Yesterday’s slide in Rightmove share prices came after an upbeat management update – and after another City analyst gave it a strong “outperform” rating.
William Packer, of Exane BNP Paribas, said that he had expected a slowdown in Rightmove’s new homes business in the second half of this year. However, Rightmove had reported the opposite.
He did note that inquiries growth of 12% was a slowdown on the 27% growth reported by Rightmove for the first part of this year, but not, “as expected, reflected changes in methodology”.
Packer also said that Rightmove, which yesterday reported on the period from July 1 to October 31, had made “encouraging noises” about advertising revenue per agent, and was expecting further growth this year.
Packer did however note that Rightmove’s update of yesterday contained “limited financial disclosure” while also reporting strong membership numbers.
Yesterday, Rightmove shares ended down 57p (2.58%) at 2,150p.
Comments (4)
Can't resist this …… so yesterdays fuss over why buying their own shares, isn't working one bit! Just imagine all those red faces in the boardroom today and you still want to put your fee's up ……. ludicrous and potentially suicidal.
" made “encouraging noises” about advertising revenue per agent, and was expecting further growth this year." Roughly translated, "don't worry, we'll just charge each agency office MORE, like we usually do every year." It will be interesting to see……online offices are going to get the biggest price hike as they have nowhere else to go, second will be single offices or small chains/groups and 3rd will be those who aren't signed up to OTM…..If you're signed up to OTM then use that fact (that you may leave them) to get a lower quote or to stave off an increase. It can work.
Wrongmove, more like.
awww…bless em! #otm2015