Rightmove to allow payment deferrals amid Covid-19 uncertainty

Rightmove said on Wednesday that it was too early to assess the impact of the coronavirus on 2020 results as it announced a payment deferral plan for smaller agents.

The company said it does not yet have visibility on the impact on its customers over the coming months or the likely duration of travel restrictions.

"However we note that we have a highly cash generative model and benefit from a very strong balance sheet. We are not currently buying back shares, but our overall policy of returning, over time, all cash generated to shareholders remains unchanged."

Amid expectations that some of its agency customer base will have concerns over their cash flow in "a more uncertain environment", the company announced a payment deferral plan of £275 per month for up to six months for qualifying agents.

Chief executive officer Peter Brooks-Johnson said: "At Rightmove we are doing everything in our power to rise to the challenges of Covid-19. Our focus, first and foremost, is on protecting the welfare of our employees and our customers.

"We also continue to run the business with a view to delivering long term, sustainable success and remain focused on the interests of all our stakeholders."