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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Rightmove plc    RMV   GB00BGDT3G23

RIGHTMOVE PLC

(RMV)
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Delayed Quote. Delayed London Stock Exchange - 09/25 11:35:40 am
622 GBX   +1.37%
09/18RIGHTMOVE PLC : - Director/PDMR Shareholding
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Rightmove : says demand for homes has climbed since coronavirus lockdown

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08/07/2020 | 06:15am EDT
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Longton

Demand for homes has grown in Britain since businesses reopened in mid-May, UK property website Rightmove said on Friday, as consumers reassessed housing needs and the government declared a holiday from the stamp duty that home buyers pay.

The number of sales agreed in England, which eased restrictions before other countries in the United Kingdom, jumped after finance minister Rishi Sunak's stamp duty break.

"Between 1 June and 31 July, demand for sales properties has been 50% higher than the same period in 2019 with rental demand being over 20% higher", according to Rightmove, an online portal where estate agents list properties.

"The recent lockdown has prompted a desire for people to move further away from the main population centres to areas which have less population density, but good broadband connectivity," CMC Markets analyst Michael Hewson said.

Rightmove, however, said its first-half results were hit as it offered discounts to help agents ride out the impact of the coronavirus lockdown for the period from April to June. Britain's property market came to a virtual standstill in late March and April as the lockdown prevented property visits.

Rightmove expects that further discounts in the second half will lower its revenue by 35 million pounds ($45.93 million) to 37 million pounds.

The company's average revenue per advertiser fell 34% to 712 pounds per month for the six months ended June 30. Operating profit slid to 61.7 million pounds from 108.2 million pounds last year.

Rightmove shares jumped 7.8% to 623.4 pence and were the second-biggest gainers on the FTSE 100 index by 0834 GMT.

($1 = 0.7620 pounds)

By Samantha Machado

Stocks mentioned in the article
ChangeLast1st jan.
CMC MARKETS PLC -0.62% 318.5 Delayed Quote.117.26%
RIGHTMOVE PLC 1.34% 621.8 Delayed Quote.-1.86%
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Financials
Sales 2020 201 M 256 M 256 M
Net income 2020 102 M 130 M 130 M
Net cash 2020 81,4 M 104 M 104 M
P/E ratio 2020 53,6x
Yield 2020 0,53%
Capitalization 5 412 M 6 874 M 6 897 M
EV / Sales 2020 26,5x
EV / Sales 2021 18,5x
Nbr of Employees 490
Free-Float 97,6%
Chart RIGHTMOVE PLC
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Technical analysis trends RIGHTMOVE PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 530,47 GBX
Last Close Price 621,80 GBX
Spread / Highest target 16,6%
Spread / Average Target -14,7%
Spread / Lowest Target -45,3%
EPS Revisions
Managers
NameTitle
Peter Brooks-Johnson Chief Executive Officer
Andrew Fisher Chairman
Alison Dolan Chief Financial Officer
Jacqueline de Rojas Senior Independent Non-Executive Director
Andrew Robert Findlay Independent Non-Executive Director
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