Belfast Telegraph

Rightmove shares up 7% amid strong profits

Shares in Rightmove jumped over 7% in morning trading after the property firm reported robust profits and said it was confident of navigating a post-Brexit housing market.

The property portal said operating profit for the first half of the year rose 21% to £80.6 million on sales of £107.9 million, an increase of 16%.

"It is too early to gauge the impact of the result of the EU referendum on housing transactions.

"In the near term there is likely to be a period of economic uncertainty, however our strong market position and relationships with our customers, and the value embedded in our membership continue to position us well providing that housing transaction volumes do not take a sharp downward turn," Rightmove said.

The firm said it notched up 765 million website visits in the first half of 2016, up 15% on last year.

Average revenue per advertiser increased to a record £830 per month and Rightmove now has a 77% market share.

Chief executive Nick McKittrick added: "Consumers continue to turn to us first to search and research on the only place you can see virtually the whole of the UK property market.

"We are focused on helping our customers succeed by delivering the most significant and effective exposure for their properties and brand and being the largest source of high quality leads."