Rightmove plc (RMV) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to the presentation of Rightmove's full year results for 2023. I'm joined today by Alison Dolan, our CFO. So I have now been CEO of Rightmove for 12 months and I'm thoroughly excited about our team, our platform, our execution and our opportunities ahead. We've accelerated our product innovation and the organizational capability, and we also outlined new strategic investor day in November. So today I'm going to start talking through the 2023 highlights. Alison is then going to go through the more detailed financials and outlook. And finally, I'm going to spend some time with an update on the housing market, examples of our ongoing platform and product innovation, and a few notes on our strategic developments. 2023 was a challenging year for the housing market overall elevated interest rates and economic uncertainty now with right moves platform model and strength we are pleased to communicate a set of very strong results for 2023 we saw strong revenue growth of plus 10 percent the highest in over five years We had ARPA growth of £117, which surpassed our expectations right until the end of the year, as especially developers spanked strongly with our marketing products. Membership was broadly flat. We saw a reduction in hybrid agencies and developments reduced a little as developers looked to cut their build rates given weaker demand. alison will describe these moving parts in a moment traffic came in at 15.4 billion minutes spent with rightmove down for the full year over previous year due to a more hesitant consumer market but our engagement remains very strong and it's solidly growing in longer term context the five core pillars for the business and we saw positive and accelerated progress across all of them during 2023 Here are ju...