Rightmove PLC on Monday announced financial aims for 2028 as it hailed trading in 2023.

The London-based online real estate agency said revenue growth has ‘continued to track marginally ahead of consensus expectations’ since it reported first-half results back in July, despite ‘uncertainty in the housing market’.

The company said it saw better-than-forecast average revenue per advertiser, which is set to grow between £112 and £116 in 2023, better than its previous forecast of £103 to £105. In 2022, its ARPA amounted to £1,314.

For 2023, Rightmove’s overall revenue growth outlook is in the 8% to 10% range. It predicts underlying operating profit growth of 7% to 8%. In 2022, it achieved underlying operating profit of £245.4 million, on revenue of £332.6 million.

‘Our performance underscores the strength and resilience of the business, with both estate agent subscriptions and new homes development listings stable. Our share of consumer time in the second half to date remains unchanged - at [around] 85% - demonstrating the strength of our brand, our position with consumers and the established network effect of our business model,’ the firm said.

Further, it set a 2028 revenue target of over £600 million, 80% higher than in 2022, with underlying operating profit targeted at over £420 million, 71% higher than in 2022.

Rightmove shares rose 5.5% to 537.40 pence each on Monday morning in London.

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