Rightmove plc (RMV) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the Rightmove first half year results presentation for 2023. My name is Johan Svanstrom, CEO, and I'm joined by Alison Dolan, CFO. Here's the content we're going to go through today. So by way of a short introduction, I've now been in the Rightmove role for five months. I got 25 years of experience in general management positions in tech-native companies, typically with platform characteristics in the form of marketplace or B2B2C operating models. I've been an investor and board member in both private and public tech companies, many with digital subscription business models. To date, at Rightmove, I spend a majority of my time understanding the business and operations, learning about the industry, and starting to meet customers using our platform. My overarching impression is that Rightmoo is a strong business in a very solid leadership position. It's resilient and it exhibits strong and deeply seated network effects. I'm very impressed by the teams in both what and how they execute to deliver value to consumers and customers alike. Based on my observations, I'm certain there is a long runway of growth in the core business. I also see clear opportunities to accelerate both revenue and profit over the medium and long term. In short, I'm bullish on the opportunity to grow Rightmove to an even larger digital platform in the UK property market. I will get back to this briefly at the end of the presentation. Now let's move over to our results for the first half. Revenue growth came in at plus 10% year-on-year. Rightmove's consistency and resiliency is again evidenced. This is the highest first half growth rate since 2018. We've seen ARPA growth of over £121 compared to mid last year. We saw record new homes ARPA growth. Membership is...