Rightmove (LON:RMV) shares traded down over 3 percent on Friday, after reporting a rise in both revenue and profit for the six months to June.
Pre-tax profit for the six month period rose to £98.1 million, with revenue up 10 percent to £131.1 million. The company declared an interim dividend of 25.0p per share, up 14 percent on-year.
Advertising revenue also grew during the period, with revenue per advertiser up by £76 to £987 per month.
“In the first half of 2018 a record 1.1bn minutes per month were spent on Rightmove,” chief executive Peter Brooks-Johnson said.
“Home hunters continue to turn to us first to search and research in the only place you can see virtually the whole of the UK property market.
“Our restless innovation delivers the fastest and easiest way to ‘find your happy’ from the 1.2m UK residential properties on Rightmove leading to consumers sending over 22m enquiries in the period.’
“The continued stable membership numbers and our subscription advertising model, together with the strength of the Rightmove offer for both customers and consumers, give us confidence in delivering expectations for the current year despite muted sentiment towards the UK property market.”
The positive results come just a day after Rightmove found itself at the centre of a controversy for hosting a “sex for rent” advert on its website.
The advertisement, for a two-bedroom terraced house in Birmingham, was priced at £100 per month and said “reduced rent is available for special favours to be discussed”.
Shares in Rightmove are currently trading down 3.91 percent at 4,893.00 (1419GMT).
