Rightmove FY profits, divi rise; COO to replace CEO

Property website Rightmove reported 2016 pre-tax profits of £161m, up from £137m as site visits increased by 10% although leads for brokers fell 6% as the housing market cooled in the wake of the UK's decision to leave the European Union.

A final dividend of 32p a share was declared for a total of 51.0p, up 19%. Operating profit was up 18% to £161.6m. Revenue rose 15% to £220m.

The number of advertisers grew by 2% to reach an all-time high of over 20,100 with the average monthly advertiser spend up to £842 from £754.

"We believe the outlook for the U.K. online property advertising market remains positive, despite the uncertainties stemming from the result of the E.U. referendum," outgoing chief executive Neil McKittrick said.

"Consumers and customers are becoming increasingly digital and therefore spend continues to transition from traditional advertising channels."

Rightmove added that Peter Brooks-Johnson, currently chief operating officer, would become chief executive when McKittrick retires at its general meeting on May 9.