5 (115) (325) (511)
(Decrease)/increase in contract liabilities 5 (109) (379) 632
Cash generated from operating activities 155,682 143,186 277,617
Financial expenses paid (303) (267) (538)
Income taxes paid (35,331) (32,855) (65,809)
Net cash from operating activities 110,064
120,048 211,270
Cash flows used in investing activities
Interest received on cash and cash equivalents 1,357 1,548 2,404
Acquisition of property, plant and equipment (387) (866) (1,055)
Acquisition of subsidiary, net of cash received 14 - (7,552) (7,552)
Acquisition of investment 14 - (3,000) (3,000)
Acquisition of intangible assets 10 (4,033) (4,363) (8,023)
Net cash used in investing activities (3,063) (14,233) (17,226)
Cash flows used in financing activities
Net dividends paid 8 (47,390) (45,214) (74,308)
Purchase of own shares for cancellation 13 (65,000) (55,000) (107,441)
Purchase of own shares for share incentive plans 13 (1,708) (5,213) (7,325)
Share-related expenses (469) (385) (804)
Payment of lease liabilities (1,539) (1,306) (2,781)
Proceeds on exercise of share-based incentives 177 386 735
Net cash used in financing activities (115,929) (106,732) (191,924)
Net increase/(decrease) in cash and cash equivalents 1,056 (10,901) 2,120
Cash and cash equivalents at 1 January 35,761 33,641 33,641
22,740
Cash and cash equivalents at period end 36,817 35,761
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the six months ended 30 June 2025
Share Own shares held Other Reverse acquisition Retained Total
capital
reserves
reserve
earnings
equity
£000 £000
£000
£000
£000
£000
At 1 January 2024 814 (13,740) 480 138 81,664 69,356
-
Total comprehensive income - - - 98,940 98,940
Profit for the period
Transactions with owners recorded directly in equity
Share-based payments - - - - 3,330 3,330
Tax debit in respect of share-based incentives recognised directly in equity - - - - (196) (196)
Exercise of share-based incentives - 488 - - (102) 386
Purchase of shares for plans - (5,213) - - - (5,213)
Cancellation of own shares (10) - 10 - (55,000) (55,000)
Net Dividends paid - - - - (45,226) (45,226)
Cost of share purchases - - - - (385) (385)
At 30 June 2024 804 (18,465) 490 138 83,025 65,992
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 credit in respect of share-based incentives recognised directly in equity - - - - 497 497
Net dividends - - - - (74,308) (74,308)
Exercise of share-based incentives - 1,103 - - (368) 735
Purchase of shares for share incentive plan - (7,325) - - - (7,325)
Cancellation of own shares (19) - 19 - (107,441) (107,441)
Cost of share purchases - - - - (804) (804)
At 31 December 2024 795 (19,962) 499 138 99,392 80,862
At 1 January 2025 795 (19,962) 499 138 99,392 80,862
Total comprehensive income - - - - 109,908 109,908
Profit for the period
Transactions with owners recorded directly in equity
Share-based payments - - - - 4,541 4,541
Tax credit in respect of share-based incentives recognised directly in equity - - - - 814 814
Exercise of share-based incentives - 1,662 - - (1,485) 177
Purchase of shares for plans - (1,708) - - - (1,708)
Cancellation of own shares (9) - 9 - (65,000) (65,000)
Net dividends paid - - - - (47,398) (47,398)
Cost of share purchases - - - - (469) (469)
At 30 June 2025 786 (20,008) 508 138 100,303 81,727
NOTES
1 General information
Rightmove plc (the Company) is a public limited Company registered in England
(Company no. 6426485) domiciled in the United Kingdom (UK). The condensed
consolidated interim financial statements ('interim financial statements') as
at and for the six months ended 30 June 2025 comprise the Company and its
interest in its subsidiaries (together referred to as 'the Group'). The
principal business of the Group is the operation of the Rightmove platforms,
which have the largest audience of any UK property portal (as measured by time
on site).
The consolidated financial statements of the Group as at and for the year
ended 31 December 2024 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.
1a Basis of preparation
These condensed interim financial statements, for the six months ended 30 June
2025, have been prepared in accordance with IAS 34 Interim Financial
Reporting, under UK-adopted international accounting standards, and the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority. They should be read in conjunction with the Group's last
annual consolidated financial statements as at and for the year ended 31
December 2024 ('last annual financial statements').
The interim financial statements do not include all the information required
for a complete set of financial statements prepared in accordance with
UK-adopted international accounting standards. However, selected explanatory
notes are included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position and
performance since the last annual financial statements. New standards and
amendments effective from 1 January 2025 have not had a material impact on the
interim consolidated financial statements of the Group.
The interim financial statements were approved by the Board of Directors on 24 July 2025 and the results for the current and comparative period are unaudited. The auditor, Ernst &Young LLP, has carried out a review of the interim financial statements and its report is set out at the end of this document.
The interim financial information does not constitute statutory accounts
within the meaning of sections 434 and 435 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2024 were approved by the
Board of Directors on 28 February 2025 and have been delivered to the
Registrar of Companies. The report of the auditors was unqualified, with no
reference to matters to which the auditor drew attention by way of emphasis
and did not contain any statements under section 498 of the Companies Act
2006.
1b Change in presentation of 30 June 2024 comparatives in relation to alternative performance measures
During the second half of 2024 the Group extended its definition of the
alternative performance measures, and the related 'underlying' results it
presents, to exclude transaction-related charges in addition to share-based
incentive charges. This is consistent with the alternative performance
measures in the 2024 full year annual report and accounts and has no impact on
the reported IFRS results or other primary statements in the current or prior
years.
Therefore, the underlying measures for the comparative period ended 30 June
2024 - reported in the half year announcement on 26 July 2024 - have been
restated to exclude the transaction-related charges incurred during the first
half of 2024. These charges were legal and professional costs of £0.6m,
relating to the acquisition of HomeViews Platform Limited and to the
investment in Coadjute Limited, plus a £3.0m reduction in fair value of the
investment in Coadjute Limited (see note 14).
The table below shows the restated alternative performance measures compared
to those published on 26 July 2024 for the reporting period ended 30 June
2024:
30 June 2024 restated Exclude transaction related costs 30 June 2024 reported
Underlying profit £'000 105,249 3,590 101,659
Underlying operating profit £'000 138,728 3,590 135,138
Underlying costs £'000 53,386 (3,590) 56,976
Underlying basic EPS (note 7) - pence 13.2p 0.4p 12.8p
Underlying operating margin % 72% 2% 70%
1c 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 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.
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.
A reconciliation of the underlying performance measures to the GAAP measures
are shown below:
Underlying profit
A reconciliation of the profit for the period to the underlying profit is
presented below:
6 months ended 6 months ended
30 June 2025 30 June 2024*
£000 £000
Profit for the period 109,908 98,940
Share-based incentives charge 4,541 3,330
NI on share-based incentives 1,350 206
Legal, professional and transaction-related charges - 590
Investment fair value loss - 3,000
Impact on tax charge (1,385) (817)
Underlying profit 114,414 105,249
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 divided by weighted average number of ordinary shares in issue for
the period (note 7).
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is
presented below:
6 months ended 6 months ended
30 June 2025 30 June 2024*
£000 £000
Operating profit 145,385 131,602
Share-based incentives charge 4,541 3,330
NI on share-based incentives 1,350 206
Legal, professional and transaction-related charges - 590
Investment fair value loss - 3,000
Underlying operating profit 151,276 138,728
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:
6 months ended 6 months ended
30 June 2025 30 June 2024*
£000 £000
Administrative expenses 66,345 60,512
Share-based incentives charge (4,541) (3,330)
NI on share-based incentives (1,350) (206)
Legal, professional and transaction-related charges - (590)
Investment fair value loss - (3,000)
Underlying costs 60,454 53,386
*The 30 June 2024 underlying measures have been restated as explained in note
1b.
1d 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 £36.8m and money-market deposits of
£5.6m at 30 June 2025 (31 December 2024: cash balance £22.7m and
money-market deposits of £5.4m).
The Group bought back shares to the value of £65.0m during the period (30
June 2024: £55.0m) and paid the 2025 final dividend of £47.4m in May 2025
(period ended 30 June 2024: £45.2m).
In reaching its assessment on going concern, the Directors have used the most
recent Board approved forecasts for the Group for the period to 31 December
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
interim 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 31
December 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 31 December 2026 and have therefore prepared the
interim financial statements on a going concern basis.
2 Material accounting policies
The accounting policies applied in these interim financial statements are the
same as those applied by the Group's consolidated financial statements as at
and for the year ended 31 December 2024.
3 Judgements and estimates
In preparing these interim financial statements in accordance with UK Adopted
International accounting standards, management is required to make judgements
and estimates that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenses. Management
has determined that there are no significant areas of estimation uncertainty
or critical judgements in applying accounting policies that have a significant
effect on the amounts recognised in the consolidated financial statements, as
described in the last annual financial statements.
4 Operating segments
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.
All revenues in all periods are derived from third parties. The disaggregated
revenue is included within Note 5.
5 Revenue
The Group's operations and main revenue streams are those described in the
last 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 (see Note 4).
Six months ended Estate Agency New Homes Other Total
30 June 2025
£000 £000 £000 £000
Revenue stream
Property products 150,838 37,519 10,619 198,976
Non-property products - - 12,754 12,754
150,838 37,519 23,373 211,730
Six months ended Estate Agency New Homes Other Total
30 June 2024 £000 £000 £000 £000
Revenue stream
Property products 138,488 33,867 9,913 182,268
Non-property products - - 9,846 9,846
138,488 33,867 19,759 192,114
Year ended Estate 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
Contract balances
The following table provides information about contract assets and contract
liabilities from contracts with customers.
Contract Assets Contract Liabilities
£000 £000
Contract balance as at 31 December 2024 1,270 (3,168)
Performance obligations satisfied in previous periods (1,270) -
Performance obligations satisfied in current periods - 2,979
Accrued/(deferred) during the period 1,385 (2,870)
Contract balances as at 30 June 2025 1,385 (3,059)
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 Estate Agency, Overseas and Commercial customers, for which
revenue is recognised as or when the services are provided.
6 Share-based payments
The Group operates share-based incentive schemes for executive Directors and
employees; a Savings Related Share Option Scheme (Sharesave Plan) and Share
Incentive Plan (SIP) for all employees; a performance share plan (PSP) for
Directors; and a Deferred Share Bonus Plan (DSP) for the Directors and
selected senior management. There is also a restricted share plan (RSP) in
operation which is awarded on an ad-hoc basis, based on service conditions
only, for selected senior individuals.
Three new share-based incentive awards were made during the period to 30 June
2025:
· 281,199 PSP awards were granted on 6 March 2025 subject to
earnings per share (EPS), revenue and total shareholders return (TSR)
performance. Performance will be measured over three financial years (1
January 2025 - 31 December 2027). The vesting on 6 March 2028 of 50% of the
2025 PSP awards will be dependent on the relative TSR performance condition
measured over the three-year performance period, with the remaining 50%
dependent on the both the satisfaction of the EPS growth and revenue targets
in equal measure. The PSP awards were valued using the Monte Carlo model for
the TSR element and the Black Scholes model for the EPS and Revenue elements.
· 613,997 DSP nil cost shares were awarded to executives and senior
management on 18 March 2025 following the achievement of the 2024 internal
performance targets, with the right to exercise the shares deferred until
March 2027 (assuming service conditions are met). The DSP awards were valued
using the Black Scholes model.
· 247,770 RSP nil cost shares were awarded to selected senior
management during the period, subject only to service conditions over a
two-to-three-year period. Participants are not entitled to receive dividends
on these awards. The RSP awards were valued using the Black Scholes model.
The total charge in relation to all share-based incentive plans, including
SAYE and SIP plans, for the six months ended 30 June 2025 was £5,891,000
(2024: £3,536,000). This comprised both the IFRS2 share based incentive
charge of £4,541,000 (2024: £3,330,000) and the related National Insurance
charge £1,350,000 (2024: £206,000).
7 Earnings per share (EPS)
Pence per share
£000 Basic Diluted
Six months ended 30 June 2025
Profit after tax 109,908 14.1 14.1
Underlying profit after tax 114,414 14.7 14.7
Six months ended 30 June 2024
Profit after tax 98,940 12.4 12.4
Underlying profit after tax* 105,249 13.2 13.2
Year ended 31 December 2024
Profit after tax 192,713 24.4 24.3
Underlying profit after tax 207,147 26.2 26.1
*The comparative 30 June 2024 underlying measures have been restated as
explained in note 1b.
Weighted average number of ordinary shares (basic)
6 months ended 6 months ended Year ended
30 June 2025
30 June 2024
31 December 2024
Number of shares
Number of shares
Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and 791,523,287 811,252,473 811,252,473
SIP Trust
Less own shares held in treasury at the beginning of the year (11,168,495) (11,709,197) (11,709,197)
Weighted effect of own shares purchased for cancellation (3,451,949) (4,040,251) (8,933,806)
Weighted effect of share-based incentives exercised 368,977 196,083 363,417
Weighted effect of shares purchased by the EBT (122,445) (563,497) (755,421)
777,149,375 795,135,611 790,217,466
Weighted average number of ordinary shares (diluted)
For diluted EPS, the weighted average number of ordinary shares in issue is
adjusted to assume conversion of all potentially dilutive shares. The Group's
potential dilutive instruments are in respect of share-based incentives
granted to employees, which will be settled by ordinary shares held by the
Employees' Share Trust (EBT), SIP Trust and shares held in Treasury.
6 months ended 6 months ended Year ended
30 June 2025
30 June 2024
31 December 2024
Number of shares
Number of shares
Number of shares
Weighted average number of ordinary shares (basic) 777,149,375 795,135,611 790,217,466
Dilutive impact of share-based incentives outstanding 2,715,727 1,783,649 2,384,515
779,865,102 796,919,260 792,601,981
8 Dividends
Dividends declared and paid by the Company were as follows:
6 months ended 30 June 2025 6 months ended Year ended 31 December 2024
30 June 2024
Pence per share £000 Pence per share £000 Pence per share £000
2023 final dividend paid 5.7 45,226 5.7 45,226
2024 interim dividend paid - - 3.7 29,112
2024 final dividend paid 6.1 47,398
6.1 47,398 5.7 45,226 9.4 74,338
Unclaimed dividends returned (8) (12) (30)
Net dividends included in the 74,308
statement of cash flows 47,390 45,214
After the period end the Board approved an interim dividend of 4.05p (2024:
3.70p) per qualifying ordinary share being £31,300,000 (2024: £28,700,000).
The 2024 final dividend of £47,398,000 (6.1p per qualifying share) was paid
on 23 May 2025.
9 Taxation
The income tax expense of £36,630,000 (2024: £33,748,000) is recognised
based on management's best estimate of the consolidated effective tax rate
expected for the full financial year, applied to the profit before tax for the
six-month period. The Group's consolidated effective tax rate for the six
months ended 30 June 2025 was 25.0% (2024: 25.4%), in line with the UK
Corporation tax rate of 25.0%.
The net deferred tax asset of £2,420,000 (31 December 2024: £1,449,000; 30
June 2024: £1,690,000) comprises a deferred tax asset of £5,753,000 (31
December 2024: £4,659,000 and 30 June 2024: £3,090,000) and a deferred tax
liability of £3,333,000 (31 December 2024: £3,210,000 and 30 June 2024:
£1,399,000).
The deferred tax asset is mostly in respect of equity settled share-based
incentives and provisions which was recognised in profit or loss to the extent
that the related equity settled share-based payments charge was recognised in
the statement of comprehensive income. The deferred tax liability relates to
the intangible fixed assets, including computer software on which 100% first
year allowances have been claimed, and customer relationships.
The deferred tax assets and liabilities as at 30 June 2025 were calculated at
a rate of 25% which is the expected rate that will prevail at the date upon
which the net deferred tax asset will reverse in the future, based on
substantively enacted UK tax rates.
The £1.0m increase in the net deferred tax asset as at 30 June 2025 is
driven by the increase in the underlying deferred tax asset in relation to
share-based incentives, due to the increase in both the share price and the
number of unexercised options, partially offset by the impact of higher
computer software assets on the underlying deferred tax liability.
10 Intangible assets
Goodwill Computer Software development Customer relationships Total
£000
Software
£000
£000
£000
£000
Cost
At 1 January 2025 22,680 15,822 2,849 6,366 47,717
Additions - - 4,033 - 4,033
Transfer - 2,537 (2,537) - -
At 30 June 2025 22,680 18,359 4,345 6,366 51,750
Amortisation
At 1 January 2025 - (8,931) - (2,541) (11,472)
Charge for year - (1,602) - (318) (1,920)
At 30 June 2025 - (10,533) - (2,859) (13,392)
Net book value
At 30 June 2025 22,680 7,826 4,345 3,507 38,358
At 31 December 2024 22,680 6,891 2,849 3,825 36,245
11 Trade and other receivables
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Trade receivables 25,372 23,435 23,331
Less provision for impairment of trade receivables (1,622) (990) (1,514)
Net trade receivables 23,750 22,445 21,817
Prepayments 8,218 6,547 6,251
Interest receivable 350 62 361
Other debtors 392 874 572
32,710 29,928 29,001
12 Trade and other payables
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Trade payables 1,963 2,224 1,326
Accruals 13,306 9,049 9,270
Other creditors 2,203 1,941 3,033
Other taxation and social security 15,443 13,707 13,407
32,915 26,921 27,036
13 Reconciliation of movement in capital and reserves
Own shares purchased for cancellation
The total number of shares bought back in the six months to 30 June 2025 was
9,053,071 (2024: 10,067,328) representing 1.2% (2024: 1.2%) of the ordinary
shares in issue (excluding shares held in treasury). All the shares bought
back in the period were cancelled. The shares were acquired on the open market
at a total consideration (excluding costs) of £65,000,000
(2024: £55,000,000). The maximum and minimum prices paid were £7.86
(2024: £5.84) and £6.27 (2024: £5.00) per share respectively.
Own shares held - £000 Total
EBT shares reserve SIP shares reserve Treasury shares own shares held
£000 £000 £000 £000
Own shares held as at 1 January 2024 (1,860) (6,321) (5,559) (13,740)
Shares purchased for RSP (5,213) - - (5,213)
Share-based incentives exercised 36 289 140 465
SIP releases in the period - 23 - 23
Own shares held as at 30 June 2024 (7,037) (6,009) (5,419) (18,465)
Own shares held as at 1 January 2024 (1,860) (6,321) (5,559) (13,740)
Shares purchased for SIP (5,910) (1,415) - (7,325)
Shares transferred to SIP 594 (594) - -
Share-based incentives exercised 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 as at 1 January 2025 (7,110) (7,553) (5,299) (19,962)
Shares purchased for RSP (1,708) - - (1,708)
Share-based incentives exercised 1,068 395 171 1,634
SIP releases in the period - 28 - 28
Own shares held as at 30 June 2025 (7,750) (7,130) (5,128) (20,008)
Own shares held - number of shares
Total
EBT shares reserve SIP shares reserve Treasury shares own
shares held
Own shares held as at 1 January 2024 1,029,919 1,167,227 11,709,197 13,906,343
Shares purchased for RSP 915,626 - - 915,626
Share-based incentives exercised (75,376) (53,670) (291,226) (420,272)
SIP releases in the period - (4,275) - (4,275)
Own shares held as at 30 June 2024 1,870,169 1,109,282 11,417,971 14,397,422
Own shares held as at 1 January 2024 1,029,919 1,167,227 11,709,197 13,906,343
Shares purchased for SIP 1,028,015 209,088 - 1,237,103
Shares transferred to SIP (88,502) 88,502 - -
Share-based incentives exercised (136,284) (132,413) (540,702) (809,399)
SIP releases in the year - (11,975) - (11,975)
Shares held as at 31 December 2024 1,833,148 1,320,429 11,168,495 14,322,072
Own shares held as at 1 January 2025 1,833,148 1,320,429 11,168,495 14,322,072
Shares purchased for RSP 247,770 - - 247,770
Share-based incentives exercised (211,945) (74,390) (354,463) (640,798)
SIP releases in the period - (4,135) - (4,135)
Shares held as at 30 June 2025 1,868,973 1,241,904 10,814,032 13,924,909
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any
exercises of share-based incentives. At 30 June 2025, the EBT held 1,868,973
(June 2024: 1,870,169) ordinary shares in the Company, representing 0.2% (June
2024: 0.2%) of the ordinary shares in issue (excluding shares held in
treasury). The market value of the shares held by the EBT at 30 June 2025 was
£14,738,721 (June 2024: £10,042,808).
(b) SIP shares reserve
In November 2014, the Group established the Rightmove Share Incentive Plan
Trust (SIP). This reserve represents the cost of acquiring shares less any
exercises or releases of SIP awards. At 30 June 2025 the SIP Trust held
1,241,904 (June 2024: 1,109,282) ordinary shares in the Company of 0.1 pence
each, representing 0.2% (June 2024: 0.1%) of the ordinary shares in issue
(excluding shares held in treasury). The market value of the shares held in
the SIP Trust at the period end was £9,793,655 (June 2024: £5,956,844).
(c) Treasury shares
This represents the cost of acquiring shares held in treasury less any
exercises of share-based incentives. These shares were bought back in 2008 at
an average price of 47.60 pence and may be used to satisfy certain share-based
incentive awards.
Other reserves
This represents the Capital Redemption Reserve in respect of own shares bought
back and cancelled. The movement in other reserves of £9,053 (June
2024: £10,067) comprises the nominal value of ordinary shares cancelled
during the period.
Retained earnings
The loss on exercise of share-based incentives of £1,485,000 (June 2024:
£102,000) is the difference between the value that the shares held by the
EBT, SIP and treasury shares were originally acquired for and the exercise
price at which share-based incentives were exercised during the period.
14 Acquisitions and investments
The were no acquisitions or investments during the period.
Details of acquisitions and investments in the prior period 2024 are outlined
below: the full details can be read in the 2024 Annual Report & Accounts.
HomeViews 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 acquisition was treated in line with IFRS 3 - business combinations. Cash
consideration paid was £8.5m, or £8.0m when excluding the cash and cash
equivalents acquired, of which £0.4m was deferred and payable on the second
anniversary of the completion date.
Total transaction related-costs were £0.6m, of which £0.2m was recognised as
an expense in the Income Statement in 2023 and £0.4m in the 2024 Income
Statement.
Investment in Coadjute Limited
On 26 March 2024, 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 the Coadjute platform to 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 it 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 was considered to have a fair value of £nil and was recognised in
the prior period Income Statement as a strategic research-related cost. (The
fair value at the 30 June 2025 remains at nil.)
Total transaction-related costs were £0.2m which were recognised as an
expense in the 2024 Income Statement.
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
Group Company Secretary: Carolyn Pollard Business Park
Caldecotte Lake Drive
Website: www.rightmove.co.uk Joint brokers
Caldecotte UBS AG London Branch
Milton Keynes Peel Hunt LLP
MK7 8LE
Auditor
Ernst & Young LLP
Registered in Bankers
England no. 06426485
Financial calendar 2025 Barclays Bank Plc
Interim dividend record date 26 September 2025 Santander UK plc
Interim dividend payment 24 October 2025 HSBC UK Bank plc
Full year results 27 February 2026 Lloyds Banking Group plc
Solicitors
Linklaters LLP
Cripps LLP
Registrar
MUFG Corporate Markets*
*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 below:
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
Investor Centre can be accessed at
https://uk.investorcentre.mpms.mufg.com/Login
Address:
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
IINDEPENDENT REVIEW REPORT TO RIGHTMOVE PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025 which comprises the condensed consolidated interim statement of
comprehensive income, condensed consolidated interim statement of financial
position, condensed consolidated interim statement of cash flows, condensed
consolidated interim statement of changes in shareholders' equity and the
related explanatory notes. We have read the other information contained in the
half yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Luton
24 July 25
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