Rightmove shares jump 6% on upbeat 2023 outlook

Shares in Rightmove (LSE: RMV) jumped 6.5% in London trading after the UK’s largest property portal announced positive momentum in 2023 and unveiled ambitious new financial targets for 2028.

Despite ongoing housing market uncertainty, the FTSE 100 firm said revenue growth has tracked slightly ahead of consensus forecasts this year, aided by better-than-expected average revenue per advertiser of between £112-116.

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For the full year 2023, Rightmove guided for overall revenue growth of 8-10% and underlying operating profit expansion of 7-8%. Additionally, the company laid out a bold 2028 vision targeting over £600 million in annual revenue, representing 80% growth from 2022 levels. Rightmove also aims to push underlying operating profit above £420 million by 2028, 71% higher than last year’s result.

Year to date Rightmove shares are up 3.8% but down 2.9% year over year. Rightmove’s share price has been stuck in a wide range since the lows back in October 2022. Price has struggled to stay above 600p. Today’s 6.5% jump has driven the price back up towards that 600p technical barrier. A close above this level of resistance should see buyers regain a little more control.