Trump announces trade deal with EU following months of negotiations
Investing.com -- Rightmove PLC (LON:RMV) reported better-than-expected first-half results on Friday, driven by increased platform activity, but cautioned that growth would likely moderate in the second half (H2) after a record performance in 2024.
Shares in the U.K.’s largest property portal fell 1.6% in London by 07:17 GMT.
Revenue for the six months ended June 30 rose to £211.7 million, beating the company-compiled consensus of £209 million.
Underlying operating profit grew 9% year-over-year to £151.3 million, also ahead of expectations for £147.6 million.
The group’s underlying EBIT margin expanded by 1.1 percentage points to 71%, in line with full-year guidance, which includes continued investment in growth initiatives.
Rightmove reaffirmed its full-year revenue outlook, expecting growth of 8% to 10%, but noted that the second half would likely be slower compared to the record performance seen last year.
“New Homes developers remain optimistic, although developments in the market remain at relatively low levels,” the company said.
Jefferies analyst Giles Thorne believes that "the soft guidance for a slowdown in revenue growth into 2H25 (due to strong comp) is likely to leave consensus revenue and Adjusted EBIT unchanged at its current level."
"The analyst presentation at 9.30am U.K. will be another opportunity to explore the latest developments in the competitive landscape (an ongoing overhang) and how the supportive end-market backdrop will evolve from here," he added.