Not a great set of results from Rightmove and so competitors getting excited.
Slowing profit growth and a decline in the number of estate agents listing showed its days could be numbered as the go-to property porn website.
The firm reported its slowest full-year profit growth in nine years, despite rising 10% to £203 million, and the total number of agents listing fell 2% to 17,328. Analysts were quick to question whether Rightmove’s smaller competitors had now caught up.
Peel Hunt analyst Jessica Pok said: “We believe the competitive environment is getting tougher as OnTheMarket continues to add to the number of agencies listing on their site, while Zoopla focuses on making the customer experience better.”
She added that slowing profit growth reflected how badly the property market has been damaged by Brexit: overall housing transactions fell 3% last year.
A growing sense of unease around the firm was compounded by chairman Scott Forbes who said that after a “significant minority” of shareholders opposed his re-election as chairman at the annual meeting in May, he would resign May next year.
Investors disapprove of his having so many other jobs: he is chairman at research giant Ascential, renewable energy business Innaol Group, and US car-selling website Cars.com.
Shares in Rightmove fell 28.9p, or 6%, at 453p.
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