Rightmove PLC published its Interim Management Statement for the period from 1 July 2011 to 31 October 2011.
The last four months have continued to show strong growth in revenue, earnings and cash generation.
We continued to make healthy gains in average revenue per advertiser (ARPA) in the third quarter driven by further adoption of our advertising products.
Discretionary spend by our customers on advertising products in the third quarter was up over 35% compared to the same period in 2010. The number of advertisers at the end of October stood at 18,422, up 2% since the start of the year. Changes to 2012 pricing are progressing according to plan.
Activity on Rightmove has been strong with page impressions for the period up over 20% compared to the same period in 2010. Following our most recent TV marketing campaign in September we have recorded our highest ever market share of page impressions. Around 90 million property searches were performed on our mobile platforms in the period, which is more than double the number of searches in the same period in 2010.
ARPA during the third quarter was ahead of the average for the first half of the year reflecting further growth in adoption of our advertising products and the full impact of membership fee increases implemented between January and the start of May. Estate agency and lettings membership at the end of October stood at 15,192, a 2.5% increase from the start of the year.
The number of developments advertised has been stable during the period. ARPA during the third quarter showed healthy growth compared to the average for the first half of the year. Of note, was the particularly strong demand for our email campaign service.
Although both modest contributors in terms of overall revenue, our overseas property advertising business had its best quarter this year and our data services business continues to trade healthily.
Return of cash
Our interim dividend, up 2p to 7p per share, will be paid on 11 November 2011 to shareholders on the register as at 14 October 2011. Since the announcement of the half year results in early August, the Company has acquired and subsequently cancelled 991,000 shares at a cost of GBP11.6m. At 31 October 2011 Rightmove had GBP29.8m of net cash.
The Board is confident of meeting expectations for the current year. The Board expects to achieve further organic growth in 2012 on the assumption that housing market conditions continue to be challenging but do not substantially worsen.