Rightmove reported its half year results for 2022, which saw the company report an increase in revenue despite the property market cooling slightly in Q1.
Revenue reached £162.7 million, up 9% on 2021 revenue of £162.7 million, as customers continued to increase their use of digital products and upgrade their packages.
Furthermore, the real estate agent reported operating profit of £121.3m, a 6% increase from £114.9 million in 2021. Meanwhile, earnings per share was up 8% to 11.7p.
Only positives so far for Rightmove.
“Our success during the first half of the year demonstrated the ongoing resilience of our customer base and the continuing love for and trust in our brand,” said CEO of Rightmove, Peter Brooks-Johnson.
Rightmove also reported its guidance. The company stated despite the property market cooling in the first half of 2022, the market remained healthy and ahead of 2019 levels.
Cooling?? House prices still look high to me.
In addition, despite growing economic uncertainty, there was little reduction in sales activity or demand. The company expects to deliver on its expectations for the full year.
Rightmove generated higher organic traffic during 2022. This may come as a surprise during a period of high inflation, however, interest is growing. Johnson also commented that “activity on our platform was significantly higher than in the pre-pandemic market.” Can the housing market continue to improve into next year?
There was a significant rise in housing prices in 2020 and 2021. However, as Rightmove said, it has cooled off in the first quarter of this year. Earlier this week, Lloyds said they believe house prices will decline next year.