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Rightmove interim statement
Rightmove’s interim statement for the last four months show continued strong growth, with both page impressions and the number of advertisers up, as the property website continued to benefit from increased volumes of online property searches.
The number of estate agents and letting agents singed up to advertise on Rightmove rose 8%, and the Rightmove claims that all the major developers have signed up as well.
Rightmove is the most successful UK property website. Its strong market position is unlikely to be threatened by a direct competitor with the same business model: an advertising channel for estate agents. There is potential for it to lose share to a disruptive business model (e.g. sites that make it easier to sell houses without an estate agent), but it is difficult ot envisage such as shift happening either soon or fast.
Despite the encouraging operational numbers, there are no new financial numbers. The half year results showed declines in revenues offset by cost cutting.
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