Rightmove plc (RMV) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning and welcome to the presentation of Right Moves results for H126. I'm joined today by Rory Hook, our CFO. First, four key takeaways. I'm pleased with our first half results and the strategic progress we've made. Our state agency business delivered solid growth and strong retention, and the smaller strategic growth areas are on track for full year targets. New homes market development volumes have softened over the period, though with good product and ARPA uptake. we delivered an accelerating number of products across the entire business many of them powered or complemented with AI building on our reach and our data the tech platform is in a strong position we continue to shape a leading agentic powered property marketplace for the long term our confidence is reflected in the increasing increased capital return that you've seen news about this morning over 400 million pounds expected over the next 12 months so let's start with the h1 key results Revenue growth of 7% was supported by ARPA and membership increases in the core business as well as contribution from growth in our strategic growth areas. Underlying EPS grew by 6% and we increased capital return by 11% in H1 with a 90 million pound buyback completing yesterday. Now moving on to selection of our operational KPIs. The share of time on site, as measured by Comscore, grew in the period and stood at 9 out of every 10 minutes in June. Over 85% of our traffic comes direct and organically, and in June that also was over 90%. Meanwhile, less than half a percent of our traffic came through LLMs, unchanged from 2025. For our estate agency partners, we are successfully rolling out our latest online agent valuation product, OAV, and retention was the highest in over 10 years. We increased penetration of ou...