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Rightmove reports 29% slump in revenue
StockMarketWire.com
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Property portal Rightmove reported a 29% slump in revenue after the Covid-19 crisis prompted it to offer a discount to customers.
Rightmove said revenue for 2020 was £205.7 million, down from £289.3 million the previous year.
Operating profit was down 37% on 2019 at £135.1 million.
The company provided a 75% discount to customers between April and July, and a further discount to agency customers in August and September of 60% and 40%, respectively.
Rightmove said it recorded continued growth in traffic of 31%, with site visits of 2.1 billion.
The final dividend payment was 4.5p per share.
Peter Brooks-Johnson, chief executive of Rightmove, said: The record traffic and enquiries that followed the reopening of the market led to us sending 51 million property leads to our customers. Strong activity has continued into 2021 and we recorded our busiest ever January for traffic.
We remain mindful that 2021 may bring further Covid-related challenges, but we will continue to deliver our strategy to help make home moving easier, delivering the best solutions to our customers and the most engaging experience for our users.
Story provided by StockMarketWire.com
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