UK's Rightmove H1 revenue rises on agency growth
UK's Rightmove H1 revenue rises on agency growth
Overview
UK property portal's H1 revenue rose 7% yr/yr, driven by agency and product growth
Adjusted operating profit for H1 rose 3% yr/yr
Company to return over £400 mln to shareholders in next 12 months via buybacks and dividends
Outlook
Rightmove lowers 2026 revenue growth guidance to 6-8% from 8-10% due to New Homes weakness
Company maintains 2026 underlying operating profit growth guidance of 3-5% and EPS growth of at least 5%
Strategic Growth Areas revenue expected to grow 20-30% in 2026
Result Drivers
AGENCY GROWTH - Agency revenue rose 9% as agents increased discretionary product spend and upgraded to premium packages, with agency membership up 1%
PRODUCT INNOVATION - Uptake of new and enhanced products, including AI-enabled tools, drove higher engagement and contributed to revenue growth
NEW HOMES WEAKNESS OFFSET BY ARPA - New Homes revenue growth was subdued due to a 4% decline in developments, but ARPA rose 7% as developers upgraded packages
Company press release: ID:nRSe6429Oa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue | Slight Miss* | GBP 225.80 mln | GBP 226.51 mln (1 Analyst) |
H1 Adjusted Operating Profit | Slight Beat* | GBP 155.10 mln | GBP 154 mln (1 Analyst) |
H1 Dividend |
| GBP 0.04 |
|
H1 Operating Profit |
| GBP 148.20 mln |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and 6 "sell" or "strong sell"
The average consensus recommendation for the online services peer group is "buy."
Wall Street's median 12-month price target for Rightmove PLC is GBp543.00, about 18.9% above its July 30 closing price of GBp456.80
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago
Reuters Recommended Reads
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July 28 - CoStar cuts annual forecast amid uncertain property market
July 29 - CBRE Q2 results beat estimates, lifts 2026 core EPS outlook
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)