Rightmove (RMV) H1 2025 earnings summary

Executive summary

• Revenue grew 10% year-over-year to £211.7m in H1 2025, driven by ARPA and membership increases, with strong contributions from strategic growth areas and robust product innovation.

• Underlying operating profit rose 9% to £151.3m, underlying EPS increased 11% to 14.7p, and interim dividend per share was up 9% to 4.05p.

• GBP 112.4 million was returned to shareholders via buybacks and dividends, up 12% from H1 2024.

• Platform engagement reached 9.1 billion minutes, the second highest on record, with social media engagement tripling year-over-year.

• Ongoing investment in technology, people, and AI is accelerating product development and operational efficiency.

Financial highlights

• Revenue: £211.7m (+10% YoY); Underlying operating profit: £151.3m (+9% YoY); Underlying margin: 71%.

• Agency revenue up 9% to £150.8m; New Homes revenue up 11% to £37.5m; Strategic Growth Areas revenue up 18% to £23.4m.

• Strategic Growth Areas contributed 21% to group revenue growth, with Commercial, Mortgages, and Rental Services all delivering double-digit or higher revenue growth.

• ARPA increased by £112 to £1,609 (+7% YoY), with 61% of growth from product uptake.

• Interim dividend per share 4.05p (up 9%); cash conversion from operating activities at 107%.

Outlook and guidance

• FY25 revenue growth expected at 8–10%, with H1 growth higher than H2 due to prior period ARPA gains.

• ARPA growth for 2025 expected within £95–£105 range; membership to grow around 1%.

• Underlying operating margin for FY25 expected at 70%.

• Commercial segment monetization and product upgrades expected to accelerate from 2026.

• Ongoing investment in innovation and digital ecosystem expansion to support long-term growth.