Despite falling 2% to £36.73 today, its shares have started to recover some ground after suffering a post-Brexit hangover and analysts at Numis sees upside to their forecasts heading into the second half.
The broker, which has an add recommendation and £44.00 price target, says: ‘Our central case is that the UK moves to a slightly lower, but still positive, GDP growth - not recession. Against this macro backdrop and given the availability of cheap mortgage finance, we do not envisage a material drop off in property transaction volume akin to that seen in 2009.’
Key things to look for in next week’s release include growth in ARPA (average revenue per advertiser). In 2015 this metric was up 10% to £70. Increasing ARPA further is key to the company’s future growth.
There may also be some commentary from management on any early impact from the result of the EU referendum. Because it operates a subscription model, the company is not directly exposed to the volume of property transactions but instead is affected by the number of estate agents operating in the market.