Rightmove Says Advertisers May Increase Monthly Spending by 10% - Bloomberg

Rightmove Says Advertisers May Increase Monthly Spending by 10% - Bloomberg

Rightmove Plc, the operator of Britain’s most-visited property website, said its customers will spend at least 10 percent more on average to advertise properties for sale or rent in the coming year.

Monthly revenue from the company’s 18,000 advertisers rose to 379 pounds ($612) per customer last year from 308 pounds in 2009, London-based Rightmove said in a statement today. The company also reported a 93 percent gain in net income and raised its dividend.

A fall in mortgage lending has reduced U.K. home sales, increasing competition between real estate brokers and forcing them to spend more to showcase properties for sale. A higher use of premium advertising packages boosted Rightmove’s profit margin by 6 points to 69.4 percent of revenue.

“We would be confident of double-digit growth,” Managing Director Ed Williams said on a conference call. Average revenue per customer above 400 pounds a month is “highly achievable,” he said.


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