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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Rightmove FY profits grow, customer numbers to ease

(Sharecast News) - Real estate property portal operator Rightmove said on Friday that profits had risen in 2023 and guided for further revenue growth in 2024 despite warning that customer numbers were likely to ease this year. Rightmove posted a 7% rise in operating profits to £258.0m, ahead of analysts' estimates for a reading of £258.30m, while revenues improved 10% to £364.30m. Average revenue per advertiser, a key measure for the company, grew 9% to £1,431 per month.

Looking forward, Rightmove now expects ARPA growth of £100.00-110.00 in 2024, partly due to its new Optimiser Edge package and contract renewals, and forecast 7-9% in revenue growth for the year.

However, given the current uncertain macro environment, Rightmove cautioned that customer numbers would likely ease in 2024.

As of 0930 GMT, Rightmove shares had slumped 5.05% to 538.0p.

Reporting by Iain Gilbert at Sharecast.com

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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