Sparks

Rightmove continues to grow by adding value to its offering via technological improvements, increasingly with AI-driven enhancements, rather than simply being reflective of the health of the housing transaction market. With such high market awareness among the public and strong market penetration, there is limited scope for taking greater share, so it has to be about taking an increased share of wallet via this additional functionality and through the extensions into activities, such as commercial property, mortgages and rental services. These contributed 20% of the overall revenue growth delivered in 2024. Average revenue per advertiser (ARPA) was up 6% on prior year, as was estate agency ARPA, while new homes developers’ ARPA was up 9%.

Guidance for 2025 is for revenue growth of 8–10%, with ARPA set to expand by a further 6–7%. Underlying operating margin is set to stay around 70% as the group continues to invest in the technology and the people supporting and expanding its capabilities. £182m of cash was returned to shareholders in 2024 through share buybacks and dividends, down from £202m in 2023. The group ended the year with cash of £41.3m, including money market deposits, and has lease debt only.