Rightmove this morning announced large rises in both revenue and profits this morning – and the retirement of boss Nick McKittrick.
The giant portal, giving its results for last year, announced a 15% leap in revenue, to £220m. Operating profits were up 18% to £161.6m.
Overall advertiser numbers, including both agents and developers, were up 2%, standing at a record 20,121. Between them, they advertised 1m UK residential properties, one third more than any other portal. Average revenue per advertiser stood at £842 per month, up £88 on 2015.
Traffic to the site was up 10%, averaging over 120m visits per month throughout last year, with time on site up 5%, to nearly 1bn minutes per month.
Chief executive McKittrick said that Rightmove was “the only place you can see almost the entire UK property market. Our continued innovation and audience growth is delivering even greater exposure for our customers’ brands and properties”.
McKittrick is to stand down as both CEO and as a board director in May, staying on until the end of June to ensure a “smooth transition process”. He has been with Rightmove for 16 years and will be succeeded by Peter Brooks-Johnson, chief operating officer and a board director since 2011.