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Rightmove reports impressive profits figures

Even though 2008 was something of a difficult year to say the least for the property sector it appears as though Rightmove, the online property website, is faring better than most. The company announced a 31% increase in revenue to £74 million in 2008 although the company did warn of slowing advertising revenue in the second half. Underlying profits were up 33% to £41 million and the company has increased its dividend yet again. So how is Rightmove faring better than most?

The company, which offers a vital advertising service for estate agents, has seen a significant migration from the off-line industry to online advertising over the last 12 months. While the company itself has had to write off around £1.2 million in bad debts it is interesting to see another sector which is benefiting from online exposure (the retail sector appears to have migrated online as well). While 2008 was possibly a better year than many had predicted, it is worth pointing out that the declining number of estate agents in the UK will impact upon advertising revenue in 2009.

There is speculation that as and when the UK property market recovers Rightmove could be in the best position to exploit the apparent move to the online arena. Even though 2009 is likely to be a more difficult year than 2008 there is potential for the future.

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