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Strong results and accelerated innovation
Key headlines
· Clear value recognition by our partners and consumers:
o Partners: +2% growth in Agency membership; second-highest
o Consumers: record share of time spent on
· Strong financial growth:
o Revenue and underlying operating profit both +9%
o Strategic growth areas of Commercial Property, Mortgages, and Rental Services combined revenue up 25%(3) year-on-year
o Basic earnings per share (EPS) +15% and underlying EPS +11%
· Technology innovation and AI integration accelerated, adding value for partners and consumers:
o 24% more products/features released: years of progressing our data and technology has enabled 31 live AI initiatives and products across the entire business today, including the most recently launched conversational search and an app submission to ChatGPT
o Multi-year collaboration with
· As set out in the
· £90m share buyback announced today, to be completed by
Financial highlights
All metrics in line with guidance:
|
|
2025 |
2024 |
Change vs 2024 |
% Change vs 2024 |
|
Revenue |
|
|
|
+9% |
|
Operating profit |
|
|
|
+12% |
|
Underlying operating profit(4) |
|
|
|
+9% |
|
Final dividend per share |
6.59p |
6.10p |
0.49p |
+8% |
|
Basic earnings per share |
28.1p |
24.4p |
3.7p |
+15% |
|
Underlying basic earnings per share(6) |
29.1p |
26.2p |
2.9p |
+11% |
· Revenue grew by 9% on 2024, as Agency and
· Operating profit up 12% reflecting increased revenue, disciplined cost management and the absence of any one-off transaction-related costs (2024:
· Underlying operating profit(4) up 9% and with underlying operating profit margin of 70%(5), in line with full-year guidance
· Final dividend up 8% to 6.59p per share (2024: 6.10p). Total dividend up 9% to 10.64p (2024: 9.8p)
·
· Basic earnings per share up 15%, with 11% growth in underlying basic earnings per share(6)
ARPA and Membership
|
Average Revenue per Advertiser (£) |
2025 |
2024 |
Change vs 2024 |
% Change vs 2024 |
|
Agency(7) |
1,530 |
1,440 |
90 |
6% |
|
|
2,135 |
1,987 |
148 |
7% |
|
Total ARPA(9) |
1,621 |
1,524 |
97 |
6% |
|
Membership |
31 Dec 2025 |
|
Change vs 2024 |
% Change vs 2024 |
|
|
Agency branches |
16,385 |
16,124 |
261 |
2% |
|
|
|
2,887 |
2,923 |
(36) |
(1%) |
|
|
Total membership |
19,272 |
19,047 |
225 |
1% |
|
· Average Revenue per Advertiser ("ARPA")(9) grew by
· Total membership increased marginally, driven by growth in Agency members reflecting both high retention and increased new agent formation
· Agent formation was the highest on record, as new entrants were encouraged by a more favourable market, aided by lowering interest and mortgage rates
·
· Average total membership across the year increased 2% on 2024, with
Operational highlights
· Consumer:
o Sustained high engagement and traffic growth, the second highest on record, with 16.8 billion minutes spent on the platform in the year, up 2% (2024: 16.4 billion). Over 85% of traffic was direct and organic(2)
o Share of time remained strong at >80% per Comscore (89% in
o Engagement numbers doubled across social media (Facebook, Instagram, LinkedIn and TikTok, which reach all generations of home movers)(10). Our strong base of mobile app user recorded a year-on-year 11% increase and we grew the number of consumers subscribed to our marketing CRM by 15%, to c.10m
· Partner:
o Continued growth in the uptake of our top packages:
§ 'Optimiser Edge' for estate agents, with 35% of independent estate agents subscribing (
§ Launch of a new top package 'Ascend' for
o Incremental product spend within packages delivered strong ARPA growth as partners increased usage of existing products and purchased new products
o More than 50% of independent agents purchased incremental product above their package commitment, highlighting the value that they see from our products
o Products continue to provide strong outcomes for partners, for example, delivering 7 out of 10 vendor instructions within resale, and 8 out of 10 tenants for lettings properties(12)
o Retention of existing agency partners was above 90%, the second-highest retention in over 10 years (2024: 90%)
o Delivered further value to partners through our "
§ Rightmove Hub for training and industry insights (with over 60,000 accounts now signed up);
§ Rightmove Plus for business management (>25 enhancements/new features in 2025, and with 28 million sessions in the year, equivalent to every
§ Tailored account management meetings (over 75,000 across the business)
§ Sponsorship or collaboration with PropertyMark, Women in
· Strategic growth areas:
o Commercial Property revenue grew 13% to
o Rental Services revenue grew 35% to
o Mortgages revenue increased by 46% year-on-year to
o Together, these three areas contributed £29.1m in revenue, up 25% on 2024
· Data and innovation to deliver value:
o
o Highest ever delivery of technology releases from our product teams - more than 6,000 during the year - leveraging
o Examples of new products for partners included Online Agent Valuation and AI-enhanced Opportunity Manager for Estate Agents, Direct Appointment Booking for New Homes, a new data API and property details pages for Commercial partners, and upgrades to Rightmove Plus and the Rightmove Hub
o Examples of new features for consumers included MyPlaces, Style with AI, AI Keywords within the app, a global-first Property Checker within Mortgages, and a Renters Checklist within MyRightmove
o A multi-year collaboration with
Current end-market trends
Property end-market trends remain supportive for our partners' businesses. Financial markets currently expect further cuts to the current
In the sales sub-market, 1.2 million transactions completed in 2025 (in line with the long-run average and 10% higher year-on-year)(15). Following a subdued trend during the autumn due to the Budget, activity picked up again and agents are entering 2026 carrying the largest-ever pipeline of stock available for sale. New homes developments in the market remain at low historic levels due to softer build rates.
Within the lettings sub-market, supply and demand continue to rebalance to 10 enquiries per rental home, although enquiries per available property remain above pre-COVID levels at 6-7, and rent levels are seeing more modest growth (+1% in January 2026 compared to January 2025).
Current trading
· Online Agent Valuation becoming the fastest-growing new product released by
· Our next phase of AI-enabled features for consumers, included the launch of conversational search live on our platform as part of plans to enable new forms of property search, leveraging
· The submission of an app within the ChatGPT ecosystem as we continue to explore within our mindset of "However you discover, we have you covered";
· A new partnership with NatWest, the
· The appointment of a flexible resourcing partnership for software development. This will support business velocity to deliver our product development strategy, as well as capacity flexibility for the future.
With these initiatives and more, the
Outlook
In line with our guidance set in November, we continue to expect 2026 revenue growth of 8-10%, underpinned by top package uptake across Agency (Optimiser Edge) and New Homes (Ascend), further product-led growth (including Online Agent Valuation) and continued progress within our strategic growth areas of Commercial Property, Mortgages and Rental Services, which we expect to grow by 20-30%.
We expect year-on-year growth in the second half of 2026 to be stronger than the first half. First half growth is impacted by fewer developments coming into the year and the strong mortgage comparator last year.
We anticipate c.1% growth in membership and ARPA growth of £110-120 across Agency and New Homes.
As announced in November 2025, we are accelerating further our investment in innovation and value delivery for our consumers and partners across the
We expect 2026 underlying basic earnings per share growth of at least 5%.
We are also pleased to announce restarting the share buyback programme, with £90m to be completed by 31 July 2026. This will be funded by a combination of our opening surplus cash and cash generated from operations, with cash balances expected to be c.£20m at 30th June 2026.
The strength of our business model, our clear strategy, and our innovation pace underpin the Board's confidence in
"These strong business results demonstrate the high quality and sustained usage of the
"Building on several years of technology leadership and launching of AI powered solutions, we most recently complemented our broad product range with a conversational search tool, developed in collaboration with
"We have entered 2026 with confidence in our performance, leading with valued and specialised services that scale and deliver strong returns. We continue to execute our strategy to develop the leading digital ecosystem for the entire home-moving experience, powered by exceptional data and network effects."
The Company will present its results at a meeting today for analysts and investors at 9:30am, available online here: https://edge.media-server.com/mmc/p/a6y38xmq
Enquiries: Investor Relations investor.relations@rightmove.co.uk Sodali rightmove@sodali.com
(1) Time in minutes spent on
(2) Source: Google Analytics
(3) Strategic growth areas' revenue - 2025: £29.1m, 2024: £23.4m
(4) Underlying operating profit is operating profit before share-based payments charges (including the related National Insurance charge) and transaction-related charges
(5) Underlying operating margin is defined as the underlying operating profit as a percentage of revenue
(6) Underlying basic earnings per share (EPS) is defined as underlying profit (profit for the year before share-based payments charges including the related National Insurance, transaction-related charges and appropriate tax adjustments), divided by the weighted average number of ordinary shares outstanding during the year
(7) Agency ARPA is calculated as revenue from Agency advertisers/customers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the year
(8) New Homes ARPA is calculated as revenue from new homes developers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the year
(9) Average Revenue per Advertiser (ARPA) is calculated as revenue from Agency and New Homes advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year
(10) SimilarWeb (website) and Data.ai (app) January-December 2025 vs January-December 2024, for Facebook, Instagram, LinkedIn, Tiktok. 'Engagement' defined as reactions, comments, shares, saves, link clicks and profile actions
(11) Source: SimilarWeb, December 2025. Share of all time driven by
(12) Vendor instructions: Street (January-December 2025). Tenants delivered: RLTS tenant survey (January-December 2025). Question: "How did you find the property you are applying for?"
(13)
(14) Rightmove Mortgages tracker (https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/)
(15) HMRC "Monthly property transactions completed in the
About
·
·
· People can search
· Customers include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents and financial services operators
· Using the
· Founded in 2000,
Chair's Statement
Delivering exceptional value and returns for 25 years
It is my pleasure to present
2025 was the busiest year in
Behind the scenes, innovation across
Against this evolving landscape, the Board focused their time continuing to review, challenge and support the management team as they assessed progress towards
Building on this work, we refreshed our strategy to lay the foundations for the next stage of growth - positioning us to stay ahead of shifts in technology, AI, and consumer behaviour, and ensuring we continue to deliver exceptional value for partners, consumers and all our stakeholders. The vital structural role
Much was achieved in 2025, and none of it could have happened without the dedicated
Financial highlights and returns to shareholders
The Group's results reflect the innovation in the year, as well as strength of the business model and our core value proposition. Revenue grew 9% to £425.1m (2024: £389.9m), delivering underlying operating profit(2) of £297.7m (2024: £273.9m) and statutory operating profit of £287.9m (2024: £256.3m).
The Board remains confident in
Board changes
Non-Executive Director and Audit Committee Chair
Following a comprehensive search process,
Board governance
The Corporate Social Responsibility Committee continued to oversee the implementation of the People and Culture Vision. Throughout the year, the Committee received updates on a range of matters including recruitment, performance management, gender and ethnicity pay and broader inclusion initiatives. It also reviewed progress on the delivery of our
The Audit Committee maintained its focus on monitoring progress in strengthening the internal control framework in preparation for reporting under Provision 29 of the Corporate Governance Code. It also oversaw the internal audit programme.
Looking ahead
Amid the changes across the broader market and rapid evolution of technology and AI, our mission remains steadfast: to make home moving easier and simpler through
I am very much looking forward to working with our teams in 2026 as we continue to deliver on our strategy to achieve this.
Chair
(1) Source: Google Analytics
(2) Underlying Operating Profit is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-related charges
(3) Cash includes money market deposits of £5.7m (2024: £5.5m)
CEO Report
Progress across the platform: delivering strong results, accelerating innovation and building for the future
I'm pleased to report that in 2025,
In parallel, and against the rapidly evolving backdrop of AI and shifting technology, we refreshed our strategy to enable us to stay ahead of how consumer behaviour might evolve, strengthen our partner-facing operations, and further leveraged our extensive proprietary datasets. We continue adding to our core pillars for long-term value delivery and business growth.
Delivering exceptional value for all stakeholders, in all cycles of the property market
Property market activity improved modestly in 2025, with 1.2m housing transactions (2024: 1.1m)(1). The early signs of market recovery in the first half, helped by falling interest and mortgage rates that boosted consumer affordability and confidence, slowed in the second half as uncertainty surrounding the late November budget prompted households and investors to pause decisions. House price growth reduced, sales agreed and completions softened, and the average time for sellers to find a buyer (the property cycle) lengthened to 66 days (2024: 64 days)(2).
In the rental market, tenant demand still outweighed supply but the number of applicants per available let reduced to 10 (2024: 14). Together with reducing rent fee growth the market is normalising to more balanced, historically typical levels. New Homes developers saw signs of improving sales ratios, whilst new development openings remain subdued. The built-to-rent market continued to be one of the fastest growing segments in
Throughout the year,
Innovation helping consumers make their move
Buyers, renters, sellers and landlords across
This trust and reach reflects
In 2025 we continued to enhance and personalize consumer experience through new features, driving both broader use and higher frequency engagement with our platform. The expanding data signals generate richer insights to shape future product developments for consumers and partners alike. We also upgraded the Rightmove brand and marketing position, driving record social audiences and increasing our CRM consumer relationships to c.10 million. Several of the new consumer features are powered by AI to make the property search and evaluation journey smarter and more intuitive.
Building success together with our partners
We offer this unique intelligence in several of our partner products, available in our
The value partners see in
In October, we launched Online Agent Valuation for Estate Agents. It is a unique digital product that provides an instant property valuation estimate and simultaneously helps consumers and agents build early relationships and save time. The tool also enriches our platform with more up to date property data and includes generative AI tooling supporting agent efficiency. This product is another digital brick in our existing suite of valuation products for consumers and partners. The product delivered record first three month revenue for a new launch and we are very pleased with early feedback from Partners using the product.
We upgraded Opportunity Manager for estate agents, incorporating proprietary Rightmove AI models further strengthening behavioural signals which aim to predict potential vendors from their usage of the
In May, we launched Ascend, a new top-tier package in New Homes developers, achieving 28% adoption by year end. Ascend includes exclusive access to new products, including Buyer profiles, which provides developers with an enhanced lead that delivers a richer, more complete insight into prospective buyers from their very first interaction, and Appointment Request, where consumers can see a development's viewing slot, and request viewings, direct from the
We also launched Direct Appointment Booking for New Homes, integrating developers' calendars with the
For our Build to Rent partners, we introduced Property Reviews, which integrates resident feedback directly into
Other enhancements to partner tools and products included a full refresh of Rightmove Hub, our inclusive training platform, which now has over 60,000 subscribers, and new functionality within Rightmove Plus, our business management platform. Both are included for free within all Core partner subscriptions and together were accessed more than 28 million times during the year. They are digital cornerstones of our "Building Success Together" partner program, complementing the >75,000 meetings held with our dedicated account managers over the year.
Investing in strategic growth areas
During 2025, we made strong progress across our three strategic growth areas - Financial Services, Commercial Property and Rental Services. Combined revenue increased 25% to £29.1m, representing 7% of total group revenue (2024: £23.4m/6%) and contributing 16% of 2025 total revenue growth.
Revenue from the financial services offering - which provides consumers with the ability to assess what they can borrow directly on the platform, from an almost instant mortgage in principle (MiP) from our lender partner - increased 46% to £6.8m, as we introduced £34bn of potential lending to our partners (2024: £24bn)(8). We enhanced our mortgage calculator, refreshed our instant valuation tool, and launched Mortgages Property Checker - a global first - giving homebuyers real-time insight from securing a mortgage on a specific property, even before viewing. 60% of consumers now attach a property to their mortgage in principle, increasing certainty and education for the consumer, enhancing lead quality and buyer conversations for agent partners, and providing high-intent leads to our financing partners.
Our commercial property platform is dedicated solely to commercial properties, with commercial users ranging from
Rental Services revenue grew 35% to £7.1m reflecting growing use of the Lead to Keys product and 17% growth in ancillary sales of utilities, broadband and insurance packages(10). We upgraded Enhanced Leads for Lettings agents which enriches tenant enquiries with additional, pre‑qualification information to help lettings agents identify suitable tenants faster, thus driving efficiency for the branch. It is now integrated into partners' CRMs, delivering lead data in real time and directly into agents' most used workflows, again supporting efficiency. Consumer adoption has grown significantly: 50% of all letting lead senders now use Enhanced Leads, and over 80% of lead senders are signed in when submitting a lead(11), improving data quality and conversion through the whole funnel.
A refreshed strategy - accelerating towards the AI-enabled property marketplace
Our vision remains: to give everyone the belief that they can make their move by making the moving process easier and simpler through the
Our strategy is to build the leading digital property market ecosystem for the entire moving experience, powered by exceptional data and a high-quality platform. We will continue to deliver outstanding value to consumers and partners, powered by great and evolving technology, and in turn create sustained growth and exceptional returns for shareholders.
We outlined this direction at our
Firstly, through accelerating consumer-facing innovation across AI powered search, our strong mobile apps and further into the "beyond Find" steps of the moving journey. We will create greater utility, stronger data loops and expanded monetisation opportunities. Secondly, in scaling AI-powered operations to deliver seamless experiences and strong productivity gains, both internally and for our partners. Thirdly, through expanding strategic R&D capabilities into new growth opportunities.
This investment will deepen
Making a difference to communities
We believe a responsible business is one that supports its people, customers and communities and creates an environment where collaborative, values-driven decisions shape long term opportunity and resilience. Sustainability and giving back to the communities in which we operate, is a central part
Through charitable partnerships, employee volunteering programmes and matched funding for employee led initiatives, we continued to support organisations working at both national and local levels, including many of our partners' charities of choice.
Moving forward with the
The progress made across our platform in 2025 - delivering exceptional value to consumers and partners while growing the business both operationally and financially - would not have been possible without our talented team of Rightmovers.
They are creative, hardworking and collaborative - united by our five values, the 'Hows' - and share a strong commitment to creating value and making a meaningful difference for both partners and consumers. This is reflected internally in the latest Have Your Say survey, where 89% of employees said that
During the year, we continued to attract and retain the best talent, elevate performance, and strengthen employee engagement and enablement. We accelerated our people and talent strategy, redesigning recruitment processes to ensure cultural alignment, introducing the Healthy
As we move into 2026, I am excited to be accelerating our momentum and investing for the long term, and I look forward to supporting the
Chief Executive Officer
(1) Source: HMRC for historical data in millions
(2) Source: Google Analytics
(3) Source:
(4) Source: Google Analytics
(5) Source: Time in minutes spent on
(6) Source: Google Analytics
(7) Source:
(8) Source: Google Analytics
(9) Source: Google Analytics
(10) Rental Services ancillary revenue - 2025 £2.6m, 2024 £2.2m
(11) Source:
(12) Source:
(13) Source:
Financial review
Strong financial performance across the business
Overview
Revenue increased by £35.2m, growth of 9%, to £425.1m (2024: £389.9m). This was driven by strong uptake of products and packages from agents and developers and 25% growth in the strategic growth areas, comprising Commercial, Mortgages and Rental Services.
Operating profit of £287.9m increased by 12% on 2024. Underlying operating profit(1) of £297.7m increased by 9% compared to 2024 (2024: £273.9m), with an underlying operating profit margin(2) of 70% (2024: 70%).
The
As a result, New Homes membership declined by 1% year on year, though this was more than offset by growth in Agency membership, resulting in a 1% increase in total membership. New Homes ARPA(3) grew 7% as developers competed harder for buyer attention, driving 9% revenue growth. Agency revenue also grew 9% due to ARPA(4) increasing 6% and membership up 2%. The Other business units performed strongly, growing 11%, led by Mortgages and Commercial.
Revenue
|
|
2025 |
2024 |
Change vs 2024 £m |
Change vs 2024 % |
|
Agency |
304.7 |
280.0 |
24.7 |
9% |
|
New Homes |
75.3 |
69.2 |
6.1 |
9% |
|
Other |
45.1 |
40.7 |
4.4 |
11% |
|
Total revenue |
425.1 |
389.9 |
35.2 |
9% |
|
Membership |
2025 |
2024 |
Change vs 2024 |
Change vs 2024 % |
|
Agency branches |
16,385 |
16,124 |
261 |
2% |
|
New Homes developments |
2,887 |
2,923 |
(36) |
(1%) |
|
Total membership |
19,272 |
19,047 |
225 |
1% |
Agency
Agency revenues grew 9% to £304.7m, driven mainly by ARPA growth supported by higher discretionary product spend and continued package upgrades to Optimiser Edge.
Agency ARPA(4) increased 6% (+£90) to £1,530 (2024: £1,440) with 62% of the increase coming from product growth. Uptake of the top tier Optimiser Edge package remained strong, with penetration reaching 35% (2024: 31%). As well as upgrades, ARPA also benefited from Partners purchasing incremental products: 52% of agents spent above their monthly commitment on incremental products, reflecting the value they see from our products.
Membership ended the year up 2% at 16,385 branches (2024: 16,124), supported by strong retention (90%) and increased new agent formation, reflecting favourable market conditions for new agents.
Included within Agency, Rental Services grew 35%, driven by strong growth across the Lead to Keys product.
New Homes
New Homes revenue grew 9% to £75.3m. In a subdued new homes market, average membership increased 1% over the year; however, year-end membership fell 1% (36 branches) to 2,887 (2024: 2,923) as new developments coming to market remained low. New Homes ARPA(3) rose 7% (+£148) to £2,135 per development per month (2024: £1,987) as developers invested more to sell existing developments.
Revenue growth was driven primarily by product and package related spend, which contributed 61% of ARPA growth. This included upgrades to the Advanced package, strong adoption of the new top tier Ascend package launched in May - which reached 28% penetration by year end - and incremental product purchases above package thresholds.
Other
Other business units' revenue grew 11% to £45.1m due to strong performance in Mortgages and Commercial. Mortgages revenue increased 46%, growth of £2.1m to £6.8m, as more consumers used the Rightmove Mortgage in Principle product to assess their affordability.
Data Services, Overseas and Third-Party Advertising collectively contributed a further £0.5m of growth. The strategic growth areas (Commercial Property, Financial Services, and Rental Services) grew at a combined rate of 25%.
Administration costs
Operating costs increased by 3%, from £133.6m to £137.2m, reflecting £11.4m of underlying cost increases and £1.4m higher share-based incentives charges, partly offset by the absence of prior-year transaction-related charges (2024: £9.2m).
Underlying operating costs(5) (operating costs excluding share-based payment charges of £9.8m) were £127.4m (2024: £116.0m), a 10% increase of £11.4m. This reflects increases of:
· £5m payroll costs from a 5% increase in average headcount (900 vs 861), average salary inflation of 4%, and higher National Insurance payments following the April rate change.
· £4m technology costs due to additional cloud hosting and migration costs, investment in new systems, and increased cyber security spend.
· £2m marketing costs reflecting continued investment in consumer and partner marketing
· £2m depreciation and amortisation primarily from amortisation of capitalised internal labour relating to product development.
· Partially offset by a reduction of £1m in General & Administrative costs due to a decrease in areas such as recruitment and bad debt.
The share-based payments charge increased to £9.8m, up 17% from 2024 (2024: £8.4m), due to new awards and higher National Insurance. Transaction-related costs were £nil in the current year (2024: £9.2m).
Operating profit and earnings per share (EPS)
|
|
2025 £m |
2024 £m |
Change £m |
Change % |
|
|
|
Revenue |
425.1 |
389.9 |
35.2 |
9% |
|
|
|
Administrative expenses |
(137.2) |
(133.6) |
(3.6) |
(3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit |
287.9 |
256.3 |
31.6 |
12% |
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
68% |
66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding charges that are not entirely driven by the principal operational activity of the Group: |
|
|
|
|
|
|
|
Share-based payments charges |
9.8 |
8.4 |
1.4 |
|
17% |
|
|
Transaction-related costs |
0.0 |
9.2 |
(9.2) |
|
100% |
|
|
Underlying Operating Profit(1) |
297.7 |
273.9 |
23.8 |
|
9% |
|
|
Underlying operating margin(2) |
70% |
70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
28.1 |
24.4 |
3.7 |
|
15% |
|
|
Underlying earnings per share(6) |
29.1 |
26.2 |
2.9 |
|
11% |
|
Operating profit increased 12% to £287.9m, delivering an operating profit margin of 68% (2024: 66%). The increase was driven by 9% growth in revenue and the absence of prior year transaction-related charges, which offset the higher underlying costs and increased share-based incentive charges.
Underlying operating profit(1) of £297.7m increased by 9%/£23.8m compared to 2024 (2024: £273.9m), with an underlying operating profit margin(2) of 70% (2024: 70%).
Earnings per share (EPS)
Basic EPS increased 3.7p to 28.1p (2024: 24.4p) reflecting the increase in profit and the impact of the share buyback programme in reducing the weighted average number of ordinary shares in issue by 2% to 772.4m (2024: 790.2m).
Underlying basic EPS(6) (based on underlying operating profit(1)) increased by 11% to 29.1p (2024: 26.2p).
Taxation
Profit before taxation increased 12% to £290.0m, with a tax charge of £72.9m (2024: £65.7m). The resulting effective tax rate for the year was 25.1% (2024: 25.4%), marginally higher than the
Summary consolidated statement of financial position
|
|
2025 £m |
2024 £m |
Change £m |
|
Property, plant and equipment |
9.5 |
8.4 |
1.1 |
|
Intangible assets |
41.1 |
36.2 |
4.9 |
|
Deferred tax asset |
1.0 |
1.4 |
(0.4) |
|
Trade and other receivables |
32.4 |
29.0 |
3.4 |
|
Contract assets |
1.3 |
1.3 |
- |
|
Income tax receivable |
- |
0.9 |
(0.9) |
|
Money market deposits |
5.7 |
5.5 |
0.2 |
|
Cash |
37.2 |
35.8 |
1.4 |
|
Trade and other payables |
(32.6) |
(27.0) |
(5.6) |
|
Income tax payable |
(0.5) |
- |
(0.5) |
|
Contract liabilities |
(3.5) |
(3.2) |
(0.3) |
|
Lease liabilities |
(7.2) |
(6.2) |
(1.0) |
|
Provisions Other liabilities |
(1.7) (0.4) |
(0.8) (0.4) |
(0.9) - |
|
Net assets |
82.3 |
80.9 |
1.4 |
Property, Plant and equipment of £9.5m increased £1.1m primarily due to an additional lease added for the
The increase in intangible assets of £4.9m, to £41.1m, is due to the impact of capitalised internal labour costs totalling £9.3m, offset by amortisation of £4.4m.
Trade and other receivables of £32.4m increased by £3.4m (2024: £29.0m), primarily reflecting higher trade receivables due to higher revenues and timing of year-end receipts.
Trade and other payables of £32.6m increased by £5.6m (2024: £27.0m) mainly due to timing of invoices and VAT payments.
Lease liabilities increased £1.0m due to the additional
There were no contingent liabilities.
The closing cash balance, including money market deposits, was £42.9m (2024: £41.3m).
Cash flow, capital structure and dividends
Operating cash flow rose by £30.4m to £308.0m (2024: £277.6m). Cash used in investing activities decreased by £9.5m to £7.7m (2024: £17.2m), reflecting the absence of acquisitions made in 2024, partially offset by higher investment across the business.
Dividends of £78.6m were paid during the year, covering the 2024 final dividend and the 2025 interim payment (2024: £74.3m). Cash returned to shareholders through the share buyback programme increased £33.7m to £141.1m (2024: £107.4m), with 21.4m ordinary shares (3% of outstanding share capital) purchased and cancelled (2024: 18.8m, 3%) In total, shareholder distributions amounted to £219.7m (2024: £181.7m).
The capital allocation policy remains: organic investment continues to be prioritised, alongside the assessment of value-accretive M&A opportunities to accelerate strategy execution. Surplus cash is returned through a progressive dividend policy linked to earnings growth, with any remaining funds allocated to share buybacks.
Consistent with this policy, the Directors recommend a final dividend of 6.59p per ordinary share, bringing the total dividend for the year to 10.64p-an increase of 9% on the 2024 dividend. Subject to shareholder approval, the final dividend will be paid on 22 May 2026 to shareholders on the register as of 24 April 2026.
Chief Financial Officer
26 February 2026
(1) Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance), and transaction-related charges.
(2) Underlying operating margin is defined as the underlying operating profit as a percentage of revenue.
(3) New Homes ARPA is calculated as revenue from New Homes developers in a given month divided by the total number of developers during the month, measured as a monthly average over the year.
(4) Agency ARPA is calculated as revenue from Agency customers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year.
(5) Underlying costs are defined as administrative expenses before share-based payments charges (including the related National Insurance), and transaction-related charges.
(6) Underlying basic earnings per share (EPS) is defined as profit for the year before share-based payments charges (including the related National Insurance), and transaction-related charges and appropriate tax adjustments, divided by the weighted average number of ordinary shares outstanding during the period.
(7) Cash generated from operating activities of £308.0m (2024: £277.6m) compared to operating profit as reported in the income statement of £287.9m (2024: £256.3m).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2025
|
|
|
|
|
|
|
Note |
£000 |
£000 |
|
|
|
|
|
|
Revenue |
3 |
425,129 |
389,882 |
|
Administrative expenses |
|
(137,255) |
(133,552) |
|
|
|
287,874 |
256,330 |
|
|
|
|
|
|
|
|
|
|
|
Underlying operating profit: |
|
297,689 |
273,916 |
|
Share-based incentive charge |
12 |
(9,815) |
(8,356) |
|
Transaction related charges |
4 |
- |
(9,230) |
|
|
|
|
|
|
Financial income |
|
2,634 |
2,617 |
|
Financial expenses |
|
(557) |
(547) |
|
Net financial income |
|
2,077 |
2,070 |
|
Profit before tax |
|
289,951 |
258,400 |
|
Income tax expense |
7 |
(72,884) |
(65,687) |
|
|
|
|
|
|
Profit for the year being total comprehensive income |
|
217,067 |
192,713 |
|
Attributable to: |
|
217,067 |
192,713 |
|
|
|
|
|
|
Earnings per share (pence) |
|
|
|
|
Basic |
5 |
28.1 |
24.4 |
|
Diluted |
5 |
28.0 |
24.3 |
|
|
|
|
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
Note |
2025 £000 |
2024 £000 |
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
9,510 |
8,385 |
|
Intangible assets |
8 |
41,130 |
36,245 |
|
Deferred tax asset |
|
1,012 |
1,449 |
|
Total non-current assets |
|
51,652 |
46,079 |
|
Current assets |
|
|
|
|
Trade and other receivables |
9 |
32,372 |
29,001 |
|
Contract assets |
|
1,251 |
1,270 |
|
Income tax receivable |
|
- |
905 |
|
Money market deposits |
|
5,683 |
5,482 |
|
Cash and cash equivalents |
|
37,223 |
35,761 |
|
Total current assets |
|
76,529 |
72,419 |
|
Total assets |
|
128,181 |
118,498 |
|
Current liabilities |
|
|
|
|
Trade and other payables |
10 |
(32,568) |
(27,036) |
|
Lease liabilities |
|
(3,562) |
(2,497) |
|
Contract liabilities |
|
(3,485) |
(3,168) |
|
Income tax Payable |
|
(501) |
- |
|
Other Current Liabilities |
|
(428) |
- |
|
Total current liabilities |
|
(40,544) |
(32,701) |
|
Non-current liabilities |
|
|
|
|
Other non-current liabilities |
|
- |
(417) |
|
Lease liabilities |
|
(3,622) |
(3,665) |
|
Provisions |
|
(1,717) |
(853) |
|
Total non-current liabilities |
|
(5,339) |
(4,935) |
|
Total liabilities |
|
(45,883) |
(37,636) |
|
Net assets |
|
82,298 |
80,862 |
|
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
10 |
774 |
795 |
|
Other reserves |
|
658 |
637 |
|
Retained earnings (net of own shares held) |
|
80,866 |
79,430 |
|
Total equity attributable to the equity holders of the Parent |
|
82,298 |
80,862 |
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 26 February 2026 and were signed on its behalf by:
Director
Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
2025 £000 |
2024 |
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the year |
|
|
217,067 |
192,713 |
|
Adjustments for: |
|
|
|
|
|
Depreciation charges |
|
|
3,937 |
3,613 |
|
Amortisation charges |
|
|
4,391 |
2,386 |
|
Financial income |
|
|
(2,634) |
(2,617) |
|
Financial expenses |
|
|
557 |
547 |
|
Fair value movements on investment |
|
|
- |
3,000 |
|
Share-based payments |
|
|
8,539 |
7,439 |
|
Provision Charge |
|
|
852 |
- |
|
Income tax expense |
|
|
72,884 |
65,687 |
|
|
|
|
|
|
|
Operating cash flow before changes in working capital |
|
|
305,593 |
272,768 |
|
|
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
|
|
(3,446) |
2,429 |
|
Increase in trade and other payables |
|
|
5,532 |
2,299 |
|
Decrease/(increase) in contract assets |
|
|
19 |
(511) |
|
Increase in contract liabilities |
|
|
317 |
632 |
|
|
|
|
|
|
|
Cash generated from operating activities |
|
|
308,015 |
277,617 |
|
|
|
|
|
|
|
Financial expenses paid |
|
|
(535) |
(538) |
|
Income taxes paid |
|
|
(71,181) |
(65,809) |
|
|
|
|
|
|
|
Net cash from operating activities |
|
|
236,299 |
211,270 |
|
|
|
|
|
|
|
Cash flows used in investing activities |
|
|
|
|
|
Interest received on cash and cash equivalents |
|
|
2,435 |
2,404 |
|
Acquisition of property, plant and equipment |
|
|
(903) |
(1,055) |
|
Acquisition of subsidiary, net of cash received |
|
|
- |
(7,552) |
|
Acquisition of investment |
|
|
- |
(3,000) |
|
Acquisition of intangible assets |
|
|
(9,276) |
(8,023) |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(7,744) |
(17,226) |
|
|
|
|
|
|
|
Cash flows used in financing activities |
|
|
|
|
|
Dividends |
|
|
(78,565) |
(74,308) |
|
Purchase of own shares for cancellation |
|
|
(141,095) |
(107,441) |
|
Purchase of own shares for share incentive plans |
|
|
(4,036) |
(7,325) |
|
Cost incurred on purchase of own shares |
|
|
(1,021) |
(804) |
|
Payment of principal portion of lease liabilities |
|
|
(3,146) |
(2,781) |
|
Proceeds on exercise of share-based incentives |
|
|
770 |
735 |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(227,093) |
(191,924) |
|
Net increase in cash and cash equivalents |
|
|
1,462 |
2,120 |
|
Cash and cash equivalents at 1 January |
|
|
35,761 |
33,641 |
|
|
|
|
37,223 |
35,761 |
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
Share capital £000 |
Own shares held £000 |
Other reserves £000 |
Reverse acquisition reserve £000 |
Retained earnings £000 |
Total equity £000 |
|
At 1 January 2024 |
|
814 |
(13,740) |
480 |
138 |
81,664 |
69,356 |
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
- |
- |
- |
192,713 |
192,713 |
|
|
|
|
|
|
|
|
|
|
Transactions with owners recorded directly in equity |
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
- |
- |
- |
7,439 |
7,439 |
|
Tax credit in respect of share-based |
|
- |
- |
- |
- |
497 |
497 |
|
Dividends |
|
- |
- |
- |
- |
(74,308) |
(74,308) |
|
Exercise of share-based awards |
|
- |
1,103 |
- |
- |
(368) |
735 |
|
Purchase of shares for share incentive plans |
|
- |
(7,325) |
- |
- |
- |
(7,325) |
|
Cancellation of own shares |
|
(19) |
- |
19 |
- |
(107,441) |
(107,441) |
|
Costs of shares purchases |
|
- |
- |
- |
- |
(804) |
(804) |
|
At 31 December 2024 |
|
795 |
(19,962) |
499 |
138 |
99,392 |
80,862 |
|
|
|
|
|
|
|
|
|
|
At 1 January 2025 |
|
795 |
(19,962) |
499 |
138 |
99,392 |
80,862 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
- |
- |
- |
217,067 |
217,067 |
|
|
|
|
|
|
|
|
|
|
Transactions with owners recorded directly in equity |
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
- |
- |
- |
8,539 |
8,539 |
|
Tax charge in respect of |
|
- |
- |
- |
- |
(223) |
(223) |
|
Dividends |
|
- |
- |
- |
- |
(78,565) |
(78,565) |
|
Exercise of share-based incentives |
|
- |
3,194 |
- |
- |
(2,424) |
770 |
|
Purchase of shares for share incentive plans |
|
- |
(4,036) |
- |
- |
- |
(4,036) |
|
Cancellation of own shares |
|
(21) |
- |
21 |
- |
(141,095) |
(141,095) |
|
Costs of share purchases |
|
- |
- |
- |
- |
(1,021) |
(1,021) |
|
At 31 December 2025 |
|
774 |
(20,804) |
520 |
138 |
101,670 |
82,298 |
The accompanying notes form part of these financial statements.
NOTES
1 General information, judgements and estimates
The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the registrar of companies, and those for 2025 will be delivered by 31 March 2026.
The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Group as at and for the year ended 31 December 2025 are available on the corporate website at plc.rightmove.co.uk or upon request to the Company Secretary from the Company's registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive,
Statement of compliance
The Group's financial statements have been prepared and approved by the Board of Directors in accordance with
Basis of preparation
The consolidated financial statements have been prepared in accordance with
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the Strategic Report and the Group's stated target of net zero carbon emissions by 2040. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Group's short-term or medium-term cash flows including those considered in the going concern and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
Alternative performance measures
In the analysis of the Group's financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group's year-on-year financial position, based on its operational activity. The key alternative performance measures presented by the Group are:
· Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance), and transaction related charges and the appropriate tax adjustments;
· Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance), and transaction related charges;
· Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period;
· Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance), and transaction related charges; and
· Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.
The Directors believe that these alternative performance measures, which exclude charges or credits that are not entirely driven by the principal operational activity of the Group, provide useful information to investors and enhance the understanding of the results. The charges that are not entirely driven by the principal operational activity of the Group include costs relating to share-based payments, transaction related charges (such as those in relation to acquisitions, investments or bid defence), restructuring and certain legal and professional costs. The Directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.
A reconciliation of the underlying performance measures to the GAAP measures are shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is presented below:
|
|
2025 £000 |
2024 £000 |
|
Profit for the year |
217,067 |
192,713 |
|
Share-based incentives charge |
8,539 |
7,439 |
|
NI on share-based incentives |
1,276 |
917 |
|
Transaction related charges |
- |
6,230 |
|
Investment fair value loss |
- |
3,000 |
|
Impact on tax charge |
(1,994) |
(3,152) |
|
Underlying profit |
224,888 |
207,147 |
Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in issue for the period (see Note 5).
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is presented below:
|
|
2025 £000 |
2024 £000 |
|
Operating profit |
287,874 |
256,330 |
|
Share-based incentives charge |
8,539 |
7,439 |
|
NI on share-based incentives |
1,276 |
917 |
|
Transaction related charges |
- |
6,230 |
|
Investment fair value loss |
- |
3,000 |
|
Underlying operating profit |
297,689 |
273,916 |
Underlying operating profit is used to calculate the underlying operating margin: which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is presented below:
|
|
2025 £000 |
2024 £000 |
|
Administration expenses |
137,255 |
133,552 |
|
Share-based incentives charge |
(8,539) |
(7,439) |
|
NI on share-based incentives |
(1,276) |
(917) |
|
Transaction related charges |
- |
(6,230) |
|
Investment fair value loss |
- |
(3,000) |
|
Underlying costs |
127,440 |
115,966 |
Going concern
The Directors have performed a detailed going concern review and tested the Group's liquidity in a range of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance of £37.2m and money market deposits of £5.7m at 31 December 2025 (31 December 2024: cash balance of £35.8m and money market deposits of £5.5m). The Group held a cash balance of £83.9m and money market deposits of £5.7m at 25 February 2026.
The Group bought back shares to the value of £141.1m during the period (2024: £107.4m) and paid dividends totalling £78.6m in May and October 2025 (2024: £74.3m).
In reaching its assessment on going concern, the Directors used the most recent Board approved forecasts for the Group for the period to 30 June 2027 ("the going concern period"). These were modelled to reflect the expected impact of current economic conditions on trading, as set out in these financial statements, in addition to the Group's current cash position, any committed payments in relation to the share buyback programme, and the resilience of its cash flow forecasts.
In stress-testing future cash flows, the Directors modelled a range of scenarios assessing the impact of reductions in housing transactions of varying severity for the period to 30 June 2027 and modelled the likely timing of cash inflows from customers inflows during the going concern period.
These included severe but plausible downside scenarios that are considered to pose the greatest threat to the business model and future performance of the Group, such as: an economic shock, increased competition and new disruptive technologies, or a cyber threat.
The model assessed changes in key revenue drivers, including customer numbers and average revenue per advertiser (ARPA) - one scenario being a 29% revenue reduction. Cost assumptions were also tested in each of the severe but plausible scenarios, factoring in higher marketing and IT costs, recruitment and retention costs, and increased investment in innovation and platform security. Scenarios were stress tested individually and in combination. In all cases, the Group remained cash-positive and debt-free.
The Directors also considered the results of a reverse stress test, that illustrated the scenario required to exhaust cash reserves. The possibility of this scenario arising was assessed to be highly remote, arising only under extreme conditions, much more severe than those modelled above. The Directors have identified further mitigating actions in relation to cost savings that could be actioned as necessary.
The Directors are confident that the Group will remain cash positive and will have sufficient funds to continue to meet its liabilities as they fall due for at least the period to 30 June 2027 and have therefore prepared the financial statements on a going concern basis.
Judgements and estimates
The preparation of the consolidated financial statements in accordance with
The estimates and associated assumptions are based on historical experience, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods, if applicable.
Management has determined that there are no areas of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year or critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the consolidated financial statements.
2 Accounting policy information
New and revised standards and interpretations
There were no new standards adopted by the group that had a material impact during the year. The IASB issued IAS 21 (Effects of Changes in Foreign Exchange Rates) - Lack of exchangeability which became mandatory in the period. This amendment has an immaterial impact on the Group. The Group has evaluated further amendments to IFRS that will become mandatory in subsequent periods and assessed that IFRS 18 (Presentation and Disclosure in Financial Statements) will have an impact on the Group's presentation, that the group is still assessing. This will be adopted in the year commencing 1 January 2027 when it becomes effective. Reviews of IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments are still ongoing but are not expected to have an impact on the Group.
Segmental reporting
The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group's Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:
· Agency, which provides resale and lettings property advertising services, Rental Operators advertising and Rental Services on
· New Homes, which provides property advertising services to new home developers and housing associations on
· Other, which comprises Commercial and Overseas property advertising services; and non-property advertising services which include Third Party Advertising and Data Services; and the Financial Services (Mortgages) business.
3 Revenue
The Group's operations and main revenue streams are those described in the annual financial statements. The Group's revenue is derived from contracts with customers.
Disaggregation of revenue
In the following table, revenue is disaggregated by property and non-property advertising revenue. The table also includes a reconciliation of the disaggregated revenue with the Group's business units.
|
Year ended 31 December 2025 |
Agency |
New Homes |
Other |
Total |
|
£000 |
£000 |
£000 |
£000 |
|
|
Revenue stream |
|
|
|
|
|
Property products |
304,744 |
75,330 |
21,563 |
401,637 |
|
Non-property products |
- |
- |
23,492 |
23,492 |
|
|
304,744 |
75,330 |
45,055 |
425,129 |
|
Year ended 31 December 2024 |
Agency |
New Homes |
Other |
Total |
|
£000 |
£000 |
£000 |
£000 |
|
|
Revenue stream |
|
|
|
|
|
Property products |
279,989 |
69,168 |
20,118 |
369,305 |
|
Non-property products |
- |
- |
20,577 |
20,577 |
|
|
279,989 |
69,168 |
40,695 |
389,882 |
Geographic information
In presenting information geographically, revenue and assets reflect the physical location of customers.
|
|
2025 |
2024 |
||
|
Group |
Revenue |
Trade receivables |
Revenue |
Trade receivables |
|
|
419,650 |
24,965 |
384,112 |
21,796 |
|
Rest of the world |
5,479 |
- |
5,770 |
21 |
|
|
425,129 |
24,965 |
389,882 |
21,817 |
Contract balances
The contract assets primarily relate to the Group's rights to consideration for services provided but not invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and the rights have become unconditional. The contract liabilities primarily relate to the advance consideration received from Agency, Overseas and Commercial customers, for which revenue is recognised as or when the services are provided.
The following table provides information about contract assets and contract liabilities from contracts with customers:
|
|
Contract assets £000 |
Contract liabilities £000 |
|
Contract balances as at 31 December 2023 |
759 |
(2,536) |
|
Performance obligations satisfied in 2023 |
(759) |
- |
|
Performance obligations satisfied in 2024 |
- |
2,470 |
|
Accrued/(deferred) during 2024 |
1,270 |
(3,102) |
|
Contract balances as at 31 December 2024 |
1,270 |
(3,168) |
|
Performance obligations satisfied in 2024 Performance obligations satisfied in 2025 Accrued/(deferred) during 2025 |
(1,270) - 1,251 |
- 3,139 (3,456) |
|
Contract balances as at 31 December 2025 |
1,251 |
(3,485) |
4 Operating profit
|
|
2025 £000 |
2024 £000 |
|
Operating profit is stated after charging: |
|
|
|
Employee benefits |
68,967 |
64,420 |
|
Depreciation of property, plant and equipment |
3,937 |
3,613 |
|
Amortisation of intangibles |
4,391 |
2,386 |
|
Trade receivables impairment charge |
413 |
1,629 |
|
Transaction-related charges Investment fair value loss |
- - |
6,230 3,000 |
Transaction-related charges in the prior year include legal and professional fees in relation to acquisitions and investments and costs in relation to bid defence for the unsolicited offer for
|
Auditor's remuneration
|
2025 £000 |
2024 |
|
Fees payable to the auditor in respect of the audit |
|
|
|
Audit of the Company's financial statements |
65 |
60 |
|
Audit of the Company's subsidiaries pursuant to legislation |
335 |
356 |
|
Total audit remuneration |
400 |
416 |
|
Fees payable to the Company's auditor in respect of non-audit related services |
|
|
|
Half year review of the condensed financial statements |
69 |
66 |
|
Total non-audit remuneration |
69 |
66 |
There were no other fees payable to
5 Earnings per share (EPS)
|
|
|
Pence per share |
||
|
|
£000 |
Basic |
Diluted |
|
|
Year ended 31 December 2025 Profit for the year and EPS Underlying profit and underlying EPS |
217,067 224,888 |
28.1 29.1 |
28.0 29.0 |
|
|
|
|
|
|
|
|
Year ended 31 December 2024 Profit for the year and EPS |
192,713 207,147 |
24.4 26.2 |
24.3 26.1 |
|
|
Weighted average number of ordinary shares (basic) |
2025 |
2024 |
|
Issued ordinary shares at 1 January less ordinary shares held by the EBT and SIP Trust |
791,523,287 |
811,252,473 |
|
Less own shares held in treasury at the beginning of the year |
(11,168,495) |
(11,709,197) |
|
Weighted effect of own shares purchased for cancellation |
(8,388,834) |
(8,933,806) |
|
Weighted effect of share-based incentives exercised |
625,563 |
363,417 |
|
Weighted effect of shares purchased |
(209,398) |
(755,421) |
|
Issued ordinary shares at 31 December less ordinary shares held by treasury, SIP and the EBT |
772,382,123 |
790,217,466 |
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group's potentially dilutive instruments are in respect of share-based incentives granted to employees.
|
|
shares |
|
|
Weighted average number of ordinary shares (basic) |
772,382,123 |
790,217,466 |
|
Dilutive impact of share-based incentives outstanding |
2,974,437 |
2,384,515 |
|
|
775,356,560 |
792,601,981 |
The average market value of the Group's shares for the purposes of calculating the dilutive effect of share-based incentives was based on quoted market prices during the period which the share-based incentives were outstanding.
6 Dividends
Dividends declared and paid by the Company were as follows:
|
|
2025 |
2024 |
||
|
|
Pence per share |
£000 |
Pence per share |
£000 |
|
2023 final dividend paid 2024 interim dividend paid 2024 final dividend paid 2025 interim dividend paid |
- - 6.10 4.05 |
- - 47,398 31,188 |
5.70 3.70 - - |
45,226 29,112 - - |
|
|
10.15 |
78,586 |
9.40 |
74,338 |
|
Unclaimed dividends returned |
- |
(21) |
- |
(30) |
|
Net dividends included in the statement of cash flows |
- |
78,565 |
- |
74,308 |
After the reporting date, a final dividend of 6.59p (2024: 6.10p) per qualifying ordinary share, being £49,500,000 (2024: £46,900,000), was proposed by the Board of Directors. The final dividend will be paid, subject to shareholder approval, on 22 May 2026.
The 2024 final dividend of £47,398,000 (6.10p per qualifying share) was paid on 23 May 2025.
The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived. No provision was made for the final dividend in either year, and there are no income tax consequences.
7 Income tax expense
|
|
2025 £000 |
2024 |
|
|
Current tax expense |
|
|
|
|
Current year |
72,799 |
65,214 |
|
|
Adjustment to current tax charge in respect of prior years |
250 |
(210) |
|
|
|
73,049 |
65,004 |
|
|
Deferred tax |
|
|
|
|
Origination and reversal of temporary differences |
341 |
578 |
|
|
Adjustment to deferred tax in respect of prior years |
(506) |
105 |
|
|
|
(165) |
683 |
|
|
Total income tax expense |
72,884 |
65,687 |
|
Income tax recognised directly in equity
|
|
2025 £000 |
2024 |
|
Current tax |
|
|
|
Share-based incentives |
(379) |
(88) |
|
|
|
|
|
Deferred tax Share-based incentives |
457 |
(409) |
|
Adjustment to deferred tax in respect of prior years |
145 |
- |
|
|
602 |
(409) |
|
Total income tax charge/(credit) recognised directly in equity |
223 |
(497) |
Reconciliation of effective tax rate
The Group's consolidated effective tax rate for the year ended 31 December 2025 is 25.1% (2024: 25.4%) which is marginally higher than (2024: higher than) the standard rate of corporation tax in the
|
|
2025 £000 |
2024 |
|
Profit before tax |
289,951 |
258,400 |
|
|
72,488 |
64,600 |
|
Net non-deductible expenses/(non-taxable income) |
197 |
1,068 |
|
Adjustment to deferred tax charge in respect of prior years |
(506) |
105 |
|
Share-based incentives |
455 |
124 |
|
Adjustment to current tax charge in respect of prior years |
250 |
(210) |
|
|
72,884 |
65,687 |
Factors affecting future tax charge
The deferred tax at 31 December 2025 and 31 December 2024 was calculated based on the enacted tax rate of 25%, the rate at which the deferred tax is expected to unwind in the future.
8 Intangible assets
|
|
|
Computer |
Software development |
Customer relationships |
Total |
|
Cost |
|
|
|
|
|
|
At 1 January 2025 |
22,680 |
15,822 |
2,849 |
6,366 |
47,717 |
|
Additions |
|
6,509 |
2,767 |
|
9,276 |
|
At 31 December 2025 |
22,680 |
22,331 |
5,616 |
6,366 |
56,993 |
|
Amortisation |
|
|
|
|
|
|
At 1 January 2025 |
- |
(8,931) |
- |
(2,541) |
(11,472) |
|
Charge for year |
- |
(3,756) |
- |
(635) |
(4,391) |
|
At 31 December 2025 |
- |
(12,687) |
- |
(3,176) |
(15,863) |
|
Net book value |
|
|
|
|
|
|
At 31 December 2025 |
22,680 |
9,644 |
5,616 |
3,190 |
41,130 |
|
At 31 December 2024 |
22,680 |
6,891 |
2,849 |
3,825 |
36,245 |
Impairment testing for cash-generating units containing goodwill
The goodwill comprises £6.2m recognised on the acquisition of
Management performed the annual impairment test. For the purposes of impairment testing, goodwill is allocated to the Group's lowest cash-generating unit which is the Agency only business unit. The calculations used in the cash flow projections are based on the latest three-year business plan which includes revenue per business unit, which was updated to reflect the most recent developments as at the reporting date.
An allocation of costs is estimated for impairment testing purposes in accordance with IAS 36. The impairment test performed was a 'value in use' assessment which looked at cash flows over the coming three years. The key assumptions used for modelling purposes were revenue growth rates, the long-term terminal growth rate of 3% for years outside of the three-year business plan and the pre-tax discount rate used of 10% (2024: 10%). The result of the impairment testing was that the recoverable amount is significantly higher than the carrying amount and there is no impairment. This result is not sensitive to any reasonable possible changes in the key assumptions used.
|
9 Trade and other receivables
|
2025 £000 |
2024 |
|
Trade receivables |
26,343 |
23,331 |
|
Less provision for impairment of trade receivables |
(1,378) |
(1,514) |
|
Net trade receivables |
24,965 |
21,817 |
|
Prepayments |
6,473 |
6,251 |
|
Interest receivable |
286 |
361 |
|
Other debtors |
648 |
572 |
|
|
32,372 |
29,001 |
10 Trade and other payables
|
|
2025 £000 |
2024 |
|
Trade payables |
1,826 |
1,326 |
|
Trade accruals |
12,474 |
9,270 |
|
Other creditors |
2,032 |
3,033 |
|
Other taxation and social security |
16,236 |
13,407 |
|
|
32,568 |
27,036 |
11 Share capital
|
|
2025 |
2024 |
||
|
|
Amount £000 |
Number of shares |
Amount £000 |
Number of Shares |
|
In issue ordinary shares At 1 January |
795 |
794,676,864 |
814 |
813,449,619 |
|
Purchase and cancellation of shares |
(21) |
(21,395,037) |
(19) |
(18,772,755) |
|
At 31 December |
774 |
773,281,827 |
795 |
794,676,864 |
All issued shares are fully paid. The nominal value of a share is 0.1p. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at general meetings of the Company. Included within shares in issue at 31 December 2025 are 1,617,723 (2024: 1,833,148) shares held by the EBT, 1,558,957 (2024: 1,320,429) shares held by the SIP and 10,753,494 (2024: 11,168,495) shares held in
In June 2007,
Costs incurred on purchase of own shares in relation to stamp duty charges and broker expenses for share buy backs were £993,000 (2024: £753,000). Costs incurred on purchase of own shares in relation to stamp duty charges and broker expenses for the SIP award were £14,000 (2024: £14,000) and for the RSP award were £14,000 (2024: £37,000).
12 Reconciliation of movement in capital and reserves
|
Own shares held - £000
|
EBT shares reserve £000 |
SIP shares reserve £000 |
shares £000 |
Total £000 |
|
Own shares held as at 1 January 2024 |
(1,860) |
(6,321) |
(5,559) |
(13,740) |
|
Shares purchased for share incentive plans |
(5,910) |
(1,415) |
- |
(7,325) |
|
Shares transferred to SIP |
594 |
(594) |
- |
- |
|
Share-based incentives exercised in the year |
66 |
713 |
260 |
1,039 |
|
SIP releases in the year |
- |
64 |
- |
64 |
|
Own shares held as at 31 December 2024 |
(7,110) |
(7,553) |
(5,299) |
(19,962) |
|
Own shares held as at 1 January 2025 |
(7,110) |
(7,553) |
(5,299) |
(19,962) |
|
Shares purchased for share incentive plans |
(2,656) |
(1,380) |
- |
(4,036) |
|
Shares transferred to SIP |
636 |
(636) |
- |
- |
|
Share-based incentives exercised in the year |
2,213 |
753 |
200 |
3,166 |
|
SIP releases in the year |
- |
28 |
- |
28 |
|
Own shares held as at 31 December 2025 |
(6,917) |
(8,788) |
(5,099) |
(20,804) |
|
Own shares held - number of shares
|
EBT shares reserve |
SIP shares reserve |
shares |
Total |
||||
|
Own shares held as at 1 January 2024 |
1,029,919 |
1,167,227 |
11,709,197 |
13,906,343 |
||||
|
Shares purchased for share incentive plans |
1,028,015 |
209,088 |
- |
1,237,103 |
||||
|
Shares transferred to SIP |
(88,502) |
88,502 |
- |
- |
||||
|
Share-based incentives exercised in year |
(136,284) |
(132,413) |
(540,702) |
(809,399) |
||||
|
SIP releases in the year |
- |
(11,975) |
- |
(11,975) |
||||
|
Own shares held as at 31 December 2024 |
1,833,148 |
1,320,429 |
11,168,495 |
14,322,072 |
||||
|
Own shares held as at 1 January 2025 |
1,833,148 |
1,320,429 |
11,168,495 |
14,322,072 |
||||
|
Shares purchased for share incentive plans |
424,448 |
264,355 |
- |
688,803 |
||||
|
Shares transferred to SIP |
(119,303) |
119,303 |
- |
- |
||||
|
Share-based incentives exercised in year |
(520,570) |
(132,825) |
(415,001) |
(1,068,396) |
||||
|
SIP releases in the year |
- |
(12,305) |
- |
(12,305) |
||||
|
Own shares held as at 31 December 2025 |
1,617,723 |
1,558,957 |
10,753,494 |
13,930,174 |
||||
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based incentives.
At 31 December 2025, the EBT held 1,617,723 (2024: 1,833,148) of the ordinary shares in issue, representing 0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the EBT at 31 December 2025 was £8,406,000 (2024: £11,765,000). During the year 520,570 shares were exercised (2024: 136,284).
(b) SIP shares reserve
In November 2014, the Rightmove Share Incentive Plan Trust (SIP) was established. This reserve represents the cost of acquiring shares less any exercises or releases of SIP awards. Employees of
During the year shares were exercised 133,925 (2024: 132,413) and 11,205 shares (2024: 11,975) were released by the SIP in relation to good leavers and retirees. 119,303 shares were transferred to the SIP reserve from the EBT (2024: 88,502).
At 31 December 2025, the SIP held 1,558,957 (2024: 1,320,429) of the ordinary shares in issue, representing 0.2% (2024: 0.2%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the SIP at 31 December 2025 was £8,100,000 (2024: £8,475,000).
(c)Treasury shares
The Company bought treasury shares in 2008, at an average price of 47.60 pence, to use to satisfy shareholder approved share-based incentive awards. This reserve represents the cost of acquiring shares held in treasury less any exercises of share-based incentives.
At 31 December 2025, the
Other reserves
Other reserves of £520,000 (2024: £499,000) represents the Capital Redemption Reserve in respect of own shares bought back and cancelled. The movement of £21,000 (2024: £19,000) is the nominal value of ordinary shares bought back and cancelled during the year.
Retained earnings
The loss on the exercise of share-based incentives of £2,424,000 (2024: £368,000) is the difference between the weighted average value that the own shares, held individually by the EBT, SIP and treasury, were originally acquired at and the exercise price at which share-based incentives were exercised or released during the year.
Reverse acquisition reserve
This reserve of £138,000 (2024: £138,000) resulted from the acquisition of
13 Share-based payments
The Group operates share-based incentive schemes for Executive Directors and employees.
All share-based incentives are subject to a service condition. Such conditions are not taken into account in the fair value of the service received. The fair value of services received in return for share-based incentives is measured by reference to the fair value of share-based incentives granted.
The Group recognised a share-based payments charge for the year of £8,539,000 (2024: £7,439,000). The NI charge for the year, relating to all awards, was £1,276,000 (2024: £917,000). The share price at 31 December 2025 was £5.20 (2024: 6.42).
The total charge in relation to share-based payments was £9,815,000 (2024: £8,356,000).
14 Contingent liabilities
The Group has no contingent liabilities in either year.
15 Other
In November, the Group received notice of a potential claim. At this stage, no claim has been received. The Group is confident of the value it provides to its partners.
16 Subsequent events
Subsequent to the reporting date, the Group committed to a £90m share buyback to be executed between 2 March and 31 July 2026.
ADVISERS AND SHAREHOLDER INFORMATION
|
Contacts |
|
Registered office |
Corporate advisers |
|
|||||
|
|
Chief Executive Officer: |
|
|
Financial adviser |
|||||
|
|
Chief Financial Officer: Company Secretary: Website: |
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2 Caldecotte Lake Business Park |
Joint brokers |
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UBS AG London Branch |
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MK7 8LE |
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Registered in |
Auditor |
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Bankers |
|||||
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Financial calendar 2026 |
|
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Barclays Bank plc |
|||||
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|
2025 full year results Final dividend record date |
27 February 2026 24 April 2026 |
|
Santander UK plc Lloyds Banking Group plc |
|||||
|
|
Annual General Meeting Final dividend payment Half year results |
8 May 2026 22 May 2026 31 July 2026 |
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Solicitors EMW LLP |
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|||||
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Herbert Smith Freehills Kramer LLP |
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Registrar |
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MUFG Corporate Markets (1) |
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(1) Shareholder enquiries
The Company's registrar is MUFG Corporate Markets. They will be pleased to deal with any questions regarding your shareholding or dividends. Please notify them of your change of address or other personal information. Their contact details are:
Shareholder helpline: 0371 664 0300 calls are charged at the standard geographic rate and will vary by provider. Calls outside the
Email: shareholderenquiries@cm.mpms.mufg.com
Signal Shares shareholder portal: www.signalshares.com
Address: MUFG Corporate Markets
29
LS1 4DL
Shareholders can register online to view your holdings using the shareholder portal, a service offered by MUFG Corporate Markets at www.signalshares.com. The shareholder portal is an online service enabling you to quickly and easily access and maintain your shareholding online - reducing the need for paperwork and providing 24 hour access for your convenience. You may:
o View your holding balance and get an indicative valuation
o View the dividend payments you have received
o Cast your proxy vote on the AGM resolutions online
o Update your address
o Register and change bank mandate instructions so that dividends can be paid directly to your bank account
o Elect to receive shareholder communications electronically
o Access a wide range of shareholder information and download shareholder forms
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