# British property portal Rightmove hikes dividend after annual profit jump
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-03
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Rightmove Plc Raises Dividend Despite Softening UK Housing
Meta Description: British real-estate portal Rightmove Plc increases dividend, reports higher profit, and sustains traffic amid easing UK housing market activity.
URL: https://financedigest.com/british-property-portal-rightmove-hikes-dividend-after-annual-profit-jumphtml

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(Reuters) -British real-estate portal Rightmove Plc on Friday raised its final dividend payment and posted a higher annual operating profit, supported by resilient traffic despite a less-frenetic property market.

Activity in the UK housing sector has eased in recent months, hurt by a dent in demand for new homes as high home-loan rates and broader recession fears drive away prospective buyers.

“The softening from the COVID-induced frenetic market towards a more normal market earlier in the year was disrupted in the final few months by the unexpected rapid mortgage rate increases,” Chief Executive Officer Peter Brooks-Johnson said in a statement.

Still, the company’s Average Revenue Per Advertiser (ARPA) – a key measure – rose 11% to 1,314 [pounds ($1,573.25) per month, up from 1,189 pounds a year](https://www.financedigest.com/commonenergy-mistakes-costing-homeowners-hundreds-of-pounds-each-year.html "Commonenergy mistakes costing homeowners hundreds of pounds each year") earlier.

The London-headquartered firm declared a final [dividend of 5.2 pence per share](https://www.financedigest.com/cez-shares-jump-as-2022-profit-dividend-outlook-brightens.html "CEZ shares jump as 2022 profit, dividend outlook brightens"), up from 4.8 pence a year ago.

The FTSE-100 firm, which runs the country’s largest property website, posted an operating [profit for the year](https://www.financedigest.com/crop-merchant-louis-dreyfus-gets-profit-boost-in-volatile-year.html "Crop merchant Louis Dreyfus gets profit boost in volatile year") ended Dec. 31 at 241.3 [million pounds](https://www.financedigest.com/uk-gives-bbc-world-service-20-million-pounds-to-support-english-language-broadcasting.html "UK gives BBC World Service 20 million pounds to support English language broadcasting"), compared with company-compiled average analysts’ estimates of 242.2 million pounds.

($1 = 0.8349 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips)


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