UK Property Website Rightmove Sees Huge Increase in Visitors

The website claimed it had its largest ever number of visitors on August 10th and they have been operating for 9 years. The magnitude of the slump showed clearly in their interim figures with gross profits down by 8%. However now they feel that the worst is over, citing that this slump was the worst in a generation. The company has seen a slowly improving market through the summer and had good monthly growth in July, in fact it was their second most profitable month ever.

The company commented that subscribers were up by 1% as the level of attrition in property companies has stopped, alarmingly over 300 real estate companies ceased using the site, many of whom have had to close their doors for business. Rightmove themselves had to do considerable cost cutting, culling their employee level by 20%. In doing so they reduced the cost of running the business by 19% and have therefore been able to keep profits at reasonable levels.


 

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