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Rightmove parts ways with OpenRent, reiterates FY guidance
(Sharecast News) - Online real estate portal operator Rightmove parted way with lettings platform OpenRent on Tuesday but assured investors that its FY24 trading performance would not be affected. Rightmove stated that after conditions for OpenRent's membership to Rightmove could not be settled, their partnership would now expire in early September, a move that comes a month after OpenRent quietly pulled out from Rightmove.
OpenRent's departure was reportedly a result of Rightmove looking to hike fees for certain third-party property agents and platforms which use its site. OpenRent made up less than 8% of listings on the site.
However, despite OpenRent walking away, the FTSE 100-listed firm stood by its full-year revenue guidance for growth of 7% to 9%, while underlying operating margins were still seen at 70% in FY24.
Rightmove said: "As has been seen recently, market dynamics - within lettings in particular - are fluid.
"While we remain confident of delivering revenue and margin in line with the guidance above, the precise mix of membership and average revenue per account may vary."
As of 0930 BST, Rightmove shares were down 5.0% at 520.60p.
Reporting by Iain Gilbert at Sharecast.com
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