All-Time High for Rightmove on Record Site Traffic

LONDON -- Rightmove  (LSE: RMV  ) , the U.K.'s most popular property website, saw its shares hit all-time highs on Wednesday following a buoyant interim management statement.

The UK's sixth most popular website said April 2013 was its busiest month ever -- it clocked up a staggering 1.25 billion page views as eager house-hunters trawled its pages in search of properties to buy and rent.

Over the four months from January to April, overall site traffic was up 20% from a year earlier.

The site's popularity has increased demand from estate agents and new home sellers to get their homes listed. While the number of home floggers on the site rose modestly to 18,526, Rightmove was able to increase its fees and 80% of listers are buying more than one product from the company.

On the back of these early results -- and assuming no major downturn in the U.K. housing market -- management is confident it will meet expectations for the year. Analyst expectations are for Rightmove's earnings to grow 11% this year and the forward earnings multiple nearly 27.

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10/28/2016 10:09 AM
RMV $3760.00 Up +10.00 +0.27%
Rightmove CAPS Rating: No stars