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Annual Results

Rightmove lifts FY profit, divi as CEO retires

24 February 2017 09:55

Property-website company Rightmove has hiked its FY pretax profit and dividend, commenting that it was confident of continued success in 2017.

CEO Nick McKittrick, whose retirement was announced today, said Rightmove achieved almost 1.5bn visits in 2016, up 10%, and that home movers spent nearly a billion minutes each month on the website.

Pretax profit was £161.5m, from £137.1m. Revenue was £219.99m, from £192.13m. Final dividend was 32p a share, from 27p, taking the total to 51p, from 43p.

"Our commitment to return excess cash promptly to investors continues to be as strong as ever. Cash conversion remains in excess of 100% of operating profit," the company said in a statement.

"In 2016, we returned a further £131.3m (2015: £112.5m) to shareholders through dividends and share buybacks bringing our total cash returned to shareholders since our flotation in March 2006 to over £725.0m," it added.

"We have now bought back 39.7m shares since we commenced our share buyback programme in 2007 reducing our share capital by 30%."

Looking ahead, McKittrick said he was confident of Rightmove's continued success in 2017. He would retire from May 9, at the company's AGM. He would be replaced by COO Peter Brooks-Johnson.

At 9:55am: (LON:RMV) Rightmove PLC share price was -177.5p at 4067.5p

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