Annual report and accounts 2024
we believe in
the power of
our platform
the power of
our platform
we believe in
“Our leading platform and the powerful
network effect of our consumers and
partners underpin the success of our
business. Our relentless focus on
innovation, as well as our leading market
position and the good momentum that
we’re seeing across the business, mean
that we remain hugely confident in
Rightmove’s future prospects.”
Johan Svanstrom Chief Executive Officer
Read more about the exceptional network effect of our platform on page 10.
Strategic Report
2 Highlights
4 At a glance
5 Chair’s statement
7 Investment case
8 Market overview
10 Business model
13 Chief Executive’s review
17 Our strategy
19 Our two Big Beliefs
20 Key performance indicators
22 Financial review
26 Section 172 statement
32 Environmental, social and governance
report (ESG)
58 Non-financial and sustainability
information statement
59 Risk management
61 Principal risks and uncertainties
66 Going concern and viability statement
Governance
67 Non-Executive Chair’s introduction
68 Governance at a glance
74 Directors and officers
77 Board activities and outcomes in 2024
85 Audit Committee report
92 Nomination Committee report
98 Corporate Social Responsibility
Committee report
100 Directors’ Remuneration Report
119 Directors’ report
122 Directors’ responsibilities statement
123 Independent auditor’s report
Financial Statements
130 Consolidated statement of
comprehensive income
131 Consolidated statement of financial
position
132 Consolidated statement of cash flows
133 Consolidated statement of changes in
shareholders’ equity
134 Notes forming part of the financial
statements
156 Company statement of financial
performance
157 Company statement of changes in equity
158 Notes to the Company financial
statements
Other Information
161 Advisers and shareholder information
View this report online
https://plc.rightmove.co.uk/
For further details on how the Board
assesses, monitors and embeds
culture, please see page 92.
Rightmove was awarded Tech Business
of the Year at the 2024 Plc Awards
Financial highlights
Revenue Underlying operating profit
(1)
Underlying basic earnings per share
(2)
+7% +4% +4%
Revenue of £389.9m (2023: £364.3m), up 7% compared to
2023, reflecting increased ARPA and membership numbers
Underlying operating profit £273.9m, up 4%compared to
2023 (2023: £264.6m)
Underlying basic earnings per share of 26.2p, up 1.0p on
2023 (2023: 25.2p)
Cash returned to shareholders Operating profit Basic earnings per share
£181.7m -1% 0%
Cash returned to shareholders through share buy backs
anddividends totalled £181.7m (2023: £201.7m). Interim
dividend of 3.7p and final dividend of 6.1p (2023: 3.6p and
5.7p). Total dividend for2024 of 9.8p (2023: 9.3p)
Operating profit of £256.3m, down 1% compared to 2023
(2023: £258.0m) mostly due to the transaction-related
charges, which were not driven by the principal operational
activity of the Group (see Financial review)
Basic earnings per share of 24.4p, flat on 2023
(2023: 24.5p)
Continued robust financial performance, driven by growing demand for
Rightmove’s products and services, that deliver exceptional value for
all stakeholders
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance) and transaction-related charges.
2. Underlying basic EPS is defined as underlying profit (profit for the year before share-based payments charges including the related National Insurance, transaction-related charges and appropriate tax adjustments), divided by the weighted
average number of ordinary shares outstanding during the period.
Annual report and accounts 2024Rightmove2
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Membership numbers Properties advertised
(2)
Traffic – visits
19,047 980,000 +5%
Agency and new homes membership numbers up 1%/262
compared to 2023 (2023: 18,785)
Over 980,000 UK residential properties advertised on
Rightmove (2023: 847,000), more than any other portal
Site visits 5% higher than 2023 at 2.3 billion
(2)
(2023: 2.2 billion)
Average revenue per advertiser
(1)
Employee engagement Traffic – time on site
(3)
£ 1,524 82% 16.4 billion
Average revenue per advertiser (ARPA) up 6% compared
to 2023 (2023: £1,431)
82% of employee respondents believe that Rightmove
is a great place to work (2023: 88%)
Time spent on the Rightmove site increased 6% over
the year to 16.4 billion minutes (2023: 15.4 billion)
Operational highlights
Rightmove remains the UK’s number one digital property advertising and
information portal – it is the place people come to when making their move
1. Average revenue per advertiser (ARPA) is calculated as revenue from Agency and New Homes advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year.
2. Average number of unique properties advertised each month in the year.
3. Source: Google Analytics.
Annual report and accounts 2024Rightmove3
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At a glance
Vision
To give everyone the belief they can make their move.
Mission
Our mission is to make the move easier and simpler,
by giving everyone the best place to turn to for accessing
the tools, expertise and trust to make it happen.
What we do
Rightmove is the place where consumers turn to first
and return most to achieve their property goals.
Property professionals – for example residential and
commercial estate/letting agents, or residential developers
and operators – pay a fee to advertise their properties and
services on Rightmove. Along with surveyors, lenders and
other professionals, they can buy our unique and extensive
property market data. We also offer advertising and lead
generation for partners including mortgage lenders/brokers,
home services providers and others.
Rightmove
in numbers
the power of
our platform
we believe in
Our consumer reach
>80% share of time spent on
property portals
(1)
>95%
brand awareness among
homemovers
(2)
The place to find property
980,000 properties advertised
per month (UKresidential)
Giving consumers the UK’s largest choice
of homes for sale and rent all in one place
Leading property outcomes
73% of UK sale outcomes
(3)
85% of UK lettings outcomes
Highly efficient business model
>100% cash flow conversion
(4)
All surplus cash returned toshareholders
Underpinned by
our unique data
Rightmove
platform
Largest
property
moving
audience
Largest
selection
of
properties
Our business
at a glance
Our scale and reach
Our partners
• >20,000 partners: estate and letting
agents, developers and operators,
commercial agents, lending and
data partners
• c.77,000 partner meetings
• >30 national conferences per year
• 90% partner retention in FY24
Our consumers
• 4.1m unique visitors each day
• 44.9m minutes onsite per day
• 8.7m signed up to Rightmove updates
Our people
• Almost 900 Rightmovers
• Over 80% say, ‘Great Place to Work’
• 13,000 training hours delivered
1. Source: Comscore Mobile Metrix® Mobile App only, total Audience, Custom-defined list of Rightmove (Mobile App) and Zoopla Property Search (Mobile App),
January – December 2024, United Kingdom.
2. Source: YouGov, Profiles, 12 months to 24 March 2024 from We Are Unchained’s The Voice of the Agent 2024.
3. Vendor instructions: Street (January – December 2024). Tenants delivered: RLTS tenant survey. Question: “How did you find the property you are applying for?“
4. Cash generated from operations of £277.6m as a proportion of operating profit of £256.3m.
Other InformationFinancial StatementsGovernanceStrategic ReportStrategic Report
Annual report and accounts 2024Rightmove4
Chair’s statement
It is my pleasure to present
Rightmove’s results for the
year ended 31 December 2024.
Our strong financial results
demonstrate the ongoing
power of the Group’s platform
and business model and the
meaningful value we deliver for
our partners, consumers and all
our stakeholders.
Rightmove remains the place that consumers
turn to first, and return to the most, as they
search for property market data and research
tools to help them make their move. Traffic
to the Rightmove site increased 6%, with
consumers spending 16.4 billion minutes on
Rightmove during 2024 (2023: 15.4 billion),
and the vast majority of consumer time spent
on property portals in the UK continued to be
on Rightmove.
In turn, our partners continued to trust the
Rightmove platform and invest in the variety
of digital products which support them not
only in advertising and generating leads, but in
understanding their local markets and creating
new opportunities to grow their businesses.
We remained focused on innovation and
investment in product development, growing
the range of digital tools available across
the platform. Our dual focus on consumer
engagement and partner products enables
us to produce superior results for our partners,
ensuring we are building success together.
Rightmove is an exceptional business with significant opportunities, a
clear strategy and a strong team to continue to deliver significant value
for all of our stakeholders
I am pleased to see the pace of delivery across
both consumers and partner innovation higher
than it has ever been. We have embraced the
transformative power of AI, implementing
cutting-edge efficiency tools across our business
and successfully delivering innovative machine-
learning and AI solutions for our partners and
consumers. Building on this momentum, we will
accelerate our progress even further in 2025,
driving new levels of impact and innovation.
Helping to build a greener property market
remained high on our agenda during the year,
and we continued to expand our role through
leveraging our vast datasets to provide green
insights and allow consumers to make more
informed decisions. Our contribution was
recognised in the award of a Prime ESG rating
by Institutional Shareholder Services (ISS).
During 2024, the Board focused on supporting
the management team in the ongoing delivery
of our strategic ambitions over the medium
term. As the business continued to grow, the
number of employees expanded by 14% during
the year to just under 900, with 60% of new hires
being in technology as we continue to focus
on investing in products and innovation. The
leadership team evolved with a new Chief People
Officer, the introduction of a Chief Data Officer
role, and several other new senior leaders across
the business.
It is the talented, experienced team which
delivers the value that Rightmove provides its
partners and other stakeholders. On behalf of
the Board, I would like to thank all our partners
for their continued confidence in Rightmove,
Annual report and accounts 2024Rightmove5
Other InformationFinancial StatementsGovernanceStrategic Report
and our exceptional team, for their dedication
and hard work as we continually strive to exceed
the expectations of all our stakeholders.
The Board also focused on carefully reviewing
and responding to the unsolicited offer from
REA, whilst engaging with shareholders during
that process. The Board of Rightmove is grateful
to all its shareholders who engaged and provided
their views. Rightmove is an exceptional
business and we are confident that we will deliver
significant future value for shareholders.
Financial highlights anddividend
The Group’s results reflect the strength of the
business model and our core value proposition.
Revenue grew 7% to £389.9m (2023: £364.3m),
delivering underlying operating profit
(1)
of
£273.9m (2023: £264.6m) and statutory
operating profit of £256.3m (2023: £258.0m).
Rightmove continued to generate very strong
free cash flow and, in keeping with our policy of
returning all surplus cash to our shareholders,
£181.7m (2023: £201.7m) was returned in
the year: £107.4m through the share buyback
programme and £74.3m in dividend payments
made in May and October. The cash
(2)
position
at the year-end was £41.3m (2023: £38.8m).
The Board remains confident in Rightmove’s
ability to deliver sustainable returns to
shareholders and is recommending a final
dividend of 6.1p per share for 2024 (2023:
5.7p), taking the total dividend for the year to
9.8p (2023: 9.3p) in line with our progressive
policy. The final dividend will be paid, subject to
shareholder approval, on 23 May 2025.
Board changes
On 15 September 2024, Alison Dolan stepped
down from her position as CFO and as an
Executive Director and left the Group on 30
September. I would like to thank Alison for the
significant contribution she made to the Board
throughout her tenure and to the continued
success of Rightmove.
Ruaridh Hook was appointed to the Board as
CFO and Executive Director on 15 September
2024. Having been with the business since
2016, he brings deep knowledge of Rightmove,
its commercial model, and the market, and is
already well known both within the organisation
and externally.
Board governance
The Corporate Social Responsibility Committee
continued to guide and oversee progress in the
delivery of our environmental, social and
governance (ESG) strategy, ensuring
continuous improvement and alignment with
best practice. The CSR Committee received
comprehensive updates on People and Culture,
including progress on diversity, equity and
inclusion initiatives and on Go Greener, one of
Rightmove’s two key initiatives. The ESG section
of this report contains further information.
The Audit Committee oversaw the transition
from outsourced internal audit to an in-house
Chair’s statement continued
function and the appointment of a new Head of
Internal Audit and Assurance. A key priority of
the Committee was monitoring the progress
across the business towards readiness for the
corporate governance reforms (see the Audit
Committee report on page 85 for details).
Looking ahead
Rightmove is a business positioned for
sustained growth with a clear strategy and a
strong team. Our mission – to make the UK
property market easier and simpler, through
providing a superior platform and data to
facilitate this – ensures that everyone can make
their move whilst delivering exceptional value
to all our stakeholders.
We move into 2025 with a stronger platform,
further differentiated proposition and
increased capabilities. I am excited about
the opportunities ahead and confident in
Rightmove’s ability to realise these.
Andrew Fisher
Chair
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related
National Insurance) and transaction-related charges.
2. Cash includes money market deposits of £5.5m (2023: £5.2m).
“We have
embraced the
transforming
power of AI,
successfully
delivering
innovative
solutions for our
partners and
consumers.”
Annual report and accounts 2024Rightmove6
Other InformationFinancial StatementsGovernanceStrategic Report
Investment case
A compelling investment case
Our market data and platform network effects remain best in class. We retain the largest and deepest property market and consumer
data set in the UK . We leverage this, and our unsurpassed digital scale and platform, to deliver exceptional value for all our stakeholders.
Significant value
creation
A larger, diversified
Rightmove
(1)
Double digit revenue
and profit growth
High cash generation
All surplus cash returned to
shareholders
Strong
foundations
UK property market
Large and growing
Digital platform
Low-cost, capital
light = high returns
on capital
Sustainable
business model
B2B subscriptions,
delivers in all market
conditions
The leading
UK platform
The central position
in the property
ecosystem
Powerful data and
network effects
unique first party
data drives:
• Partner value
• Iconic consumer
brand
• Innovation for all
Over 25
years has
built...
Gives
confidence
to deliver...
Together with:
Experienced Board
and management
A clear, expanding
growth strategy
Targeted investment
Data-backed
innovation
1. Beyond Find, to Afford, Move, Transact, Lifecycle.
Annual report and accounts 2024Rightmove7
Financial Statements Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove7
Strategic Report
Market overview
As the leading property platform in the UK, Rightmove is well placed with its brand equity, consumer engagement and reach, network effect
and established partnerships to leverage the long-term structural tailwinds in the UK property market – which together create a multiplier
economic effect.
One of the largest property markets in the world
supported by structural tailwinds
Structural
tailwinds
1. Savills residential property estimate of £8.678trn; EPRA commercial property estimate $1.9trn.
2. UK government, “Housing supply: net additional dwellings, England: 2023 to 2024” (November 2024).
3. UK government, “English Private Landlord Survey 2024: main report”.
4. FCA, “Mortgage lending statistics – December 2024” .
5. EPRA “Global Real Estates Markets table, Q4 2024”: UK valued at $1.9trn, after US, China, Germany .
6. United Nations, Department of Economic and Social Affairs, Population Division (2024). “World Population Prospects
2024”, Online Edition. Medium variant, growth 2024-2029.
7. Source: Office for Budget Responsibility, “Economic and fiscal outlook”, October 2024.
8. 50% of housing stock is >60 years old – Source: UK government, “2023-24 English Housing Survey Headline Report”.
9. 152 days from SSTC to completion in 2024.
The scale of the
UK property
market
Housing shortage: UK
adult population +450k per
annum
6
versus 100k-160k
new home starts per annum
7
Need to modernise
(8)
Digitisation of inefficient,
analogue systems
(9)
>£10trn property market
(1)
>25m homes
(2)
4.7m private rental
properties
(3)
£1.7trn residential
mortgage lending
(4)
4th largest commercial
property sector globally
(5)
Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove8
Market overview continued
Residential resale:
Transactions
(1)
and property prices
(2)
Key KeyKey
Transactions TransactionsEnquiries per available property
Average rent per month (£)
Average asking price
Min (0.9m, 2009)
Rightmove's end-markets offer supportive characteristics: a resale market with an effective floor of 0.9 million transactions per year, and
a usual range of 1.0-1.2 million; a lettings market with significant supply/demand imbalance which supports price growth; and a large and
liquid commercial market.
Commercial:
Resale transactions
(4)
Residential lettings:
Supply/demand and pricing
(3)
1. Source: HMRC for historical data in millions; Rightmove estimate for 2024.
2. Source: Rightmove House Price Index.
3. Source: Rightmove listings and number of enquiries to agents, measured monthly, averaged across each year.
4. Source: HMRC for historical data in thousands; Rightmove estimate for 2024 based on HMRC data to November 2024.
Liquid and stable residential and commercial markets
0.9
£150k
£200k
£250k
£300k
£350k
£400k
£450k
1.2 1.2 1.2
1.0
1.5
1.3
1.0
1.1
2008-
2012
2013-
2017
2018 2019 2020 2021 2022 2023 2024
Average Asking Price
100
118
126
99
121
124124
119
125
2008-
2012
2013-
2017
2018 2019 2020 2021 2022 2023 2024 E
6
1,000
1,100
1,200
1,300
1,400
1,500
7
9
16
24
22
16
2018 2019 2020 2021 2022 2023 2024
Average rent/month (£)
Min (88k, 2009)
Annual report and accounts 2024Rightmove9
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Business model
A superior network effect
The only platform to
search and research
nearly the whole
market in one place
Unrivalled exposure,
high-quality leads
and products generate
value for our partners
Find
properties
Market data
and services
Property
financing
Home buyers
Home sellers
Renters
Borrowers
Business owners
Estate agents
New home developers
Commercial property
agents
Mortgage lenders and
brokers
Banks, surveyors and
property investors
Third-party advertisers
Access
serious
property
seekers
Valuation
tools
Efficiency
products
Customers
– our partners
Subscribe to advertise
Consumers
– UK audience
Free use for consumers
The Rightmove network effect
Proprietary
Rightmove data
Innovation and investment in new products and tools for
consumers and our partners
Our unique and scaled digital platform underpins Rightmove’s network effect and secures our leading and resilient position in the property
market through all market cycles and industry events.
Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove10
One platform
Powered by data
Connecting the market
Rightmove’s unique data position
Data drives our network effect. The Rightmove platform holds
the broadest range and deepest set of property market data
in the UK. It powers our platform, connecting the UK property
market.
One platform
The Rightmove platform is central to the UK property market,
connecting all parties – consumers who want to buy or sell or rent
a property (residential or commercial), agents, landlords and other
property professionals facilitating the move as well as financial
services providers.
Powered by data
We obsess about our property market data and using it to continually
innovate our platform and products to generate exceptional returns
to all our partners, and an exceptional experience to consumers.
This creates value for Rightmove and our shareholders, allowing us
to further invest in innovation and digitisation. The network effect is
compounding for all stakeholders.
Business model continued
Data
services
Commercial
Property
professionals
Financial
services
Rental
services
Consumers
Estate
agents
Letting
agents
New homes
Rightmove
platform
Annual report and accounts 2024Rightmove11
Financial Statements Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove11
Strategic Report
Business model continued
How we create exceptional value for our stakeholders
Customers – Our partners
Our platform’s products and tools, unique industry data
and our consumer reach – through our access to the
largest property moving audience in the UK – provide
unrivalled data, property insights and marketing channels
for our partners; granting them the most significant and
effective exposure for their own brands and properties,
which helps them maximise returns in their own businesses.
Consumers – UK audience
Rightmove is free to consumers and is at their fingertips
when they are looking to make their move. It is the only
place where they see almost the entire UK property
market in one place. They rely on the ease, speed
and availability of our platform to provide them with
comprehensive data, information and research tools to
make their move; from personalised property listings,
location information to links to mortgage brokers,
references and other tenancy services.
Business partners
We take responsibility in all our dealings with other
business, industry and government bodies, seeking to
develop open and trusted relationships. With suppliers
we commit to prompt payment through the Prompt
Payment Code. With regulators, we take an open and
transparent approach to ensuring that we comply with
all relevant regulations.
Employees
Our employees define Rightmove. The culture is open,
innovative, supportive and value driven. Our people live
by our central behaviours of doing the right thing for
customers, consumers and each other; and are focused
on delivering and driving improvement. Our policies
and programmes support and enrich our employees;
improving diversity, equity and inclusion whilst aiding
workforce well-being, retention and recruitment.
Shareholders
Our ambitions, and delivery through innovation, generate
substantial shareholder value; with substantial operating
margins, high cash conversion and a robust balance sheet,
we are able to invest to drive future growth; through
increased product penetration in our core businesses
and through the development of several other strategic
growth areas.
Communities and
environment
We are committed to the UK’s environmental agenda
and leveraging our platform’s reach to help the UK
Go Greener and reduce UK property industry carbon
emissions. We support communities through charity
work, donations and volunteering days with national,
local and customer charities and provide ‘matched
funding’ for any employee charitablecontributions.
Using our platform, datasets and unrivalled network effect, we continually and consistently deliver exceptional returns to consumers
and our partners. This, in turn, generates exceptional value to Rightmove and all its stakeholders.
Annual report and accounts 2024Rightmove12
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Delivering our diversified growth strategy at accelerated pace to drive
value for stakeholders
Chief Executive’s review
Dear Shareholder
I am very pleased to report continued financial,
operational and strategic progress for
Rightmove during 2024. We delivered strong
financial growth, reflecting the increased quality
and range of digital products we offered to both
consumers and our partners, whilst driving
forward the strategy that was set out at the end
of 2023 to expand and broaden our business.
We have a very complete view of our partners’
end-markets, the UK residential and commercial
property sector. Housing market activity started
the year slowly, with consumers cautious in
the face of high interest rates, before gradually
improving. The year ended with the number of
housing sales transactions slightly ahead of 2023
at 1.1 million
(1)
(2023: 1.0 million).
In the lettings market, the recent years’ strong
imbalance of more demand from prospective
tenants than properties available (supply)
reduced over 2024, yet remains roughly double
the level seen before the pandemic. New homes
development numbers declined in the first half
of the year, before recovering into the year-end.
Our partners, in both estate agency and new
homes development, worked hard to win new
buyer and vendor mandates and then to close
sales. They continued to trust in Rightmove,
and increased their uptake of our products,
data solutions and premium packages to drive
their businesses.
Total revenue for the year increased by 7%
on 2023, demonstrating the resilience of our
business model through property market cycles
and the value we deliver. Core membership
numbers ended the year ahead of 2023 at
19,047 (up 262/1%), driven by growth in Agency
branches (up 285/2%), partially offset by a
decline in new homes developments (down
23/1%) reflecting the challenging market for
developers and fewer new build developments
coming to market. Our Other business units
grew strongly at a combined rate of 13%.
Our strategy – delivering
exceptional value to consumers,
our partners and all our
stakeholders through digitising
the UK property market
Our vision is to give everyone the belief they
can make their move. Our strategy is to deliver
exceptional value to both our partners and
consumers by leveraging our platform, which
contains the UK’s largest property data, audience
and partner base. We are excited about the
significant long-term opportunities for further
digitising the property eco-system, where our
scale will yield results for all our stakeholders.
Annual report and accounts 2024Rightmove13
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“Reliably
delivering for all
our stakeholders
– whatever
the property
market cycle –
while driving a
more digitised
and greener UK
property market.”
During the year we made strong progress in
further cloud-enabling our platform and, with
expanded technology team resources, we are
now driving more and faster product releases
and innovation. We are starting to leverage the
power of artificial intelligence, underpinned
by the 3.0 petabytes in our data platform
(2)
, to
delight consumers, drive partner value, monetise
data, and gain internal efficiencies. Some
examples are set out in the sections below.
Helping consumers move more
easily
Throughout 2024 Rightmove remained the
place that consumers chose to turn to first and
engage with for property search and research.
Over 80% of all time spent on property portals
in the UK was spent on Rightmove
(3)
and Google
continued to report that more people start their
property searches with ‘Rightmove’ than with
‘Property’
(4)
. During 2024, consumers visited
the Rightmove platform over 2.3 billion times
(2023: 2.2 billion) and spent over 16.4 billion
minutes searching for properties or researching
the market, 6% higher than 2023 (2023: 15.4
billion). 73% of all time spent on Rightmove’s
platforms in 2024 was to our mobile site and
apps (2023: 71%).
This consumer engagement not only reflects
the quality of the platform experience and
the salience of our brand, but also supports
Rightmove’s platform as the largest choice of
residential properties available for rent or sale
compared to any other property portal
(5)
.
We are continually investing in our platform,
products and content, ensuring that home
movers have everything they need to make
informed decisions for their move, now or
in the future. During 2024, key parts of the
platform were redesigned to improve user
experience and navigation to quickly find or be
served information. This included new feature
functionality onto the main search pages and
adding significant amounts of new and detailed
information for each individual property,
previously only available by calling the estate
agent or developer. For instance, the property
listing EPC (Energy Performance Certificate)
functionality was enhanced (resulting in 23%
more engagement with this tool), supporting
our goals to bring more transparency and
knowledge on sustainability in the property
market. We added several features to our apps,
including AI functionality to keywords and
location content.
We actively learn more about our consumers and
then develop more personalised and relevant
experiences for them, with a focus on the serious
home hunters. We ended the year with 8.7
million consumers signed up to our marketing
(doubling the number of home moving profiles
to over 6 million at the end of 2024, compared
to 2.4 million in 2023), and with a 20% increase
in consumers who are ‘signed in’ to Rightmove;
both of which improved our data signal universe
which we use for future product development
and enhancing partner products. We are
capturing the information in a completely new
consumer engagement platform implemented
during the second half of 2024.
Chief Executive’s review continued
We built out several components of the ‘Afford’
part of our strategy to digitally assist the
home-moving process; next to our Mortgage
in Principle product we grew tools like Track a
Property and the Renovator Calculator tool.
The latter allows consumers to understand
how larger home upgrades will affect the value
of their home, or one under consideration,
and saw over 60,000 completions in only four
months after launch.
Exceptional returns and value
for our partners
Rightmove’s consumer reach provides our
partners with the largest UK property audience
and platform to advertise their brands, services
and properties. Our goal is to enable success
for estate agents, homes builders, landlords and
financial services providers by offering a wide
and very data-driven range of digital marketing
and efficiency products. Our partners can
choose what is most suitable for their specific
business objectives and local market, given any
prevailing macroeconomic conditions.
Our premium packages allow our partners to
tailor their entire package, select products
relevant to them and gain optional access to
exclusive products that are not otherwise
available. During the year, there were significant
increases in uptake of our top packages by both
estate agents and new homes developers. By
the end of 2024, over 60% of developers were
subscribed to the new homes package Advanced
(2023: 53%) and 3,492 of our estate agent
partners had adopted Optimiser Edge (2023: 934).
The uptake of the new and exclusive products
within the top packages also increased
significantly in the year, demonstrating the
value provided from our ongoing investment
and product development. Native Search
Adverts (an interactive advert on the search
results page that drives enhanced consumer
engagement and the ability to re-target
consumers) was used by nearly four times as
many agents in 2024 than 2023. The uptake
of the Premium Price Guide (providing data-
backed personalised reporting to support
agents’ valuations) increased three-fold.
Annual report and accounts 2024Rightmove14
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Our lead generation products – Rightmove
Discover and Local Valuation Alert – are based
on our unique consumer behaviour data and
increase the comparative value of a Rightmove
sales lead. We continued to refine these products
during the year and uptake increased by 7%.
In addition to marketing and lead generation, we
further invested in helping our estate agency
partners run their businesses more efficiently,
under a programme that we call Building
Success Together. This programme is built on
research and engagement with our partner
base, and comprises four pillars they told us are
most important to them:
• Insight: the digital tools and intelligence
that sit in the partner platform, Rightmove
Plus, were revamped and redesigned during
2024. This meant that running day-to-day
operations, such as managing property
listings, accessing data and generating
reports such as the Best Price Guide (used
over 21 million times during 2024), became
more intuitive and easier to navigate for the
92% of independent UK estate agents who
use Rightmove Plus.
• Training: we expanded the range of
educational programmes and events on offer
to our partners, much of it accessible through
the Rightmove Hub. Partners have access
to a suite of webinars, professional training
programmes and Ofqual-regulated Level 3
certifications, as well as the provision of other
educational materials and tracking tools for
their employees. By the end of 2024, 68%
of estate agency branches had a Rightmove
Hub account, compared to 56% in 2023,
and had engaged over 32,000 times on the
training suite. Over 2,500 agents signed up to
the Certificate for Estate and Lettings Agents
qualification (CELA), with over 25,000 training
course enrolments (more than double
2023’s 11,409); and we welcomed over 9,000
webinar guests from our partners in the year.
• Control: we increased the number of self-
serve tasks available for agents using our
platforms, with 65% of user changes now
capable of being administered digitally by the
partner, allowing them to make the changes
they need whenever they want.
• Advocacy: we continued to champion our
partners, influencing policy makers and
working together with agents on shared
problems. For example, we were the only
property portal to have interviews with Rishi
Sunak and Keir Starmer ahead of the election,
advocating for various actions we believe
will stimulate mobility and affordability in the
property market.
Investing in strategic growth
areas
Our investment in digital innovation extended
beyond the core business of Agency and
New Homes, to three strategic growth areas
of Commercial Property, Mortgages and
Rental Services. We see significant multi-year
opportunities to go deeper into the value
chain, further digitising processes beyond ‘find’
and into ‘afford’, as well as the later stages of
‘transact’, ‘move’ and ‘lifestyle’ – and to scale
quickly. We build out these services as logical
layers of our core platform, further strengthening
that core and network effects by increasing use
cases and aggregating data.
Our Commercial business is dedicated solely
to commercial properties, with commercial
consumers ranging from FTSE businesses,
industrial warehouses and offices operators, to
small advisers and retailers. We developed new
landing pages and an underlying data model,
launched new Rightmove Commercial branding
and insights reports, and a new product
‘Brochure Leads’. Commercial revenue grew
11% during 2024, with membership increasing
by 17%.
Our Mortgages digital offering provides
consumers with the ability to assess their
borrowing affordability through obtaining an
almost instant Mortgage in Principle (MiP) on
Rightmove, direct from our lender partner.
Alternatively, they can connect and speak to
one of our agents’ preferred brokers.
In 2024, we helped more consumers than
ever continue their search and move with a
Mortgage in Principle, as uptake on MiPs, and
mortgage revenue
(6)
, more than doubled. We
delivered a range of product enhancements
and content expansions, such as comparisons
between consumers’ existing and new
mortgage providers, and applications for both
purchase and remortgage. We saw a significant
increase of awareness and search ranking for
mortgage-related terms, thanks to our early
product marketing.
Chief Executive’s review continued
Our product
teams delivered
over 5,000
releases in the
year, helped by
the increased
use of AI.
Product changes and
enhancements for our
partners included:
• Numerous enhancements for Estate
Agents, including Premium Price Guide,
Opportunity Manager, Rightmove Discover
and Microsite
• Company reports for multi-branch
estate agents
• A new Commercial homepage and property
brochure feature
• Video-enabled Native Search Adverts for
Rental Operators
For consumers, new
features included:
• My Places to save favourite places and
calculate journey times
• Renovation Calculator to assess the
potential valuation impact of completed
or planned renovations
• Enhanced EPC functionality for
property listings
• Comparison features for remortgaging
Other InformationGovernance Financial StatementsStrategic Report
Annual report and accounts 2024Rightmove15
In Rental Services, 2024 was the first full
year of selling ‘Lead to Keys’, which is our
new digital end-to-end product for lettings
agents, landlords and renters, whereby a rental
agreement can be achieved in five digitised
and efficient steps. Having launched towards
the end of 2023 with 31 agents, Lead to Keys
is in the early days of its potential. However,
it is growing fast and we saw over 500 agents
signed up to the service by the end of 2024.
We expanded the product range and feature
functionality within the two main products,
Tenancy Manager and Enquiry Manager, to
both source and then qualify potential tenants
quickly. Rightmove’s strong existing upper
funnel position of tenancy applications enables
a strong and efficient process flow for rental
agents adopting the service.
Making a difference and
contributing to communities
and the environment
Doing the right thing underpins our culture
and extends to the communities in which we
operate and to the environment. We believe
that Rightmove can, and should, make a
positive difference in these areas.
Giving back to communities and charities
remains high on our agenda and we launched
a new ‘give-back’ employee volunteering days
programme and matched cash donations. We
continued to support select charities with both
funding and time, supporting local communities
in which we operate, as well as national causes
like homelessness. Read more in the Social
section of the Environmental, social and
governance report on page 45.
As for environmental sustainability, with the UK
property market contributing 25% of total UK
emissions
(7)
we believe that Rightmove has not
just the opportunity but the responsibility to
provide unique data and insights to help the UK
go greener and to accelerate change to meet
its Net Zero targets by 2050. The Rightmove
platform’s reach and vast historical and real
time data are used to inform and facilitate
action amongst many different stakeholders.
During 2024 we continued with our Go Greener
initiative, which provides a pathway to greener
property in the UK, and published our third
Greener Homes report
(8)
in October. This report
was based on millions of Rightmove’s property
data points, as well as government data and
opinions from thousands of homeowners,
landlords and renters that we surveyed. It
provided suggestions and insights on the
incentives that are needed to help people
make green improvements.
We also continued to focus on improving
Rightmove’s own operational emissions and
targets. Read more in the Environment section
of the Environmental, social and governance
report on page 35.
Moving forward with the
Rightmove team
2024 was a year of growth; not only in our financial
results but in our team of ‘Rightmovers’, which
expanded by 14% to just under 900 employees.
New teams were created, and existing teams
were bolstered, to ensure we continue to deliver
on our strategy through providing exceptional
value to our partners and consumers: driving
improvement and efficiencies across both their
businesses and our own. Of these new recruits,
60% were in technology roles, demonstrating our
commitment to accelerating innovation across all
parts of Rightmove, particularly from leveraging
AI solutions.
Chief Executive’s review continued
The Rightmove team underpins Rightmove’s
success. Our creative, innovative, collaborative
and inclusive workforce is committed to delivering
for our partners and consumers. Diversity and
learning are core to our People agenda and benefit
everyone and the business itself, by ensuring
a more enjoyable workplace and a broad range
of perspectives that promote innovation and
business success.
I am proud of what Rightmove is delivering, its
impact on generating value for the UK property
market and our progress in digitising the value
chain across the UK property ecosystem. I am
excited by our ambition for the future and look
forward to supporting the team in delivering
our vision.
Johan Svanstrom
Chief Executive Officer
27 February 2025
1. Residential property transactions in the UK recorded by the Land Registry.
2. Source – Rightmove Data Services.
3. Source: Comscore Mobile Metrix® Mobile App only, total Audience, Custom-defined list of Rightmove (Mobile App) and
Zoopla Property Search (Mobile App), January – December 2024, United Kingdom.
4. Source: Google analytics.
5. Source: Joreca, November 2024.
6. Mortgage revenue – 2024: £4.7m, 2023: £2.2m.
7. Source – UK Green Building Council.
8. Source – Green Homes Report available at https://hub.rightmove.co.uk/greener-homes-report-2024/.
Annual report and accounts 2024Rightmove16
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Our strategy
Delivering our vision
Our strategy is to deliver exceptional value to our consumers, partners and shareholders. It is underpinned by the existing scale and reach of
the Rightmove platform, the brand strength and the structural advantages within the UK property market. We deliver our strategy and plan
through our focus on our five strategic pillars: consumers, core partners and strategic growth areas, which are underpinned by our platform
and our people. We continued our progress in 2024 to deliver our medium-term strategy.
Underpinned by our two Big Beliefs – AI and Go Greener (see page 19)
Consumers
2024-2027
Performance in the year
2028
Core partners
Strategic growth
areas
The Rightmove
platform
People
The moving
journey assistant
Deeper product
partnership
Commercial
Property, Rental
Services and
Financial Services
Cloud, data and
AI powered
Scaling innovation
The home life
partner
Seamlessly linked
tech and data
system
Group
diversification
Powering of an
industry
Over 300 new Rightmovers were welcomed in 2024, with 1 in 10 joiners being Rightmove referrals. Listed
as a Sunday Times Best Place to Work, we have a diverse and dynamic workforce, which is consistently
improving through a combination of tools, training, employee resources and recognition.
Our team delivered more than 5,000 releases during the year, while maintaining 99.99% site uptime and
a 4.8* app rating. Artificial Intelligence is increasingly used across our business, including in all 24 of our
product teams and on many of our consumer features. Our data (60% cloud-migrated, with 3.0 petabytes
in our unified data platform) powers our business and increasingly those of our partners.
Investment across our platform supported a new Rightmove Commercial homepage and brand, a full roll-
out of Lead to Keys, and optimised mortgage journeys through both lender and broking pathways – while
growing partners and delivering double-digit revenue growth in all three areas.
We continued to roll out and enhance the product offerings to our partners to support their success, which
resulted in increased update in the top packages and lead generation products. We launched ‘Building
Success Together’ to help our partners of all sizes benefit from the full value available through their
Rightmove membership.
We added tools and features across the homemoving and living journey: from AI location content and
enhanced EPC information, through affordability tools such as mortgage and remortgage calculators, to
tools to help consumers to track the value of a property, including following a renovation.
World class
Annual report and accounts 2024Rightmove17
Financial Statements Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove17
Strategic Report
Strategic framework for growth
Leveraging opportunities to innovate
The strength of the Rightmove platform – our brand equity, consumer reach, partnerships and vast data sets – provides us with the basis to
make our move deeper into the value chain and into other property market segments. While we continue our focus on the core business, we
are innovating and developing capabilities to build into the many other digitisation opportunities with the property industry.
Find
Afford
Transact
Move
Lifecycle
Penetration
down the
value chain
Penetration across the
market segments
Data monetisation
Sales Lettings Sales Lettings
Residential Commercial
Listings
Mortgage
Remortgage
Lending Credit check Display
Listings Listings Listings
1. Core 2. Commercial
Rental
services
Financial
services
= Current focus areas
= Revenue today; other boxes = interconnected future optionality
Mortgage
Conveyancing
Surveys
Consulting
Surveyors
Conveyancing
Surveys
Removals
Homeservices
Renovation
Energy
Maintenance
Fit out
Removals
Insurance
Inventory
Renovations
Energy Planning
Renovations
Financing
Survey
Contract
Consulting
Display
Display
Agents
Developers
Investors
Display
Display
Reference
Contract
deposit
Inventory
Removals
Home services
insurance
Rent payments
Maintenance
Home services
insurance
Fit out
Removals
Rent payments
Maintenance
Data services
Third-party
advertising
Our strategy set out in
November 2023 explained
how the scale of the
Rightmove platform and
reach across the different
market segments create
opportunity for growth.
For more information,
please visit our Investor
Day Presentation
Annual report and accounts 2024Rightmove18
Financial StatementsStrategic Report Other InformationFinancial StatementsGovernance
Our two Big Beliefs
1. Go Greener
Greener
Rightmove
Become a Net Zero business
by 2040
2024 highlights
More consumer engagement
• Increased engagement with green
information on Rightmove by 23%
Cleantech Homes Lighthouse
Project
• Took part with various other business
leaders, through an initiative founded
by King Charles
Greener Homes report
• Our third annual edition, a leading source
of insights, opinions and proposals for
the government on the path to more
sustainable housing stock
Green Premium Calculator
• Now available for lenders, using our
leading datasets to help them assess the
value of green improvements
Prime ESG rating
• Awarded by Institutional Shareholder
Services (ISS)
See more on page 35
Our sustainability strategy to help the UK to build a greener future,
using our leading datasets to uncover insights and the scale of our
platform to help people make more informed decisions.
In 2024, we’ve played our role through joining industry initiatives, raising the prominence of green
information on our platform, and giving our partners more ways to share green property features.
Greener Homes
Help people understand the
benefits and challenges
Greener Buildings
Help our commercial audience
discover sustainable buildings
Greener Data
Become the leading source
of green data
2. Artificial Intelligence
We’re harnessing the opportunities of AI, helping to drive innovation
through efficiencies and enhanced experiences for us, our partners
and our consumers.
In 2024 we established our AI incubation teams, explored over a dozen use cases for AI, and have
implemented new tools and features alongside carrying out several experiments.
Consumer features
• Experimenting with AI-generated local
area guides on Rightmove
Predictive models
• Developed new algorithms that deliver
more leads to our partners
Document review
automation
• Reducing time on manual reviews
Coding assistant
• Making it quicker and easier
for engineers to code
AI governance
• Established an AI Committee to govern
the safe introduction and appropriate
use of AI at Rightmove by implementing
an acceptable usage policy and an
AI Register.
Content generation
• Improving quality and speed of written
communication and ad creation
Annual report and accounts 2024Rightmove19
Other InformationGovernance Financial StatementsStrategic Report
Key performance indicators
Financial key performance indicators
Revenue grew by 7% year on year to
£389.9m (2023: £364.3m)
Underlying operating profit
(1)
increased
by 4% to £273.9m (2023: £264.6m) with
underlying operating margin
(2)
at 70%
(2023: 73%)
Operating profit decreased by 1% to £256.3
(2023: £258.0m) with operating margin at
66% (2023: 71%)
Underlying basic earnings per share
(3)
increased 4% to 26.2p (2023: 25.2p). Basic
EPS remained flat at 24.4p (2023: 24.5p)
During the year surplus cash flow was
returned to shareholders in the form of
share buybacks and dividends. Total cash
returns were £181.7m (2023: £201.7m),
down due to acquisitions and increased
investment in product development
(see Financial review)
0
125
250
375
500
205.7
304.9
332.6
364.3
389.9
20242023202220212020
Risks
+7%
1 2 3
Revenue (£m)
2024 performance
0
50
100
150
200
250
300
137.5
231.0
245.4
264.6
273.9
20242023202220212020
Risks
+4%
1 2 3
Underlying operating profit (£m)
2024 performance
0
50
100
150
200
250
30.1
238.8
197.7
201.7
181.7
20242023202220212020
Risks
-10%
1 2 3
Cash returned to shareholders (£m)
2024 performance
10
15
20
25
30
12.8
21.8
23.8
25.2
26.2
20242023202220212020
Risks
+4%
1 2 3
Underlying basic EPS
(pence per ordinary share)
2024 performance
We use the metrics set out below to track our financial performance
Read more on links to the principal risks, listed below, on pages 61 to 65
1
Macroeconomic
environment
2
Competitive
environment
3
New or disruptive technologies and
changing consumer behaviours
4
Cyber security
and IT systems
5
Regulatory risks
6
Securing and retaining
the right talent
1. Underlying operating profit is operating profit before the deduction of share-based payment charges (including the related National Insurance charges) and transaction-related charges.
2. Underlying operating margin is underlying profit as a percentage of revenue.
3. Underlying basic earnings per share is defined as profit for the year before share-based payments charges (and related National Insurance) and transaction-related charges, and the appropriate tax adjustments, divided by the weighted average
number of ordinary shares outstanding for the period.
Annual report and accounts 2024Rightmove20
Other InformationGovernance Financial StatementsStrategic Report
Definition
The total number of UK agency branches/
branch equivalents and new home developer
sites advertising properties on Rightmove
Definition
Revenue from agency and new home
partners in a given month divided by the
total number of advertisers during the
month, measured as a monthly average
over the year
Definition
Total time during the year, measured
in billions of minutes, spent on
Rightmove’s platform
Key performance indicators continued
Operational key performance indicators
0
375
750
1,125
1,500
778
1,189
1,314
1,431
1,524
20242023202220212020
Risks
+6%
1 2 3
Average revenue per advertiser –
ARPA (£ per month)
2024 performance
12,000
14,000
16,000
18,000
20,000
19,197
18,969
19,014
18,785
19,047
20242023202220212020
Risks
+1%
1 2 3
Number of advertisers
2024 performance
0
5
10
15
20
15.9
18.3
16.3
15.4
16.4
20242023202220212020
Risks
+6%
1 2 3
Traffic – time on site
(measured in billions of minutes)
2024 performance
Definition
The number of employee respondents
selecting “Yes” as a response to the
question “Rightmove is a great place to
work” in the annual employee survey
0
20
40
60
80
100
93%
89%
87%
88%
82%
20242023202220212020
Risks
-6ppts
1 2 3
Employee engagement
2024 performance
We use the metrics set out below to track our operational performance
Read more on links to the principal risks, listed below, on pages 61 to 65
1
Macroeconomic
environment
2
Competitive
environment
3
New or disruptive technologies and
changing consumer behaviours
4
Cyber security
and IT systems
5
Regulatory risks
6
Securing and retaining
the right talent
Strategic link
Core partners
Strategic growth areas
The Rightmove platform
Strategic link
Core partners
The Rightmove platform
Strategic link
Consumers
The Rightmove platform
Strategic link
People
The Rightmove platform
Annual report and accounts 2024Rightmove21
Other InformationGovernance Financial StatementsStrategic Report
0
100
200
300
400
500
Dec 23
364.3
22.1
(1.3)
4.8
389.9
ARPA Customers Other
revenue
Dec 24
Revenue (£m) vs 2023
Financial review
Revenue
Revenue increased by £25.6m/7% on 2023 to £389.9m (2023: £364.3m). Agents and new homes
developers continued to trust the Rightmove platform and products to help them grow their
businesses. This was despite a subdued property market for much of the year and a challenging
environment for new homes sales. Estate agency membership retention, at 90%, was the second
highest in a decade, whilst overall membership remained broadly flat on 2023, reflecting fewer new
homes developments coming to market. Other business units grew strongly, led by mortgages
and commercial.
2024
£m
2023
£m
Change vs
2023 £m
Change vs
2023 %
Agency 280.0 262.0 18.0 7%
New Homes 69.2 66.4 2.8 4%
Other 40.7 35.9 4.8 13%
Total revenue 389.9 364.3 25.6 7%
2024 2023
Change vs
2023
Change vs
2023 %
Agency branches 16,124 15,839 285 2%
New homes developments 2,923 2,946 (23) (1%)
Total membership 19,047 18,785 262 1%
Agency revenues increased to £280.0m, up 7%/£18.0m on 2023. This was due to agents continuing
to invest in package upgrades and additional products. We saw the quickest ever adoption of our
top end package, Optimiser Edge, with over 1,600 partners upgrading across the year and a further
1,100 migrating from the Optimiser 20 package. Agency ARPA
(1)
increased 6%/£84 to £1,440 (2023:
£1,356). ARPA growth saw a 1% impact from a higher proportion of lower ARPA lettings joiners this
year. 60% of ARPA growth came from product purchases, with the largest drivers being upgrades
to the Optimiser Edge package and partners buying incremental product as part of their current
package. Membership ended the year up 2% compared to 2023 at 16,124 branches (2023: 15,839).
New Homes revenue, at £69.2m, was up 4%/£2.8m on 2023 and reflected upgrades to the top
package (Advanced) and successful contract renewals. New Homes ARPA
(2)
increased 9%/£162
to £1,987 per development per month (2023: £1,825). However, the revenue impact of increased
average spend by new homes developers was partially offset by development numbers, which were
on average across the year 4% lower than in 2023 and ended the year at 2,923, a decrease of 1%/23
on December 2023 (2023: 2,946).
A strong financial performance, during a year of continued
investment, driven by growing demand for our digital products
and services
2024 revenue by segment
Key
Agency
72%
18%
10%
Other
New Homes
Annual report and accounts 2024Rightmove22
Other InformationGovernance Financial StatementsStrategic Report
The £4.8m growth in Other business units
was led by Mortgages, which grew £2.5m to
£4.7m, more than doubling year-on-year, as
more consumers assessed their affordability
and borrowing ability using our Mortgage in
Principle product. Commercial Real Estate
revenues grew by £1.3m/11% to £13.5m, with
increased membership numbers of 154/17%.
The Other business units of Data Services,
Overseas and Third Party contributed a
combined £1.0m of growth.
Administration costs
Operating costs of £133.6m were up 26%/£27.3m
from £106.3m in 2023.
Underlying operating costs
(3)
(operating costs
excluding share-based payment charges of
£8.4m and transaction related costs of £9.2m)
were £116.0m, an increase of 16%/£16.3m on
2023 (2023: £99.7m).
The increase in underlying costs
(3)
reflects the
planned investment in headcount in line with
our strategy, mainly in technology roles to
support the growth of Mortgages, Commercial
and Rental Services and increased innovation
across the business.
The cost increases comprised:
• £10.5m payroll costs: reflecting a 14%
increase in year end headcount (879 vs 774
in 2023), of which 60% of the new roles were
technology roles, and an increase in average
salary costs from the annual salary increase
of 4%, to support employees with the higher
cost of living, and other benchmarking and
performance uplifts adding a further 3%
across the year;
• £2m technology-related costs: mainly due
to increased spend on IT infrastructure,
continued migration to the cloud and
investment in security software;
• £2m marketing costs: reflecting investment
in digital social media marketing and in third-
party advertising partners, as well as in our
strategic growth areas;
• £1m depreciation and amortisation:
mostly increased amortisation arising
from the increased investment in product
development (£0.5m), as well as the acquired
HomeViews assets (£0.3m).
Financial review continued
Operating profit
2024
£m
2023
£m
Change vs
2023 £m
Change vs
2023 %
Revenue 389.9 364.3 25.6 7%
Admin costs (133.6) (106.3) (27.3) (26%)
Operating profit 256.3 258.0 (1.7) (1%)
Operating margin 66% 71%
Excluding share-based payments charges
included within admin expenses 8.4 6.6 1.8 27%
Excluding transaction-related costs included
within admin expenses 9.2 – 9.2 100%
Underlying operating profit
(4)
273.9 264.6 9.3 4%
Underlying operating margin
(5)
70% 73%
Operating profit of £256.3m decreased by 1%/£1.7m on 2023, with an operating profit margin for
2024 of 66% (2023: 71%).
Underlying operating profit
(4)
of £273.9m increased by 4%/£9.3m compared to 2023 (2023:
£264.6m), with an underlying operating profit margin
(5)
of 70% (2023: 73%).
The share-based payments charge of £8.4m
increased £1.8m on 2023 (2023: £6.6m),
following new awards, as well as a higher related
National Insurance charge due to the impact of
the increase in the share price during the year.
Transaction-related costs of £9.2m (2023: nil)
related to:
• legal and professional fees of £6.2m, arising
from the HomeViews acquisition and
investment in Coadjute during the first half
and the costs incurred in relation to the
unsolicited offer for Rightmove in the second
half; and
• a £3.0m charge in relation to the investment
in Coadjute, which is strategic and longer-
term in its nature, and the acquisition cost of
£3.0m is considered to have a fair value of £nil
and is recognised in the income statement as
a strategic research-related cost (see Note 25).
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Balance sheet
Summary consolidated statement of financial position
2024
£m
2023
£m
Change vs 2023
£m
Property, plant and equipment 8.4 9.4 (1.0)
Intangible assets 36.2 21.8 14.4
Deferred tax asset 1.4 2.4 (1.0)
Trade and other receivables 29.0 31.5 (2.5)
Contract assets 1.3 0.8 0.5
Income tax receivable 0.9 0.2 0.7
Money market deposits 5.5 5.2 0.3
Cash 35.8 33.6 2.2
Trade and other payables (27.0) (24.7) (2.3)
Contract liabilities (3.2) (2.5) (0.7)
Lease liabilities (6.2) (7.5) 1.3
Provisions (0.8) (0.8) (0.0)
Other non-current liabilities (0.4) – (0.4)
Net assets 80.9 69.4 11.5
Rightmove’s balance sheet at 31 December 2024 shows net assets and total equity at £80.9m
(2023: £69.4m), including cash and money market deposits of £41.3m (2023: £38.8m).
The increase in intangible assets of £14.4m, to £36.2m, is due to the acquisition of HomeViews,
which generated goodwill and intangible assets of £8.8m, as well as the impact of capitalised internal
labour costs totalling £8.0m, offset by amortisation of £2.4m.
Trade and other receivables of £29.0m decreased by £2.5m on December 2023, reflecting improved
ageing of trade receivables, which decreased to £21.8m (2023: £24.5m).
Trade and other payables of £27.0m increased by £2.3m due to timing of accruals and other
payments. Payments to suppliers continued to be made well within agreed payment terms.
The closing cash balance, including money market deposits, was £41.3m (2023: £38.8m). Surplus
cash continues to be invested in short-term, easily accessible deposits, including in a green money-
market fund.
Financial review continued
Taxation
Profit before taxation of £258.4m reduced 1%,
with a tax charge of £65.7m (2023: £60.6m).
This represents an effective tax rate for the
year of 25.4% (2023: 23.3%), slightly above the
UK’s standard rate for the year of 25.0% (2023:
23.5%) due to the impact of non-deductible
charges.
Rightmove’s total tax contribution to the
UK Exchequer in 2024 was £161.0m (2023:
£148.4m). Of this, £75.0m (2023: £69.1m)
related to taxes borne by the Group, while
the remaining £86.0m (2023: £79.2m) was
collected in respect of payroll taxes and VAT.
The increase in total tax contribution compared
to the prior year is primarily due to the full year
impact of the corporation tax rate of 25.0%
(effective 1 April 2023).
Earnings per share (EPS)
Basic EPS reduced 0.1p to 24.4p (2023: 24.5p)
reflecting the reduction in profit (due to the
impact of the one-off transaction-related
costs and the full year higher tax rate in 2024),
which more than offset the impact of the share
buyback programme in reducing weighted
average number of ordinary shares in issue
by 3% to 790.2 million (2023: 813.3 million).
Underlying basic EPS
(6)
(based on underlying
operating profit
(4)
) increased by 4% to 26.2p
(2023: 25.2p).
Cash flow, capital structure and
dividends
Cash generation remained strong at 108%
of operating profit
(7)
(2023: 104%) with the
increase on the prior year mostly due to
improved working capital. Cash generated
from operating activities increased by £9.4m
to £277.6m (2023: £268.2m). Cash used in
investing activities grew to £17.2m (2023:
£1.7m) largely reflecting the acquisitions of
HomeViews and Coadjute, as well as increased
investment in product development.
As a result of this increased investment in the
business, and an increase in cash invested in the
employee benefit trust to further encourage
employee share ownership, the cash returned
to shareholders in the buyback programme
during the year reduced to £107.4m (2023:
£130.0m).
Annual report and accounts 2024Rightmove24
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Dividends totalling £74.3m were paid in the year
in relation to the final 2023 dividend payment
and interim 2024 payment (2023: £71.7m). The
Group purchased and cancelled 18.8m ordinary
shares during the year (2023: 24.0m), at a cost
of £108.2m (including expenses of £0.8m) as
part of its ongoing share buyback programme
(2023: £130.9m).
Our capital allocation policy remains unchanged.
We continue to prioritise organic investment
whilst continuing to evaluate value-accretive
M&A opportunities that might help us to
accelerate the execution of our strategy.
Surplus cash flow is returned via our longstanding
progressive dividend policy, following which all
remaining surplus cash generated in the year is
returned via share buybacks.
Consistent with this policy, the Directors are
recommending a final dividend of 6.1p per
ordinary share, which will take the total dividend
for the year to 9.8p – growth of 5% on the
2023 dividend. The final dividend, subject to
shareholder approval, will be paid on 23 May
2025 to all shareholders on the register on 25
April 2025.
Ruaridh Hook
Chief Financial Officer
27 February 2025
Financial review continued
1. Agency ARPA is calculated as revenue from agency customers in a given month divided by the total number
of advertisers during the month, measured as a monthly average over the year.
2. New homes ARPA is calculated as revenue from new homes developers in a given month divided by the total number
of developers during the month, measured as a monthly average over the year.
3. Underlying costs are defined as administrative expenses before share-based payments charges (including the related
National Insurance) and transaction-related charges.
4. Underlying operating profit is defined as operating profit before share-based payments charges (including the related
National Insurance) and transaction-related charges.
5. Underlying operating margin is defined as the underlying operating profit as a percentage of revenue.
6. Underlying basic EPS is defined as underlying profit (profit for the year before share-based payments charges including
the related National Insurance, transaction-related charges and appropriate tax adjustments), divided by the weighted
average number of ordinary shares outstanding during the period.
7. Cash generated from operating activities of £277.6m (2023: £268.2m) as a percentage of operating profit as reported
in the income statement of £256.3m (2023: £258.0m).
Annual report and accounts 2024Rightmove25
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How are the Section 172 duties fulfilled?
Stakeholder engagement and consideration
Rightmove’s corporate governance framework supports the flow of information and
feedback to and from the Board, GLT and senior leadership to facilitate stakeholder-
focused decision making.
• See How we engage below for further information about stakeholder engagement mechanisms
andoutcomes
• The Corporate governance report has full details of Rightmove’s corporate governance framework,
which ensures that Rightmove is directed and controlled to successfully execute its strategy
Diverse leadership with a range of skills and experience to make informed decisions
based on stakeholder needs
A diverse Board, GLT and senior leadership team provide a range of different views that feed
into decision making.
• See the Board composition and diversity information and biographies and the UKLR 22.2.30R Board and
senior management diversity table in the Corporate governance report
• Turn to the Social section of the ESG report for more information about diversity, equity and inclusion
• The Nomination Committee report has details of the external Board performance review, processes for
recruiting and succession planning to ensure diversity in Rightmove’s leadership
Strategy and culture
The Board sets the strategy, and monitors and embeds culture. The strategy is linked to
Objectives and Key Results that are communicated and updated to everyone at regular
Town Hall all-employee meetings and monitored by senior leadership. Full and half-year
results are presented and explained by the CEO and CFO.
• Further information about our strategy can be found from page 2
• Further information about culture and our people can be found in the Social section of the ESG report
• To understand how the Rightmove Board embeds and monitors culture, turn to page 82 in the Corporate
governance report
Board information and governance
Board reports that contain the right level of information to support effective decision
making, showing clear linkages to strategy and highlighting stakeholder considerations.
• See the Corporate governance report for more information about Board processes and meetings
• See How we engage below for more information about the ways in which we engage with stakeholders
and the outcomes
Effective Board agenda planning, meetings and discussion time
Our Board and leadership meetings provide opportunities for discussion and constructive
challenge. The programme of Board activities includes business presentations, deep dives,
a dedicated strategy event and Board Connection sessions to engage with employees.
• See the Board activities section of the Corporate governance report to understand the Board’s annual
programme of work and the outcomes for stakeholder groups
• Case studies of two significant Board decisions in 2024, and the outcomes for stakeholders, can be
found below
Our stakeholder engagement mechanisms and forums, set out in How we engage, on pages 28-30, enable the Board and senior leadership
to understand the needs and views of stakeholders, and to consider those factors in decision-making processes, ensuring that Rightmove
operates in a responsible, ethical and balanced way. Stakeholder consideration is at the heart of Rightmove’s culture. The long-term
impacts of significant decisions are carefully considered by the Board, to promote sustainable success.
Each of the Board’s Directors confirms that they have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company, for the benefit of Rightmove’s members,
whilst having regards to the matters set out in Section 172 (1) (a to f) of the Companies Act 2006 (the Section 172 duties).
The table below explains how the Board, GLT and senior leadership fulfil the Section 172 duties, and where to find other disclosures that illustrate how each factor within the duty is addressed.
Case studies of two significant Board decisions taken in 2024 at the end of this statement show in more detail how stakeholders were considered and the outcomes of decision making.
Engaging with our stakeholders
Section 172 statement
Annual report and accounts 2024Rightmove26
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Further information about the Section 172 factors
(a) The likely
consequences of any
decision in the long term
• Business model
10
• Strategy 17
• Viability statement 666
(b) Interests of
employees
• Business model
10
• Stakeholder engagement
26
• Social section of the ESG report
45
• Corporate governance report
67
• CSR Committee report
98
• Directors’ Remuneration Report
100
(c) Fostering the
Company’s business
relationships with
suppliers, customers
and others
• Business model 10
• Stakeholder engagement 26
• Strategy 17
• Risk management 59
(d) Impact of operations
on the community and
the environment
• Business model 10
• Stakeholder engagement 26
• Strategy 17
• ESG report, including TCFD 32
• CSR Committee report 98
(e) Maintaining
a reputation for
high standards of
business conduct
• Business model 10
• TCFD report 37
• Non-financial and sustainability information statement 58
• Risk management 59
• Corporate governance report 67
(f ) Acting fairly
between members
of the Company
• Business model 10
• Stakeholder engagement 26
• Strategy 17
• Remuneration Committee report 100
Section 172 statement continued
Annual report and accounts 2024Rightmove27
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Shareholders
Why they matter to Rightmove
Investor confidence ensures continued access to capital. Maintaining an open and trusted dialogue
with current and potential investors is a priority.
What matters to them How Rightmove engages and receives feedback
Value creation, delivered through:
• Successful business model and
delivery of strategy
• Operational performance and strong
financial results
• Total shareholder return (capital
and income)
• Effective leadership
• Culture and purpose
• ESG
• Transparent communications
• Investor Relations and 1:1 meetings with
Board Directors
• Investor presentations, Q&A sessions, conferences
and roadshows
• Investor website and published materials
• Investor reports and analysis are provided to the
Board regularly
• Investor associations’ voting recommendations and
commentary on general meeting resolutions
• Our corporate brokers and financial communications
partners provide investor and analyst feedback
Examples of stakeholder outcomes
• Operational and financial progress updates against the strategy set out in November 2023,
to keep investors fully informed
• Acquisition of HomeViews and the investment in Coadjute (see the case studies below) which
aim to diversify revenue streams
• New Head of Investor Relations resulting in better engagement with investors
• Returns to shareholders through share buybacks and dividends have continued
• Investor feedback was incorporated in our remuneration proposals for 2025
• Enhancements to our reporting, with more engaging and informative content, help investors
understand our business model, strategy and the power of our platform
• Awarded ISS Prime rating for ESG
Customers
Why they matter to Rightmove
Customers (our ‘partners’) pay Rightmove’s revenues, which are typically subscription-based, to
access our products, services and data. With Rightmove’s help, their success supports an efficient
property ecosystem which generates significant societal value.
What matters to them How Rightmove engages and receives feedback
Value for money, through:
• Great relationships with
account managers
• Excellent and friendly service from
our Customer Experience team
• Product innovation to meet
partner needs
• Products and services to help partners
grow their businesses
• Face-to-face contact and regular meetings with
Account Directors
• Research to understand what matters to our partners
• Online forum with an agent panel and live
participation from agents, facilitated by our Director
of Agent Partnerships
• Monitoring of sentiment and analysis of data
• CEO reports to the Board on customer sentiment
and retention
• Rightmove Plus and Rightmove Hub (partner portals)
• Free webinars and training
• Industry events and conferences
Examples of stakeholder outcomes
• Launch of Building Success Together, supporting agents to be successful
• c.77,000 partner meetings across our business, to gather more feedback
• Over 6 million property reports created for estate agents to use with their own customers
• Over 2,500 agents signed up to Certificate for Estate and Lettings Agents Qualification (CELA),
with over 25,000 training course enrolments (+120% on 2023); and over 9,000 webinar guests
• Social and charity events for customers, such as the Rightmove Regatta
• Launch of new Commercial Real Estate homepage and content, offering more choice to
commercial real estate customers
• Strategic partnerships with industry bodies Propertymark and Women in Estate Agency,
including regional and national events, to support and help grow customer networks
Section 172 statement continued
How we engage
Engagement with stakeholders takes place across the Group and feedback reaches the Board and senior leadership in different ways
Annual report and accounts 2024Rightmove28
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Section 172 statement continued
Consumers
Why they matter to Rightmove
Consumers’ loyalty to, trust and confidence in Rightmove underpins our business model. They rely
on our unique platform to provide them with the data and information needed to make their move.
What matters to them How Rightmove engages and receives feedback
• Access to nearly all of the UK property
market in one place
• Easy platform navigation, with
accurate information
• Features that help simplify the
moving experience
• Platform security, accessibility
and reliability
• Industry metrics, such as traffic measurement, and
analysis of consumer activities and behaviours
• Monitoring sales, lettings and mortgages activity
• Consumer research to help us understand and
identify what our consumers’ needs are
• Weekly email newsletter to consumers on the latest
relevant property topics
• Annual Report and Half Year Statement
Examples of stakeholder outcomes
• Launch of Renovation Calculator helps consumers understand the potential costs and benefits
of undertaking a renovation on a property
• Launch of My Places, providing personalised information to consumers
• Increasing the number of brokers in our mortgage broker offering gives consumers more choice
• Our Mortgages platform was enhanced with a new Save and Return functionality to improve the
consumer experience, saving time and effort
• Our weekly consumer newsletter provides updates on, for example, UK property hot spots,
the impact of interest rates on mortgages and ways to save money on energy bills, keeping
consumers informed on housing and property matters of interest
Employees
Why they matter to Rightmove
Rightmove’s employee base is continuing to grow, with 879 employees at the end of 2024.
Our success is driven by our people, who deliver our results, and relies upon us continuing to
attract, retain and develop a talented and diverse workforce, whilst understanding what matters
to them most.
What matters to them How Rightmove engages and receives feedback
• Employment and career opportunities,
rewards and benefits
• Diversity, equity and inclusion
• A sense of ‘belonging’
• Ongoing training and development
• Great culture
• Company purpose and reputation
• Well-being and a safe working
environment
• ‘Speak up’/Whistleblowing Policy
and process
• Reports and presentations by the Chief People
Officer to the Board, including Have Your Say
survey results
• Monthly all-employee Town Hall meetings with
live Q&A
• Taking ‘Fika’ time – regular coffee and cinnamon
bun all-employee social events in each of our
office locations
• Annual Hackathon event, where employees work
in teams to develop new product ideas
• Board Connection engagement sessions
• Our Pods (internal senior leadership meetings
to communicate and share information)
Examples of stakeholder outcomes
• New Chief People Officer, Heads of Talent Acquisition, Reward and Analytics and Organisational
Development recruited in 2024 to enhance the employee experience
• Feedback from Have Your Say surveys and Board Connection sessions with employees is acted
upon and updates are presented back at Town Halls, providing employees with confidence that
their feedback makes a difference
• Inclusion in Sunday Times Great Place to Work survey, which is based on employee feedback,
allows employees to see where Rightmove ranks
• Launch of LinkedIn Learning – a dynamic learning platform to support development that
provides increased learning and training opportunities for employees, improving skill sets
• Ideas at the annual Hackathon event are developed into real products and services, resulting
in employees being more invested in the product development process
Annual report and accounts 2024Rightmove29
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Section 172 statement continued
Business partners
Why they matter to Rightmove
Building strong and mutually beneficial relationships with third-party suppliers is critical to our
performance. Business partners also include policy makers, industry bodies and regulators such as
the FCA, FRC, the government and government agencies such as the CMA.
What matters to them How Rightmove engages and receives feedback
• Payment within agreed terms
• Fair contractual terms
• Long-term relationships that are
co-operative and transparent
• Compliance with the law, listing and
regulated business rules and alignment
with best practice
• Robust tender and procurement processes
• In-depth supplier onboarding and sharing our
Supplier Code of Conduct
• Open dialogue
• Annual supplier survey
• Audit Committee review of Rightmove’s reporting
on Payment Practice and adherence to the Prompt
Payment Code
• ESG due diligence platforms
• Communications and updates from regulators and
government
• Attendance at industry and regulator events
Examples of stakeholder outcome
• Streamlining our supplier process and ensuring robust onboarding practices to reduce
supplier risk
• 90% of suppliers signed up to our Supplier Code of Conduct
• Paying suppliers on time with continued compliance with, and voluntary public reporting on,
Payment Practices and the Prompt Payment Code (small businesses)
• Engagement in FRC and FCA consultations and seminars to keep learning up to date and to
provide regulators with feedback to incorporate in their reviews
• Advocacy and direct engagement with government departments on property and energy
efficiency matters relevant for consumers and customers
Communities and environment
Why they matter to Rightmove
Rightmove considers the environmental and social impacts of its operations, building strong and
positive relationships with its local communities in its office locations in Milton Keynes, Newcastle
and London and through its sales teams based across the country.
What matters to them How Rightmove engages and receives feedback
• Positive operational impact on the
environment and the community
• Climate-related risk, commitments,
performance and reporting
• Fundraising, charitable giving
and sponsorship
• Employment opportunities
• Health and Safety
• Corporate Social Responsibility Committee
meetings and oversight
• ESG section of our corporate website
• Feedback from the Go Greener employee group
• Publication of Greener Homes reports
• Reporting on carbon emissions, energy use and
recycling data
• Charities and Communities Group and framework
with defined areas of focus agreed by employees
• Fundraising, donations and sponsorship of
community events
Examples of stakeholder outcome
• Enhanced employment and training opportunities for the local communities
• Charitable donations have increased in 2024 to nearly £300,000 (2023: £234,000), benefiting
a range of charitable causes, such as Centrepoint
• New strategic partnership with the Canal and River Trust, to highlight water sustainability,
resulting in volunteering opportunities for employees
• Support Dogs visited each of our three offices to meet our people and to raise funds, providing
opportunities for Rightmove employees to engage
• Sponsorship of large-scale community events, such as Milton Keynes Pride, supporting
local communities
• Up to two days’ paid volunteering leave for each employee resulting in additional support for
a range of charities and voluntary organisations (see the Social section for more information)
Annual report and accounts 2024Rightmove30
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Case studies: significant Board
decisions in 2024
Section 172 statement continued
Acquisition of
HomeViews
PlatformLimited
Section 172 factors considered:
a b c e f
On 1 February 2024, Rightmove acquired the
entire share capital of HomeViews Platform
Limited (HomeViews). HomeViews is a ratings
and reviews website for the UK property
industry, collecting in-depth reviews from
consumers living in developments across the
UK (both for rent and for sale). The platform
provided unique insights into consumers
looking to research their next home, and
industry professionals looking to invest,
build, operate and lease these homes.
HomeViews represented a unique opportunity
to enhance Rightmove’s existing build to rent
advertising proposition, as part of its longer-
term strategy.
The Board considered that introducing
reviews through an already established
proposition would help to accelerate and
sustain build to rent revenues. The ability
to grow HomeViews’ market penetration,
whilst simultaneously reducing cost of sales
once absorbed into Rightmove, was also
considered to be advantageous. Reviews
could also help to drive further engagement
with consumers. The established review-
related operating skills of the HomeViews
team were another factor in the convincing
business case. The Board considered the
benefits to shareholders and consumers, as
well as to employees and business partners of
the acquisition. Throughout the process, the
Board maintained the highest standards of
business conduct.
Outcomes in the long term
• Reviews are a new product offering,
creating additional ways to engage with
consumers and monetisation opportunities
• HomeViews Build to Rent Report and
Awards are well respected in the industry
and strengthen Rightmove’s build to
rent proposition
• Enhancement of the expertise and skill sets
of existing employees
• New job roles/opportunities
• Acceleration of build to rent revenues from
the rental operator sector in the long term
Investment in
Coadjute
Section 172 factors considered:
a b c e f
On 26 March 2024, Rightmove acquired a
minority investment in Coadjute Limited, co-
investing with NatWest, Nationwide and Lloyds
Banking Group. Coadjute is a platform which
is designed to digitise and simplify the entire
home-moving journey to make it more efficient
for consumers, agents and the wider industry.
Rightmove’s strategic arc is to facilitate and
power the digital end-to-end moving process.
The home-moving process can be a long and
complex one, with frustrations and delayed
timelines, at times caused by collapsing chains,
creating inefficiencies and additional expense
for all involved. The consumer process can be
confusing and stressful. Coadjute aims to find
a way to connect the various parties involved
in a transaction, transparently and seamlessly.
The Board considered the huge potential to
digitise and improve the experience of moving
home for consumers. Coadjute’s secure data-
driven technology solution could meaningfully
remove some of the friction that lengthy
property transactions involve. For Rightmove,
this was an investment into the potential of
a more efficient industry, and to support our
agent partners’ further business success.
The decision to invest in Coadjute was not only
aligned to Rightmove’s strategy, but could yield
huge benefits for several stakeholder groups in
the long term, including consumers, customers,
employees, business partners and shareholders.
Outcomes in the long term
• If successful, Coadjute could provide
solutions to the complex and frustrating
process of a residential property transaction
for consumers, faster transactions that
will benefit our agent partners and new
and exciting revenue opportunities for
the Company
• Rightmove is at the forefront of new
technology that could transform the
residential property industry
• Investment with three major lending banks
and engagement with all key stakeholders
around the home-moving process will
deepen our industry relationships, and
further embed Rightmove at the heart
of the property ecosystem
Annual report and accounts 2024Rightmove31
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Environmental, social and
governance report (ESG)
Other InformationFinancial StatementsGovernanceStrategic Report
Annual report and accounts 2024Rightmove32
Use our unique brand,
platform and data to
promote sustainability,
whilst minimising our own
impact on the environment.
• Go Greener – educating consumers
about energy consumption
– see more on page 35
• Managing and reducing our carbon
emissions – see more on page 43
• Measuring and monitoring our
environmental performance
– see more on page 44
UN Sustainable Development
Goals (UN SDGs)
The UN SDGs aim to end poverty, protect
the planet and ensure prosperity for all.
Rightmove aligns itself to the following
UN SDGs. We have identified the goals
which have most relevance to our business
and will ensure that we make a positive
contribution to these areas in the UK, the
home of our business.
ESG – Overview
Rightmove is a sustainable, responsible business
generating value for all stakeholders
Our ESG strategy
Environmental Social Governance
Enable everyone to do the
best work of their lives by
creating an environment
where Rightmovers can
grow, belong and make
an impact.
• Diversity, equity and inclusion
– see more on page 47
• Hiring, learning and development
– see more on page 50
• Enhancing our employee experience
– see more on page 51
• Social and community impact
– see more on page 52
Maintain robust and
effective governance
systems to reduce risk,
support the strategy and
create the right conditions
for value generation.
• Strong ethical policies and processes
– see more on page 55
• Establishing an internal audit function
– see more on page 56
• Safe systems and platforms
– see more on page 55
• Enhancing our customer experience
– see more on page 34
Our TCFD report can be found on
page 37
In 2024 Rightmove was
awarded ‘Prime’ status
for ESG by Institutional
Shareholder Services.
Annual report and accounts 2024Rightmove33
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Environmental Social Governance
ESG – Overview continued
2024 priorities
• Embed the Go Greener employee group
• Instigate a carbon transition plan
• Educate consumers and support action
through increased provision of green
data and information
• Provide customers with green products,
data and insights
Highlights on our progress during 2024
• Guest speaker educational series launched
for employees
• Green Premium Calculator created for lenders
to assess the value of green improvements
• Green educational information available
on all property listings
• Green educational content launched on commercial
site highlighting value of greener offices
• Increased green educational output with contributions
from experts at Octopus and the Energy Saving Trust
• Third edition of Greener Homes report published
• Partnership agreed with Canal and River Trust
• Launched a new Rightmove monthly Energy Bills
tracker to illustrate the benefits of moving to a
greener home
Our focus for 2025-2026
• Implement a carbon transition plan
• Assessing Electric Vehicle Scheme opportunity
• Continue to raise prominence of energy information
• Use of green data within our Valuation products
See more on page 35
2024 priorities
• Ensuring diverse perspectives and creating a culture of belonging
and support
• Enabling Rightmovers to grow their careers and fulfil their potential
• Building an engaged workforce through a great employee experience
• Being a force for good in our communities
Highlights on our progress during 2024
• In partnership with our Inclusion Groups across 2024, we have raised
awareness and sponsored events – over 500 Rightmovers have
engaged with these
• Holding regular sessions to support mental health and well-being and
certifying 16 Mental Health First Aiders as a first point of contact for
Rightmovers
• Installing purpose-built wellness pods in all our offices
• Rolled out volunteering days to all Rightmovers, enabling everyone to
take two days paid leave to support a chosen cause with 1,659 hours
spent volunteering
• Building capabilities to ensure our success through internal mobility
and new hires; 325 hires made in 2024
• Launching LinkedIn Learning to all Rightmovers to enable their
career aspirations
• 82% of Rightmovers agree Rightmove is a great place to work
• Built a new partnership with From Babies with Love, ensuring every
new parent receives a gift from Rightmove
• £299,680 donated to charity
Our focus for 2025-2026
• Continue to embed DE&I across our hiring, performance and
reward practices
• Enhance our approach to performance management and development
• Continue to strengthen our management capability
• Continue to attract and retain a highly engaged workforce through
meaningful benefits, clear employer brand and a great
employee experience
See more on page 45
2024 priorities
• Review our ethical architecture
• Enhance governance frameworks through
Rightmove’s Internal Audit team
• Analysing and improving the consumer and
customer experience
• Review health and safety frameworks
• Continue to invest in safe and secure platforms
and systems
Highlights on our progress during 2024
• Whistleblowing Policy refreshed to be a more user
friendly ’Speak up’/Whistleblowing Policy
• In-house Internal Audit and Assurance function
established
• Formalisation of Internal Controls Framework
integrating risk management, assurance and
internal audit
• Artificial Intelligence (AI) Committee established
to govern AI risk
• Charitable giving framework and policies reviewed
and updated
• Health and Safety audit completed and refreshed H&S
Policy approved by the Board
• Renewed framework for security controls rolled out
• Board cyber security simulation undertaken
Our focus for 2025-2026
• Embedding of Internal Controls Framework
• Regular Board updates on the operational
effectiveness of the Internal Controls Framework
• Introduction of a new CSAT survey tool to understand
how customers feel about their interactions
with Rightmove
• Bringing all ad moderation into one place and using
AI to reduce manual intervention
See more on page 53
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Helping to build a greener future
1. UK Green Building Council 2021 report.
Greener
Rightmove
Make our business
more sustainable
by minimising our
environmental impact
and becoming a Net
Zero business by
2040 and in our direct
operations by 2030
Greener Data
Become the leading
source of green
property data and
insight, creating
owned and partner
opportunities across
Rightmove’s network
Greener Homes
Create a single trusted
voice for home
movers, customers and
property professionals
to help them better
understand the
challenges and benefits
of going greener
Greener
Buildings
Enable commercial
tenants and
investors to discover
sustainable buildings
and opportunities
Continuous innovation
Helping consumers and customers use technology to reduce their environmental
impact and carbon footprint
Go Greener Employee Group
Embedding green initiatives across Rightmove
Go Greener
Go Greener, one of our Big Beliefs, is about helping to provide a pathway to greener property and is
part of our climate risk mitigation and opportunities strategy.
As the property portal with the UK’s largest property audience, operating in a property market that
makes up 25% of total UK emissions
(¹)
, Rightmove has the opportunity not only to focus on its own
operations and emissions but to contribute to the entire UK target to become Net Zero by 2050.
We can help the UK to build a greener future.
Our Go Greener initiative aims to help our stakeholder groups to improve their green credentials: it
has been developed across four key pillars, underpinned by ongoing innovation and input from the
employee Go Greener group:
Environment
ESG – Environment
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Industry insights and collaboration
Rightmove is uniquely placed to provide green
insights into changing consumer behaviour
and the challenge that lies ahead for the de-
carbonisation of the UK’s property stock.
The third edition of our Greener Homes report
was published in October 2024: a leading source
of green insights in the property industry.
The report used extensive datasets from
Rightmove and HomeViews, along with
opinions from a number of leaders across the
property industry including Lloyds and Octopus.
2024 also saw the release of Rightmove’s
Energy Bills Tracker, a monthly update using
Rightmove and government data that displays
the difference in average UK energy bills by the
EPC rating of a home.
Our green educational guides have evolved to
include a wider range of subjects, including the
energy price cap, heat pumps and solar panels.
We took an active role in a lighthouse project
under the Sustainable Markets Initiative,
founded by the King. The ‘Cleantech Homes’
project saw various CEOs across the property
industry collaborate to help provide data
insights and opinions about how to decarbonise
new homes.
ESG – Environment continued
Greener Homes
Part of our strategy is to make it easier for
people using Rightmove to find relevant
green information. In 2024 we launched an
enhancement to every property listing for sale
and to rent that made Energy Performance
Certificates more prominent, and included
contextual education alongside them to help
people understand why they are important.
This project has led to increased engagement
from consumers with green information.
Go Greener employee group
To help educate our employees we ran a
webinar programme bringing in guest experts,
to help them understand how to make green
changes in their own homes. Experts included
energy provider Octopus, sustainable
housing solutions platform Sero, and
fintech startup Snugg.
Our Big Beliefs can be found on page 19.
2024 Go Greener highlights
Greener Data
Our Data Services business is at the forefront of
green data innovation, developing new climate
datasets and products that analyse the impact
of energy efficiency on property values.
In 2024, we took the Green Premium Calculator
model that we created in 2023 and built it as an
extension to our Data Services tech solution for
our partners.
The Green Premium Calculator is based on
Rightmove’s vast and unique property dataset,
and calculates the benefits of undertaking
energy efficiency retrofit measures on a home’s
forecasted resale value. It was created as part of
a project within the government’s Green Home
Finance Accelerator Fund: working with retrofit
pathway specialists Sero and lender Virgin
Money on this POWER project (Partner Outputs
Working to Enable Retrofit) to help drive green
finance innovation.
Partners are now testing this product in two ways:
integrating directly into their own service and our
team is running sample portfolio tests for lenders’
backbook valuations.
Education resources are provided
at www.rightmove.co.uk to inform
customers and during the year there
has been increased engagement with
green information on our website.
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ESG – Task Force on Climate-related Financial Disclosures (TCFD)
We recognise that climate change is a major concern for society and our aim is to ensure that Rightmove is sustainable, by minimising our
environmental impact and becoming a Net Zero business by 2040. Our Science Based Targets initiative (SBTi) near-term and Net Zero
targets have been validated and are shown on page 43.
Rightmove has prepared its TCFD disclosures in line with the guidance in the 2021 updates to the TCFD Final Report and Annex, including the supplementary guidance for all sectors. At the time of
reporting, and in accordance with the UK’s Financial Conduct Authority (FCA) UKLR 6.6.6R(8), the Group has made climate-related financial disclosures consistent with the TCFD recommendations and
supporting recommended disclosures – the table below shows where the disclosures can be found in this report. The non-financial and sustainability information statement on page 58 provides signposting
to all non-financial and sustainability disclosures.
TCFD recommended disclosure Reporting and compliance
Governance
1. Describe the Board’s oversight of climate-related risks and opportunities Climate governance has been integrated into our existing governance processes and is described in the TCFD
Governance section of this report, below, in the Corporate Social Responsibility Committee report and in the TCFD
risk management section of this report, below.
2. Describe management’s role in assessing and managing climate-related
risks and opportunities
Strategy
3. Describe the climate-related risks and opportunities the organisation has
identified over the short, medium and long term
The key climate-related risks and opportunities are described in the Climate risk section of this report, below.
4. Describe the impact of climate-related risks and opportunities on the
organisation’s businesses, strategy and financial planning
The impact of these risks and opportunities has been modelled and is illustrated below.
The Risk and Audit Committees have reviewed the methodology and analysis of risks and opportunities, which is
described below.
5. Describe the resilience of the organisation’s strategy, taking into
consideration different climate scenarios
The resilience of Rightmove to a variety of climate scenarios is set out in the risk register and in the Climate-related
risks and opportunities and Climate-related scenario analysis and impact sections of this report.
Risk Management
6. Describe the organisation’s processes for identifying and assessing
climate-related risks
Rightmove’s approach is described below in the Climate-related risks and opportunities and Climate-related scenario
analysis and impact sections of this report.
7. Describe the organisation’s processes for managing climate-related risks The Group’s risk management framework is set out in the Risk management section on page 59.
8. Describe how processes for identifying, assessing and managing climate-
related risks are integrated into the organisation’s overall risk management
Metrics and Targets
9. Disclose the metrics used by the organisation to assess climate-related risks
and opportunities in line with its strategy and risk management process
The environmental targets and metrics are set out on page 43, together with performance against our targets and our
actions to transition to a lower carbon business model and Net Zero by 2040.
10. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas
(GHG) emissions, and the related risks
11. Describe the targets used by the organisation to manage climate-related
risks and opportunities and performance against targets
Task Force on Climate-related Financial Disclosures (TCFD)
compliance statement
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Board oversight of and
executive responsibility for
climate-related risks and
opportunities
The Board has overall oversight and
responsibility for Rightmove’s risk management
framework, which supports the identification,
assessment and mitigation of risks including
those related to climate – this is described in
detail, together with the Board, Audit Committee
and Risk Committee responsibilities, in the Risk
management report on page 59. Rightmove’s
risk management framework includes ESG
and climate-related risks, which have been
established as their own risk categories and fully
integrated into Rightmove’s risk register. The
Board and Audit Committee review all significant
and emerging risks semi-annually.
A Corporate Social Responsibility (CSR)
Committee is in place to specifically focus on the
Group’s ESG strategy, risks and opportunities (see
the CSR Committee’s report for further details of
its work in 2024). The CSR Committee is chaired
by the Chair of the Board and its membership
consists of all Board Directors. The CSR
Committee is supported by the Risk Committee,
which is attended regularly by senior management
across the business, and reports on climate-
related disclosures to the Audit Committee.
The Chief Financial Officer (CFO), who has
executive responsibility for implementing
Rightmove’s ESG strategy, attends the Risk
Committee and is also a member of the CSR
Committee, creating a joined-up focus on
climate-related risks and opportunities.
An ESG update, including climate-related
metrics and performance, is regularly received
by the Risk Committee, Audit Committee and
CSR Committee to monitor progress against
agreed targets.
The Remuneration Committee oversees the
annual bonus award which includes specific
ESG-related targets for the leadership team.
These targets are disclosed in the Directors’
Remuneration Report.
Input and ideas from the Go Greener employee
group are fed into the Risk Committee. The Go
Greener group met during the year to discuss
and consider ways to improve Rightmove’s
own environmental performance and to utilise
the reach of the Rightmove property portal
to positively impact climate-related risks and
opportunities.
Climate strategy
Rightmove’s platform continues to capture
over 80% of all time spent on property portals,
which, combined with the evolving expectations
of consumers on environmental matters, puts
Rightmove in a unique position to contribute
to the reduction of the UK’s carbon footprint
through our platform’s datasets, which provide
insights to consumers, partners, the UK
government and property professionals.
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
Climate-related governance framework
Annual report and accounts 2024Rightmove38
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Board oversight
Risk
Committee
Chief Financial
Officer
Group Leadership
Team
Go Greener
Group
Corporate
Social
Responsibility
Committee
Audit
Committee
We recognise that we have an important role to
play in the UK government’s drive to Net Zero
by 2050 and need to continue to build climate
resilience into our business model and strategy,
as well as to continue to focus on minimising our
own emissions. We are committed to being a
Net Zero business by 2040.
Our Go Greener initiative will be an enabler
to a more sustainable property industry and
is aligned with the UK’s current target to
become Net Zero by 2050. Our latest Greener
Homes Report indicates that there has been
some progress towards greener homes, but
significant work is required to reach this Net
Zero target as only 43% of properties for sale
on Rightmove have an EPC rating of C or above.
Climate-related risks and
opportunities
Rightmove is a digital business, with a relatively
low environmental impact and a business
model that can be sustained in a low-carbon
environment. To build climate resilience into
our business strategy, the Risk Committee
identified the potential physical and transitional
risks and opportunities for Rightmove
presented by climate change which remain
unchanged for the current year.
An assessment of the financial impact of these
risks and opportunities under multiple future
climate-change scenarios is shown below. It
considered the actions needed to achieve our
commitment to Net Zero by 2040, as well as the
impact of potential physical and transition risks
and opportunities. The conclusion was that
these risks do not have a material impact on the
financial statements, as set out in more detail in
Note 1 to the financial statements.
All existing and emerging climate-related risks
and ESG reporting were reviewed by the Risk
Committee during the year and reported to the
Audit Committee and to the Board. The financial
analysis of climate-related risks was reviewed
by the Audit Committee and reported to the
CSR Committee. The Audit Committee also
considered the impact assessments concluding
that the potential financial impact of climate-
related risks on the Group’s operations was
immaterial, and that the climate-related risks
are not principal risks given the limited impact
that they could have on the business either
operationally or financially: the risks could
not seriously affect the performance, future
prospects or reputation of the Group.
Climate-related scenario
analysis and financial impact
The TCFD framework’s categorisation of
transition and physical climate risks has
been used to assess how climate risk factors
could impact Rightmove, which includes the
recommended ‘2˚C or lower scenario’ in line
with the 2015 Paris Agreement.
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
Annual report and accounts 2024Rightmove39
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The Risk Committee considered detailed analysis of the financial impact of climate-related risks to Rightmove’s business; the key risks and
opportunities identified through the financial analysis which could have a financial impact (albeit a limited one) are described in more detail below:
Description Mitigation/Response Financial impact
EP
LP NP
Key transition risks
EPC ratings required on property portals may result in our customers requiring additional
resources to complete due diligence, reducing their capacity to increase marketing expenditure
on Rightmove.
Rightmove already presents EPC information on properties where
this is available.
Property details require additional environmental information which may incur additional third-
party data costs.
Rightmove would require an additional supplier for such data.
Suppliers have been identified.
Financial impact
EP LP NP
Early policy action
Smooth transition
Short term 0-3 years
The outcome of this scenario is
action sufficient to limit global
warming to well below 2˚C,
aligned to the Paris Agreement
Late policy action
Disruptive transition
Medium term 4-9 years
There is a delay in implementing
a response required to reduce
global emissions
No policy action
Business as usual
Longer term 10+ years
Under this scenario there is failure
to implement policy decisions to
limit global emissions which would
lead to rising global temperatures
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
Climate-related scenario analysis
The Group recognises that climate-related risks and opportunities emerge and develop over
different and often longer timescales, therefore our assessment of climate-related risks considers
three different timescales:
• Short term (up to 3 years) – climate-related risks which are identified as material within this time
frame will be considered and assessed, in line with our overall risk management process. This
timescale aligns to the Group’s viability statement period.
• Medium term (4-9 years) – climate-related risks which are identified as material during this time
frame will be monitored and assessed.
• Long term (10+ years) – the Group recognises that it must consider and address longer-term risks
as it formulates business strategy.
Magnitude of
financial impact Description
Trivial one-off financial impact
Low one-off financial impact and trivial ongoing financial impact
Medium one-off financial impact or low ongoing financial impact
High, but immaterial, one-off financial impact or medium ongoing
financial impact
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Description Mitigation/Response Financial impact
New boiler regulations could impact property stock availability. Horizon scanning on all regulations that may impact our business
is undertaken.
Go Greener raises awareness of alternative and sustainable methods
of heating as part of our Greener Homes strategy.
EP LP NP
Key physical risks
Data centre disruption owing to extreme weather. Rightmove has three physical data centres and we have commenced the
transition to a wholly cloud-based infrastructure. Disaster recovery and
business continuity plans are in place and regularly tested.
Office availability disruption due to extreme weather. Rightmove operates a hybrid working pattern and the pandemic proved
that home working is sustainable with little to no impact on productivity.
Key opportunity
Increased direct third-party advertising for eco-friendly organisations. Actively sell third-party advertising to climate friendly service providers
on Rightmove platforms.
Financial impact
EP LP NP
Early policy action
Smooth transition
Short term 0-3 years
The outcome of this scenario is
action sufficient to limit global
warming to well below 2˚C,
aligned to the Paris Agreement
Late policy action
Disruptive transition
Medium term 4-9 years
There is a delay in implementing
a response required to reduce
global emissions
No policy action
Business as usual
Longer term 10+ years
Under this scenario there is failure
to implement policy decisions to
limit global emissions which would
lead to rising global temperatures
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
Magnitude of
financial impact Description
Trivial one-off financial impact
Low one-off financial impact and trivial ongoing financial impact
Medium one-off financial impact or low ongoing financial impact
High, but immaterial, one-off financial impact or medium ongoing
financial impact
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Other risks and opportunities
In addition to the primary risks and
opportunities outlined above, others were
considered as part of the wider assessment
of climate-related scenario testing which are
shown in full in our 2023 Annual Report. The
risks include legacy properties which become
unavailable to advertise; new environmental
legislation reduces mortgages available;
climate change increases heating and
cooling operational costs; and supply chain
cost increases. Our opportunities include
environmental risk data sales.
Aggregated risks
In addition to analysis of the above individual
risks, we considered aggregated risks, of which
two are detailed below. The combined financial
impacts of these aggregated risks are not
necessarily additive as there can be overlap
in the resulting impact on Rightmove:
Changing consumer behaviour
Changes in consumer behaviour may result
in an increased demand for environmentally
friendly property, which ultimately affects the
way people search for property and resulting
property price changes. The following risks and
opportunities were considered:
• EPC ratings required on property portals
• Property details reporting becomes more
onerous for agents
• Requirement for additional ‘green’ search
filters on Rightmove platforms
• Increased direct third-party advertising for
eco-friendly organisations
• Eco-friendly market segmentation
The outcome of the above analysis indicates a
low financial impact to Rightmove in early and no
policy action scenarios, and a positive revenue
opportunity in the late policy action scenario.
New homes regulation
This relates to changes in regulation that
specifically impact new homes developments.
The following risks and opportunities
were considered:
• EPC ratings required on property portals
• Property detail reporting becomes more
onerous for agents
• New boiler regulation results in reduced
Agency and New Homes stock on the market
• Increased environmental administration
for agents
• Eco-friendly market segmentation
The financial impact of new homes aggregated
risks and opportunities on Rightmove results
in a low risk for both the early and no-policy
action scenarios and a net positive revenue
opportunity in the late policy action scenario.
Climate-related opportunities
The opportunities for an innovative, digital
business are cumulative and become more
significant over time and include:
• Enhancing property details and search
criteria on our platforms to enable property
hunters to identify all relevant information
about a property, including energy efficiency
• Enabling property hunters to use
environmental search filters when looking
for a property on our platforms
• Digitising the consumer home-moving
journey by adding transactional functionality
to our platforms, for example, tenant
referencing, insurance and utility services
• Providing proprietary data analysis and
enhanced property valuation services and
insights into the value of sustainable home
improvements (see example below)
• Developing more customer tools to increase
efficiency and reduce reliance on physical
resources, for example, enhancements to the
Best Price Guide, appointment booking and
virtual viewings.
Metrics and Targets
Methodology
Rightmove plc is required to report its energy
use and carbon emissions in accordance with
the Companies (Directors’ Report) and Limited
Liability Partnerships (Energy and Carbon
Report) Regulations 2018. The data detailed
in the table below represents emissions
and energy use for which Rightmove plc is
responsible and has operational control over,
including energy used in offices and fuel used
in company vehicles. We have used the main
requirements of the Greenhouse Gas Protocol
Corporate Standard to calculate our emissions,
along with the UK government GHG Conversion
Factors for Company Reporting 2024. There are
no overseas operations.
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
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Streamlined Energy and Carbon Reporting (SECR) Compliance Table
2024 2023
2020
(base year)
(1)
% change
(2020-24)
Total Scope 1 and 2 Consumption (kWh) 913,148 1,282,135 852,087 7%
Scope 1 Company car travel, refrigerants & natural
gas (tCO
2
e) 128.56 209.51 112.42 14%
Scope 2 Electricity (location-based) (tCO
2
e) 87.13 84.77 95.40 -9%
Scope 2 Electricity (market-based) (tCO
2
e) 0.00 0.00 85.70 -100%
Total Scope 1 & Scope 2 (tCO
2
e) (location-based) 215.69 294.28 207.82 4%
Total Scope 1 & Scope 2 (tCO
2
e) (market-based) 128.56 209.51 198.12 -35%
Scope 3 (tCO
2
e)
Purchased goods and services 4,838.72 4,885.76
(2)
3,718.96 30%
Capital goods 932.18 457.86
(2)
525.12 78%
Fuel and energy-related activities 60.56 83.28 49.92 21%
Waste 0.45 1.07 1.50 -70%
Business travel 410.36 465.88
(2)
281.13 46%
Employee commuting and home working 680.74 618.28 436.06 56%
Total Scope 3 (tCO
2
e ) 6,923.00 6,512.12 5,012.69 38%
Total (Scope 1, 2 location-based and 3) tCO
2
e 7,138.69 6,806.41 5,220.51 37%
Total (Scope 1, 2 market-based and 3) tCO
2
e 7,051.56 6,721.64 5,210.81 35%
tCO
2
e (Scope 1 + 2) per employee (location-based)
(3)
0.25 0.40 0.37 -32%
tCO
2
e (Scope 1 + 2) per £ million turnover
(location-based)
(4)
0.55 0.81 1.01 -46%
tCO
2
e (Scope 1 + 2) per employee
(market-based)
(3)
0.15 0.29 0.36 -58%
tCO
2
e (Scope 1 + 2) per £ million turnover
(market-based)
(4)
0.33 0.58 0.96 -66%
Scope 2 % Renewable/kWh
100% /
420,840
100 % /
409,351
0% /
409,213
1. 2020 serves as our baseline year, in alignment with our SBTi commitment.
2. Due to an updated release of the spend-based database used for calculations, known as CEDA, we have decided to
recalculate the affected Scope 3 categories for 2023. This adjustment aims to align with best practices and provide
a more comparable year-over-year analysis with 2024.
3. Based on average number of employees throughout the year, 2020: 558, 2023: 727, 2024: 861.
4. Based on revenue of £205.7m for 2020, £364.3m for 2023 and £389.9m for 2024.
Our 2024 emissions
A breakdown of our Group emissions
(market-based) for 2024 is shown below:
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
2024 revenue by segment
Key
Scope 1 emissions (tCO
2
e)
company car travel, refrigerants
& natural gas
69%
13%
9%
6%
1% 2%
Purchased goods and services
Capital goods
Employee commuting and
home working
Business travel
Other Scope 3 categories
In the reporting year 2024, our Scope 2 market-based
emissions were zero, as all our offices remain powered
by 100% green electricity, supported by Renewable
Energy Guarantees of Origin (REGOs). The ‘Other
Scope 3 categories’ encompass emissions related to
fuel and energy activities as well as waste generated
during operations.
As a digital business, Rightmove’s Scope 3 emissions
from purchased good and services account for 69%
of our total Scope 1, 2, and 3 footprint. Among these,
emissions related to marketing and advertising
are the most significant due to the nature of our
business. Based on this year’s calculation outputs
and in conjunction with our carbon transition plan, we
will start to identify and analyse our most significant
suppliers within category 1.
Our Net-Zero commitments
We have approved Science Based Targets
initiative (SBTi) targets and are committed
to achieving Net Zero by 2040.
Our targets are:
Net-Zero by 2040
Rightmove is committed to reduce absolute
Scope 1 and Scope 2 GHG emissions by
90% by 2040, from a 2020 base year, and to
reduce absolute Scope 3 GHG emissions
90% by 2040 from a 2020 base year.
Near-term
The near-term commitment is to reduce
absolute Scope 1 and Scope 2 GHG
emissions by 47.6% by 2030, compared
to the 2020 base year, and absolute
Scope 3 GHG emissions 42% within
the same timeframe.
Net Zero refers to the balance between
the amount of greenhouse gas (GHG)
that is produced, and the amount that
is removed from the atmosphere.
Net Zero can be achieved through a
combination of emissions reductions
and emissions removals.
Rightmove is working to understand and
evaluate the sources of its emissions
and to identify actions to reduce them,
working with independent third-party
sustainability consultant EcoAct to
complete a carbon transition plan.
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Energy efficiency and renewable
energy
We continue to encourage all our employees to
maintain an awareness of energy usage, both in
our office locations and when home working; for
example, powering down laptops, monitors and
printers when they are not in use.
We promote the use of public transport and the
use of virtual meetings wherever possible and
continue to include ultra-low emission vehicles
as an option for those individuals entitled to a
company car and support our employees to join
the government Bike2Work Scheme.
All of the electricity directly consumed (offices)
by the Group in 2024 continued to be from
renewable sources (420,840 kWh/100%).
Regarding our data centres, 398,119 kWh
comes from renewable sources (92%), while
34,196 kWh is sourced from non-renewable
sources (8%). As part of our Net-Zero
commitment we will work with key suppliers
to encourage their move to renewable energy.
Our environmental strategy and frameworks
will be developed to ensure that we continue
to make progress and maintain our focus on
building a sustainable business.
ESG – Task Force on Climate-related Financial Disclosures (TCFD) continued
Progress against our SBTi near-
term and Net-Zero targets
In 2024, our overall emissions have increased
compared to our baseline year of 2020. This rise
can be attributed to significant growth within
the Group, which has seen a 54% increase in
the average number of employees since 2020.
This expansion has resulted in higher revenues
and increased spending on purchased goods,
services, and capital goods. However, when
we normalise our total emissions by revenue
(measured in tonnes of CO
2
e per £ million
turnover), we have actually achieved a 29%
decrease since 2020.
It’s important to note that our operations in
2020 were impacted by the UK government’s
coronavirus lockdowns. During that period,
we offered substantial discounts to customers,
which led to reduced revenue,
and travel restrictions affected our employees’
movement. As expected, in 2024, our teams
have returned to business as usual with more
frequent visits to customers and potential
clients. This increase in activity has led to a rise
in emissions associated with business travel
and employee commuting to the office.
Metric
Emission
type Base year
Progress
Current year Target Status
75% of company
cars to be ultra-low
emission by 2025,
100% by 2028
Scope 1 Ahead of
plan
Increase engagement
with green
information
on Rightmove by 15%
in 2024
N/A N/A Achieved
Reduce water
consumption by 10%
N/A On track
Increase waste
recycling
N/A More to do
Environmental targets, metrics
and progress 2024
We will be reviewing our target and metrics
in early 2025 as part of our carbon transition
planning. Rightmove monitors consumer and
partner behaviours through our KPIs, such as
traffic and number of advertisers.
In alignment with our SBTi Net-Zero
commitment, we are committed to increasing
our sustainability and reducing our carbon
footprint. To support this journey, the metrics
below focus on specific areas that will help us
track our progress.
Carbon removal initiatives
In 2024 Rightmove supported three carbon
off setting projects. The cost for offsetting the
Group’s 2024 carbon footprint of 1,281 tCO
2
e
greenhouse gases, which includes our
operational Scope 3 emissions, was £12,282
(2023: £12,250 to offset 1,369 tCO
2
e
greenhouse gases).
2020
19%
2024
88%
2028
100%
2024
23%
2024
+15%
2020
1,523m
3
2024
1,380m
3
2025
1,370m
3
2020
44%
2024
41%
ongoing
50%
Annual report and accounts 2024Rightmove44
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Social
Enabling our employees and positively
impacting communities
When we ask what makes
Rightmove special, the answer
is always working for such a
beloved brand and the people
you get to work alongside.
Our people, we know them better as Rightmovers,
are based in three core locations across the
UK as well as in the field or remotely. Together
they represent all that is brilliant about Rightmove
– passionate, diverse and authentic. Rightmovers
are strongly connected to our purpose and
together we’re making moves happen
for everyone.
This year we continued to build the critical skills
and capabilities needed to achieve our goals. As
part of this, we hired 325 Rightmovers in 2024,
including three new Group Leadership Team (GLT)
members. We’re enabling Rightmovers to develop
the skills they need to achieve their development
and career aspirations through launching LinkedIn
Learning. At the same time, we continue to invest
in our leaders to nurture their ability to create
high performing teams. We care passionately
about making Rightmove a place where everyone
can belong, and working in partnership with our
Inclusion Groups we have raised awareness,
sponsored events and continued to further
embed DE&I into our offering. We’ve invested in
our benefit offering, ensuring everyone can share
in Rightmove’s success, and we’ve made it easier
for our Rightmovers to get the information they
need when they need it, with the launch of our
internal intranet, Rightmove Life. All this taken
together, means we’re very proud that Rightmove
has been recognised by The Sunday Times as a
great place to work.
Our social strategy 2024-2026:
Enable everyone
Our vision for Rightmovers is to enable them to do the best work of their lives; empowering them
to reach their full potential whilst they, in turn, drive innovation and business success. We focus on
ensuring that Rightmove is a great place to work – where Rightmovers feel valued, engaged and
empowered – and that their contribution positively impacts our business, our stakeholders and
our communities.
At the heart of everything Rightmove does is its open, collaborative and inclusive culture: we’re
in it together. This culture is shaped by our values, which underpin how we approach and do things;
we call these the ‘Hows’.
325
new Rightmovers welcomed
aboard in 2024
1.
Do the right
thing for
consumers
and customers
2.
Be curious
and go out of
your way to
understand
3.
Share honestly,
early and often
4.
Make complex
things as simple
as possible
5.
Drive
improvement,
we can always
be better
6.
Take
responsibility
and make
things that
matter happen
7.
Dare to do, be
bold. Don’t
be afraid of
mistakes you
can learn from
8.
Build great
teams because
Rightmove
is people
9.
Be approachable
and appreciate
what others do
10.
Enjoy the
journey.
Be part of it
ESG – Social
The Rightmove ‘Hows’ are defined as:
Annual report and accounts 2024Rightmove45
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ESG – Social continued
Our people not only work with each other at Rightmove, but with many other organisations and the wider communities within
which they operate. Their impact reaches beyond Rightmove, and this is reflected in our social strategy, which is encapsulated
into four key pillars:
Our objectives Our focus area targets for 2024 2024 outcomes Status
Diversity, equity and inclusion
We value the richness that comes
from different perspectives and
we care about creating a culture
of belonging and support
• Training to support DE&I practices
• Employee inclusion groups & Mental Health
First Aiders
• Awareness and education to enhance culture
and understanding, including mental health
• Increasing DE&I in our workplace and hiring
practices
• Paying our workforce fairly
• Reduce our gender pay gap year on year until
parity is reached
• Foster a culture of belonging at Rightmove
(HYS score on people feeling they can be
themselves is 80%)
• Our pay gap has increased marginally during
2024, primarily due to a small number of senior
moves in the last year
• In December’s HYS, 81% of Rightmovers
agreed that they could be themselves at work
More to do
Achieved
Hiring, learning and development
We’re passionate about enabling
Rightmovers to grow their careers
and to reach their full potential
• Attracting and hiring the skills to support our
business aims
• Facilitating a learning and development culture
• Mandatory learning on key areas such as
harassment and code of ethics
• Bespoke training for managers and
senior leaders
• Rightmovers have access to the right learning
resources and content (HYS score on continuous
learning, 80%)
• Rightmovers are able to progress their careers
at Rightmove (HYS score on career progression,
60% agree)
• In December’s HYS, 80% of Rightmovers
agreed that there is continuous learning in
their role
• In December’s HYS, 48% of Rightmovers
agreed that there were career and progression
opportunities at Rightmove
Achieved
More to do
Enhanced employee experience
We are committed to having a highly
engaged workforce through a great
employee experience
• Employee voice – ‘Have Your Say’ (HYS) surveys
• Improving Rightmovers’ experience
• Reward and benefits
• Rightmovers’ overall engagement with Rightmove
as a great place to work (HYS score on great place
to work is 80%)
• Rightmovers would overall recommend Rightmove
as a place to work to others (HYS score on
recommendation is 80%)
• In December’s HYS, 82% of Rightmovers
agreed that Rightmove was a great place
to work
• In December’s HYS, 76% would recommend
Rightmove to others
Achieved
More to do
Social and community impact
We believe in giving back and being a
force for good in our communities
• Corporate giving donations
• Charity fundraising
• Volunteering (give back days)
• Volunteering opportunities (number of hours
cumulatively volunteered is over 1,500)
• The range of charities supported in line with our
strategy (total donations is over £200,000)
• 1,659 volunteer hours 2024
• £299,680 raised in 2024
(1)
Achieved
Achieved
1. This figure includes corporate donations and corporate matched funding for employee fund raising.
Our social strategy
Annual report and accounts 2024Rightmove46
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Q&A with Jennie Barker
Chief People Officer
Diversity, equity and inclusion
We value the richness that comes from different
perspectives, and we care about a culture of
belonging. We strive to create an environment
where everyone feels they can be themselves,
feeling safe and empowered to bring their best,
authentic selves to work. As a proudly open,
caring and inclusive employer, we provide
platforms for all communities to thrive.
Diversity, equity and inclusion (DE&I) are core to
our agenda. It benefits everyone, bringing not
only a more enjoyable workplace but a broader
range of perspectives which reflect
the consumers and partners we work alongside.
The integration of DE&I into our initiatives
is supported by continued efforts across
four areas: (i) awareness raising and learning
in partnership with our internal employee
networks; (ii) focused efforts on well-being
and mental health to support Rightmovers;
(iii) embedding DE&I into our practices; and
(iv) taking action to improve our workforce
diversity trends in both representation and pay.
This section outlines the work achieved across
these areas.
Awareness raising and learning
Raising and maintaining awareness of diversity
is the cornerstone of an inclusive working
environment where everyone feels valued and
respected, and can be themselves. During 2024
we continued to invest in a range of formal and
informal education events that recognise and
celebrate differences in conjunction with our
inclusion groups and our DE&I calendar. These
included external speakers for Black History
Month, International Women’s Day, Pride
celebrations and International Persons with
Disabilities Day, as well as sponsorship of Milton
Keynes Pride Community Stage. We also make it a
deliberate priority to have events across the year
focusing on mental health and well-being.
We work in partnership to run these events
with our inclusion groups, Neurodiversity @
Rightmove, Pride @Rightmove, Race & Ethnicity
@Rightmove and Women @Rightmove, and
continue to raise awareness not only at key
calendar moments but through regular insight
sharing across the year. We’re proud that over
500 Rightmovers have engaged in these events
in 2024.
Looking ahead, we plan to continue our focus on
recognising key events and awareness raising.
By engaging with Rightmovers regularly, we can
understand how we continue to shape priorities
in this space. As we take a greater focus on
performance going into 2025, we will ensure that
important DE&I elements such as unconscious
bias form part of the development roadmap.
ESG – Social continued
500
Rightmovers have engaged in events
across the year
81%
of Rightmovers strongly agree that
they can be themselves at Rightmove
bring their most authentic selves to work,
so we organise a variety of events aimed at
raising awareness of different perspectives
and experiences, such as during Black
History Month, Pride or Menopause Week.
We strive to make our culture down
to earth and human, so while we have
Objectives and Key Results that the whole
business gets behind delivering, we take
the time to connect with one another just
as seriously. One of the ways we do this is
through ‘Fika’ – a Swedish concept that is
more than ‘coffee and cake’ but a state of
mind and attitude: to be with others and
build relationships, while not being tied
to an agenda or particular outcome.
Rightmove is also dynamic and growing.
This provides people with exciting
new opportunities, and we are focused
on ensuring that our people are fully
supported and empowered to be
successful in their roles. Whilst we are
investing in bringing in new talent to drive
our exciting strategic growth areas, we’re
also able to create new opportunities for
existing Rightmovers. Underpinning their
success, and business success, is having
the right frameworks to support their
growth and we are constantly refreshing
the learning opportunities available for
leaders and their teams.
What makes Rightmove a
great place to work?
A great place to work is ultimately achieved
by having great people and putting them
in an environment that enables them to be
their very best. At Rightmove, we aim to
achieve a balance between
being outcome and
results focused,
but remaining
people-centric.
We genuinely
care about
each other,
and want
people to
Annual report and accounts 2024Rightmove47
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Supporting well-being and
mental health
Ensuring that Rightmove is a place where
everyone feels they can be themselves and
belong is a fundamental part of supporting
well-being and mental health in the workplace.
During 2024 we continued to offer Rightmovers
a combination of support elements including
awareness events, personal development
education sessions and 1:1 coaching
opportunities. Other schemes are also in place
that seek to build community and enhance
psychological safety at work; and we ensure
that Rightmovers can have equal access to
mental health resources and support through
our Employee Assistance Programme, which
offers round-the-clock counselling.
New initiatives in 2024 included:
• Rolled out volunteering days where every
Rightmover can take two days out from work,
paid, to volunteer for a chosen cause
• New, purpose-built wellness pods have been
installed in all our offices
• A series of well-being education talks, led by
external specialists and designed to provide
thought-provoking topics to raise awareness,
understanding and empathy around our
different contexts and experiences across
Mental Health Awareness Week in May
• Continued to raise awareness of the effects
of menopause through sessions for all
Rightmovers, and supporting managers to
approach this topic with care and empathy
• Certifying 16 Mental Health First Aiders
to enable a first point of contact for
Rightmovers experiencing a mental health
challenge or emotional distress
Looking ahead, we will continue to gather
feedback from employees through our
engagement surveys, to support them
to be the best version of themselves.
The physical health and safety of all Rightmovers
and visitors is also a priority for the business.
Throughout the year, all our premises continued
to provide a safe working environment in
accordance with our Health and Safety Policy.
Embedding DE&I practices
Through our focus on quality hiring, we now ensure
that we are capturing key competencies for our
role requirements and using that as the basis for
direct sourcing. This minimises the introduction of
bias into the hiring approach. We’ve supplemented
this work through partnerships with external
agencies and bodies to continue to attract diverse
candidates to Rightmove.
Our policy is to give full and fair consideration
to people with disabilities for all vacancies and
ESG – Social continued
we have inclusive hiring procedures to ensure
fair practices and that people with disabilities
are equally considered. We make reasonable
adjustments for people with disabilities
throughout their career at Rightmove.
Ethnic diversity
Our aim is to have an employee base which is
representative of the wider UK population.
We analyse our ethnicity data under the five
summary groups (in line with the government’s
Race Disparity Audit 2017). Rightmovers
volunteer information about their ethnicity.
89% of our employees provided information
about their ethnicity, choosing from 23 ethnic
categories (defined by ACAS), with only 11% of
Group employees selecting ‘prefer not to say’
or leaving the answer blank.
The overall percentage of employees in non-
white ethnic groups has increased to 19% (2023:
18%) with an increase in all groups except the
Black /African/Caribbean/Black British group,
which decreased marginally from 4.0% to 3.7%.
17% (2023: 13.6%) of Rightmove’s employees
are non-UK nationals.
White
Mixed / Multiple
ethnic groups Asian / Asian British
Black / African /
Caribbean / Black British Other ethnic groups
Prefer not
to say
Population of England & Wales (2021 Census) 81.7% 2.9% 9.3% 4.0% 2.1%
All Rightmove
*
78.1% 4.7% 8.8% 3.7% 2.0% 2.7%
All Rightmove (2023) 81.9% 3.6% 8.5% 4.0% 2.0%
Lower quartile 82.1% 6.8% 4.9% 3.7% 0.6% 1.9%
Lower middle quartile 80.5% 5.3% 5.9% 4.1% 2.4% 1.8%
Upper middle quartile 71.3% 3.6% 13.8% 4.8% 3.0% 3.6%
Upper quartile 78.6% 3.1% 10.7% 1.9% 1.9% 3.8%
The Parker Review recommendation is that
all FTSE 100 Boards should have at least one
director from an ethnically diverse background
by 2021. Rightmove continues to be ahead of
this target, with three out of eight (38%) Directors
from ethnically diverse backgrounds as of
31 December 2024.
Each year we publish data on our ethnicity pay gap
to supplement our gender pay gap reporting. The
table below is a snapshot from our 2024 gender
and ethnicity pay gap report, showing ethnicity
representation in each pay quartile.
Annual report and accounts 2024Rightmove48
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ESG – Social continued
Rightmove is committed to
maintaining and strengthening
female representation in senior
roles and is a contributor to the
FTSE Women Leaders’ Review,
the successor to the Hampton-
Alexander Review.
Gender diversity
1. Key Leaders are a group of senior leaders responsible for helping shape and execute strategy.
They are nominated and agreed upon by the Group Leadership Team.
Gender pay
Rightmove published its gender pay gap report
for 2023 in March 2024 and will publish its 2024
report in line with statutory requirements.
Rightmove employees are paid in line with
their level and experience at a competitive
market rate.
As in previous years, our gender pay gap is
driven by the gender mix across the highest
and lowest pay quartiles. Women are less
well represented in the higher-paid senior
management roles and across the sizeable
technology teams. Men are under-represented
in the lower-paid customer experience teams.
Below is our gender pay gap as of April 2024.
Closing gender and ethnicity
pay gaps
Rightmove is committed to further reducing its
gender and ethnicity pay gaps through a mix of
meaningful, consistent and sustained long-
term and short-term actions.
Difference between men and women’s pay
Mean Median
2024 2023 change 2024 2023 change
Hourly pay gap
(1)
22.30% 20.00% 2.30% 24.70% 24.30% 0.40%
Bonus pay gap
(2)
28.00% 35.20% -7.20% 16.30% 0% 16.30%
1. Calculated using Rightmove Group Limited pay data from April 2024.
2. Calculated using 12 months of Rightmove Group Limited bonus pay data to 5 April 2024. Both our mean and median
bonus pay gap continue to be influenced by gender, with more men participating in bonus schemes than women.
The focus for the next 12 months is to:
• Mitigate bias within our hiring process –
equipping our hiring teams to champion
diversity and make unbiased decisions
through delivery of inclusive culture and
unconscious bias training
• Increase targeted activity through our
career site and LinkedIn, so as to reflect
the gender and ethnic diversity and inclusion
of Rightmove
• Partner with external organisations in
support of our goals, such as Women in
Estate Agency
• Ensure gender-balanced shortlists at Key
Leader level and above – any processes not
achieving this must be reviewed by the Chief
Executive and Chief People Officer to ensure
we are living up to our commitments
• Optimising our recruitment processes
in 2025 including but not limited to: an
overall inclusive recruitment action plan
and continued work with executive search
partners to ensure improved diversity pools
As of 31 December 2024, female employees
made up 50% (2023: 51%) of overall staff.
A breakdown by gender of the number of
Directors and employees as at 31 December
2024 by various classifications, as required
by the Companies Act, is set out below:
Key
Women
Men
Board
Key
Women
38%
62%
Men
Non-Executive
Directors
Key
Women
50%
50%
Men
Rest of workforce
Key
Women
50%50%
Men
Key Leaders
(1)
Key
Women
31%
69%
Men
Annual report and accounts 2024Rightmove49
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ESG – Social continued
Enable everyone – hiring,
learning and development
We’re passionate about enabling Rightmovers
to grow their careers and to reach their full
potential. Rightmove’s people underpin the
success of the Group; without them – and their
talent, commitment and dedication – nothing
would be possible. How we focus on ensuring
we hire the best people and develop their
potential is outlined here.
Attracting and hiring the
right people
Attracting talent with the right skills and
capabilities is critical to delivering on our strategy
and delivering value to all stakeholders. In 2024,
we expanded our Talent Acquisition team to
enable us to purposefully move towards more
direct hiring of candidates, ensuring that potential
Rightmovers have a tailored hiring journey from
contact to hire. This has also seen us reducing our
reliance on agencies and means we are directly
sourcing a clear majority of roles; this figure was
67% of new starters in H1
(1)
. As passionate as
we are at making the candidate journey easy
for potential Rightmovers, we want to do the
same for those already with us and we release
weekly posts to everyone, showcasing roles that
are available.
In 2024, we launched our Employer Brand
#RightmoveLife – to share an authentic view of
what it’s like to work at Rightmove and why it’s a
great place to work. We share these messages
at all stages of the candidate journey and on our
LinkedIn page, where Rightmovers can share their
own experiences and offer a view of what being a
Rightmover is all about. Further enhancements
are planned for this going into 2025.
2024 also saw us launch a consistent way to
approach recruitment across Rightmove with
the Rightmove Way of Recruiting. We want to
ensure that every potential Rightmover’s hiring
experience is positive and fulfilling. We began
measuring the effectiveness of this new approach
directly with hiring managers in Q4, resulting
in a satisfaction score of 9/10. In 2025, we will
introduce interview skills training for managers
and continue to embed our focus on diverse
candidate hiring.
Finally, we have further augmented the
onboarding journey for all Rightmovers with the
newly launched Rightmove Way of Onboarding.
This aims to give Rightmovers early clarity of our
strategy and priorities as well as a consistent
experience across their first weeks and months.
Developing people to reach their
full potential
Growth and development are fundamental
parts of the Rightmove culture. They empower
people to direct their own careers and reach
their full potential, as well as delivering results
for Rightmove and ensuring we can deliver on
our strategy.
All new Rightmove employees are introduced to
the business by attending the ‘How Rightmove
Fits Together’ programme based at our London
offices. This enables them to understand our
unique history, Rightmove’s culture and values
and gives them the opportunity to meet and
interact with members of our senior leadership
team. We continually get high impact scores for
this programme with an average recommended
learning score of 9.2/10 across 2024.
Our development programmes include a range of
in-person and virtual resources from workshops,
attendance at conferences, coaching and
mentoring, and online learning to training for
professional qualifications. In 2024, we focused
on equipping our manager population to have
effective conversations with their teams. With our
senior leadership team, we began a piece of work
to enable them to foster high performing teams.
Furthermore, our existing suite of learning and
development tools and resources was reviewed
and enhanced with the introduction of LinkedIn
Learning. Since launching in September, we are
at 68% activation and 275 hours viewed.
80%
agree that there is continuous
learning at Rightmove
1. Across H2, 9% of roles contracted were from Agency.
In 2025, we aim to roll out bespoke manager
training to fully embed a high performing
environment at Rightmove, that gives everyone
meaning, clarity and accountability in their role.
Summary of learning and development
Average number of hours of learning
per Rightmover
15
Percentage of Rightmovers
offered training
100%
Total number of training hours
provided to employees
13,073
Number of mandatory training hours 2,886
Number of technical development
training hours
10,187
Average training cost per employee £523
Annual report and accounts 2024Rightmove50
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ESG – Social continued
Enable everyone – enhanced
employee experience
We are continually working to enhance the
employee experience, using data to drive the
right decisions. This section outlines what
we’ve done to listen to our employees, improve
their experience and enable a benefits package
aligned to our business goals.
Our approach to colleague
listening
We aim to ensure all our Rightmovers feel
appreciated, valued, fairly rewarded and,
most importantly, heard. Understanding their
perspectives means we can better support
them in roles, get the best from them and
drive growth.
Some of the ways in which they do this are:
Have Your Say (HYS) surveys
Employee satisfaction is measured bi-annually
through an engagement survey, HYS, providing
employees with the opportunity to share
honest feedback about working at Rightmove.
Employees are encouraged to give candid
feedback alongside scoring questions, and the
survey results are transparently shared at both
Company and team level, identifying areas for
positive action. Across 2024, we had an average
of 76% participation rate in our survey, giving us
a wide range of views.
Business-wide action plans are created to
address gaps identified through these surveys
and we can monitor shifts in subsequent
surveys to ascertain impact. Leaders are
encouraged to supplement these plans with
more localised objectives. Our business-
wide priorities in 2024 have centred on: (i)
career development; (ii) improving offices
and workspace; (iii) supporting well-being;
(iv) encouraging celebrations and leadership
engagement; and (v) tech and tools access.
We supplement HYS with additional listening
channels including exit interviews, Glassdoor
and colleague listening sessions to proactively
understand Rightmover sentiment, taking
targeted actions where necessary. We also
engage with our employees regularly through
Town Halls and our Board regularly holds
Board Connection sessions with Rightmovers.
For more on how our Board engages with
Rightmovers, please turn to the Governance
section of this ESG report and to the Corporate
governance report.
Given our work to build and maintain a highly
engaged workforce, we were delighted to be
recognised as a Sunday Times ‘Best Place to
Work’ in 2024.
Improving the Rightmover experience
We want to make it as easy as possible for our
Rightmovers to get access to information, help
and support when they need it. Responding to
colleague sentiment, we launched an intranet –
Rightmove Life. This gives everyone access to
key information on benefits, people processes
and where they can go to self-serve. Since the
launch in September we have had over 10,000
content views. A further enhancement to our
self-serve journey was launched in December
2024 with the go live of a People Helpdesk
platform, allowing Rightmovers to submit
queries and get the support they need when
they need it. This tool allows us to be more
strategic and consistently understand the
needs of our Rightmovers, enabling them to
get resolution more easily, and for us to tailor
solutions more effectively.
Across 2024, we have upgraded several of our
Group policies to reflect changes in flexible
working, paternity leave, carers allowance and
extended redundancy protection for those who
are pregnant or returning from leave.
We have supplemented changes with guidance
to managers to ensure they are clear on roles
and responsibilities. Policy and process is
important to our Rightmovers and so is access
to the right tooling to perform their roles.
Through 2024, we’ve launched several new
enhancements to tooling: (i) a new tool to
enable faster production of insights in our sales
team; (ii) a new business intelligence tool to
empower teams with self-service analytics
for consistent and timely access to data, for
smarter and faster decision making; and (iii)
a new IT helpdesk to provide better support
across the business.
In the end of year survey in 2024, 82% of
respondents stated ‘Yes’ to the question,
“Is Rightmove a Great Place to Work?”
Whilst this is a great overall result, it is
slightly down from historic highs, so we’re
doubling down our action plan areas.
Highlights from December 2024 included:
• 96% agree they enjoy working in
their teams
• 90% agree they understand how their
role contributes to achieving business
objectives
• 87% have trust in the overall job
performed by their manager
• 83% agree they are proud to work
for Rightmove
Annual report and accounts 2024Rightmove51
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ESG – Social continued
We’re also being more deliberate about
connecting with one another and celebrating
success. We hold regular ‘Fika’ sessions across
our hubs which give the chance for Rightmovers
to connect more informally with one another
and with our Group Leadership Team. We
also introduced an end of year recognition
ceremony, the ‘Golden Gnomes’, where we
celebrated the achievements of 21 of our
Rightmovers.
Looking ahead, we will continue to enhance
and update key policy areas and in particular
ensure readiness for future changes in line
with legislation. We are deploying some further
tooling enhancements and will continue to
monitor impact through our HYS survey.
Reward and benefits
We continually look at how we can enhance
our overall benefits package and in 2024 we
introduced several new elements. These
included two additional days holiday and a
further two ‘give back’ days for volunteering.
In addition, employer pension contributions
were increased to 7% and the cycle to work
allowance was doubled in 2023. We are
committed to supporting new parents, with
enhanced leave requirements, and in 2024 we
entered into a partnership with From Babies
with Love. As a result, every new parent
receives a gift from Rightmove. We have also
continued our commitment to be a Living Wage
Employer and will continue this going into 2025.
We believe that it is fundamental that
Rightmovers get to share in the success of
our business and this year we enhanced our
approach to communicating our two main
offerings so that even more could benefit.
In December, each employee receives a Free
Share Award (in 2024, 445 shares) under
the Share Incentive Plan (SIP). All eligible
Rightmovers are invited to participate in the SIP
and can sell their shares, subject to tax, after
three years or tax-free after five years.
All employees can also choose to join the
Rightmove Save As You Earn Scheme
(Sharesave), which allows them to save money
from their salary with the option to purchase
shares at a discount after three years, and
49% of Group employees currently participate
in Sharesave.
Almost all employees take advantage of our
hybrid working policy, which allows up to
three days a week working from home. This
provides flexibility to manage work and other
commitments while the two aligned ‘giving
back’ days in each office support connection
and collaboration.
Social and community impact
Rightmove is a responsible company and we
believe in doing the right thing by our people,
our partners and our communities. The main
contributions made during 2024 continued
to be through charitable giving, fundraising
and volunteering.
Charitable giving
Rightmove continues to support various charities
at local and national level that matter to our
stakeholders, support our diversity, equality
and inclusion strategy and positively impact the
environment. In 2024, we have continued our
partnership with Centrepoint, who aim to end
youth homelessness, including participation in
the annual Sleep Out, and over £73,000 has been
donated including funds raised by employees.
We have also donated £15,000 to Support Dogs,
who train specialist assistance dogs to improve
the lives of children and adults with disabilities.
Fundraising
We provide matched funding up to a value of
£1,000 for any Rightmover’s activities where
they have raised money for a charitable cause.
This allows employees to provide even more
support to the projects they care about, as well
as encouraging teams to collaborate outside
their normal roles. Our charitable donations
including matched funding for our employees’
efforts totalled £299,680 (2023: £234,000).
Volunteering
Our employees are encouraged to volunteer
their time to support their communities,
through our ‘Giving Back’ scheme, which
provides up to two days per year paid leave.
In partnership with the ‘On Hand’ app, employees
can select causes and track their contributions.
For every ten volunteering missions a tree is
planted in partnership with Eden Reforesting
Projects, contributing to Rightmove’s Net Zero
pathway. During 2024, Rightmovers spent
1,659 hours volunteering.
Charity
partnerships
We had a wide range of charity partnerships
in 2024. A particular highlight was the
£73,000 donated including funds raised
by employees as a result of Rightmove’s
annual Sleep Out and partnership with
Centrepoint. Centrepoint provides housing
and support for young people with the aim
to end youth homelessness by 2037.
Our other charity
partnerships include:
Annual report and accounts 2024Rightmove52
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Governance
Robust governance frameworks that
support our strategy and reduce risks
We continuously develop and maintain a robust corporate governance framework and internal
controls that support strategy, reduce risks and create the right conditions for value generation
so that Rightmove’s platforms remain the trusted destinations for home movers and property
professionals.
Governance progress in 2024
Culture and conduct Robust governance frameworks and controls
Review of Health and Safety
Policy, practices and processes
Enhanced governance frameworks through the establishment of
Rightmove’s Internal Audit team and new Head of Internal Audit
and Assurance and Audit and Assurance Manager
Well-being pods installed
at all offices
Continuing to tighten our internal controls and risk management
processes and systems
Pension governance
and education
Ensuring mandatory training targets are met
Continued investment in social
programmes to help embed and
develop culture
New Artificial Intelligence (AI) Committee and introduction of an
AI governance framework
Safe and secure platforms and systems Partner and consumer experience
Continued investment in cyber
and data security and the
migration of the website hosting
environment to the cloud
Customer sentiment scores averaging at 90% and scoring highly
against competitors (Trustpilot score of 3.4 vs Zoopla 2.4)
Internal controls framework for
information security established
Streamlining of estate agent onboarding process resulting in high
scores from customers reporting an ‘excellent’ or ‘very good’
onboarding experience
New roles of Chief Data Officer
and Chief Information Officer
Improved operational processes in customer design – leading to
greater efficiencies and faster turnaround of creative changes
Board cyber security ransomware
simulation exercise undertaken
Introduction of self-service tools for partners
ESG – Governance
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ESG – Governance continued
UK Corporate Governance
Code compliance and our
robust corporate governance
framework
In 2024 we complied fully with the UK Corporate
Governance Code 2018. Please turn to the
Corporate governance report to read the full
details of how we comply with the Code and our
corporate governance framework.
AI Committee and governance
In August 2024, the Risk Committee
established an AI Committee to govern and
guide the introduction of AI at Rightmove. The
main purpose of the AI Committee is to ensure
the responsible development and safe use of AI
in the Group. The AI Committee has approved
an AI Usage Policy to govern and encourage
the safe use of AI and an AI Register to log all AI
products in use. AI training will be rolled out to
employees in 2025.
Group pension plan governance
A Pension Governance Committee is in place to
govern the Group’s pension plan and to ensure
that pension education and awareness sessions
are routinely offered to employees and to hold
the administrators to account on service levels
to Rightmove employees.
Certificate for Estate and
Lettings Agents
A Certificate for Estate and Lettings Agents
(CELA) Qualification Review Board is in place to
ensure that the CELA qualification for estate
and lettings agents is properly governed.
Charitable-giving governance
framework review
A review of the charitable-giving governance
framework was carried out during the year to
ensure that the administration and decision
making in regard to charitable donations is in
line with best practice.
Regulated activities compliance
Rightmove Financial Services Limited (RMFS)
and Rightmove Landlord and Tenant Services
Limited (RLTS) are authorised and regulated
by the FCA. RMFS is authorised to introduce
Mortgages and RLTS is authorised for Insurance
Distribution.
Throughout 2024, focus has continued to
ensure that the Consumer Duty requirements
are firmly embedded into our processes and
procedures to deliver good outcomes for
consumers. Our annual Consumer Duty Report
to both boards in July 2024 highlighted our
key areas of focus and improvement across
our policies, processes, frameworks and
management information which we continue to
evolve in line with regulatory expectations. Both
entities have continued to enhance supply chain
oversight with key partners to ensure delivery
of both fair value and good customer outcomes.
Enhancing
engagement
with the
workforce
In 2024, Rightmove’s employee
engagement arrangements have
been redesigned and enhanced. Board
Connection sessions, where employees
meet our Non-Executive Directors to
have quality conversations about working
at Rightmove, take place across the
year. Sessions are dedicated to specific
themes such as remuneration and reward
and one session is dedicated to senior
leadership. An open invitation is sent to
all employees to take part.
During 2024, quarterly thematic reviews
were undertaken by an external compliance
consultant, to assess ongoing compliance
with FCA requirements, particularly testing
our systems and controls around consumer
outcomes for both digital and non-digital
customer journeys. The respective boards,
Consumer Duty Champion and Senior
Management Functions regularly meet to
review and monitor key areas of focus and
improvement and ensure they remain on track.
Culture, values and training
Rightmove is committed to operating in a
responsible and compliant way, with honesty
and integrity, led by a senior leadership team
which promotes the highest standards of
business ethics. Our governance framework
and ethical architecture, including our Code
of Conduct, values and our internal policies,
procedures, processes, training programmes
and performance review systems, are designed
to support a high trust culture. Please turn to
the Social pages of this ESG section for further
information about culture, values and training.
Annual report and accounts 2024Rightmove54
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‘Speak up’/Whistleblowing
Rightmove’s whistleblowing line is operated
by an independent third-party provider.
Our Whistleblowing Policy was reviewed
during the year and rebranded as a ‘Speak
up’/Whistleblowing Policy to make it more
user friendly. The policy was rolled out to all
employees and is available on our investor
website plc.rightmove.co.uk. All employees
undertake an online ‘Speak up’/Whistleblowing
training module on an annual basis and details
of how to contact the whistleblowing line are
clearly communicated to all employees. The
latest Have Your Say survey indicated that
98% of respondents knew how to make a
whistleblowing line report. Further information
about how our ’Speak up’/Whistleblowing Policy
and practices are reviewed on an annual basis
can be found in the Audit Committee report.
Health and Safety
Rightmove’s Health and Safety Policy and
processes were reviewed and updated during
the year. There were no fatalities or serious
injuries reported during the year and there was
no lost time due to work-related incidents or
occupational disease.
ESG – Governance continued
Data protection
Protecting customer and consumer data is
a top priority. Rightmove’s employees are
required to complete mandatory training
on joining and at least annually thereafter,
covering data protection and information
security. Throughout the year, phishing tests
are conducted to ensure levels of awareness
remain high. Policies are reviewed and
updated regularly and cover Data Protection,
Breach Reporting, Information Security and
Appropriate Use of IT. Additional specialised
training is required for employees in technical
roles, and for roles that require access to any
sensitive data.
The Chief Information Security Officer is a
member of the Group Risk Committee and
co-ordinates actions across the organisation, to
ensure the Rightmove security posture remains
strong. Rightmove has two Data Protection
Officers (DPOs) and a Deputy Data Protection
Officer, who are responsible for data privacy,
data breach prevention and reporting, policy
compliance, record keeping and data subject
rights. They are supported by a dedicated
team handling data protection enquiries
fromconsumers and customers via
DPO@rightmove.co.uk.
High standards of business
conduct
Rightmove has a business conduct framework
including an employee Code of Conduct, a
Financial Crime Policy (incorporating anti-
bribery and corruption arrangements) and
an extensive employee training programme,
including mandatory training on ‘Speak up’/
Whistleblowing, data protection and business
ethics and integrity.
Safe and secure platforms
and systems
Maintaining safe and secure platforms and
systems underpins Rightmove’s operations.
Every service innovation or modification to a
platform is tested thoroughly to ensure that
it delivers a valuable service for customers,
protects consumer data and provides an
engaging consumer experience.
Due diligence checks are performed on all
prospective Rightmove customers to ensure
that they meet all relevant regulations, before
they are allowed to advertise on the Rightmove
platform. Automatic detection systems are in
place to identify any anomalous images or text
uploaded to Rightmove in any property adverts,
which allows more effective resolution to any
incorrect property listings and the removal of
potentially misleading or incorrect images and
property descriptions.
Cyber security
Rightmove continued to develop its cyber
security capabilities in 2024 and completed the
following actions to strengthen and formalise
its cyber security position:
• Increased the number of people in the
Information Security team
• Formalised the adoption of a defined
set of security controls in the software
development process
• Locked down the configuration of Windows
laptop and MacBook estates
• Established an Internal Controls Framework
covering information security controls across
all technology domains
Further details on security measures and risk
management around cyber threat and to IT
systems can be found in the Principal risks and
uncertainties section of this report.
Annual report and accounts 2024Rightmove55
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ESG – Governance continued
Internal Audit
During 2024, the Internal Audit function
transitioned from an outsourced service
provided by PwC, to an in-house team led by a
new Head of Audit and Assurance. Oversight
continues to be provided by the Audit
Committee. See the statement on internal
controls on page 90 for further detail on initial
areas of Internal Audit focus.
Human rights
Rightmove is committed to supporting
human rights and is opposed to all forms of
discrimination in any of its business activities,
relationships, operations and supply chain.
During the year, Rightmove has implemented
a new Human Rights Policy which outlines
our commitment to respect internationally
recognised human rights principles and
employment practices. This policy is available
on our investor website plc.rightmove.co.uk.
The Rightmove Code of Conduct requires
employees to promote equal and fair treatment
for everyone, in line with its values; its ethical
framework of policies and procedures supports
this, including Modern Slavery Statement,
gender and ethnicity pay gap reporting,
flexible working, equal opportunities and
equity, diversity and inclusion. For further
information please go to: www.plc.rightmove.
co.uk/#policies_hub.
Rightmove is an accredited Living Wage
Employer with all Rightmove employees
paid above the real Living Wage, including
contractors who work with us. The Board has
also confirmed Rightmove’s adherence to the
Living Hours Standard.
Modern slavery
Rightmove is committed to preventing slavery
and human trafficking in its business operations
and supply chains, expecting the highest
standards of ethical behaviours from suppliers
and having a zero-tolerance approach to the
mistreatment of employees and, wherever
possible, those employed in its supply chain.
We are opposed to all forms of discrimination
with respect to employment and occupation,
modern slavery, human trafficking, forced
or compulsory labour and child labour, in our
business and supply chain. Rightmove’s Modern
Slavery Act statements can be found on the
investor website plc.rightmove.co.uk. During
2024, no incidents of modern slavery or human
rights abuse were identified or reported in our
business or supply chain.
Tax transparency and strategy
Rightmove’s approach to taxation forms part of
the Group’s corporate and social responsibility
stance and it is committed to paying the right
amount of tax, at the right time. The Group Tax
Strategy is available on the investor website:
plc.rightmove.co.uk. Details of Rightmove’s
total tax contribution are included within the
Financial review on page 24.
Payment practices reporting
Rightmove publishes its supplier payment
practices and performance as required.
Rightmove’s standard terms of business are to
pay suppliers within 30 days of the invoice date
and this was achieved for over 93% of invoices
in 2024. The average time to payment across all
invoices was 19 days.
Rightmove is a signatory to the Prompt
Payment Code.
Supplier engagement and Code
of Conduct
Our supplier strategy is governed by our
Supplier Code of Conduct which sets out the
social, ethical and environmental obligations
for our supply chain partners (available on the
investor website plc.rightmove.co.uk) and is
underpinned by a supplier due diligence policy.
Annual report and accounts 2024Rightmove56
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Sustainability Accounting Standards Board (SASB) disclosure index
The table below summarises the recommended SASB disclosures. Where we have provided the information, the location in the Annual Report is provided below.
Area Recommended disclosure Location
Environmental footprint of
hardware infrastructure
• Total energy consumed, including percentages from National Grid and
renewable energy
• Total water consumed
• Integration of environmental considerations into strategic planning
for data centres
• Scope 1, 2 and 3 GHG emissions and water usage disclosed in the Environment section
of this ESG report
• We have continued with the migration of our data centres to the cloud
Data privacy, advertising
standards and freedom of
expression
• Description of policies relating to behavioural advertising and user privacy
• Monetary loss arising from legal proceedings relating to user privacy
• List of countries where core products or services are subject to government
required monitoring, blocking, content filtering or censoring
• Number of government requests to remove content
• Governance section of this ESG report – Safe and secure platforms and systems and
Data protection
• No monetary losses as a result of legal proceedings
• None. Rightmove is a UK-based company with a predominantly UK target audience
• None
Data security • Description of approach to identifying and mitigating data security risks • As above
Employee recruitment, inclusion
and performance
• Percentage of employees that are foreign nationals
• Employee engagement, as a percentage
• Gender and racial/ethnic group representation
• Social section of this ESG report
ESG – Governance continued
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Non-financial and sustainability information statement
The table below shows where information can be found in relation to the requirements of Companies Act 2006 sections 414CA and 414CB
Reporting requirement Annual Report section Page(s) Related policies and standards
Environmental matters, including the impact of the business
on the environment and climate-related disclosures
• TCFD statement
• ESG (Environment section)
• Section 172 statement
• Strategic Report – Principal risks and uncertainties
37
35
30
61
• Environmental Strategy
• Environmental Policy
Employees • ESG (Social section)
• Section 172 statement
• Directors’ Remuneration Report
45
29
100
• Code of Conduct
• Health and Safety Policy
• ‘Speak up’/Whistleblowing Policy and escalation process
• Flexible Working Policy
• Maternity, Paternity and Shared Parental Leave Policy
• The ‘Hows’ (Values)
• Gender and ethnicity pay gap reports
Social and community matters • ESG
• Section 172 statement
45
30
• Code of Conduct
• Charitable Giving Guidelines
• Volunteering/give back days
Respect for human rights • ESG 56 • Code of Conduct
• Human Rights Policy
• Modern Slavery Statement
• Data Retention Policy
• Privacy Policy
Anti-bribery and corruption • ESG
• Corporate Governance report
• Audit Committee report
55
82
91
• Financial Crime Policy (incorporating Anti-Bribery
and Corruption)
• ‘Speak up’/Whistleblowing Policy and escalation process
Business model • Business model
• Strategic Report
• CEO review
• CFO review
10
2-66
13
22
Principal risks and uncertainties • Strategic Report – Principal risks and uncertainties 61
Non-financial key performance indicators • Strategic Report – Operational key performance indicators 21
Annual report and accounts 2024Rightmove58
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Risk management
Risk management – ensuring we achieve our strategic objectives
Rightmove manages the risks and opportunities associated with the delivery of its strategy through its risk management process: ensuring appropriate controls to mitigate the impact of risks, without
stifling the growth and development of the Group, operating a culture of innovation in which key risks are understood and proactively managed. Risk management practices are embedded into business
activities in a proportionate manner, supporting a culture that is risk aware and able to identify and respond to both risks and opportunities.
Governance framework
Rightmove’s risk governance framework
seeks to sustain and evolve the risk culture
and guide the way employees approach their
work and decision making. The aim is to ensure
that business decisions strike an appropriate
balance between risk and return and are
consistent with the Group’s risk appetite.
Overall governance is provided by the Board,
with assistance from the Audit and Risk
Committees. Their key responsibilities include
the approval of Rightmove’s principal risks, the
approval and monitoring of compliance with the
risk management policy and framework, and the
periodic review of risk appetite.
The organisational structure is based on defined
roles and responsibilities, where the assignment
of authority and responsibility throughout the
business is clear. Board level engagement,
coupled with the direct involvement of the
leadership team, ensures that escalated issues
are promptly addressed, and remediation plans
are initiated where required.
Interaction of the executive and non-executive
governance structures is facilitated by delegated
authority from the Board to the Audit
Committee, Executive Directors and leadership
team. This includes a Risk Committee chaired
by the Head of Audit and Assurance who
reports to the Chief Financial Officer, who
holds executive accountability for the ongoing
monitoring, assessment and management of
the risk environment and the effectiveness of
the risk management framework.
The compliance function oversees the
day-to-day effectiveness of the risk
management framework.
Risk processes are in place which align
to the Rightmove operating model, with
each business function responsible for the
identification, tracking and management
of specific risks. Day-to-day responsibility
for risk management is delegated to senior
managers, with individual accountability
for decision making – recognising that
all employees have a role to play in risk
management.
Clear responsibilities and accountabilities
for risk mitigation and controls management
are defined across the Group, through
the structure shown below. All roles work
together to contribute to the creation and
protection of value. Alignment of activities
is achieved through communication,
co-operation and collaboration, which
ensures the reliability and transparency of
information needed for risk-based decision
making and effective independent oversight
and assurance in respect of key decisions.
The risk management process is
underpinned by the Group Risk Management
Policy which is subject to periodic review
to ensure it remains appropriate for our
business needs and delivers against our
governance responsibilities.
Management
Business functions
Hold overall accountability and
ownership of risk, including the
identification and management
of risks and emerging risks
whilst ensuring adequate
controls are maintained
and operating effectively.
They are also responsible
for implementing corrective
actions to address any process
and control deficiencies.
Internal Audit
Provides independent and
objective assurance on business
and compliance functions, as well as
recommendations on the adequacy
and effectiveness of governance
and internal control. It also has a
key role in promoting a strategic
approach to risk management.
Internal Audit’s independence from
the responsibilities of management
is critical to its objectivity, authority,
and credibility.
Board
Overall accountability for the effective management of risk, review and approval of risk policy
and framework, risk appetite and the principal risks.
Audit Committee
Assists the Board in discharging its responsibilities for monitoring the integrity of the Group’s
financial statements and the effectiveness of the systems of risk management and internal control.
Monitors the effectiveness, performance and objectivity of the internal auditor and external
auditor and approves audit plans.
Risk Committee
Provides oversight of the Group risk management
framework – maintains the risk register and list of
principal risks and emerging risks, reviewing risks with
the business functions, and consolidates the material
risks from underlying risk registers; summarising all
Group risk activity for the Audit Committee.
The Audit Committee receives and analyses
regular reports from management and Internal
Audit on matters relating to risk and control
and reviews the timeliness and effectiveness of
corrective action taken by management. It also
considers any findings and recommendations of
the external auditors in relation to the design and
implementation of effective financial controls.
Further detail of these activities is included within
the Audit Committee report on page 85.
Compliance
The Compliance function
provides oversight and
constructive challenge to the
business, coupled with advice
and support regarding the risk
profile of the Group. It also
has a key role in promoting the
implementation of a strategic
approach to risk management.
Risk management process and activities
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Risk management framework
and identification of risks
Rightmove’s risk management framework
is designed to support the identification,
assessment, management and control
of the material risks that threaten the
achievement of the Group’s strategic
and business objectives. The key principle
of the framework is to promote risk
management as a positive and enabling
process, helping to maximise opportunities
while identifying and mitigating risks as
they emerge.
Material and emerging risks are identified
and incorporated into the Group’s risk
register, which is maintained by the Risk
Committee via liaison with the business
functions, and from the Board’s top-down
assessment of the Group’s overarching
principal risks. The risk register captures
the assessment of each risk, related
response, and progress made against
any actions to improve risk-control.
The risk register is reviewed by the Audit
Committee and Board semi-annually.
They conduct robust assessment of the
risks, including potential emerging risks,
over the three-year timeframes used in the
Group’s viability assessment. The principal
and emerging risks facing the Group during
2024 are outlined within the Principal risks
and uncertainties section of the
Strategic Report.
Risk appetite
Decisions are made with reference to the risk appetite of the Group and an assessment of the balance of risk and return. Risk appetite is defined
and communicated within the Group as ‘the level of risk that the Group is prepared to accept in pursuit of its strategic objectives and business plan’.
The Group recognises that its appetite for risk varies according to the activity undertaken. The aim is to create and protect value – and acceptance
of risk is subject to ensuring that potential benefits and risks are fully understood before developments are authorised, and that proportionate
measures to mitigate risks are established and monitored.
The Group’s risk appetite in relation to its key areas of risk is defined below:
Risk area Risk appetite
Strategic risks
These risks could adversely affect the future of the Group’s strategy and value proposition.
They can arise from external events – such as competition, the economy, new technologies,
ESG – or arise internally from the positions taken concerning Rightmove’s governance,
culture and strategic decisions.
Some level of inevitable inherent risks in the delivery of its
strategy and annual business plans is acknowledged by the
Group, although it aims to minimise this risk.
Operational risks
Operational risks arise from the way the Group goes about its business and the external
influences and relationships that impact it. They include the risk of loss resulting from
inadequate or failed internal policies, processes, systems and decisions or from external
events relating to suppliers and customers.
Rightmove has a low appetite for material operational risks:
policies, processes and controls are in place across the business
to mitigate risks, although some low-level risks are accepted
where the cost of mitigation would outweigh the benefits.
Financial risks
These cover a range of risks including that the Company fails to collect monies owed to it;
encounters difficulties in meeting its obligations; is adversely impact by market parameters
such as interest rates and exchange rates; it undertakes financial investments which result
in capital loss; and/or the accuracy of external reporting that is price sensitive or impacts
decision making, including but not limited to key metrics (e.g. customer numbers, ARPA,
market share).
The Group has a low appetite for any financial risk and
minimises this risk through policy, procedures and rigorous
financial controls around actual and forecast results and
cash management.
Legal, regulatory & compliance risks
These risks include financial penalties, regulatory censure, criminal or civil enforcement
action (and reputational damage) due to the failure to identify, assess, comply with, or
manage regulatory and/or legal requirements – including those with respect to its FCA-
regulated entities.
The risk appetite for these risks is low with zero tolerance
for criminal events such as fraud, bribery and corruption. A
dedicated Legal and Compliance function oversees policies,
procedures and controls that mitigate such risks.
Risk management continued
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The principal risks and uncertainties facing the Rightmove Group have been assessed in accordance with our risk management framework. Principal risks are defined as those risks which could seriously
affect the performance, prospects or reputation of the Group.
Effective management of these risks is essential to the execution of our strategy, the achievement of sustainable shareholder value, the maintenance of our reputation, and ongoing good governance.
A description of the principal risks and uncertainties faced by the Group in 2024 (in no order of priority), together with the potential impact and monitoring and mitigating activities, is set out in the
table below.
Macroeconomic environment
The Group derives almost all its revenues from the
UK and is therefore dependent to a certain extent
on the prevailing macroeconomic conditions in the
UK housing market and on consumer confidence,
both of which can influence the number of property
transactions in a given year. The Rightmove business
model and consumer engagement largely shield it
from all but extreme market swings – nonetheless
a severe and prolonged recession could reduce
the customer base and, potentially, negatively
impact revenues.
Change from prior year
Potential impact
Substantially fewer housing transactions than normal may lead to a reduction, or consolidation, in the number of agency branches, or a reduction in the
number of new home developments advertised; both of which are an important contributor to the Group’s revenues. A more uncertain macro and/or political
environment may lengthen the property transaction cycle, reducing cash flows for smaller agents and/or leading to a reduction in advertisers’ marketing
budgets, reducing demand for the Group’s property advertising products.
Changes in the year
During 2024, housing transactions remained stable at 1.1 million (2023:1.0 million)
(1)
and the impact on Rightmove’s performance and results was minimal:
revenue was up 7% and membership numbers up 262/1% with ARPA
(2)
up 6%/£93 from 2023.
Risk monitoring and mitigation
• Monitoring of the housing market, including leading indicators, house price changes, supply changes and membership trends; using both our own market
leading propriety data as well as external data.
• Monitoring consumer behaviour on Rightmove websites and engaging closely with our Partners and consumers to assess market health.
• Continuing to provide the most significant and effective exposure for customers’ brands and properties.
• Remaining the primary source of high-quality leads, offering value-adding products and packages and helping to drive operational efficiencies for our
customers; thereby embedding the value of our membership.
• A robust annual business planning and budgeting process that is supported by a quarterly reforecasting process that can respond to changing
macroeconomic conditions.
Key
Remains unchanged
Slight decrease
Slight increase
1. Source: Residential property transactions in the UK recorded by the Land Registry.
2. Revenue from Agency and New Home advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year.
Monitoring and mitigation
Principal risks and uncertainties
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Competitive environment
The Group operates in a competitive
marketplace, with attractive margins
and low barriers to entry, which may result
in increased competition from existing
competitors or new entrants targeting
the Group’s primary markets.
Change from prior year
Potential impact
Increased competition may impact Rightmove’s ability to grow revenues due to a potential loss of audience, advertisers or demand for additional advertising products.
Changes in the year
The competitive landscape is changing through the activities of our property portal competitors and we acknowledge increased competition in the last year, although
note there has been limited impact to date. Rightmove continued to retain the largest and most engaged audience of any UK property portal with market share
remaining at over 80%
(1)
.
Risk monitoring and mitigation
• Robust monitoring of competitive landscape to ensure a clear understanding of market dynamics.
• Sustained investment and innovation to provide products to partners to help them build their businesses and to consumers to meet all of their property search and
listing requirements.
• Communication of Rightmove’s value to advertisers.
• Continued investment in account management teams to help partners run their businesses more efficiently.
• Sustained marketing investment in the Rightmove brand.
New or disruptive technologies
Rightmove operates in a fast-moving
online marketplace where new technologies,
changing customer business models
and evolving consumer behaviour may
impact the Group’s ability to offer the best
products and services to its advertisers
and the best consumer experience.
Change from prior year
Potential impact
Failing to innovate on a timely basis may impact the Group’s ability to grow or sustain revenues due to the potential loss of audience engagement, advertisers and
demand for additional advertising products.
Changes in the year
Progress continued with cloud migration, which was 60% complete at year end. During the year over 3,500 sessions were held with users to conduct research,
understand evolving needs and how Rightmove can support. With the recent acceleration in technology advancement within AI, the Group built out its AI capability,
through for example the hiring of a Chief Data Officer, with several solutions going live and others in active build and planning stages. Finally, there was further
investment to accelerate the investment of both consumer and partner propositions.
Risk monitoring and mitigation
• A product roadmap identifying product innovation opportunities based on ongoing research, prototyping of new concepts with users, supported by cost
– benefit analysis.
• Regular performance reviews of all revenue-generating and non-revenue-generating products.
• Annual Hackathon and dedicated learning and development time for all engineers to stay abreast of technology advancement.
• An AI Policy and governance framework to ensure safe and responsible use.
• Ongoing engagement with start-ups, prop-tech and international peers for awareness of market innovation.
1. Source: Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of Rightmove Sites, RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM, ONTHEMARKET.COM, January –
December 2024, United Kingdom.
Principal risks and uncertainties continued
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Cyber security and IT systems
The Group has a high dependency on
technology and IT systems. In today’s
digital world there are increased risks
associated with external cyber attacks
which could result in an inability to operate
our platforms. A security breach, such as
corruption or loss of key data, may disrupt
the efficiency and functioning of the
Group’s day-to-day operations.
Change from prior year
Potential impact
Any loss of website availability, or theft/misuse of data held within the Group’s databases and IT systems, could result in reputational damage
to the Group from loss of consumer and customer confidence, as well as financial loss arising from increased downtime or potential penalties,
fines and lawsuits.
Changes in the year
High levels of cyber threat-activity continued and the Group remained focused on enhancing security controls, across both its website hosting environment and
administrative IT estate, ensuring that partners’, consumers’ and Company data is protected. Enhancements to the Group’s website hosting environment include the
implementation of a Software Development Life Cycle (SDLC) to ensure standardisation across design, development, testing and deployment, which will extend into
2025. During the year, a new CIO was hired who will oversee the delivery of a number of projects that will improve the security posture across the corporate IT estate.
Third-party assurance exercises continued to be used to validate our capabilities and controls; undertaking penetration tests, benchmarking exercises, phishing
exercises and an ongoing alignment of current working practices with the ISO27001 standard for information security management, augmented by establishing
a formal internal controls framework.
Risk monitoring and mitigation
• Board monitoring of cyber risks and mitigation as part of its review of Group risks, including active Board participation in tabletop exercises.
• Disaster Recovery and Business Continuity Plans subject to regular testing, training and review.
• Best-in-class security controls (and investment in) for all IT environments (on-premise, cloud and SaaS).
• Embedding best practice for secure application development into the Group’s SDLC.
• Regular testing of the security of the Group’s IT systems and platforms – including penetration testing with ongoing monitoring and detection of external threats and
threat capabilities.
• Regular internal information security training, phishing and ‘spear phishing’ tests.
• Continuing to develop incident response capabilities provided by external managed services coupled with the right in-house expertise.
• Working closely with core technology teams to stay ahead of changes in the technology landscape (for example, AI), and factoring the security implications of these
into plans moving forward.
Principal risks and uncertainties continued
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Regulatory risks
The Group operates in an increasingly
complex regulatory environment. There is
a risk that the Group fails to comply with
these requirements – including GDPR and,
for its subsidiaries, the Financial Conduct
Authority’s rules and guidance.
Change from prior year
Potential impact
Failure to meet regulatory requirements could lead to reputational damage, legal action and/or financial penalties – all of which could impact both the performance of the
Group and returns to shareholders.
Changes in the year
Regular ‘horizon scanning’ to prepare for prospective changes to regulation and legislation. These prospective changes, which may impact the Group to varying levels,
include the Digital Markets, Competition and Consumers Act, Online Safety Act, Renters’ Rights Bill and changes to the UK Corporate Governance Code. A focus
on further embedding policies, processes and controls to ensure compliance with recent regulatory changes such as Consumer Duty, that was introduced in 2023.
In anticipation of and in response to changes in the regulatory environment, the Group increased resource in relation to Compliance, Internal Audit and Assurance
during the year.
Risk monitoring and mitigation
• Employee Code of Conduct in place, underpinned by policies and procedures that are regularly reviewed.
• Group-wide mandatory training programmes, which include anti-bribery and corruption, data privacy, information security and continuous professional development
and targeted training for all in regulated roles.
• Dedicated internal legal, risk and compliance teams responsible for identifying, assessing and responding to upcoming changes in laws and regulations; with access
to external specialist advice.
• Risk management frameworks and forums in place to monitor, oversee and challenge both legal and regulatory risks and ensure compliance with our
regulated activities.
• Proactive engagement with regulators, legislators, trade bodies and policy makers.
Principal risks and uncertainties continued
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Securing and retaining the right talent
The Group’s continued success is
dependent on its ability to attract,
recruit, retain and motivate its highly
skilled workforce.
Change from prior year
Potential impact
An inability to recruit and retain talented people could impact the Group’s ability to maintain its financial performance and deliver its strategic objectives. If key staff
leave or retire, there is a risk that knowledge or competitive advantage are lost.
Changes in the year
During 2024, year-on-year headcount growth was 14% and our approach to securing the right talent strengthened following the introduction of a new, enhanced
recruitment process, the ‘Rightmove Way of Recruiting’. One in ten hires came from employee referrals; applications received were 56% higher than the prior year;
and attrition remained at a sustainable and manageable rate.
Our employer value proposition was reinforced through our LinkedIn employer brand, #RightmoveLife; an update of people policies and processes, whilst LinkedIn
Learning was launched to enhance skills and open development opportunities for employees at all levels.
For the first time, Rightmove was recognised as a Sunday Times Best Place to Work, whilst employee sentiment remained strong with 82% of employees saying
Rightmove is a ‘great place to work’ in the annual Have Your Say survey.
Risk monitoring and mitigation
• The ability for all employees to participate in the success of the Group through the SIP and SAYE schemes.
• Leveraging insights from engagement surveys, exit interviews and market trends, to proactively address retention risks and adapt to changing workforce needs.
• Commitment to diversity, equity and inclusion, that fosters a supportive environment and reduces turnover and builds long-term loyalty.
• Succession planning at the Group leadership level, ensuring a pipeline for critical roles.
• On-demand learning available for all employees via LinkedIn Learning and Pluralsight.
• Regular communication through Company-wide Town Hall meetings and informal Connection sessions for all employees with members of the Group Leadership Team.
• Commitment to flexible working practices, to provide the option of up to three days at home, with two set days in the office.
Emerging risks
Emerging risks are new risks, or changing risks, which we believe are not immediate but may represent a significant future opportunity or threat, are not yet fully understood, and where the likelihood and
the impact are uncertain or even widely unknown. These include Company-specific risks and global risks affecting the macro economy and are beyond any particular party’s capacity to control, including
scenarios which could derail our strategic plans.
Our approach to emerging risk identification, prioritisation and response is systematic and includes horizon scanning and impact assessment, and consideration of consolidating risks. This identification,
capture, evaluation and on going monitoring of emerging risks falls within our risk management framework and is reviewed formally by the Board semi-annually with the risk register. Examples of emerging
risks include:
• the pace of change in relation to environmental and other ESG matters as well as evolving consumer expectations; and
• the pace of technological change with regards to Artificial Intelligence and the possible impact on consumer behaviour.
Principal risks and uncertainties continued
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Going concern and viability
statement – based on robust
assessment of principal risks
Based on the going concern assessment
in Note 1 of the financial statements, the
Directors have a reasonable expectation that
the Group has sufficient resources to continue
in operational existence for the period to
30 June 2026. For this reason, they continue to
adopt the going concern basis in preparing the
financial statements.
In assessing the long-term viability of the Group
the Directors have determined that a three-
year period to 31 December 2027 constitutes
an appropriate period over which to provide its
viability statement, as the Group operates within
an online digital marketplace, and projections
looking out further than three years become
significantly less meaningful in the context of the
fast-moving nature of the market. Three years
is also the period considered under the Group’s
current Strategic Business Plan.
The Strategic Business Plan is developed on
a business unit by business unit basis, using a
bottom-up model and is reviewed by the Board.
The plan makes certain assumptions about
Agency and New Homes customer numbers,
ARPA growth and other revenue streams and
considers the Group’s cost base, profitability,
cash flows and dividend cover over the three-
year period.
Under the severe but plausible scenarios below,
revenue reductions were modelled, with key
Going concern and viability statement
drivers being customer numbers and ARPA.
Cost assumptions were also considered in each
of the severe but plausible scenarios, including
an increase in marketing costs and IT costs,
employee recruitment and retention costs,
and higher spend on innovation and protection
of the platform.
The scenarios were stress tested individually
and in combination, with severe but plausible
assumptions applied. In all scenarios the Group
remains cash positive over the three-year
period and has sufficient resources to continue
in operational existence, without triggering the
need to enter into any debt.
The Directors also reviewed the results of a
reverse stress test, which was undertaken to
provide an illustration of the scenario required
to exhaust cash balances within three years.
The possibility of this scenario arising was
assessed to be highly remote and could arise
only in extreme circumstances, much more
severe than the scenarios modelled above.
Other facts that provide the Directors with
comfort around the Group’s long-term viability
in the face of adverse economic or competitive
conditions include: that the Group is not overly
reliant on a concentrated customer base, with
no single customer constituting more than
3% of Group revenue; that the Group has
high operating profit margins, significant free
cash flow generation and no external debt;
and that the Group has the ability to adjust
the discretionary dividend and share buyback
programme to enhance liquidity.
Confirmation of longer-
term viability
In accordance with the requirements of
the 2018 UK Corporate Governance Code,
the Directors have assessed the long-term
viability of the Group, considering the Group’s
current position and the potential impact of
the principal risks and uncertainties set out on
pages 61 to 65. Based on a robust assessment
of the principal risks facing the Group, including
those that would threaten its business model,
future performance, solvency or liquidity, the
Directors have a reasonable expectation that
the Group will be able to continue in operation
and meet its liabilities as they fall due over the
three-year period to 31 December 2027.
Scenarios that are considered to pose the greatest threat to the future performance of the Group
and are therefore the most important to assess the viability of the Group:
Scenario Linked principal risk
Economic downturn
Given that the Group derives nearly all its revenues from the UK, an
economic downturn could impact consumer confidence and result in
a reduction in the number of housing transactions in the market. This
could lead to a reduction in the number of customers, or impact average
spend per advertiser (ARPA).
1. Macroeconomic
environment
Increased competition and/or new or disruptive technologies
Increased competition may impact the Group’s ability to grow revenues
and could be the result of the entry of a new player and/or new technologies
used by competitors. This might disrupt Rightmove’s total market share
and change customer behaviour, leading to a reduction in customer
numbers and/or impact their average spend.
2. Competitive
environment
3. New or disruptive
technologies
Cyber attack
A cyber attack could result in Rightmove’s platform being unavailable,
which would result in lost revenues and associated additional costs
to remediate.
4. Cyber security and
IT systems
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Corporate governance report
Non-Executive Chair’s introduction
preparedness, facilitated by an external cyber
defence specialist team. The session attracted
positive feedback and several actions were taken
forward by the Chief Information Security Officer
to further enhance Rightmove’s readiness to
respond to any potentialcyber security event.
Deep dives on people, data and AI
People and organisation updates were received
by the Board from the new Chief People Officer,
Jennie Barker, in February and in September,
and in December, the Board received a
presentation on Data and AI from the new
Chief Data Officer, Steve Pimblett. Full details
of all Board activities during the year, the
stakeholders that were considered and the
outcomes of Board actions can be found in
this report.
Externally facilitated Board
performance review
During 2024, an externally facilitated Board
performance review was carried out – full details
of this, including the objectives and actions
agreed by the Board following the review, can
be found in the Nomination Committee report.
Compliance with the UK
Corporate Governance Code
We report against the 2018 UK Corporate
Governance Code (Code) which is available at frc.
org.uk. The Board considers that the Company
has complied with all provisions of the Code in
2024. The Governance at a glance and Corporate
governance framework on the pages that follow
show how the principles of the Code have been
applied and how the provisions have been
complied with, including signposting to further
supporting information in this report. The Board
also considers that, except for Provision 29, it
has voluntarily complied with the updated UK
Corporate Governance Code 2024, published in
January, but not yet in force.
Annual General Meeting
Our AGM will be held at the offices of UBS, 5Broad
Street, London EC2M 2QS on Friday9 May 2025.
Full details can be found in the Notice of Meeting
at plc.rightmove.co.uk. All Directors will retire
and offer themselves for re-election at this year’s
AGM, except Ruaridh Hook, Executive Director
and Chief Financial Officer, appointed on 15
September 2024, who will stand for election.
Terms of Reference review
In readiness for compliance with the 2024
UK Corporate Governance Code, all Board
committee Terms of Reference were reviewed
and updated during the year and are available at
plc.rightmove.co.uk.
Andrew Fisher
Non-Executive Chair
“Rightmove’s corporate governance framework has been further
enhanced this year to ensure that we continue to apply the Code
principles, comply with its provisions, and embed culture to deliver
positive outcomes for our stakeholders.”
Dear Shareholder
I am pleased to present the Corporate governance
report for 2024, which sets out Rightmove’s
corporate governance arrangements, explains
how the principles of the Code have been applied,
and how we comply with its provisions.
New Chief Financial Officer
On 15 September, Ruaridh Hook was appointed
as an Executive Director of Rightmove plc
and as CFO. Full details of the appointment
and his induction process can be found in the
Nomination Committee report and full details
of all Board changes can be found in this report.
Board strategy days
In June, the Board held its annual two-day strategy
offsite meeting, with members of the Group
Andrew Fisher
Chair of the Board
Leadership Team (GLT) and senior leadership
coming together to receive insightful and engaging
presentations from internal and external speakers.
The Chief Operating Officer, Tarah Lourens,
together with Product Development senior leaders
demonstrated a range of innovative and exciting
new products to the Board. The event culminated
in the approval of Rightmove’s 2025 strategy.
Embedding culture
Please turn to page 82 and to the ESG section of
this report to read about how the Board embeds
culture at Rightmove.
Board cyber security simulation
In July, the Board, members of the GLT and
senior leadership participated in a cyber
security simulation event in real time to test our
Annual report and accounts 2024Rightmove67
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Application of the Code
Throughout 2024, Rightmove has applied
the principles and complied with the
provisions of the Code. The Listing Rules
require companies to make a statement
of how they have applied the principles
in a way that enables shareholders to
evaluate that application. The table
opposite, including signposting to key
content in this Annual Report, together
with the Rightmove corporate governance
framework on the pages that follow, show
how we have applied principles A to R of the
Code, and how we have complied with the
provisions, arranged under the Code’s five
main section headings.
Board conduct
All Directors observe the highest
standards of conduct, professionalism and
integrity and are committed to corporate
governance best practice.
Corporate governance report continued
Non-Executive Directors’ competencies and skills
Andrew Findlay Andrew Fisher Jacqueline de Rojas Lorna Tilbian Amit Tiwari Kriti Sharma
Appointment Jun - 17 Jan - 20 Dec - 16 Feb - 18 Jun - 19 Jul - 23
Tenure 7 yrs - 7 mths 5 yrs - 0 mths 8 yrs - 0 mths 6 yrs - 11 mths 5 yrs - 7 mths 1 yr - 5 mths
M&A/Corporate
Transactions
Capital Markets/
Investor Relations
Business Growth
through Innovation
Governance Expertise
Data Analytics and AI
Digital Security
Online Marketplace
Business Models
Voice of the Rightmove
Customer
Voice of the Rightmove
Consumer
ESG
Risk
Current Executive
Audit/Accounting
Remuneration
Governance at a glance
Board independence
Key
Independent NEDs
5
3
Not independent
Risks
[X]%
1 2 3
2024
performance
Key
Core competency
Secondary competency
Annual report and accounts 2024Rightmove68
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Corporate governance report continued
How the application of the Code
principles in 2024 has shaped
positive governance outcomes
During 2024, the development of our governance
practices through the continued application of
the Code principles to our business has resulted in
several key outcomes for stakeholders. In relation
to principles A, B, D and E, the evolution of the
Board’s employee engagement practices through a
redesign of format and style, resulting in new Board
Connection sessions, has led to better outcomes
for employees and NEDs, with each feeding back
that the sessions were informative, enjoyable and
beneficial. Several actions have been taken forward
for implementation by senior leadership. For further
information, please turn to the Governance section
of the ESG report. The creation of an Internal Audit
function at Rightmove and the progress made by
the new team on Rightmove’s internal controls
framework, including the identification of all
material controls and owners, and the facilitation of
internal workshops with controls owners, is another
example of how the principles have been applied
and have made a positive difference, by developing
the understanding of and improving our internal
controls environment (principle C). More details on
that can be found in the Audit Committee and Risk
management reports.
Principle A, promoting the long-term sustainable
success of Rightmove, was at the forefront of
our strategy, demonstrated in part by the two
acquisitions made by the Group in 2024 – more
information on those can be found in the case
studies at the end of the Section 172 stakeholders’
section of this report.
Board leadership and
Company purpose Sections of report/pages Page
A
Promoting the long-term sustainable
success of the Company
• CEO report
13
• CFO report
22
• Business strategy
16
• ESG report
32
• Stakeholders and Section 172 statement
26
• Corporate Social Responsibility Committee report
98
B
Purpose, values, strategy and alignment
to culture
• Purpose – Business model
10
• Values – Social (ESG report)
45
• Business strategy
16
• Culture – Social section of ESG/ Directors’ Remuneration Report
45/100
• Stakeholders and Section 172 statement
26
• Corporate Social Responsibility Committee report
98
C
Governance framework and controls
• Corporate governance report
67
• Governance section of ESG report
53
• Risk management and Principal risks
59
• Audit Committee report
85
D
Engagement with shareholders
and stakeholders
• Business model
10
• Investor Relations activity
81
• Stakeholders and Section 172 statement
26
E
Oversight of employment policies
and practices
• Social/Governance sections of ESG report
45/53
• Corporate governance report
67
• Directors’ Remuneration Report
100
• Audit Committee report
85
F
Role of Chair and Board information
• Corporate governance report
67
• Investor website – plc.rightmove.co.uk
-
G
Division of responsibilities
• Corporate governance report
67
• Investor website – plc.rightmove.co.uk
-
H
External commitments and conflicts
of interest
• Corporate governance report
67
I
Role of Company Secretary
• Corporate governance report
67
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Composition, succession and evaluation Sections of report/pages Page
J
Appointments to the Board and succession
planning
• Corporate governance report
67
• Nomination Committee report
92
K
Board composition and length of tenure
• Corporate governance report
67
L
Board evaluation
• Nomination Committee report
92
Audit, risk and internal control Sections of report/pages Page
M
Financial reporting – integrity of financial
and narrative statements
• CFO report
22
• Audit Committee report
85
• External auditor report
123
N
Fair, balanced and understandable
assessment
• Audit Committee report
85
O
Risk management and internal controls
framework
• Corporate governance report
67
• Risk report and PRUs
61
• Audit Committee report
85
• External auditor report
123
Remuneration Sections of report/pages Page
P
Reward structure reflecting achievement
and contribution to strategy
• Directors’ Remuneration Report
100
Q
Remuneration Policy
• Directors’ Remuneration Report
100
R
2024 Remuneration outcomes
• Directors’ Remuneration Report 100
Corporate governance report continued
Age
Key
60+
3
2
2
1
50-59
40-49
30-39
Non-Executive Director tenure
as at 31 December 2024
Kriti Sharma
Andrew Fisher
Amit Tiwari
Lorna Tilbian
Andrew Findlay
Jacqueline de Rojas
Years
0 1 2 3 4 5 6 7 8
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Gender diversity
Key
Male
5
3
Female
Board and committee meetings attendance table
Director Position
Date of Board appointment/
resignation
Board
(scheduled
meetings)
Audit
Committee
Remuneration
Committee
Nomination
Committee
Corporate
Social
Responsibility
Committee
Jacqueline de Rojas
Non-Executive Director 30 December 2016
7/7 5/5 5/5 2/2 2/2
Alison Dolan
Executive Director
7 September 2020/15
September 2024
4/4 N/A N/A N/A 1/1
Andrew Findlay
Non-Executive Director 1 June 2017
7/7 5/5 N/A 2/2 2/2
Andrew Fisher*
Non-Executive Chair 1 January 2020
7/7 N/A N/A 2/2 2/2
Ruaridh Hook
Executive Director 15 September 2024
3/3 N/A N/A N/A 1/1
Kriti Sharma
Non-Executive Director 25 July 2023
7/7 4/5** N/A 2/2 2/2
Johan Svanstrom
Executive Director 20 February 2023
7/7 N/A N/A N/A 2/2
Lorna Tilbian
Non-Executive Director 1 February 2018
7/7 N/A 5/5 2/2 2/2
Amit Tiwari
Non-Executive Director 1 June 2019
7/7 N/A 5/5 2/2 2/2
* Considered independent on appointment
** Kriti Sharma was unavoidably unable to attend one Audit Committee meeting, and she provided any comments or approvals to the Audit Committee Chair in advance.
Corporate governance report continued
Ethnic diversity
Key
Mixed/Multiple Ethnic groups
62.5%
12.5%
25%
White British
Asian/Asian British
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Governance framework
Corporate governance report continued
Division of responsibilities
Rightmove’s corporate governance framework, showing the division of responsibilities and how authority is delegated, is set out below.
Board
The Board is responsible for establishing Rightmove’s purpose, values and strategy and for satisfying itself that these are aligned to culture. The Directors are collectively responsible for promoting the
success of the Company for its members and all other stakeholders. Please refer to our Section 172 statement for further details of that duty. The Board is comprised of eight Directors, six of whom are
Non-Executive Directors (five of whom are independent). Board Director biographies can be found later in this section. Terms of Reference for Board committees, the Matters Reserved for the Board and
the division of responsibilities of the roles of the CEO and Chair can be found at plc.rightmove.co.uk. See the Board activities table in this section for further details of the work of the Board.
Board Chair
The Chair is responsible for leading the Board, promoting the highest standards of corporate governance, planning meeting agendas with the CEO and Company Secretary, ensuring that Directors
receive timely, accurate information and that sufficient time is allocated for discussion at meetings to support effective decision making.
Senior Independent Director (SID)
One of the Non-Executive Directors is appointed as the SID, who is responsible for deputising for the Chair in his absence, serving as an intermediary for other Directors when necessary, being available for
shareholders if they have concerns that they are not able to raise with the Chair and for conducting the annual review of the Chair’s performance. The role of the SID can be found at plc.rightmove.co.uk.
Independent Non-Executive Directors
Independent NEDs provide challenge and scrutiny to the work of the Executive Directors in their application of the strategy, within the risk and controls framework set by the Board.
Board committees
Board committees are comprised of Non-Executive Directors only, apart from the Corporate Social Responsibility Committee which comprises all Directors. Only committee members are entitled to
attend committee meetings, but other Board members and Rightmove employees may attend by invitation only. The packs and minutes of committees are shared with all Board Directors.
The Board delegates certain matters to its four Board committees – see below for further information. At scheduled Board meetings, the chair of each committee reports back on its activities.
Audit Committee
Responsible for monitoring the integrity
of the financial statements and for reviewing
the effectiveness of the internal and external
audit functions and systems of risk
management and internal controls.
Read more on page 85
Nomination Committee
Responsible for Board composition and
diversity, for succession planning and
performance review. Formulates proposals for
appointments to the Board and its committees.
Read more on page 92
Remuneration Committee
Responsible for developing policy on
Executive and wider workforce remuneration
and share-based incentive plans.
Read more on page 100
Corporate Social
Responsibility Committee
Ensures that Rightmove’s ESG strategy
is fit for purpose and reviews ESG
reporting and metrics.
Read more on page 98
Company Secretary
The Board and its committees are supported by the Company Secretary who advises on corporate governance and leads on ESG.
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Executive Committee – Group Leadership Team (GLT)
Rightmove’s internal leadership team, led by the CEO. Responsible for the
day-to-day strategic and operational direction of the Group, for ensuring
business units are accountable and aligned on business strategy and key results.
Responsible for the day-to-day management and alignment of culture and
values at Rightmove and for developing appropriate talent management
and succession plans in the senior leadership team.
Executive governance
The Board delegates the day-to-day operation of the business to the Executive
Directors. The Board receives reports on the work of the Executive team from the
CEO at each scheduled Board meeting and has regular interactions with them.
Key Leaders
Rightmove’s Key Leaders are its most senior managers below GLT level. Key Leaders
are responsible for cascading the strategy throughout Rightmove and for delivering
Organisational Key Results. There are two off-site Key Leaders meetings each year,
where the GLT and Key Leaders meet to discuss strategy, performance and culture.
Audit
Committee
The Risk Committee
reports into the
Audit Committee
and the AI
Committee in turn
reports into the
Risk Committee.
Turn to the Audit
Committee
report for more
information about
its composition and
activities in 2024.
Risk Committee
The Risk Committee is a below Board committee
that reports to the Audit Committee and is
responsible for the day-to-day identification and
mitigation of risks. Members are: Chief Financial
Officer, Chief Operating Officer, Chief Information
Security Officer, Chief Information Officer, General
Counsel, and Head of Audit and Assurance.
AI Committee
The AI Committee is a sub-committee of the Risk
Committee and was established in 2024 to consider
and plan Rightmove’s approach to AI, to govern
its introduction and to put in place appropriate
frameworks, policies and processes.
People, culture, values, training and support
Our people are supported with the training and tools to enable them to play their part in
governance at Rightmove. More information can be found in the Social section of the ESG report.
People forums
Town Halls
All-employee meetings, led by the GLT and Key Leaders to communicate, inform, motivate and celebrate
Board Connection sessions
Dedicated informal sessions for the Board’s Non-Executive Directors and our people to provide feedback
to the Board about culture and working at Rightmove
Engagement and feedback forums
The forums below meet regularly to strengthen governance, providing opportunities for two-way
communication and feedback
Pension
Governance
Meets to
govern pension
arrangements and
to hold pension
providers to
account
Pods
Senior leadership
meet regularly to
discuss progress on
strategic Objectives
and Key Results: Big
Beliefs (AI and Go
Greener), Consumer,
Labs, Commercial,
Platform, Data,
Mortgages and
Third Party
Inclusion groups
Meet to facilitate and
support inclusion
at Rightmove and
include Pride, Race
and Diversity, Women,
and Neurodiversity.
Read more about our
inclusion groups on
page 47
Go Greener
group
Employee group
that meets
to consider
and agree our
environmental
policy and
strategy. Read
more on page 35
Charities and
Communities
group
Considers and
agrees charitable
donations,
sponsorships and
matched fund-
raising requests.
Read more on
page 52
Subsidiary boards
There are five companies in the Rightmove Group: Rightmove plc, its subsidiary company
Rightmove Group Limited and its subsidiary companies Rightmove Landlord and Tenant
Services Limited, Rightmove Financial Services Limited and HomeViews Platform Limited.
All Rightmove companies are registered in England and Wales. Executive Directors,
GLT and Key Leaders serve as directors on subsidiary boards.
Corporate governance report continued
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Corporate governance report continued
Johan Svanstrom
Chief Executive Officer
Appointment to Board
20 February 2023
Current external commitments
None
Skills and experience relevant to strategy
Johan brings extensive knowledge of growing established online
marketplace and e-commerce businesses and has many years of experience
as a board director of both public and private technology companies across
multiple countries. Johan most recently served as a Partner, EQT Growth
Advisory Team, part of EQT, the global investment organisation, where
he was part of investing in and serving on the boards of several growth
technology companies. Prior to that, Johan was a member of the Expedia
Group global leadership team, serving as Global President of Hotels.com and
Expedia Affiliate Network brands between 2013 and 2018, where he grew
revenues to over $3bn, leading teams across four continents. Preceding
that, Johan spent eight years with the Expedia Group in its Asia-Pacific
division as a Managing Director, launching and growing several of the
company’s divisions into leading regional players.
Johan was previously with McDonald’s Corporation, where he was Head of the
Digital Innovations Group, successfully leading major projects based in the US.
Before that, Johan held CEO and leadership positions in telecommunications
and internet start-ups. Johan is a Swedish national based in the UK and holds
a MSc in Economics from the Stockholm School of Economics.
Skills and experience relevant
to strategy
Ruaridh was Head of Commercial Finance and
Financial Planning & Analysis at Rightmove from
2020, having joined Rightmove in 2016. As Head of
Commercial Finance he was responsible for revenue
growth, pricing and package strategy and cost
business partnering.
He has a wealth of experience from his time
at Rightmove, having also held roles in Group
Reporting, Tax, Treasury and Investor Relations at
the Company. Prior to Rightmove, Ruaridh worked in
Corporate Finance at EY for over five years, qualifying
as a chartered accountant.
Ruaridh Hook
Chief Financial Officer
Appointment to Board
15 September 2024
Current external
commitments
None
Andrew Fisher OBE
Chair
Appointment to Board
1 January 2020
Committee membership
Nomination Committee (Chair),
Corporate Social Responsibility
Committee (Chair)
Current external
commitments
Non-Executive Director,
Audit and CSR Committee member
of Believe SA
Skills and experience relevant to strategy
Andrew has a background in building digital, media and
entrepreneurial businesses and executing high growth strategies.
He also has experience serving on the boards of a number of listed
companies as a non-executive director.
Andrew was previously CEO and Executive Chair of Shazam.
During his tenure Shazam became one of the world’s leading
mobile consumer brands. He was also European Managing
Director of Infospace Inc and the founder and Managing Director
of TDLI.com. Andrew was Non-Executive Director, Senior
Independent Director and Remuneration Committee Chair of
Marks and Spencer Group plc until July 2024, a Non-Executive
director of Moneysupermarket.com Group plc until May 2020 and
Merlin Entertainments plc until November 2019. Andrew
is a Trustee of the Royal Marsden Cancer Charity.
Directors’ and officers’ biographies
Annual report and accounts 2024Rightmove74
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Jacqueline de Rojas CBE
Senior Independent
Non-Executive Director
Appointment to Board
30 December 2016
Committee membership
Audit, Nomination, Remuneration,
Corporate Social Responsibility
Current external commitments
Non-executive director of FDM Group
(Holdings) plc, Board Member and President
Emeritus techUK, Chair Institute of Coding,
Chair Board of Trustees, Bletchley Park
Skills and experience relevant to strategy
Jacqueline is a recognised technology leader with many years’
experience in the software, technology and digital sectors, working in
enterprise and sales-focused businesses. She has extensive knowledge
and skills in technology-based solutions and cyber security.
Jacqueline has been employed as a change agent to promote high
growth in global enterprise software companies. She has served as a
non-executive director on the boards of Home Retail Group, AO World
plc and Costain Group plc. Jacqueline currently has NED responsibility
for Employee Voice and serves as Senior Independent Director at FDM
Group plc and she holds responsibility for representing the ESG agenda
on the board of IFS AB, a global AI-driven enterprise cloud company in the
service management space.
Jacqueline is the chair at the Institute of Coding, and President of Digital
Leaders Technology Group. She has recently become the first female Chair
at the Bletchley Park Trust and is a passionate advocate for diversity and
inclusion in the workplace with a particular focus on getting women and
girls into digital careers and studying STEM subjects. She was awarded a
CBE for services to international trade in the technology industry in 2018.
Andrew Findlay
Independent Non-
Executive Director
Appointment to Board
1 June 2017
Committee membership
Audit (Chair), Nomination,
Corporate Social Responsibility
Current external
commitments
Chief Executive Officer
of M Group Services Limited
Skills and experience relevant to strategy
Andrew is a chartered accountant with broad operational
experience, a wealth of financial expertise, proven
commercial experience and strong consumer-centric
background. He has a deep knowledge of financial reporting,
audit and risk management, technological solutions and
consumer platforms.
Andrew is currently the Chief Executive Officer of M Group
Services Limited, the leading essential infrastructure services
provider in the UK. He was previously the Chief Financial
Officer of M Group Services from 2021 and prior to that the
Chief Financial Officer of easyJet plc from 2015 until February
2021. Before joining easyJet, Andrew was Chief Financial
Officer of Halfords plc and prior to that Director of Finance,
Tax and Treasury at Marks and Spencer Group plc. He formerly
held senior finance roles with the London Stock Exchange
and Cable & Wireless, in the UK and US. Andrew qualified
as a chartered accountant with Coopers & Lybrand.
Corporate governance report continued
Skills and experience relevant to strategy
Lorna has extensive experience as a media analyst and
investment adviser to the media sector with strong financial
analysis and leadership skills. She was Executive Director of
Numis Corporation PLC (now Deutsche Numis) and Head of the
Media Sector in Corporate Broking & Advisory until September
2017. She was a founder of Numis when it launched in 2001
having worked at Sheppards, as a director of SG Warburg and
executive director of WestLB Panmure. Lorna previously served
on the Advisory Panel of TechNation’s Future Fifty programme
and as a Cabinet Ambassador (for Creative Britain) for the
Department of Culture, Media & Sport. She has also served
as a non-executive director of M&C Saatchi PLC, Euromoney
Institutional Investor PLC and Jupiter UK Growth plc.
Lorna Tilbian
Independent
Non-Executive Director
Appointment to Board
1 February 2018
Committee membership
Nomination, Remuneration (Chair),
Corporate Social Responsibility
Current external commitments
Senior Independent Director of ProVen
VCT plc, non-executive director of
Finsbury Growth & Income Trust
PLC , Senior Independent Director of
Premier Foods plc
Annual report and accounts 2024Rightmove75
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Skills and experience relevant to strategy
Kriti is an internationally recognised expert in AI who has a
strong record of building and transforming successful
technology businesses and products for consumer, B2B and
enterprise companies. She is currently Chief Product Officer,
LegalTech, for Thomson Reuters. She was formerly the VP of
Artificial Intelligence at FTSE 100 software company Sage Group
and led a major product transformation for GfK, a KKR portfolio
company, transforming them from a data and content provider
to a decision intelligence, SaaS platform business.
Kriti was named in the Forbes 30 Under 30 list in 2017 for
advancements in AI and is a Google Anita Borg Scholar. She was
awarded the Prime Minister’s Points of Light award for creating
‘AI for Good’, an initiative pioneering AI techniques to tackle
a range of social challenges. Her work is frequently featured
in global media such as the Financial Times, Harvard Business
Review, and the BBC. She was appointed a United Nations Young
Leader in 2018.
Kriti Sharma
Independent Non-
Executive Director
Appointment to Board
25 July 2023
Committee membership
Nomination, Audit, Corporate
Social Responsibility
Current external commitments
Chief Product Officer, LegalTech,
Thomson Reuters
Skills and experience relevant to strategy
Carolyn was Deputy Company Secretary at Superdryplc
from December 2018 to September 2022and Company
Secretary (SPV) at G4S plc from October 2015 to December
2018. Carolyn has broad commercial experience as a company
secretary, spanning the voluntary sector, financial services,
utilities and retail. Carolyn is the Group Company Secretary
and leads on Corporate Social Responsibility.
Carolyn is a Fellow of the Chartered Governance Institute UK
and Ireland and has a BA (Hons) in Politics and History from
Coventry University. Carolyn is a voluntary Trustee of the
charity Caudwell Youth.
Carolyn Pollard
Company Secretary
Appointment to Board
28 September 2022
Skills and experience relevant to strategy
Amit has a strong understanding of the online classified
sector and innovation across a range of online marketplace
businesses, with extensive knowledge of finance and capital
markets. He was Head of International Developed Equities
at Harvard Management Company and prior to that Head of
Equities at the Lakshmi Mittal Family Office. He previously
held senior investment management roles at Morgan Stanley
& Co International plc, Ziff Brothers Investments and KKR &
Co. Amit has an MBA with Distinction from Harvard Business
School and a Bachelor’s degree in Economics with Honours
from Harvard College.
Amit Tiwari
Independent Non-
Executive Director
Appointment to Board
1 June 2019
Committee membership
Nomination, Remuneration,
Corporate Social Responsibility
Current external
commitments
Managing Director of Vitruvian
Partners LLP
Corporate governance report continued
Directors’ and officers’ biographies continued
Annual report and accounts 2024Rightmove76
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The Board held seven scheduled meetings in 2024 and held additional meetings to consider other matters where necessary. The Board’s agendas are driven by a governance calendar which ensures that
all corporate governance and statutory requirements, including the application of the Code, are met during each annual cycle. Board reports highlight stakeholder perspectives to aid decision making.
Standing agenda items at each scheduled meeting are: Governance and Board committee reports from the Chair of each committee; CEO report; CFO and Investor Relations report; and strategic or
business area ‘deep dives’ or presentations. Risk and principal risks and uncertainties are reviewed six-monthly. A cyber security review is performed by the Board annually and cyber security updates
are given to the Audit Committee six-monthly. ESG is reviewed twice during the year by the Corporate Social Responsibility Committee.
Our six stakeholder groups are set out below and you can read more about how we obtain feedback from them in our Section 172 statement.
Month 2024
Stakeholder
focus Board activity Discussions and approvals Outcomes Other events
January
• No scheduled Board meetings
in January
• The Remuneration Committee
discussed and considered all investor
feedback on remuneration proposals
• Feedback from investors is incorporated
into the Remuneration Policy
• Investor consultation on
Remuneration Policy – led by the
Remuneration Committee Chair
• Employee engagement on
workforce remuneration – led by the
Remuneration Committee Chair
• Investor consultation on
remuneration
• Employee engagement
• Actions arising from employee engagement sessions are
taken forward by the Board and the GLT
The chart below indicates when and how stakeholders have been considered in Board decision making and the outcomes.
Shareholders
Consumers
Customers
Business partners
Communities and
environment
Employees
Board activities and outcomes in 2024
Corporate governance report continued
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Month 2024
Stakeholder
focus Board activity Discussions and approvals Outcomes Other events
February
• Full-year results • Annual Financial Report 2023,
Final Dividend, Viability
statement and Fair, Balanced
and Understandable statement
• Annual Financial Report and Accounts are
published, providing key information to investors
and other stakeholders
• Annual Report committee reports
were reviewed and approved by
each committee
• Risk • Risk Register and Principal Risks review • Continuation of Board oversight of risk at Rightmove
• People • Have Your Say employee survey results • The Board’s ability to understand and monitor culture is
improved and actions arising from the survey are taken
forward by the GLT
• Deep dive • Traffic and product development • The Board is kept up to date on the latest consumer traffic
analysis and on the evolution of products and services,
both important to the success of the Rightmove platform
• Governance • Tax Strategy review
• Gender and ethnicity pay gap report
• Modern Slavery Act Statement
• Payment Practices report (2023)
• Modern Slavery Statement and Tax Strategy are published,
providing transparency in our arrangements
• The Payment Practices report is published, providing
information to business partners
March/April
• No scheduled Board meetings
in March or April
• Gender and ethnicity pay gap report is published,
providing clear information to stakeholders
• Publication of Annual Financial
Report and Accounts 2023 and
Notice of AGM 2024
May • Annual General Meeting • AGM briefing • The AGM provides an opportunity for shareholders
to engage with the Company and the Board
• Deep dive • Business area update – Mortgages • Deeper understanding of the mortgages strategy,
including increasing the mortgage broker offering
• People • Chief People Officer ‘first 90 days in
post’ presentation
• Enhanced understanding and monitoring of people
and culture
Corporate governance report continued
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Month 2024
Stakeholder
focus Board activity Discussions and approvals Outcomes Other events
June
• Strategy • Off-site two-day strategy event
with Board and senior leadership
• Opportunity for Board to engage with GLT and senior
leadership to focus on strategy
• Board, GLT and senior
leadership event
• Product development • Product development roadmap
and demonstrations
• Board has greater understanding of a range of new products
and how they will further enhance the Rightmove platform
July
• Risk
• Half-year results
• Risk register and principal risks review
• Half-year financial results
• Continuation of Board oversight of risk at Rightmove
• Half-year financial results are published, providing
information to shareholders and other stakeholders
• Half-year results published
• Dividend and share buyback • Interim dividend
• Share buyback programme
• Interim dividend and the continuation of the share
buyback programme provides returns to shareholders
• Cyber security event • Cyber security simulation • Cyber security preparedness is enhanced by
a ‘real time’ simulation
• Cyber insurance • Cyber insurance renewal • Levels of cyber insurance remain appropriate for Rightmove
• Governance • Payment Practices report (to June 2024) • The Payment Practices report is published, providing
information to business partners
August
• No scheduled Board meetings
in August
• Appointment of Executive
Director and CFO
• Appointment of Ruaridh Hook as CFO
and Executive Director was announced
on 7 August 2024
• Ruaridh was appointed as an Executive Director and as
CFO on 15 September, bringing experience and knowledge
of Rightmove, its products and partners to the Board. For
more information about Ruaridh’s appointment turn to the
Nomination Committee report
Corporate governance report continued
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Other InformationStrategic Report Financial StatementsGovernance
Month 2024
Stakeholder
focus Board activity Discussions and approvals Outcomes Other events
September
• Offer for Rightmove • Throughout the Offer for Rightmove
period (2-30 September 2024), seven
additional unscheduled Board meetings
were convened, with Rightmove’s
advisers in attendance, to consider and
discuss the offers made by REA Group
• Each of the offers made for Rightmove by REA Group was
rejected by the Board
• Board, GLT and senior
leadership event
• People • Have Your Say employee survey results • The Board’s ability to understand and monitor culture is
improved and actions arising from the survey are taken
forward by the GLT
• Deep dive • Business presentation – Estate Agency
and New Homes
• The Board remains informed and updated on Estate
Agency and New Homes, which delivers the majority
of Rightmove’s revenue
• Health and Safety • Review of updated Health and
Safety Policy
• Board maintains oversight of health and safety at Rightmove
• Executive session • Executive session (NEDs only) • Opportunity for NEDs to connect and discuss Board matters
without the presence of the Executive Directors
October
• No scheduled Board meetings
in October
November
• Business plan 2025 • Business plan 2025 presentations • The Board ensures that the 2025 business plan is aligned
to the strategy
• A trading update was published
on 8 November 2024
• Trading update
• Deep dive
• Business presentation – Commercial
Real Estate (CRE)
• Board provided with updates on the development of the
new CRE platform
• Insurance • Insurance renewal • The levels of insurance remain appropriate for Rightmove’s
risk profile
• Employee engagement • Board Connection session • Opportunity for NEDs to assess and monitor workplace
culture – feedback given to Executive Directors and GLT
for action
• Governance • Schedule of Matters Reserved
for the Board
• Ensures that the Board retains responsibility for
key decisions and significant items of expenditure,
mitigating risk.
• Executive session • Executive session (NEDs only) • Opportunity for NEDs to connect and discuss Board matters
without the presence of the Executive Directors
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Month 2024
Stakeholder
focus Board activity Discussions and approvals Outcomes Other events
December • Cyber security review • Annual Board cyber security review • Board is updated on cyber security matters and can hold
leaders to account, if necessary
• Cyber security updates are also
received by the Audit Committee
six-monthly
• The Board and committees
performance review is led by the
Chair and the Nomination Committee
• Data and Artificial Intelligence
• Marketing
• Deep dive – Data and
Artificial Intelligence
• Deep dive/business presentation
– Marketing
• Board is updated on Data and AI and can hold leaders to
account, if necessary
• Board receives updates on Rightmove’s latest marketing
strategies and campaigns, and plans for 2025
• Legal and Governance review • Legal and Corporate Governance
update/annual review of governance,
policies and procedures
• Board remains compliant, aligned to best practice and
informed of any future legal requirements or governance
best practice
• Board and committees
performance review
• Annual Board, committees and
Chair performance review and
objective setting
• Board reviews its performance and sets objectives, aiding
continuous improvement
• Executive session • Executive session (NEDs only) • Opportunity for NEDs to connect and discuss Board matters
without the presence of the Executive Directors
In addition to scheduled Board meetings, there are ‘ad-hoc’ Board meetings and update calls to consider and discuss matters as and when necessary. Ongoing, less formal communication also takes
place outside of Board meetings between the Chair and the Executive Directors and Key Leaders, and between the Non-Executive Directors. Executive (NED only) sessions take place at the end of Board
meetings on a regular basis.
To read more about the activities
of the Board’s four committees,
please turn to:
Investor Relations activity in 2024
Virtual and in-person meetings with current and prospective investors take place throughout the year, outside of closed periods.
February
Full-year results presentation
March
Full-year results roadshow
UK conferences
April
UK conferences
May
AGM
UK conferences
June
UK conferences
July/August
Interim results
Interim results roadshow
September
Chair meetings with investors
October
US roadshow
November
European and UK conferences
Corporate governance report continued
1. Corporate Social
Responsibility – page 98
2. Nomination – page 92
3. Audit – page 85
4. Remuneration – page 100
Annual report and accounts 2024Rightmove81
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How the Board assesses,
monitors and embeds
culture at Rightmove
Rightmove’s open, supportive and
inclusive culture is continuously
assessed and monitored by the Board
through regular people, culture and
diversity, equity and inclusion updates
to its Corporate Social Responsibility
Committee. ‘Have Your Say’ employee
survey results provide six-monthly
insights to the Board on employee
sentiment. Face-to-face engagement
at Board Connection sessions provides
opportunities for further discussion.
The Social section of the ESG report
provides detailed information about
the employee experience at Rightmove.
CEO Johan Svanstrom and CFO Ruaridh
Hook lead by example, promoting an
inclusive culture with an open-plan
office environment, hybrid working and
a strong emphasis on fairness, ethics
and well-being. Regular Town Hall all-
employee meetings provide business,
strategic and operational updates and
Q&A opportunities, led by the CEO,
GLT and senior leadership. Executive
Director variable remuneration has been
linked to positive employee sentiment
levels – more information on this can be
found in the Directors’ Remuneration
Report on page 100.
Workforce engagement – Board
Connection sessions
In response to the requirements of Code
Provision 5, to engage with the workforce
to understand their views, the Board has
developed alternative arrangements, Board
Connection sessions; for more details,
see page 54. The Board considers that this
tailored arrangement, with direct feedback
opportunities, and which are offered to all
employees, is most effective for Rightmove’s
inclusive and engaged culture.
‘Speak up’/Whistleblowing
The Company reviewed, updated and approved
its ‘Speak up’/Whistleblowing Policy and
framework in 2024. An independently operated
whistleblowing line is in place and is available for
and communicated to all employees, who can
report their concerns anonymously, if they wish.
Reports can be made by email or telephone
to that line, or to the Company Secretary or
Chief People Officer in person. No ‘Speak
up’/Whistleblowing reports were received in
2024. Further details can be found in the Audit
Committee report.
Corporate governance report continued
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Gender and ethnicity reporting table (in line with UKLR 22.2.30R) at 31 December 2024
Number of Board
members Percentage of the Board
Number of senior
positions on the Board
(CEO, CFO, SID and Chair)
Number in executive
management
(1)
Percentage
of executive
management
(1)
Gender identity reporting table
Men 5 62.5 3 6 60
Women 3 37.5 1 4 40
Not specified/prefer not to say – – – – –
Ethnic background reporting table
White British or other White (including
minority white groups)
5 62.5% 3 9 90
Mixed/Multiple Ethnic Groups 1 12.5% 1 – –
Asian/Asian British 2 25% – 1 10
Black/African/Caribbean/Black British – – – – –
Other ethnic group – – – – –
Not specified/prefer not to say – – – – –
1. In the UKLR the executive committee or most senior executive or managerial body below the board (or where there is no such formal committee or body, the most senior level of
managers reporting to the chief executive), including the company secretary but excluding administrative and support staff.
A governance framework that
supports culture
Rightmove’s corporate governance framework
is designed to support great culture, with a
variety of two-way channels for employees
to engage and communicate and appropriate
policies, processes and codes of conduct to
support employee well-being and success.
The Board has approved a Board Diversity,
Equity and Inclusion Policy and is committed
to diversity, equity and inclusion in all its forms.
Diversity, equity and inclusion are fundamental
At 31 December 2024,
37.5% of the Board were
from ethnically diverse
backgrounds, exceeding
the Parker Review target
We can also report that, in line with
UK Listing Rule (UKLR) 22.2.30R,
Rightmove achieved the following
Board diversity targets:
• 37.5% of the individuals on the Board
of Directors are women (UKLR target
is 40%)
• One senior position is held by a woman
(the Senior Independent Director is
Jacqueline de Rojas) (UKLR target
is one senior position)
• Three individuals on the Board are from
a minority ethnic background (UKLR
target is one individual)
Rightmove did not achieve the UKLR
target for women on its Board in 2024,
following the resignation of Alison Dolan
in September and the subsequent
appointment of Ruaridh Hook as CFO and
as an Executive Board Director. The Board
is fully committed to continuing to ensure
Board diversity.
For further details of our diversity, equity
and inclusion initiatives, and full details
of our ESG strategy and progress in 2024,
please turn to the Social section of the
ESG report on page 45
Board Diversity, Equity and Inclusion Policy
Corporate governance report continued
to Rightmove’s long-term success and
greater diversity delivers innovation and
competitive advantages.
A diverse and inclusive Board and senior
leadership team, with a range of skills,
knowledge, experiences, social backgrounds,
genders, ages, ethnicities, and other protected
and non-protected characteristics and who
possess different perspectives, insights and
viewpoints promotes better decision making
and delivers commercial advantages in the
long term.
Board and committee appointments are made
on merit against a set of objective criteria in the
context of the skills, experience, independence,
knowledge and diversity that the Board requires
to be effective. This policy should be read
alongside Rightmove’s Equality Policy and
Code of Conduct.
Annual report and accounts 2024Rightmove83
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Board independence,
external appointments
and performance review
More than half of the Rightmove plc Board
are independent Non-Executive Directors
(excluding the Chair). Please turn to the Board
biographies earlier in this report for full details.
The Nomination Committee report has full
details of how the Board manages external
appointments and information about the 2024
external Board performance review, and the
results and objectives arising from that process.
How conflicts of interest
are managed
Under the Companies Act 2006 (the Act),
the Directors have a statutory duty to avoid
situations in which they have, or could have,
a direct or indirect conflict with the interests
of the Company. The Company’s Articles of
Association contain provisions for managing
and authorising potential conflicts of interest.
The Board has a Conflicts of Interest Policy in
place and continues to observe the policy and
to review the register of directors’ interests
at least annually. Any external appointments
must be approved by the Board before they
can be accepted.
To safeguard their independence, a Director is
not entitled to vote on any matter in which they
may be conflicted or have a personal interest.
If necessary, Directors are required to absent
themselves from a meeting of the Board while
such matters are being discussed and, if there is
any doubt, the Chair of the Board is responsible for
determining whether a conflict of interest exists.
No such conflicts of interest arose in 2024.
The interests of the Directors in the share
capital of the Company as at the date of this
report, the Directors’ total remuneration for
the year and details of Director service
contracts and Letters of Appointment are
set out in the Directors’ Remuneration Report.
As at the date of this report, the Directors
were deemed to have a non-beneficial interest
in 1,833,148 ordinary shares held by the
Rightmove Employee ShareTrust.
Corporate governance report continued
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Audit Committee report
Committee responsibilities
• Assess the integrity of the Group’s half-year report and annual financial statements,
confirming that the Annual Report is as a whole fair, balanced and understandable
• Review the effectiveness of Rightmove’s risk management and internal control processes
• Monitor the preparations and readiness for the revised UK Corporate Governance
Code reforms
• Monitor the Risk Committee, including the development of an AI Policy and Committee
• Agree the scope and Terms of Reference for activities undertaken by Internal Audit,
review their findings and oversee the transition to an in-house Internal Audit function
• Evaluate the effectiveness of the external auditor and the Internal Audit function
• Agree the priorities for 2025 and the Internal Audit plan, which include a focus on the key
risk areas of compliance, cyber and data security, as well as embedding the enhanced
internal control framework across the business in readiness for the revised UK Code
declaration requirements
The full Audit Committee Terms of Reference can be found at plc.rightmove.co.uk
Committee membership:
Andrew Findlay (Chair) Jacqueline de Rojas Kriti Sharma
Andrew Findlay
Chair of the Audit Committee
Corporate governance report continued
Dear Shareholder
As Chair of the Audit Committee (the Committee),
I am pleased to present the Committee’s report
for the year ended 31 December 2024. In this
report we aim to provide an overview of the
principal activities of the Committee during the
year and an update on the key areas of review as
the Committee discharged its responsibilities.
The Committee’s overall responsibilities are set
out in the Corporate governance report on page
72 and to the left of this page.
The Committee’s key area of focus during 2024
was monitoring the successful transition to an
in-house Internal Audit function during the
first half of the year, in addition to overseeing
the full year programme of internal audit work.
This work included agreeing the scope, and
reviewing the results, of the work delivered by
both the outgoing outsourced Internal Audit
function (PwC) and the new in-house Internal
Audit function. This year, PwC reported on
supplier management and procurement,
business continuity and crisis management
and performed a post implementation review of
the new billing functionality within the Finance
ERP system. The new in-house Internal Audit
function focused on, and reported to the
Committee on, progress towards full readiness
for the UK Corporate Governance controls
declaration for financial, operational and
compliance processes.
The Committee, as part of its annual
governance cycle, also reviewed the Group’s
Payment Practices, the Treasury, Bribery
and Whistleblowing policies, the Gifts and
Hospitality Register, and the Non-Audit
Services Policy.
Looking forward to the next 12 months, the
Committee will continue to focus on key risk
areas such as cyber security and regulatory
compliance, and to support the Company’s
overall risk management framework. The
programme of work on readiness for the UK
Corporate Governance declaration on material
controls will also be a key priority for the
Committee during 2025.
In addition to its annual performance evaluation,
the Committee carried out a review of its Terms
of Reference in relation to the 2018 UK Corporate
Governance Code. These are published on
the Investor Relations section of the Group’s
website at plc.rightmove.co.uk and are available
in hard copy from the Company Secretary.
I will be available at the AGM to answer any
questions about the work of the Committee.
Andrew Findlay
Chair of the Audit Committee
Annual report and accounts 2024Rightmove85
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Audit Committee membership,
meetings and effectiveness
Audit Committee membership
All the members of the Audit Committee are
independent Non-Executive Directors in
accordance with provision 24 of the UK
Corporate Governance Code (the Code).
The Board has determined that Andrew Findlay,
as the Committee Chair, has the recent and
relevant financial experience required by the
Code, given his several executive finance
roles, which include his previous roles as Chief
Financial Officer at a variety of businesses,
as well as his current role as Chief Executive
Officer at M Group Services. Andrew is also
a chartered accountant with the Institute of
Chartered Accountants in England and Wales.
In line with the Code, the Committee possesses
experience relevant to the business, through
the digital, consumer and financial experience
of Andrew Findlay, the technology background
of Jacqueline de Rojas and the Artificial
Intelligence expertise of Kriti Sharma.
Biographies of the members of the Committee
and the Committee meetings and attendance
of the members are set out in the Corporate
governance report.
Audit Committee meetings
Regular attendees at Audit Committee include
the Chair, CEO and CFO as well as the external
and internal auditors. The Committee also
invited appropriate members of the
management team to meetings as necessary,
to maintain effective communication between
all relevant parties. The Committee periodically
set time aside to meet privately with the external
and internal auditors and seek their views
without the presence of management. The
auditors had direct access to the Chair to raise
any concerns outside formal Committee
meetings and, in between meetings, the Chair
maintained contact with the Chief Financial
Officer, external audit partner, Head of Internal
Audit and other members of the management
team.
After each meeting, the Chair reported to
the Board on the main issues discussed by the
Committee and minutes of the Committee
meetings were circulated to the Board
once approved.
Audit Committee effectiveness
The effectiveness of the operation of the
Committee was reviewed in December 2024
as part of the internal Board and committee
performance review. The feedback on the
Committee was unanimously positive and
affirmed that the Committee is effective and
provides appropriate challenge. For full details
see page 97 of the Corporate governance report.
Financial reporting
Annual and half-year reports
The Committee is responsible for reviewing
the appropriateness of the Group’s half-year
report and annual financial statements. The
Committee has considered, among other
things, the accounting policies and practices
adopted by the Group; the correct application
of reporting standards and compliance with
broader governance requirements, including
the reporting for climate-based financial
disclosures (TCFD); the use of alternative
performance measures; the approach taken
by management to any key judgemental areas
of reporting; the comments of the external
auditor on management’s chosen approach and
the information, underlying assumptions and
stress-test analysis presented in support of the
going concern status and viability statement.
During the year, management performed data
analytics procedures on the amounts billed
to the two largest customer groups (Agency
and New Homes). This included investigating
anomalies such as billing gaps and single bills
raised and reporting to the Committee in
this regard. The Committee discussed any
anomalies with management in relation to the
data analytics work performed. The Committee
was satisfied with the explanations provided
and conclusions reached.
Significant accounting matters
The key significant accounting matter is
revenue recognition. The Committee considers
this area to be significant given the volume of
transactions and the fact that revenue is the
most material figure in the income statement.
The Committee discussed revenue recognition
in detail, including the underlying policies,
processes and controls, to ensure that the
approach taken to accounting and disclosure
remains appropriate.
Corporate governance report continued
Revenue recognition
Revenue is a prime area of audit focus,
particularly the timing of recognition in
relation to the billing of subscription fees,
additional products and the accounting
for any material membership offers
to customers.
As more fully described in Note 2 to the
accounts, most of the Group’s revenue is
derived from membership subscriptions
for core listing fees and advertising products
on Rightmove’s platforms. Customers can
tailor their packages. The Group recognises
this revenue over the period of the
contract or the point at which advertising
products are used.
As part of the financial statement audit,
EY LLP (EY) performs data analytics work,
using computer-assisted audit techniques
to identify any unexpected or unusual
revenue postings, particularly considering
whether the opposite side of the journal
entry was as expected, based on the
characteristics of the journal. The results
of this work were satisfactory and were
reported to the Committee.
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Going concern and viability
The Committee also reviewed and considered
the going concern and viability statements in
relation to the 2024 financial statements.
Going concern and viability
statements
In assessing the validity of the viability and
going concern statements detailed on page 66,
the Committee reviewed the work undertaken
by management to assess the Group’s
resilience to the principal risks set out on pages
61 to 65 under various stress test scenarios: the
scenarios modelled were severe but plausible
and did not call into question the viability of the
Corporate governance report continued
Is the report fair? Is the report balanced? Is the report understandable?
• Is the whole story presented, with no omissions of
sensitive material?
• Are key messages in the narrative aligned with the KPIs and
are they reflected in the financial reporting?
• Are the KPIs being reported consistently from year to year?
• Is the reporting on the business areas in the narrative
reporting consistent with the financial reporting in the
financial statements?
• Does the reader get the same messages when reading the front
end and back end of the Annual Report independently?
• Are threats identified and appropriately highlighted?
• Are the alternative performance measures explained clearly
with appropriate prominence?
• Are any key judgements referred to in the narrative reporting,
and significant issues reported in this Committee report,
consistent with disclosures of any key estimation uncertainties
and critical judgements set out in the financial statements?
• How do these judgements compare with the risks that EY
include in their Auditor report?
• Is there a clear and cohesive framework for the Annual Report?
• Are the important messages highlighted appropriately
throughout the Annual Report?
• Is the Annual Report written in easily understandable language,
with key messages clearly drawn out?
• Is the Annual Report free of unnecessary clutter?
Conclusion
Following its review, the Committee is of the opinion that the 2024 Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess
the Group’s position, performance, business model and strategy.
business. The Committee concluded that the
viability time-period of three years remained
appropriate.
The Committee was satisfied that sufficient
rigour was built into the process to assess going
concern and viability over the designated periods.
Fair, balanced and understandable
One of the key governance requirements
is for the Annual Report and the Financial
Statements, taken as a whole, to be fair,
balanced and understandable, and to provide
the information necessary for stakeholders to
assess the Group’s position and performance,
business model and strategy.
The Committee was provided with an early
draft of the Annual Report to assess the
strategic direction and key messages being
communicated. Feedback was provided by the
Committee in advance of the February 2025
Board meeting, highlighting any areas where the
Committee believed further clarity was required.
The draft report was then amended to incorporate
this feedback prior to being tabled at the Board
meeting for final comment and approval.
To help the Committee in forming its opinion,
management presented a fair, balanced and
understandable paper to the February 2025
Audit Committee, which identified the key
themes in the Annual Report and assessed
whether each of the governance requirements
were met.
When forming its opinion, the Committee
reflected on the information it had received
and its discussions throughout the year.
It considered the key messages for 2024
and whether these are appropriately and
consistently disclosed throughout the Annual
Report: with equal prominence of front half
reporting and financial statements and with
no bias or omissions and with clear language
within a structured framework. In particular,
the Committee considered matters including:
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FRC review
In November 2024 the Financial Reporting
Council’s (FRC) Corporate Reporting Review
(CRR) team reviewed Rightmove’s interim
financial report for the six months ended
30 June 2024. The FRC did not have any
questions or queries that they wished to
raise with Rightmove and noted two matters
for inclusion in the Group’s 2025 interim
financial report. No response was required
from Rightmove, other than to acknowledge
receipt of the letter, and to confirm that the
Board would consider the matters raised
when preparing the next interim report; which
the management and the Audit Committee
will do. The FRC review does not provide
assurance that the interim report is correct in
all material respects. The FRC’s role is not to
verify the information provided, but to consider
compliance with reporting requirements.
External audit
Tenure and terms of engagement
The Committee has primary responsibility for
overseeing the quality and effectiveness of the
external auditor, EY LLP (EY), who is engaged
to conduct a statutory audit and express
an opinion on the financial statements. The
Committee reviews the scope of EY’s audit,
which includes the review and testing of the
systems of internal financial control used to
produce the information contained in the
financial statements.
The Committee approves the terms of
engagement and fees of the external auditor,
ensuring it has appropriate audit plans in
place and that an appropriate relationship
is maintained between the Group and the
external auditor. The Committee approved the
audit fees of £416,000 and non-audit fees of
£66,000 for the year, as set out in Note 6 of
the financial statements.
EY was appointed as auditor of the Group at the
2022 AGM, following a formal tender process.
They were reappointed at the May 2024 AGM.
The external audit engagement partner is Anup
Sodhi, who has held office since May 2022.
Independence and non-audit services
The Board has policies in place in relation to
the provision of non-audit services by the
external auditor, and the non-audit fee policy
was reviewed by the Committee during the
year. The non-audit fee policy ensures that
the Group benefits in a cost-effective manner
from the cumulative knowledge and experience
of its auditor, while also ensuring that the
auditor maintains the necessary degree of
independence and objectivity.
Non-audit services policy
• Permitted non-audit services relate to
assurance-related services directly related to
the audit – for example, the review of the half
year financial statements – and to permitted
non-audit services; including, but not
limited to, accounting advice, work related
to mergers, acquisitions, disposals, joint
ventures or circulars, sustainability audits and
reports required by regulators.
• The half-year review, an assurance-related
non-audit service, is approved as part of the
Audit Committee approval of the external
audit plan, which takes place in May of each
year. Management is authorised to incur
additional fees for permitted non-audit
services of up to £15,000 in any financial
year, without any prior approval from
the Committee.
• Thereafter, all additional fees are to be
referred to the Audit Committee in advance,
subject to the cap of 70% of the fees paid
for the audit in the last three consecutive
financial years.
Prohibited services policy
• In line with the FRC ethical standards, these
are services where the auditor’s objectivity
and independence may be compromised.
Prohibited services are detailed in the FRC
Revised Ethical Standards 2019 and include
tax services, accounting services, internal
audit services and valuation services.
The level of non-audit fees as a proportion of the
audit fee has typically been low at Rightmove.
During the year, EY charged the Group £66,000
for non-audit services in relation to the half-year
review, representing 14% of the 2024 audit fee.
Further details of these services can be found in
Note 6 to the financial statements.
External auditor effectiveness
The Committee places great importance on
ensuring that the external audit is both of
high quality and effective. The Committee
considered the quality and effectiveness of the
external audit process in line with the FRC’s
Practice Aid for Audit Committees (updated
2019). The effectiveness of the external
audit process is dependent on several factors,
including the quality, continuity, experience and
training of audit personnel; understanding of the
business model, strategy and risks; technical
knowledge and degree of rigour applied in the
review processes of the work undertaken;
communication of key accounting and audit
judgements; together with appropriate audit risk
identification at the start of the audit cycle.
The Committee also met with EY at various
stages during the 2024 audit process, several
times without management present, to discuss
its remit and any issues arising from its work as
the auditor.
The Committee evaluates the effectiveness
of the external audit process with reference
to the FRC’s Minimum Standard (May 2023)
using Audit Quality Indicators (AQIs) in a
questionnaire to gather views and comments
from the Committee members and a targeted
group of management who have regular
interactions with the external auditor. Areas
considered in the review included the quality
of the audit planning and leadership; the use of
technology; communication and reporting with
the Committee and management; and technical
capability and experience of the audit team.
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For the 2024 financial year, the Committee was
satisfied that there had been appropriate focus
and challenge on the primary areas of audit
risk and concluded that the performance of
EY remained efficient and effective.
External auditor independence and
objectivity
The Committee considered the safeguards
in place to protect the external auditor’s
independence. EY reported to the Committee
that it had considered its independence in
relation to the audit and confirmed to the
Committee that it complies with UK regulatory
and professional requirements and that its
objectivity is not compromised. The Committee
took this into account when considering the
external auditor’s independence and concluded
that EY remained independent and objective in
relation to the audit.
Statement of Compliance with the Competition
and Markets Authority (CMA) Order
The Group confirms that it has complied
with The Statutory Audit Services for Large
Companies Market Investigation (Mandatory
Use of Competitive Processes and Audit
Committee Responsibilities) Order 2014
(Article 7.1), including with respect to the
Committee’s responsibilities for agreeing
the audit scope and fees and authorising
non-audit services.
Internal audit
The overall aim of internal audit is to provide
independent and objective assurance on the
adequacy and effectiveness of internal controls,
risk management and governance processes.
This includes assurance that underlying
financial, operational, strategic and legal/
regulatory controls and processes are working
effectively; as well as delivering specialist
reviews that focus on emerging risks in new and
evolving areas of the business.
During the first half of 2024, the Group’s
Internal Audit function transitioned from an
outsourced function, using PwC, to an in-
house function led by a new Head of Internal
Audit and Assurance. This decision reflects
the evolution of the Group as a whole, the
increasing complexity of the environment
within which it operates and the desire to
ensure an appropriate level of continuity in the
ownership and monitoring of risks and controls
by senior management throughout the year.
The new Head of Audit and Assurance was also
appointed to Chair of the Risk Committee.
This enhances the identification, prioritisation
and management of risk across the business.
Together these changes strengthen the second
line of defence shown in the risk management
model on page 59.
Activities during the year
The internal audit plan for 2024 was approved
in advance by the Audit Committee and
covered a range of core financial and operational
processes and controls, focusing on specific risk
areas. Specialist reviews were undertaken by
PwC in the following areas:
• Supplier management and procurement
• Business continuity and crisis management
• Pre go-live and post implementation review
of the new billing module within the finance
ERP system
The Committee reviewed the reports provided
by PwC that set out the principal findings
of their work and agreed management
actions. The Committee also reviewed open
actions from previous reviews and monitored
management’s progress in completing
these actions.
In relation to the new in-house Internal Audit
function, the Committee also approved its
2024 audit activities. These activities were to
review and assess the existing internal control
framework (in light of the requirements of
the 2024 UK Corporate Governance Code,
that comes into effect from 2025) through
considering the existing risk management
processes across the business; and ensuring
that material controls are fully identified,
subject to walkthrough testing to assess design
effectiveness; and, that any deficiencies are
identified – with management actions agreed
and monitored through to resolution.
The Committee reviewed the findings of
Internal Audit in relation to material controls
associated with the following risk areas:
• Operational risk: Cyber and dependency
on IT systems, Business interruption,
Securing and retaining the right talent
and HR processes
• Legal and regulatory risk: Data privacy,
FCA adherence. PCI compliance, Competition
law, Anti-bribery and corruption, UK Corporate
Governance Code and new regulation
• Strategic risk: Competitive environment,
M&A activity, failure to innovate through new
technology, the macroeconomic climate,
strategic planning and implementation,
inconsistent delivery of brand across the
business, AI and ESG
• Financial reporting risk: all financial processes
including Order to cash, Purchase to Pay,
Payroll, Group accounting and reporting,
Fixed assets, Tax and Treasury.
Approach to developing the 2025 internal
audit plan
Following the findings of internal audit activity
in 2024, and further consideration of principal
and emerging risks, the Head of Internal Audit
recommended their views on the internal audit
focus for 2025 to the Audit Committee.
The internal audit plan for 2025 is to focus – as
part of the continued preparations for reporting
on material controls under the revised Code –
on auditing the operational effectiveness of the
material controls in place across the business,
and to report findings, observations, control
weaknesses and remediation actions to the
Committee. This plan to enhance the internal
control framework includes implementing risk
software. This will improve risk management,
through automation and regular reporting
Corporate governance report continued
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on the extent to which material controls are
operating effectively.
Effectiveness of the internal audit process
The work of Internal Audit provides a key
source of additional assurance and support to
both management and the Audit Committee
regarding the effectiveness of internal controls.
Recommendations made by Internal Audit, or
by specialists engaged by them, contribute to
strengthening the internal control environment.
At the end of the year, the Audit Committee
undertook a review of the effectiveness during
2024 of both PwC, as the outsourced Internal
Audit function, and the new in-house function.
The evaluation was led by the Committee
Chair and involved issuing tailored evaluation
questionnaires which were completed
by Rightmove management, EY and the
Committee. The evaluation concluded that the
transition to the new in-house Internal Audit
function had been successful, and that Internal
Audit had a sound appreciation of the key issues
facing the business, was realistic and robust
with audit suggestions and added value to
the business.
Risk management
During the year, the Group formed an Artificial
Intelligence (AI) Committee to focus specifically
on AI risks and commenced the implementation
of a SDLC (Software Development Life Cycle)
that standardises processes used by Product
Development teams to design, develop, test
and deploy software efficiently and effectively,
which will extend into 2025. These were
both assessed by the Audit Committee as it
considered the nature and extent of the Group’s
risk management framework. The Audit
Committee reviewed the work undertaken by
the Risk Committee and the Board to assess the
Group’s principal risks and uncertainties, which
included an assessment of each risk and the
related response, and progress made against
any actions. Further details on the Group’s
approach to risk management are set out
in the risk management section of the
Strategic Report.
Internal controls
The Board has overall responsibility for the
Group’s system of internal controls and has
established a framework of financial and
other controls which is periodically reviewed
for effectiveness in accordance with the FRC
Guidance on Risk Management, Internal Control
and Related Financial and Business Reporting
(which integrates and replaces earlier FRC
guidance and the Turnbull Guidance).
The Board has taken, and will continue to take,
appropriate measures to ensure that the risk
of financial irregularities occurring is reduced
as far as reasonably possible by improving the
quality of information at all levels in the Group.
Any system of internal control is designed to
manage rather than eliminate the risk of failure
to achieve business objectives and can only
provide reasonable, and not absolute, assurance
against material misstatement or loss.
The Group’s management has established the
procedures necessary to ensure that there is
an ongoing process for identifying, evaluating
and managing the principal risks to the Group.
These procedures are reviewed regularly and
have been in place for the whole of the financial
year ended 31 December 2024, and up to the
date of the approval of these financial statements.
The key elements of the system of internal
control are:
• Major operational, strategic, financial and
regulatory compliance risks are formally
identified, quantified and assessed by
senior management, after which they are
considered by the Board
• A comprehensive system of planning,
budgeting and monitoring of Group results.
This includes monthly management reporting
and monitoring of performance against both
budgets and forecasts, with explanations for
all significant variances
• An organisational structure with clearly
defined lines of responsibility and delegation
of authority, and an embedded culture of
openness where business decisions and their
associated risks and benefits are discussed
and challenged
• Clearly defined policies for capital
expenditure and investment exist, including
appropriate authorisation levels, with larger
capital projects, acquisitions and disposals
requiring Board approval
• A Finance ERP system which is being further
enhanced with additional modules for billing,
credit control, payroll and procurement
functionality (will extend into 2025)
• Ongoing management of cash flow
forecasts and cash on deposit and, where
appropriate, monitoring of compliance with
banking agreements
• A Compliance Framework to support the
Group’s FCA-regulated subsidiaries in
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meeting the requirements of the Financial
Conduct Authority (FCA)
• A Data Protection Framework to ensure the
Group is meeting the requirements of the
GDPR and Data Protection Act 2018
• A Cyber Security plan which identifies and
categorises cyber security threats and
controls, which are regularly reviewed by
the Board and Audit Committee
• A Legal & Compliance function which has
responsibility to oversee legal, compliance
and data protection matters
• A Financial Crime Policy outlining the Group’s
approach to the prevention of financial
crime, which includes an Anti-bribery Policy
outlining the Group’s position on preventing
and prohibiting bribery
• A third-party supplier due diligence
framework, to mitigate the risks from the
supply of services from external third parties
• A ‘Speak up’/Whistleblowing Policy to
encourage employees and others who have
serious concerns about any aspect of the
Group’s conduct to come forward and voice
those concerns
• A comprehensive disaster recovery and
business continuity plan based upon:
• co-hosting of the Rightmove.co.uk website
across three separate locations, which is
regularly tested and reviewed
• the ability of the business to maintain
business-critical activities in the event
of an incident
• the capability for employees to work
remotely in the event of a loss of one of our
premises, which is regularly tested through
planned office closures
• regular testing of the security of the IT
systems and platforms, regular backups
of key data and ongoing threat monitoring
to protect against the risk of cyber-attack
and ongoing employee training in Business
Continuity and Information Security
• The implementation of a SDLC (Software
Development Life Cycle) that standardises
processes used by Product Development
teams to design, develop, test and deploy
software efficiently and effectively, which
will extend into 2025
• The formation of an AI (Artificial Intelligence)
Committee to focus on AI-related risks
Corporate governance report continued
Through the procedures outlined above, the
Board, with advice from the Audit Committee,
has considered all significant aspects of internal
control for the year and up to the date of
this Annual Report. No significant failings or
weaknesses were identified during this review.
Anti-Bribery and ‘Speak up’/
Whistleblowing
The Code includes a provision requiring the
Committee to review arrangements by which
employees of the Group may, in complete
confidence, raise concerns about possible
improprieties in relation to financial reporting
or other matters. The Committee’s objective
is to ensure that arrangements are in place
for the proportionate and independent
investigation of such matters and for the
appropriate follow-up action.
Rightmove is committed to the highest
standards of quality, honesty, openness and
accountability. The Group has a whistleblowing
process, which enables employees of the
Group to raise genuine concerns on an entirely
confidential basis, that includes a third-party
‘Speak up’ facility provided by Navex Global.
The Committee receives reports on the
communication of the ‘Speak up’/Whistleblowing
Policy to the business and on the use of the
service which contains information on any
whistleblowing incidents and their outcomes.
The Board believes that it is important for
the Group and its employees to follow clear
and transparent business practices and to
consistently apply high ethical standards in
all business dealings, thereby supporting the
objectives of the Bribery Act 2010. A bribery
policy exists, within the Financial Crime Policy,
to set out what is expected from employees
and other stakeholders acting on the Group’s
behalf, to ensure that they protect both
themselves and the Group’s reputation and
assets. The Committee reviews the Financial
Crime Policy annually to ensure it reflects best
practice, and any updates are communicated to
all employees. Rightmove has a zero-tolerance
approach to bribery and any breach of the
Bribery Act is regarded as serious misconduct,
justifying immediate dismissal.
All corporate gifts and hospitality offered or
received valued at more than £100 are recorded
in the Group’s gifts and hospitality register.
Prior approval is required for any gifts or
hospitality greater than £150, and the register
is examined by the Committee at least annually.
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Nomination Committee report
Andrew Fisher
Chair of the Nomination Committee
Committee responsibilities:
• Reviews the structure, size and composition of the Board and its committees (including
skills, knowledge, experience and diversity) and makes recommendations to the Board
regarding any changes
• Ensures plans are in place for orderly succession to the Board and senior management,
including the development of a diverse pipeline, aligned to the Group’s strategic priorities
• Prepares and maintains a policy on the promotion of diversity, equal opportunity and
inclusion in relation to the Board and senior management
• Oversees an orderly appointment and induction process
• Reviews the directorships and other external appointments held by Board members,
taking account of demands on Directors’ time
• Reports on the process for the annual internal or external Board performance review, and
on the results of those reviews, including objectives to ensure continuous improvement
The full Nomination Committee Terms of Reference can be found at: plc.rightmove.co.uk
Committee membership:
Andrew Fisher (Chair) Amit Tiwari Andrew Findlay
Jacqueline de Rojas Kriti Sharma Lorna Tilbian
Dear Shareholder
I am pleased to present the report of the
Nomination Committee for 2024. The Committee
leads the processes for the identification and
nomination of suitable candidates for Board and
senior leadership appointments and keeps Board
and senior leadership composition under review.
In 2024, the Committee oversaw the search and
selection process for the position of Executive
Director and CFO, following Alison Dolan’s
resignation. That process concluded with the
appointment of Ruaridh Hook on 15 September
2024. Full details of that rigorous and formal
process can be found in this report.
An important part of the Nomination
Committee’s role is to ensure orderly succession,
and in November 2024, the existing skills and
experience of the Rightmove Board were
analysed and discussed by the Committee
to help identify the Board’s future needs.
The Nomination Committee has determined
that all Non-Executive Directors continue to be
independent and to demonstrate commitment
to their roles and has recommended to the
Board that all Directors be put forward for re-
appointment. All Directors will therefore stand
for election or re-election at this year’s AGM.
The Nomination Committee maintains and
promotes a Board Diversity, Equity and
Inclusion Policy, which can be found at
plc.rightmove.co.uk. Full details of Board and
senior leadership diversity can be found in the
UKLR 22.2.30R compliant gender and ethnicity
reporting table in the Corporate governance
report, and further details about diversity,
equity and inclusion initiatives at Rightmove can
be found in the Social section of the ESG report.
Following the publication of the 2024 UK
Corporate Governance Code (Code) in January,
the Terms of Reference of the Nomination
Committee were reviewed in line with best
practice, and can be found at plc.rightmove.co.uk.
An externally facilitated performance review
was carried out this year, in line with the Code
requirements, to ensure that the Board and its
committees continue to operate effectively.Full
details of that review, including the outcomes
and objectives agreed, can be found in this report.
Andrew Fisher
Chair of the Nomination Committee
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The Committee has six members, all of whom are Non-Executive Directors, and a majority are independent. The Nomination Committee
members’ biographical details and their attendance at the meetings held in 2024 are set out in the Board and committees attendance table
in the Corporate governance report.
Nomination Committee activities in 2024
Meeting date On the Committee’s agenda Outcomes For further information
27 February
(Board meeting)
Nomination Committee report for the
Annual Report and Accounts for 2023
The report of the Nomination Committee was approved for inclusion
in the Annual Report and Accounts 2023, during the Board meeting held
on that day.
plc.rightmove.co.uk
6 August
(Inter-meeting decision)
The Committee approved the recommendation to the Board to appoint
Ruaridh Hook as CFO, as an Executive Director and as a member of the
Corporate Social Responsibility Committee, each with effect from
15 September 2024.
Board biographies in the Corporate
governance report
Appointment and induction process in
this report
5 November
Board skills and competencies review Board skills and competencies were assessed using a skills matrix to aid
succession planning.
Details of Board skills can be found in the
Corporate governance report
NED succession planning The skills and competencies review helped to inform discussion on
succession planning for new NEDs.
Further details are in this report
2024 external Board performance
review timeline, update and process for
dissemination of the final report
Alison Gill (Bvalco, external Board evaluation firm) attended this meeting to
update the Board on progress with the external review and the timeline for
the final report.
Further details are in this report
Review and confirmation of the membership
of the Board’s committees
The composition of the Board’s four committees was reviewed and it was
confirmed that their membership remained appropriate, ensuring the right
balance of skills and experience on each committee.
Full details of Board and committee
membership can be found in this report
Committee Terms of Reference review The Committee’s Terms of Reference were reviewed and updated, ensuring
that they were aligned to the new Code.
plc.rightmove.co.uk
2 December
Updates from the Chair on NED and
senior leadership succession planning and
progress on any search/selection processes
The Committee is informed about progress and briefed on any candidates
to ensure that a rigorous and transparent procedure has been followed.
Further details are in this report
Results of the external Board and
committees performance review
Alison Gill (Bvalco) attended to present her final report and recommendations;
the objectives set by the Board ensure continuous improvement.
Further details are in this report
For more information on our ESG strategy, including our Go Greener pillar, please turn to the ESG section of this report.
Nomination Committee composition and activities
Corporate governance report continued
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Rightmove Board Director search, selection and appointment process
Search, selection and appointment process
Assessment and
interviews
Formal, multi-stage
interviews are held,
normally conducted
by the Chair and Chief
People Officer, with
other Board and senior
management personnel
as appropriate.
Consider and
identify
Preparation of role brief
and person specification.
Candidate long lists are
drawn up and candidates
are approached to assess
interest and suitability.
Review
Board skills and
competencies are
reviewed and the
search criteria are
established. External
support is engaged.
Recommendations
and appointment
Feedback is discussed
and recommendations
are made to the Board
by the Nomination
Committee, ensuring
that any conflicts
or significant time
commitments have
been considered and
authorised as necessary.
The appointment is
considered and, if
appropriate, approved
by the Board.
Director search, selection,
and appointment process
The Committee oversees a formal and rigorous
search, selection and appointment process for
Board and senior management appointments,
summarised in the chart opposite. The process
is designed to ensure that the search and
appointment is thorough, inclusive and focuses
on personal attributes, skills and experience
that will complement and augment the existing
knowledge and expertise on the Board.
Any external search agencies used are
scrutinised for their ability to deliver a diverse
range of candidates. In 2024, Odgers Berndtson
was engaged to assist with the search for new
CFO and Executive Director Ruaridh Hook, and
at the end of 2024, Korn Ferry was engaged
to assist with searches for new NEDs. Odgers
Berndtson and Korn Ferry are each a signatory
to the Voluntary Code of Conduct for Executive
Search Firms and other than the provision
of search services, do not have any other
connection to the Company or its Directors.
Corporate governance report continued
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Bespoke induction plan created by Chief People Officer and Company Secretary,
overseen by the Board Chair
One-to-one meetings with Board, GLT and Company Secretary
Induction pack containing information about Rightmove’s history, culture,values, purpose, policies,
procedures, governance framework, investor information and the latest business strategy
Site tours and introductions to colleagues at our three office locations
Open access to Executive Directors, GLT and members of the senior leadership team
Attendance at Rightmove briefings and employee events
Board Connection sessions (see the Governance section of the ESG report)
Induction, training and development
Board induction process
New Board Directors receive a comprehensive induction and orientation to ensure that they have
all the information they need to properly discharge their duties and responsibilities.
Corporate governance report continued
Following the resignation of Alison Dolan in May 2024, the Committee oversaw a search for
a new CFO and Executive Director. Odgers Berndtson was engaged to assist with the search.
Following the Committee’s normal process (as outlined in the diagram above), which was led by
Chair of the Board Andrew Fisher, Ruaridh’s appointment was announced on 7 August 2024, and
he was appointed on 15 September 2024. Ruaridh had been Head of Commercial Finance and
Financial Planning and Analysis at Rightmove since 2020, having joined the Company in 2016.
Ruaridh had a wealth of experience from his time at Rightmove, where he had also held roles in
Group Reporting, Tax, Treasury and Investor Relations. Prior to Rightmove, Ruaridh worked in
Corporate Finance at EY for over five years, qualifying as a chartered accountant.
Search and appointment
process for a new CFO
and Executive Director
Ruaridh Hook
Board diversity, composition and balance
The Committee reviews Board and committees’ composition, including diversity and the balance
of skills, knowledge and experience, whilst considering the longer-term leadership and succession
needs of the Group. Details of Board composition, diversity and balance (including a skills and
expertise matrix) can be found in the Corporate governance report on pages 70-71. The Board has
approved a Board Diversity, Equity and Inclusion Policy; for further details please turn to page 83
and the full policy can be found at plc.rightmove.co.uk. Rightmove is fully committed to diversity,
equity and inclusion and full details of all our initiatives, including diversity and gender and ethnicity
pay gap information, can be found in the Social section of the ESG report. Our diversity, equity and
inclusion initiatives help to ensure that a diverse pipeline of talent is developed at Rightmove. The
Committee is satisfied that, following the externally facilitated Board performance review, the Board
and its committees continue to maintain the appropriate balance of skills, knowledge and experience
required to fulfil their roles effectively.
External appointments
Details of all external appointments held by Directors can be found on pages 74-75. These
appointments are acknowledged to enhance the expertise of our Board and provide them with
opportunities to learn, widen perspectives and further enhance skills. All external appointments
are subject to approval by the Board Chair, prior to being accepted, to ensure that Directors have
sufficient time to properly discharge their duties.
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Training and development
Board members have access to training and
can seek advice from independent professional
advisers and, at the Group’s expense, where
expertise or training is required to enable them
to perform their duties effectively. During the
year, the Board received technical briefings
and business updates from members of the
GLT and senior leadership on key areas such as
strategy, business development, risks (including
cyber security), technology, data protection,
AI and any legal, regulatory, statutory and
governance developments. Training sessions on
competition law were attended by the Executive
Directors and all Board members attended a
cyber security simulation exercise. Executive
Directors are required to complete mandatory
training, including information security and
data protection, which is a requirement for all
Rightmove employees. The Company Secretary
provides information and one-to-one training
sessions on request in relation to the Market
Abuse Regulation and the obligations associated
with being a member of an insider list.
Training needs are also discussed as part
of the annual Board and committees
performance review.
Board and senior management
succession planning
The Committee takes a long-term approach
to Board and senior management succession
planning and continuously assesses Rightmove’s
needs in relation to the skills, knowledge and
expertise available at Board level to meet its
business objectives. The Committee also
regularly considers the pipeline of talent at
Rightmove for future senior leadership roles,
ensuring that individuals are recognised for their
future potential and that their talent is nurtured
and encouraged with appropriate training
programmes, exposure to the Board environment,
mentoring or coaching. Emerging talent below
senior leadership level is also monitored to further
grow the talent pipeline to ensure that Rightmove
has sustainability built into its succession plans.
Members of the senior leadership team joined the
Board strategy days in June, and attended Board
and committee meetings over the course of the
year to give presentations to Board members, or
to participate in Q&A sessions.
Independence and time
commitments
The Board has determined that all Non-Executive
Directors are independent in character and
judgement and have enough capacity to meet
their commitments to Rightmove, including
during periods when greater involvement may
be required of them. Directors have been able
to meet all Rightmove’s requirements during
2024, evidenced by their attendance at and
contributions to Board and committee meetings
and discussions, as set out in the Board meeting
attendance table and Board activities sections
of this report. In September 2024, each Director
was called upon to attend a significant number
of additional meetings and to review documents
during the REA Offer for Rightmove period,
demonstrating their ability to give additional time
to Rightmove when required to do so.
Corporate governance report continued
Board performance review and objectives for 2024
As part of the 2023 internal Board performance review, three objectives were agreed for
FY2024. The Board considers that it continued to focus on emerging trends, opportunities
and threats, including cyber risk and market disruption from competitiors (objective 1), as
evidenced by the Board activities table earlier in this report including the cyber security
simulation. The Board also considers that it has continued to develop relationships with the GLT
this year, with more regular presentations, meetings and business events (objective 2). The Board
also spent time during the year reviewing and discussing senior leadership succession planning
(objective 3) and implemented further key leader training during the year. Further work will
continue on this in 2025, including a Board Connection session dedicated to Key Leaders.
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Process
The Board Chair led the external Board
performance review process, including the
process to select an external provider, with the
assistance of the Company Secretary. In March
2024, proposals were obtained from three
external Board evaluation firms, who were each
interviewed by the Chair and Company Secretary
to find out more about their approach and
process. Bvalco were identified as the firm that
most closely matched Rightmove’s needs and
objectives and, following a briefing to the Board
and discussion, Bvalco were engaged in May
2024. Bvalco does not have any connection with
Rightmove plc or with any individual Directors.
Alison Gill, the Board evaluator assigned to
Rightmove by Bvalco, was given full access to
all Board and committee papers, reports and
minutes.Alison held one-to-one interviews
with Board Directors and with the Company
Secretary. Additional meetings were held
with several Board Directors where further
information was required by Alison. Alison
attended the Board and committee meetings
and Board/employee Connection session
on 5 November, and attended an additional
Nomination Committee meeting on 2 December
to disseminate her final report. Alison also
held a dedicated meeting with the Chair in
November to discuss her final report and its
recommendations with him. A separate meeting
with the Company Secretary was held to discuss
the final report and any governance findings for
the Secretary to take forward.
At the Nomination Committee meeting held
on 2 December, the Nomination Committee
and Executive Directors discussed the report’s
findings and agreed objectives to take forward.
Final report and
recommendations
The final report from Bvalco found that the
Board were a strong team, who were focused,
disciplined and with high levels of energy. There
was evidence of good challenge between Non-
Executive Directors and also between Executive
Directors and Non-Executive Directors. The
Boardroom culture was open and positive, and
all Board members demonstrated a detailed
understanding of Rightmove’s business model,
risks and strategy.
Board committees
The Board committees were found to be
chaired well, inclusive, effective and thorough.
The Nomination Committee could further
leverage the skills and expertise of the new
Chief People Officer, who could support the
Chair, CEO and Company Secretary by bringing
more structure to meetings. There was also a
recommendation to introduce a more granular
Board skills matrix to ensure that the skills and
experiences of Board members complement
each other to fully support the strategy.
Review of the Chair’s
performance
The review concluded that the Chair
continued to perform well.
Annual re-election of Directors
As required by the Code, unless they are stepping down at this year’s AGM, each Director will
offer themselves up for re-election or election. The Committee considered, as part of the
external Board and committees performance review, each Director’s tenure, performance,
continuing contribution and other external commitments to ensure that each member of
the Board continues to effectively and fully discharge their duties as a Director of, and their
responsibilities to, Rightmove plc.
Objective 1
Objective 2
Objective 3
Consider holding dedicated extended sessions on particular
topics, ensuring these are aligned to the strategy
Focus on the key opportunities and threats facing Rightmove
at the Board strategy days
Ensure the Board continues to both challenge and support
management in their recommendations
An internally facilitated review will take place during 2025
The following objectives were agreed as action points for the
Board to take forward in 2025:
Externally facilitated Board and
committees performance review
Corporate governance report continued
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Corporate Social Responsibility Committee report
Committee responsibilities:
• Oversees the development and execution of the Group’s ESG strategy, including
policies, metrics and reporting to ensure continued alignment with its commitments
and with Company culture, purpose, legislation and best practice
• Considers workforce diversity, equity and inclusion, as part of the Social strategy
and commitments
• Reviews gender and ethnicity pay information and reporting
• Reviews the results of employee engagement surveys and agrees actions
• Reviews and approves the ESG report and the Corporate Social Responsibility
Committee report for inclusion in the Annual Report and Accounts
The full Corporate Social Responsibility Committee Terms of Reference can be found at:
plc.rightmove.co.uk
Committee membership:
Andrew Fisher (Chair) Andrew Findlay Amit Tiwari
Jacqueline de Rojas Johan Svanstrom Kriti Sharma
Lorna Tilbian Ruaridh Hook
Dear Shareholder
I am pleased to present the report of the
Corporate Social Responsibility (CSR)
Committee for 2024. People, culture and
communities are important to Rightmove, and
this CSR Committee oversees the strategy,
policies, actions and reporting that lead to
continuous improvement and alignment
with CSR best practice. Under the 2024 UK
Corporate Governance Code (Code), the Board
should assess and monitor organisational
culture and how it has been embedded – this
Committee ensures that policies and practices
at Rightmove are aligned to its purpose, values
and strategy.
The Committee met twice in 2024; in February
to review and approve the ESG report and CSR
Committee report for 2023 and in September
to review progress reports on the execution of
the ESG strategy one year on from its approval
and to receive updates on diversity, equity and
inclusion, including gender and ethnicity pay
gap reports. The Committee also approved
revised Terms of Reference, following the
publication of the updated Code.
Rightmove continues to evolve its
environmental strategy through Go Greener,
one of Rightmove’s key initiatives. Rightmove
has engaged a third-party specialist to
undertake carbon transition planning during
2025, with the aim of producing a realistic
carbon reduction strategy with metrics and
targets to decrease its carbon emissions.
This CSR Committee will continue to guide
Andrew Fisher
Chair of the Corporate Social
Responsibility Committee
Rightmove and its employees as they implement
that plan.
Rightmove has a unique culture and consistently
elevated levels of employee satisfaction, with a
Have Your Say employee survey satisfaction rate
of 82% for 2024.Rightmove was also included
in the Sunday Times’ Best Places to Work
campaign. An important part of Rightmove’s
culture is charitable giving, and this year
charitable giving increased in line with our ESG
strategy to nearly £300,000 (2023: £234,000),
donated to charitable causes through donations,
partnerships and matched funding for employee
and customer partner fund raising activities.
Rightmove employees have also given their
time voluntarily to worthy causes through an
additional two days of leave per year offered by
the Company for this purpose.
As a sign of its ongoing commitment to
CSR matters, Rightmove was awarded the
Institutional Shareholder Services ‘Prime’
rating during the year. For full details of our ESG
strategy and activities, please turn to the ESG
section of this report.
Andrew Fisher
Chair, CSR Committee
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Corporate Social Responsibility Committee composition and meetings in 2024
The CSR Committee has eight members, with a majority of independent Non-Executive Directors. The Committee’s membership is listed above and attendance at
the two meetings held in 2024 can be found on the Board and committees meetings attendance table in the Corporate governance report. Biographical details of the
Committee’s members can also be found in the Corporate governance report.
Corporate Social Responsibility Committee activities
Meeting date On the Committee’s agenda Outcomes For further information
27 February • Report of the Committee for 2023
(Annual Report and Accounts 2023)
• ESG report for 2023 (Annual Report and
Accounts 2023), including
TCFD disclosures.
• ESG ratings agencies progress update
• Updates on SBTi targets
• Reporting and disclosures are published
• ESG strategy continues to align with
best practice
• Ensuring Rightmove’s ESG performance is
in line with its peers
• Maintains focus on long-term carbon
reduction targets
• Annual Report 2023 ESG section
• plc.rightmove.co.uk
27 September • ESG Strategy update including Go Greener
• ESG Dashboard
• ESG ratings agencies update
• Diversity, equity and inclusion (DE&I)
updates including gender and ethnicity
pay gap reporting
• FTSE Women Leaders and Parker
Review submissions
• Updated Terms of Reference for the
CSR Committee
• Execution of ESG strategy, positively
impacting communities
• Scrutiny of ESG performance
and reporting
• The Board is updated on DE&I
performance and Rightmove complies
with statutory requirements
• FTSE Women Leaders and Parker Review
submissions for 2024 were completed
• CSR Committee is prepared for the
new Code
• Annual Report 2023 ESG section
• plc.rightmove.co.uk
• https://ftsewomenleaders.com
• https://Parkerreview.co.uk
Employee engagement survey results
Have Your Say employee engagement survey results were reported to the Board following each six-monthly survey.
CSR Committee performance review
The CSR Committee’s performance was reviewed during 2024 as part of the Board and committees external Board performance review,
full details of which can be found in the Nomination Committee report.
For more information on our ESG strategy, including our Go Greener pillar, please turn to the ESG section of this report.
Key focuses for 2025
In addition to the regular
cycle of business that the
Committee considers during
the year, over the next 12
months it will continue to focus
on ESG matters, receiving
progress updates from the
Chief People Officer and
Head of Reward and Analytics.
Rightmove has engaged an
external agency to commence
work on a carbon reduction
plan, to help it to identify how
it can meet its near-term and
Net Zero targets.
“As a sign of its ongoing commitment to corporate social responsibility,
Rightmove was awarded the ISS Prime rating for ESG during the year.”
Andrew Fisher, Chair of the Corporate Social Responsibility Committee
Corporate governance report continued
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Lorna Tilbian
Chair of the Remuneration Committee
Remuneration Committee (Committee) responsibilities:
• Makes recommendations to the Board on Rightmove’s Remuneration Policy and
framework, and in relation to the remuneration of the Chair, Executive Directors and the
Group Leadership Team
• Makes recommendations on the structure and level of remuneration and benefits below
Board level and ensures that the Board is kept aware of any potential business risks arising
from those arrangements
• Ensures the effective recruitment, retention and fair reward of Directors and employees
in line with the Remuneration Policy
• The remuneration and terms of appointment of the Non-Executive Directors are
determined by the Board as a whole
Committee membership:
Lorna Tilbian (Chair) Jacqueline de Rojas Amit Tiwari
The full Remuneration Committee Terms of Reference can be found at plc.rightmove.co.uk.
Annual Statement by the Chair
of the Remuneration Committee
Dear Shareholder
I am pleased to present the Directors’
Remuneration Report for Rightmove plc
for the year ended 31 December 2024.
This report describes the work of the
Committee during the year and the ways in
which it has applied the Remuneration Policy
(Policy) that was approved by shareholders at
the 2023 Annual General Meeting (AGM). The
‘Remuneration at a glance’ section on page
103 provides an overview of remuneration
at Rightmove in 2024 and the Annual Report
on Remuneration on page 106 sets out in
further detail the work of the Committee and
Rightmove’s remuneration arrangements.
The complete 2023 Remuneration Policy
can be found at plc.rightmove.co.uk.
Business context
Ahead of the 2024 financial year, we set out
our ambition for medium and long-term
revenue and profit growth, and for Rightmove’s
impact on the property market as a technology
leader. Together with the core business, our
strategic growth areas will deliver a higher-
growth, more diversified business, and an
even stronger platform.
Directors’ Remuneration Report
We have made strong progress in terms of
hiring new heads (headcount increased by 14%
year-on-year), helping us increase the pace of
our innovation and broaden our capabilities.
Our strategic growth areas continue to perform
in line with our expectations and we are excited
about the pace of acceleration going into
2025. In light of continued competition in our
marketplace and the rejected offer to acquire
our business in September 2024, we remain
intensely focused on further enhancing our
platform and data-led delivery of significant
value to our consumers, partners, employees
and shareholders.
The Committee has, as usual, considered
Executive remuneration in the light of
outcomes for Rightmove’s stakeholders and
the Group’s financial performance. Rightmove
has delivered another strong performance in
2024, increasing revenue, underlying operating
profit and underlying earnings per share,
whilst cash has continued to be returned to
shareholders through dividends and the share
buyback programme. For full details of our
financial performance, please turn to page 22.
The highlights in stakeholder outcomes are:
• Increasing underlying operating profit by 4%.
• Direct shareholders’ returns of £108.2m
through share buybacks and £74.3m paid in
dividends during 2024.
• The 2024 full year ‘Have Your Say’ employee
engagement survey showed that employee
engagement levels remain strong, with 82%
agreeing that Rightmove is a great place
to work.
Directors’ Remuneration Report
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• An annual Group pay review resulted in
the majority of employees receiving a pay
increase of 2%, effective from 1 January 2025.
• Rightmove’s customers have experienced
increased levels of customer service and
enhanced products and services – for
full details of this and wider stakeholder
considerations, please turn to our Section
172 statement.
Chief Financial Officer transition
Alison Dolan stepped down from the Board
on 15 September 2024 and was succeeded as
Chief Financial Officer by Ruaridh Hook. Alison
did not receive an annual bonus for 2024 and all
of her in-flight share awards lapsed in full.
As this is Ruaridh Hook’s first Chief Financial
Officer role, the Remuneration Committee
determined that his remuneration would be
set at a modest level for a company of our size,
with a view to moving towards a market-aligned
package over time as he develops in the role.
Ruaridh’s remuneration package on appointment
was set in line with the existing Directors’
Remuneration Policy, consisting of a base
salary of £375,000, a maximum annual bonus
opportunity of 175% of salary (applying pro
rata for 2024) and an annual LTIP award of 180%
of salary. This is lower than the remuneration
package for Alison Dolan. The Remuneration
Committee believes this is appropriate, given
this role represents a step up for Ruaridh.
Anticipated glidepath for CFO remuneration
Base salary Salary increase Bonus LTIP
From appointment £375,000 175% 180%
1 January 2026 £410,000 +9.3% 175% 180%
1 January 2027 £450,000 +9.8% 180% 180%
2022 Performance Share Plan (PSP) award
Following her resignation in the year,
Alison Dolan’s PSP awards lapsed in full.
No PSP awards were due to vest to Johan
Svanstrom or Ruaridh Hook with respect
to performance over the three-year period
ending in 2024.
No discretion was exercised in the year in
respect of either the 2024 annual bonus
outcome or the level of PSP vesting.
Investor engagement and approach
for 2025
When consulting on our current Directors’
Remuneration Policy, we committed to engage
with shareholders if we wished to utilise the
additional incentive headroom which was made
available under the Policy. For 2025, we are
proposing to use this headroom for PSP awards
to the CEO. In December 2024, the Committee
consulted with its largest shareholders and
welcomed their feedback and comments on the
proposed approach for the 2025 bonus and for
the PSP awards to be granted in 2025.
Ruaridh’s remuneration will remain unchanged
for 2025. The table below summarises the
expected glidepath of Ruaridh’s remuneration
over his first two years in the role.
2024 annual bonus
The Committee reviewed the final performance
against the bonus plan objectives for 2024,
which resulted in an annual bonus payment of
85.1% of the maximum for Executive Directors
(being the maximum allocated as 40% to cash
and 60% deferred into Rightmove shares).
The bonus reflects a strong performance
in underlying operating profit (60% of the
maximum award), share of traffic measured
by average time spent on property portals
compared to time spent on Rightmove.com
(15% of the maximum award), Commercial
business growth measured by the number of
subscriptions (10% of the maximum award)
and Mortgages revenue (10% of the maximum
award). Under the ESG metric (5% of the
maximum award), 82% of our employees agreed
that Rightmove is a great place to work and
engagement with our green content increased
by 23%, representing strong ESG performance.
2025 annual bonus
The maximum level of annual bonus for 2025 is
proposed to remain at 185% of salary for Johan
Svanstrom in his role as CEO and, as outlined
above, has been set at 175% of salary for
Ruaridh Hook for 2025.
The performance measures and weightings
for the 2025 annual bonus will be broadly
unchanged from the 2024 annual bonus,
with two small changes:
• We will look at diversification of revenue
as a single measure, rather than focusing
specifically on Commercial and Mortgages.
This reflects our continuing ambition to
increase our revenue streams outside
of Estate Agency and New Homes, while
reflecting the importance of all of our
business areas to our aim of diversification.
• We are proposing formally separating our
employee and environmental (Go Greener)
measures. While the weighting on these
measures is small, we believe including these
measures sends an important signal that
these are important priorities to Rightmove
and that we believe these contribute to our
business success.
Directors’ Remuneration Report continued
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The performance measures and weightings for
the 2025 Annual Bonus are summarised below.
Performance measure Weighting
Underlying operating profit 60%
Diversification of revenue
1
20%
Share of traffic 15%
Employee engagement 2.5%
Go Greener 2.5%
1. Revenue from all business areas outside of Core (Estate
Agency and New Homes), including Commercial,
Mortgages, Rental Services, Rental Operators, Data
Services, Third Party and Overseas.
Targets for the 2025 bonus are deemed to be
commercially sensitive at present and, as such,
will be disclosed retrospectively in the 2025
Annual Report.
2025 Performance Share Plan
(PSP) award
For 2025, we will continue to award PSPs based
on relative total shareholder return (50%), EPS
(25%) and revenue (25%), as was the case for
our 2024 awards.
For the PSP awards due to be granted in 2025
(measured over three financial years – 2025,
2026 and 2027), we are proposing increasing
the award level to 200% for the CEO and
maintaining the usual award of 180% of salary
for the CFO.
Employee engagement in 2024
We have engaged with employees in relation to
their pay and benefits at Rightmove, including
how they align with the wider Group pay policy.
Rightmove continues to have a uniquely
collaborative culture, which has been further
strengthened by the Group Leadership Team
in 2024.
In 2025, the Committee will undertake a full
review of the Directors’ Remuneration Policy
ahead of seeking approval for a new Policy at
the 2026 AGM. As a part of this review, we will
be grateful for shareholders’ feedback on our
existing Policy and we will be engaging directly
with our shareholders on our future approach
to reward.
Members of the Committee will be available
at the AGM to answer any questions you have
about how Rightmove’s Remuneration Policy
continues to be applied.
Lorna Tilbian
Chair of the Remuneration Committee
27 February 2025
Directors’ Remuneration Report continued
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Annual bonus measure
Measure
Weighting
(% of max)
Underlying operating profit 60%
Diversification of revenue 20%
Share of traffic 15%
Employee engagement 2.5%
Go Greener 2.5%
LTIP measures
Measure
Weighting
(% of max)
Relative TSR 50%
Earnings per share 25%
Revenue growth 25%
Measure Johan Svanstrom
Chief Executive Officer
Ruaridh Hook
Chief Financial Officer
Salary £636,480 (+2%) £375,000 (no change)
Annual bonus Up to 185% of salary
60% deferred in shares for two years
Up to 175% of salary
60% deferred in shares for two years
LTIP 200% of salary
3-year vesting period plus
2-year holding period
180% of salary
3-year vesting period plus
2-year holding period
Summary of remuneration for the year ended 31 December 2025
Directors’ Remuneration Report continued
1. Ruaridh Hook was appointed as an Executive Director on 15 September 2024. The remuneration shown is for his role
as an Executive Director from this date.
0 500 1,000 1,500
Ruaridh Hook –
Chief Financial Officer
Johan Svanstrom –
Chief Executive Officer
£929 £1,592£663
£118 £164 £282
Fixed pay
Bonus
Total remuneration for 2024
Amounts shown in £'000
Remuneration in the year ended 31 December 2024
(1)
Annual bonus achievement – 85.1% of maximum
Measure
Weighting
(% of max)
Resulting bonus
% achieved
Underlying operating profit 60% 45.1%
Share of traffic 15% 15.0%
Mortgages revenue 10% 10.0%
Commercial subscribers 10% 10.0%
Combined E&S 5% 5.0%
Total 85.1%
No PSP awards were due to vest to Johan Svanstrom or Ruaridh Hook with respect to performance
over the three-year period ending in 2024.
Remuneration at a glance
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In formulating the Remuneration Policy approved
by shareholders in 2023 (‘the 2023 Policy’), the
Committee considered the following principles
recommended in the Code:
• Clarity – the Policy is designed to allow our
remuneration arrangements to be structured
in a way that clearly supports the financial
objectives and the strategic priorities of the
Group. The Committee remains committed
to reporting on Rightmove’s remuneration
practices in atransparent, balanced and
straightforwardway.
• Simplicity – the Policy consists of three main
elements: fixed pay (salary, benefits and
pension), an annual bonus award and a long-
term incentive award. The annual bonus award
is based on a combination of our financial and
operational KPIs. The vesting of LTIP awards is
based on revenue and EPS growth and relative
TSRperformance.
• Risk – the Policy is in line with Rightmove’s risk
appetite. The Committee has the discretion
to reduce variable pay outcomes where these
are not considered to represent overall Group
performance or the shareholder experience.
• Over half (60%) of bonus awards are deferred
into shares, and vested shares under the
LTIP must be retained for a further two
years, ensuring that Executive Directors are
motivated to deliver longer-term sustainable
performance.
• Predictability – the Committee considers the
impact of various performance outcomes
on incentive levels when determining overall
executive pay levels.
• Proportionality – a substantial portion of
the package comprises performance-based
reward, linked to the delivery of strong Group
performance and the achievement of key
strategic objectives. The Committee will use
its discretion where required to ensure that
performance outcomes are appropriate.
• Alignment to culture – in determining executive
remuneration policies and practices, the
Committee considers the overall remuneration
framework for our wider workforce as part of
its review, including employee engagement and
satisfaction levels, succession plans including
diversity, to ensure executive remuneration is
aligned to Rightmove’s culture.
Directors’ Remuneration Report continued
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Remuneration Policy and 2025 implementation
2023 Policy Implementation in 2025
Base salaries
Executive Directors’ salary increases will not normally exceed those of the wider workforce.
Increases beyond wider workforce salary increases (in percentage of salary terms)
will only typically be made where there is a change of incumbent, in responsibility,
experience or a significant increase in the scale of the role and/or size, value and/or
scope of the Group.
The Chief Executive will receive a 2% pay rise from 1 January 2025, in line with the
majority of the wider workforce.
The Chief Financial Officer’s remuneration was set on his appointment in September
2024 and so he was not eligible to receive a salary increase with effect from 1 January 2025.
Pension
The approach to pension for Executive Directors is aligned to that of the wider
workforce and will therefore reflect any changes made to that group.
A cash alternative to a pension contribution may be introduced where this is more
tax efficient for the individual.
7% of salary pension contribution subject to the employee contributing a minimum of
4% of salary.
Annual bonus
Maximum headroom of 200% of salary, with 40% cash and 60% deferred into Company
shares for two years.
Maximum opportunity of 185% of salary for the CEO and 175% of salary for the CFO.
Deferral in line with the Policy.
Performance measures based on underlying operating profit (60%); diversification
of revenue (20%); share of traffic (15%); employee engagement (2.5%); and Go
Greener (2.5%).
Performance Share Plan
Maximum headroom of 200% of salary. Two-year post-vesting holding period. Award level of 200% of salary for the CEO and 180% of salary for the CFO.
Performance measures based on EPS (25%); relative TSR (50%) and revenue growth (25%).
Malus and clawback
Malus and clawback provisions apply to annual bonus, DSBP and PSP awards. Further
detail is provided in the Policy.
N/A
Shareholding guidelines
200% of base salary. Guideline applies to all Executive Directors.
Post cessation shareholding
requirements
A two-year post-employment holding period applied to share awards granted from 2020,
with 100% of the shareholding requirement (or actual holding, if lower) retained for the
first year, and 50% for the second year.
N/A
Directors’ Remuneration Report continued
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Remuneration Report
(unaudited) introduction
The Directors’ Remuneration Policy was
approved by shareholders at the 2023 AGM.
The Annual Report, as set out below, has been
prepared in accordance with the Companies Act
2006; the Large and Medium-sized Companies
and Groups (Accounts and Reports) 2008
(as amended); The Companies (Miscellaneous
Reporting) Regulations 2018; and the 2018 UK
Corporate Governance Code (the Code).
The parts of the report which have been audited
have been highlighted.
Key principles
The Remuneration Committee’s key principles
are that Executive remuneration should:
• attract and retain Executive Directors of the
quality required to run the Group successfully
and be regarded as fair by both employees
and shareholders;
• be simple to explain, understand
and administer;
• be aligned to Company purpose and values
and take into account the remuneration
policies and practices of the wider employee
population;
• align the interests of the Executive Directors
with the interests of shareholders and reflect
the dynamic, performance-driven culture of
the Group;
• support the strategy and promote long-term
sustainable success and reward individuals
for the overall success of the business,
measuring and incentivising Executive
Directors against key short and long-term
goals; and
• prevent Executive Directors from benefitting
from short-term successes, which may not be
consistent with growing the overall value of
the business, through the deferral of 60% of
annual bonuses for a further two years after the
performance targets have been achieved, the
five-year time horizon (three-year performance
period and two-year holding period) under the
PSP, and the post-employment shareholding
requirements.
Annual Report on Remuneration
Please turn to page 100 for details of the
Committee’s purpose, and Terms of Reference.
Membership
The following independent Non-Executive
Directors were members of the Committee
during 2024:
• Lorna Tilbian (Chair of the Committee)
• Jacqueline de Rojas
• Amit Tiwari
The Committee met five times during 2024
and attendance at meetings is shown in the
Corporate governance report. The Committee
meets as necessary, but normally at least five
times a year. The quorum for meetings of the
Committee is two members and the Company
Secretary acts as Secretary to the Committee.
Only members of the Committee have the right
to attend Committee meetings. The Committee
Chair has invited the Chair of the Board to
attend meetings except during discussions
relating to his own remuneration. The Executive
Directors are also invited to meetings
when the Committee is considering their
recommendations on the remuneration of the
Group Leadership Team. No Executive Director
is involved in deciding their own remuneration.
External advisers
Deloitte LLP (Deloitte) is the Committee’s
remuneration adviser. Deloitte is a founding
member of the Remuneration Consultants
Group and adheres to its code in relation to
executive remuneration consulting.
In 2024, the Company paid fees of £32,800 to
Deloitte in respect of work and advice which was
of material assistance to the Committee. The
Committee keeps its relationship with external
advisers under review and is satisfied that there
are no conflicts of interest. Aside from other
remuneration-related support provided in their
role as advisers, that was not considered to be
of material assistance to the Committee (e.g.
provision of accounting fair values for Rightmove
share awards), Deloitte did not provide any other
services to the Company during the year.
What has the Committee done
during the year?
The Committee’s work in 2024 included:
Pay and incentive plan reviews
• annual review and approval of Executive
Directors’ base salaries and benefits;
• annual review of Group pay;
• review of 2024 business performance against
relevant performance targets to determine
annual bonus payments and vesting of long-
term incentives;
• review and approval of appropriate benchmarks
and performance measures for the annual
performance-related bonus, DSBP awards
and 2025 PSP awards to ensure measures
are aligned with strategy and that targets are
achievable and appropriately stretching;
• approval of share awards, granted in March
2024 under the DSBP and the PSP;
• ongoing monitoring of remuneration for our
Executive Directors and other senior leaders;
• recommend the remuneration package for the
new Chief Financial Officer, Ruaridh Hook;
• approval of our leadership arrangements
relating to share awards for members of
the Group Leadership team and other key
individuals (RSP); and
• Investor consultation.
Governance and strategy
• review of the 2024 AGM voting and feedback
from institutional investors;
• review and approval of the Directors’
Remuneration Report;
• evaluation of the Committee’s performance
during the year; and
• review of the Committee’s Terms of Reference.
Directors’ Remuneration Report continued
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Annual Report on Remuneration
Directors’ remuneration
This section of the report sets out how the 2023 Policy was applied in 2024, along with changes in Directors’ share interests during 2024. Information that is audited is clearly indicated.
Directors’ Single Figure Remuneration Tables (audited)
The remuneration of the Directors of the Company during 2024 for time served as a Director is as follows:
Fixed pay Performance-related pay
Other
(6)
£’000
Total remuneration
in 2024
£’000
Salary/fee
£’000
Benefits
(1)
£’000
Pension
2
£’000
Fixed pay
subtotal
£’000
Annual bonus
(3)
£’000
Long-term
incentives
(4)
£’000
Variable pay
subtotal
£’000
Executive Directors
Johan Svanstrom 624 2 37 663 929 – 929 – 1,592
Ruaridh Hook
(6)
110 1 7 118 164 – 164 – 282
Alison Dolan
(7)
331 1 19 351 – – – 18 369
Non-Executive Directors
(8)
Andrew Fisher 286 – – 286 – – – – 286
Jacqueline de Rojas 83 – – 83 – – – – 83
Kriti Sharma 68 – – 68 – – – – 68
Andrew Findlay 85 – – 85 – – – – 85
Lorna Tilbian 85 – – 85 – – – – 85
Amit Tiwari 68 – – 68 – – – – 68
1. Benefits in kind for the Executive Directors relate to private medical insurance and the medical cash plan.
2. Johan Svanstrom, Ruaridh Hook and Alison Dolan participated in the Rightmove pension scheme on the same terms as all employees.
3. The annual bonus amount relates to the accrued payment in respect of the full-year results for the year ended 31 December 2024 including the deferred element (60% of the annual bonus is deferred in shares with a two-year vesting period).
4. No PSPs vested to Johan Svanstrom, Ruaridh Hook or Alison Dolan for qualifying services with respect to a performance period ending in 2024. As such, no element of remuneration in the table above is attributable to share price appreciation.
5. The ‘other’ value for Alison Dolan refers to the value of SAYE shares exercised by her in 2024.
6. Ruaridh Hook was appointed as an Executive Director on 15 September 2024. The remuneration shown is for his role as an Executive Director from this date.
7. Alison Dolan stood down as an Executive Director on 15 September 2024 and remained an employee until 30 September 2024 to support a smooth handover. The remuneration shown is for her role as an Executive Director to 15 September 2024.
8. The basic fee for all Non-Executive Directors (excluding the Chair) in 2024 was £67,600, Committee Chairs (excluding Nomination Committee) received an additional fee of £17,500, and the Senior Independent Director received an additional fee
of £15,000. The Chair’s fee was £286,000.
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The remuneration of the Directors of the Company during 2023 (audited) was:
Fixed pay Performance-related pay
Total remuneration in
2023
£’000
Salary/fee
£’000
Benefits
(1)
£’000
Pension
(2)
£’000
Fixed pay subtotal
£’000
Annual bonus
(3)
£’000
Long-term incentives
(4)
£’000
Variable pay subtotal
£’000
Executive Directors
Johan Svanstrom
(5)
518 1 24 543 717 – 717 1,260
Peter Brooks-Johnson
(6)
101 1 – 102 – 355 355 457
Alison Dolan 450 1 27 478 624 346 970 1,448
Non-Executive Directors
(7)
Andrew Fisher 275 – – 275 – – – 275
Jacqueline de Rojas 78 – – 78 – – – 78
Rakhi Goss-Custard
(8)
23 – – 23 – – – 23
Kriti Sharma
(9)
28 – – 28 – – – 28
Andrew Findlay 81 – – 81 – – – 81
Lorna Tilbian 81 – – 81 – – – 81
Amit Tiwari 65 – – 65 – – – 65
1. Benefits in kind for the Executive Directors relate to private medical insurance and the medical cash plan.
2. Johan Svanstrom and Alison Dolan participated in the Rightmove pension scheme on the same terms as all employees.
3. The annual bonus amount relates to the accrued payment in respect of the full-year results for the year ended 31 December 2023 including the deferred element (60% of the annual bonus is deferred in shares with a two-year vesting period).
4. The value of the long-term incentives has been restated for vested awards and includes:
- nil cost PSPs where vesting is calculated by taking the number of nil cost options which vested on 3 March 2024 (including dividend roll-up), which are subject to the three-year performance period, ending on 31 December 2023, multiplied by the
vesting date closing share price of £5.662.
- No amount of the PSP value disclosed in the single figure table is attributable to share price appreciation.
5. Johan Svanstrom was appointed as an Executive Director on 20 February 2023.
6. Pay for the period to 6 March 2023.
7. The basic fee for all Non-Executive Directors (excluding the Chair) in 2023 was £65,000, Committee Chairs (excluding Nomination Committee) received an additional fee of £15,605, and the Senior Independent Director received an additional fee
of £12,600. The Chair’s fee was £275,000.
8. Fee for the period to 5 May 2023.
9. Fee for the period from 25 July 2023.
Directors’ Remuneration Report continued
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Defined contribution pension
During 2024, the Group operated a stakeholder
pension plan for employees under which
Rightmove contributed 7% of base salary,
subject to the employee contributing a minimum
of 4% of base salary. Johan Svanstrom, Ruaridh
Hook and Alison Dolan were members of the
Group pension plan on the same basis as all
employees. The Company does not contribute
to any personal pension arrangements.
External appointments
With the approval of the Board in each case,
Executive Directors may accept one external
appointment as a Non-Executive Director of
another listed or similar company and retain
any fees received.
Alison Dolan was a Non-Executive Director
of Pearson plc, a multinational publishing and
education company, and received a director’s
fee of £64,792 for the period from 1 January
to 15 September 2024 (2023: £47,083 for the
period from 1 June to 31 December 2023).
Neither Johan Svanstrom nor Ruaridh Hook
undertook an external appointment during 2024.
How was pay linked to performance
in 2024?
Annual bonus plan
The maximum annual bonus opportunity for
the financial year ended 31 December 2024
was 185% of salary for the CEO and 175% of
salary for the CFO. 40% of any annual bonus is
payable in cash, and 60% is deferred in shares
for two years.
The bonus, both cash and DSBP elements,
was determined by a mixture of operating profit
performance (60% plus the outperformance
element for the CEO) and key performance
indicators (40%) relating to underlying drivers
of long-term revenue growth.
When comparing performance against the 2024
bonus targets set, the Committee determined
that 85.1% of the maximum achievable
cash and DSBP bonus should be paid to the
Executive Directors in March 2025 but that the
outperformance element for the CEO had not
been achieved. Accordingly, a cash bonus of
59.6% of base salary (out of a normal maximum
of 70%) will be paid to the Executives and 89.4%
of base salary (out of a maximum of 105%) will
be granted to the Executive Directors under the
DSBP, which will be deferred until March 2027.
Details of the achievement of bonus targets are provided in the following table:
Measure Target
Weighting
(% of max) Actual performance achieved
Resulting
bonus %
achieved
Financial targets
Underlying
operating
profit
(1)
Threshold (10% of max): £250.0m
Maximum: £286.1m
60% Underlying operating
profit achieved: £273.9m
45.1%
Strategic targets
Share of
traffic
(2)
Threshold (10% of max): 75%
Maximum: 80%
15% Share of traffic achieved:
81.8%
15.0%
Mortgages
revenue
Threshold (0% of max): £2.5m
Maximum: £3.0m
10% Mortgages revenue
achieved: £4.7m
10.0%
Commercial
subscribers
Threshold (0% of max): 875
Maximum: 940
10% Commercial subscribers
achieved: 949
10.0%
Combined
E&S
At least 80% of employees say
Rightmove is a great place to work
Engagement growth with green
content of at least 15%
5% 82% of employees say
Rightmove is a great place
to work
(3)
Growth in engagement
with green content
achieved: 23%
5.0%
Total 100% 85.1%
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related
National Insurance) and transaction-related charges.
2. Time spent on Rightmove platforms, relative to our nearest competitors (OnTheMarket, Zoopla.co.uk and
PrimeLocation.com). Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total
Audience, Custom-defined list of Rightmove Sites, RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM,
ONTHEMARKET.COM
3. Based on the results of the annual employee engagement survey.
Directors’ Remuneration Report continued
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Long-term incentives vesting during the year
Following her resignation in the year, Alison Dolan’s PSP awards lapsed in full.
No PSP awards were due to vest to Johan Svanstrom or Ruaridh Hook with respect to performance
over the three-year period ending in 2024.
Share awards granted during the year (audited)
On 12 March 2024, Johan Svanstrom was awarded shares under the PSP, which vest in March 2027
and are exercisable from March 2029. Alison Dolan was also granted a PSP award on this date, which
has subsequently lapsed. The awards are subject to a mixture of EPS (25% of the awards), revenue
growth (25% of the awards) and TSR relative to the FTSE 350 Index (50% of the awards).
Executive Director Basis of grant Number of shares Face value of awards
(1)
Johan Svanstrom 180% of salary 191,983 £1,095,199
Alison Dolan 180% of salary 143,987 £821,398
1. Based on the average mid-market share price for the three consecutive days prior to grant, taken from the Daily
Official List, of £5.704667.
The vesting schedule for the relative TSR element of Executive Directors’ 2024 PSP awards is set out
below. It is consistent with the TSR condition used for previous grants under the share option plan and
will be assessed against the FTSE 350 Index. Performance will be measured over three financial years.
TSR performance vs Index % of award vesting (maximum 50%)
Less than the Index 0%
Equal to the Index 12.5%
25% higher than the Index 50%
Intermediate performance Straight-line vesting
Rightmove’s EPS growth will be measured over a period of three financial years (2024-2026). The
EPS figure used will be equivalent to the Group’s underlying EPS.
The following vesting schedule will apply for Executive Directors’ awards granted in 2024:
Underlying EPS
(2)
growth from 2024 to 2026 % of award vesting (maximum 25%)
Less than 32% 0%
32% 6.25%
41% 25%
Between 32% and 41% Straight-line vesting
2. Underlying earnings per share is defined as underlying profit (profit for the year before share-based payments charges,
including the related National Insurance and appropriate tax adjustments), divided by the weighted average number of
ordinary shares in issue for the period.
The benchmark underlying EPS for the financial year 2023 from which these targets will be measured
is 25.2p.
The vesting schedule for Rightmove’s revenue growth is set out below.
Underlying revenue growth
(3)
from 2024 to 2026 % of award vesting (maximum 25%)
Equal to or less than £110.9m 0%
£116.7m 25%
Between £110.9m and £116.7m Straight-line vesting
3. An additional amount is available for overachievement of the £116.7m up to £122.5m. If performance is £122.5m or
above, then an additional amount of 2.857% of the original award applies. For example, for participants with an award
level of 175% of salary, this equates to 5% of salary. For performance between £116.7m and £122.5m, straight-line
pro-rating of the additional amount applies. In any event, the overall maximum payout would not exceed 180%
of salary.
Directors’ Remuneration Report continued
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Dilution (audited)
All existing Executive share-based incentives can be satisfied from shares held in the Rightmove Employee Share Trust (EBT) and shares held in treasury. It is intended that the 2025 share-based incentive
awards will also be settled from shares currently held in the EBT or from shares held in treasury without any requirement to issue further shares.
During 2024, treasury shares were used to satisfy DSBP and PSP exercises of 540,702 shares, representing 0.07% of the issued share capital (less treasury shares) as at 31 December 2024.
Directors’ interests in shares (audited)
The beneficial and family interests of each person who served as a Director during 2024 in the share capital of the Company were as follows:
Interests in ordinary shares of 0.1p Interests in share-based incentives
SAYE awards
(vested but
unexercised)
Share Incentive Plan
(unvested, not subject
to performance)At 31 December 2024
(1)
At 1 January 2024
(2)
PSP awards
(unvested, subject to
performance)
DSBP and
RSP
3
awards
(unvested, not subject
to performance)
PSP, DSBP and RSP
(3)
awards (vested but
unexercised)
SAYE awards
(unvested, not subject
to performance)
Executive Directors
Johan Svanstrom 10,000 10,000 378,153 75,661 – 4,140 – 1,045
Ruaridh Hook 1,355 1,347 – 43,840 – 4,027 – 4,220
Alison Dolan 33,085 2,180 – – 82,805 – – –
Non-Executive Directors
Andrew Fisher 20,000 20,000 – – – – – –
Jacqueline de Rojas 1,880 1,880 – – – – – –
Kriti Sharma – – – – – – – –
Andrew Findlay – – – – – – – –
Lorna Tilbian – – – – – – – –
Amit Tiwari – – – – – – – –
1. Alison Dolan’s interest in shares is shown as 15 September 2024 being the date that she stepped down from the Board.
2. Ruaridh Hook’s interest in shares is shown as at 15 September 2024 being the date of his appointment to the Board. On 1 November 2024, he automatically acquired 8 shares under the Dividend Reinvestment Plan on shares acquired
under the SAYE.
3. Ruaridh Hook holds awards under Rightmove’s Deferred Share Bonus Plan (DSBP), Restricted Share Plan (RSP), SAYE and SIP which relate to his employment prior to being appointed to the role of Chief Financial Officer.
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• The Company’s shares in issue (including
11,168,495 shares held in treasury) as at
31 December 2024 were 794,676,864 ordinary
shares of 0.1p each (2023: 813,449,619
ordinary shares of 0.1p each).
• The closing share price of the Company was
£6.418 as at 31 December 2024. The lowest
and highest share prices during the year were
£5.048 and £7.08 respectively.
• The Executive Directors are regarded as being
interested, for the purposes of the Act, in
1,833,148 ordinary shares of 0.1p each
(2023: 1,029,919 ordinary shares of 0.1p
each) in the Company held by the EBT at
31 December 2024 as they are, together with
other employees, potential beneficiaries of
the EBT.
• The Directors’ beneficial holdings represented
0.004% of the Company’s shares in issue
as at 31 December 2024 (2023: 0.26%),
excluding shares held in treasury.
• There have been no changes to the share
interests of continuing Directors between
the year-end and the date of this report.
Share ownership guidelines (audited)
Executive Director share ownership guidelines are set out in the Remuneration Policy on the Company’s website. The interests of the Executive
Directors in office at 31 December 2024 in the share capital of the Company as a percentage of base salary were as follows:
Base salary at
1 January 2025
Number of shares
beneficially held at
31 December 2024
Number of vested
but unexercised
share awards
Number of unvested
awards not subject
to performance
Value of shares at
31 December 2024
(1)
Value of shares
as a % of base salary
Guideline met
(3)
(200% of salary)
Johan Svanstrom £636,480 10,000 – 80,846 £349,558 55% No
Ruaridh Hook £375,000 1,355 – 52,087 £192,558 51% No
Alison Dolan
(2)
£468,000 33,108 82,805 – £504,781 108% No
1. Based on the closing share price on 31 December 2024: £6.418 per share; multiplied by the number of beneficially owned shares plus vested share awards and shares under awards
no longer subject to performance on a net of tax basis.
2. Alison Dolan’s share ownership and salary are shown as 15 September 2024 being the date that she stepped down from the Board.
3. Executive Directors are required to retain at least half of any share awards vesting or exercised (after selling sufficient shares to meet the exercise price and to pay any tax liabilities
due) until they have met the shareholding guideline.
Payments to past Directors and payments for loss of office
There were no payments to past Directors for loss of office during 2024. Alison Dolan, our former Chief Financial Officer who stepped down from the
Board on 15 September 2024 and left the Company on 30 September 2024, did not receive an annual bonus for 2024 and all of her in-flight share awards
lapsed in full. Alison’s vested but unexercised PSP awards remain subject to a two-year holding period and will continue to accrue dividend shares.
Details of outstanding share awards for Peter Brooks-Johnson, our former Chief Executive Officer who stepped down from the Board on 6 March 2023
(and left the Company on 9 May 2023), can be found on page 108 of the 2023 Annual Report and Accounts.
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Total shareholder return (TSR)
The graph on the right compares the TSR of Rightmove’s shares against the FTSE 100 Index for the ten-year period from 1 January 2015 to
31 December 2024. TSR is the product of movements in the share price plus dividends reinvested on the ex-dividend date. It illustrates the value
of £100 invested in Rightmove’s shares and in the FTSE 100 Index over that period.
The FTSE 100 Index (excluding investment trusts) has been selected as a comparator due to the Company being a constituent.
Total remuneration for the Chief Executive Officer
The table below shows the total remuneration figure for the Chief Executive Officer over a ten-year performance period. The total remuneration figure
includes the annual bonus and long-term incentive awards that vested based on performance in those years.
Year Executive
Total single figure
(3)
£’000
Annual bonus outturn
% of maximum
Long-term incentive outturn
% of maximum
2024 Johan Svanstrom 1,592 85% N/A
2023 Johan Svanstrom
(1)
Peter Brooks-Johnson
(1)
1,260
452
79%
79%
N/A
50%
2022 Peter Brooks-Johnson 1,400 71% 26%
2021 Peter Brooks-Johnson 1,674 84% 25%
2020 Peter Brooks-Johnson 961 18.5% 25%
2019 Peter Brooks-Johnson 2,156 65% 85%
2018 Peter Brooks-Johnson 1,490 78% 67%
2017 Peter Brooks-Johnson
(2)
Nick McKittrick
(2)
505
1,223
60%
n/a
100%
100%
2016 Nick McKittrick 2,127 92% 100%
2015 Nick McKittrick 2,300 10% 100%
1. Peter Brooks-Johnson was Chief Executive Officer from 9 May 2017 and stepped down from the Board on 6 March 2023 and received his salary and benefits to the end of his notice
period on 9 May 2023. Johan Svanstrom was appointed as an Executive Director on 20 February 2023 and as Chief Executive Officer on 6 March 2023.
2. Nick McKittrick was Chief Executive Officer and a Director until 9 May 2017 and retired from Rightmove on 30 June 2017. Peter Brooks-Johnson was appointed Chief Executive
Officer on 9 May 2017.
3. The total remuneration figure provided is as disclosed in the relevant year’s DRR.
This graph shows the value, by
31 December 2024, of £100 invested
in Rightmove on 31 December 2014,
compared with the value of £100 invested
in the FTSE 100 Index on a daily basis.
0
100
200
300
400
500
2018
2019
2020
2021
2022
2023
2024
2016
2017
FTSE 100
Rightmove
2014
2015
TSR graph – ten years
Directors’ Remuneration Report continued
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Percentage change in the remuneration of Directors compared with employees
The table below sets out the percentage change in the remuneration of all the Directors of the Company compared with the average of all employees between 2023 and 2024, based on the figures shown
in the single figure tables above.
% increase/(decrease) in remuneration of the Directors compared with the average of all employees
Between 2023 and 2024 Between 2022 and 2023 Between 2021 and 2022 Between 2020 and 2021
Salary or fees Benefits Bonus Salary or fees Benefits Bonus Salary or fees
(7)
Benefits Bonus Salary or fees
(7)
Benefits Bonus
Johan Svanstrom
(1)
20.6% 56.4% 29.6% 100% 100% 100% – – – – – –
Ruaridh Hook
(2)
– – – – – – – – – – – –
Alison Dolan
(3)
(26.5%) (27.6%) (100%) 10.9% 10.1% 23.4% 3.0% 100% (12.7%) 217.4% 1,112% 1,319.5%
Andrew Fisher 4.0% – – 32.2% – – 3.0% – – 8.0% – –
Jacqueline de Rojas 6.4% – – 14.9% – – 3.0% – – 16.9% – –
Andrew Findlay 5.6% – – 10.7% – – 3.0% – – 8.0% – –
Lorna Tilbian 5.6% – – 10.7% – – 3.0% – – 8.0% – –
Amit Tiwari 4.0% – – 13.6% – – 3.0% – – 8.0% – –
Kriti Sharma
(4)
138.3% – – 100% – – – – – – – –
Employees 4.7% 24.6% 21.9% 22.8% 3.9% 0.3% 2.4% 1.9% 34.4% 6.2% 7.8% (4.3%)
1. Johan Svanstrom was appointed to the Board on 6 March 2023.
2. Ruaridh Hook was appointed to the Board on 15 September 2024.
3. Alison Dolan stepped down from the Board on 15 September 2024 and received her salary and benefits to the end of her notice period on 30 September 2024.
4. Kriti Sharma joined the Board on 25 July 2023 and has no prior year earnings from Rightmove.
5. All Directors volunteered a 20% reduction in their salaries and fees for the four months from April to July 2020.
Directors’ Remuneration Report continued
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Pay ratio information in relation to the total remuneration of the Chief Executive Officer
The table below shows the total remuneration of our Chief Executive Officer compared to the equivalent remuneration for our employees, who are all based in the UK.
We have calculated the full-time equivalent remuneration for all Group employees (as at 31 December 2024) using the Government’s preferred Option A and identified the total remuneration figure at the
25
th
, 50
th
and 75
th
percentile. We then compared each percentile figure against our CEO’s single figure for total remuneration to determine the pay ratios set out below.
The Company believes the median pay ratio is consistent with the pay, reward and progression policies for the Company’s UK employees taken as a whole. The pay ratio at median has decreased slightly
compared with 2024, reflecting an increase in the median of wider workforce remuneration. The primary reason behind this increase is the business continuing to build among leadership roles and in Product
Development roles.
Year Method CEO’s total remuneration
(1)
All employees
(2)
25
th
percentile Median 75
th
percentile
25
th
percentile
pay ratio Median pay ratio
75
th
percentile
pay ratio
2024 Option A 1,592 37 66 90 44 : 1 24 : 1 18 : 1
2023 Option A 1,670 33 59 85 51 : 1 28 : 1 20 : 1
2022 Option A 1,400 31 56 81 46 : 1 24 : 1 17 : 1
2021 Option A 1,674 27 49 72 63 : 1 34 : 1 23 : 1
2020 Option A 961 30 51 73 32 : 1 19 : 1 13 : 1
1. The CEO’s total remuneration comprises salary, benefits, bonus and the value of long-term incentives, including PSP awards. The total remuneration figure provided is as disclosed in the relevant year’s DRR.
2. For 2024, the salary component of total pay and benefits was £31,417 at the 25
th
percentile, £52,250 at median, and £78,624 at the 75
th
percentile.
Relative importance of the spend on pay
The table below shows the total pay for all Rightmove’s employees compared to other key financial indicators. Additional information has been provided for context.
Year ended
31 December 2024
Year ended
31 December 2023 % change
Employee costs (refer Note 6) £64.4m £54.5m 18%
Dividends paid to shareholders (refer Note 11) £74.3m £71.7m 4%
Purchase of own shares (refer Note 21) 107,441,000 130,000,131 -17%
Income tax (refer Note 9) £65.7m £60.6m 8%
Average number of employees (refer Note 6) 861 727 18%
Revenue £389.9m £364.3m 7%
Operating profit £256.3m £258.0m (1%)
The average number of employees includes Executive Directors and Group employees.
Directors’ Remuneration Report continued
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The performance measures and weightings for the 2025 financial year are as follows:
Performance measure Weighting
Underlying operating profit
(1)
60%
Diversification of revenue
(2)
20%
Share of traffic
(3)
15%
Employee engagement
(4)
2.5%
Go Greener
(5)
2.5%
1. Underlying operating profit is defined as operating profit before share-based payments charges (including the related
National Insurance) and transaction-related charges.
2. Revenue from all business areas outside of Core (Estate Agency and New Homes), including Commercial, Mortgages,
Rental Services, Rental Operators, Data Services, Third Party and Overseas.
3. Time spent on Rightmove platforms, relative to our nearest competitors (Zoopla.co.uk and PrimeLocation.com).
Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list
of Rightmove Sites, RIGHTMOVE.CO.UK, ZOOPLA.CO.UK, PRIMELOCATION.COM, ONTHEMARKET.COM.
4. Employee engagement is measured by the percentage of employees saying that Rightmove is a great place to work.
5. Our Go Greener measure is engagement with our Greener Homes hub.
The specific financial targets for the 2025 financial year are commercially sensitive. However,
retrospective disclosure of the actual targets and performance against them will be provided
as usual in the 2025 Remuneration Report, to the extent that they do not remain commercially
sensitive at that time.
Long-term incentives
Awards to Executive Directors under the PSP in 2025 will be consistent with the 2023 Remuneration
Policy, which increased the maximum opportunity to 200% to provide suitable flexibility in an
increasingly competitive environment. As outlined in the Remuneration Committee Chair’s letter,
an investor consultation has been undertaken and awards for 2025 will have a maximum bonus
opportunity of 200% of base salary for the CEO and 180% for the CFO.
The PSP awards granted in 2025 will continue to be based on TSR, EPS and revenue.
Application of Policy for the year ending 31 December 2025
Salaries
The Executive Directors’ salaries for the 2024 and 2025 financial years are set out in the table below.
Johan Svanstrom’s base salary increased by 2%, in line with the majority of the wider workforce.
Salary from
1 January 2024
(1)
Salary from
1 January 2025 Change
Johan Svanstrom £624,000 £636,480 +2%
Ruaridh Hook £375,000 £375,000 –
1. The salary shown for Ruaridh Hook is that from 15 September 2024 when he was appointed as Chief Financial Officer.
Pension and other benefits
The Group operates a stakeholder pension plan for all employees (including Executive Directors under
the same terms) under which Rightmove contributes 7% of base salary, subject to the employee
contributing a minimum of 4% of base salary. The Executive Directors participated in the pension plan
during the year. The Company did not contribute to any personal pension arrangements.
The Executive Directors are enrolled on the same terms as all employees in the Group’s private
medical insurance scheme, the medical cash plan and receive life assurance cover equal to four
times base salary.
Annual bonus
The maximum annual bonus award will be 185% of salary for the CEO and 175% of salary for the
CFO. 60% of any bonus payable to the Executive Directors will be deferred in shares.
The performance measures for 2025 represent a balance of financial and strategic performance.
The Committee will continue to use underlying operating profit as the primary measure for 2025.
Our strategic measures include diversification of revenue (reflecting the importance of all of our
business areas to our aims of diversification), share of traffic, employee engagement and our Go
Greener ambitions.
Directors’ Remuneration Report continued
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The performance measures, weightings and effective maximums applied to award levels for the
2025 financial year are as follows:
Performance measure Weighting
TSR 50%
EPS 25%
Revenue 25%
The awards will continue to be subject to a two-year holding period. The 2025 targets are as follows:
Relative TSR performance condition
The vesting schedule for the relative TSR element of Executive Directors’ 2025 PSP awards is set
out below. Relative TSR will be assessed against the FTSE 350 Index excluding investment trusts,
reflecting the Company’s size in terms of market capitalisation. Performance will be measured over
three financial years.
TSR performance of the Company relative
to the FTSE 350 Index on a ranked basis % of award vesting (maximum 50%)
Below median 0%
Median 12.5%
Upper quartile or above 50%
Intermediate performance Straight-line vesting
EPS performance condition
The Group’s EPS growth will be measured over the period of three financial years. The EPS figure
used will be equivalent to the Group’s underlying EPS. With a view to ensuring appropriately
stretching but achievable targets are set in light of market expectations for the Group, the following
range of targets will apply to the 2025 awards:
Underlying EPS
(1)
for the year-ended
31 December 2027 % of award vesting (maximum 25%)
Below 30.5p 0%
30.5p 6.25%
40.0p or above 25%
Between 30.5p and 40.0p Straight-line vesting
1. Underlying basic earnings per share is defined as underlying profit (profit for the year before share-based payments
charges, including the related National Insurance, transaction-related charges and appropriate tax adjustments),
divided by the weighted average number of ordinary shares in issue for the period.
The targets for the 2025 PSP awards are demanding in light of the current trading environment, the
Group’s starting position, internal financial planning, and external market expectations for future
growth. The Committee is satisfied that the range of targets remain appropriately demanding, and
no less challenging than the range of targets set for prior year awards.
Revenue growth
For 2025, revenue growth will be used as a key measure of the effectiveness of our management in
implementing the new strategic growth agenda over the next three years.
Revenue for the year-ended 31 December 2027 % of award vesting (maximum 25%)
Below £475m 0%
£475m 0%
£550m or above 25%
Between £475m and £550m Straight-line vesting
Directors’ Remuneration Report continued
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Chair and Non-Executive Directors’ fees
The Board reviewed Non-Executive Directors’ fees for 2025. Our Chair and Non-Executive Director
fees have historically been modest and, in light of the continuously increasing scope and level of
responsibility of Directors of FTSE companies over recent years, we do not believe our current fee
levels are appropriate for the calibre of Director our company requires.
In particular, the Chair’s fee has fallen significantly below any reasonable benchmark, and the
Remuneration Committee felt strongly that this is no longer appropriate, taking into account the
strong leadership shown by our Chair over a number of years.
The Remuneration Committee agreed that the Chair’s fee would be increased by 24% to £355,000,
between the lower quartile and median of FTSE 50-100 Chair fees.
The Board has agreed that fees for the Non-Executive Directors should increase, with the base fee
increasing to £75,000, the fee for acting as Senior Independent Director increasing to £18,000 and
the fees for chairing the Audit or Remuneration Committee increasing to £20,000. These fee levels
align more closely with median fees in the FTSE 50-100.
None of the Directors were involved in making decisions around their own remuneration.
The annual fees for the Chair and Non-Executive Directors are shown in the table below.
Role
2024 fees
£
2025 fees
£
Chair £286,000 £355,000
Non-Executive Director (base fee) £67,600 £75,000
Committee Chair
(1)
£17,500 £20,000
Senior Independent Director £15,000 £18,000
1. No additional fee is paid for chairing the Nomination Committee as this role is undertaken by the Chair.
Details of the fees paid to Directors in 2024 can be found earlier in this report.
Shareholder voting on the Remuneration Policy and Annual Report
At the AGM on 10 May 2024, shareholders again voted overwhelmingly in favour of the Directors’
Remuneration Report, demonstrating a strong level of shareholder support for Rightmove’s
management and their remuneration.
The table below shows full details of the voting outcomes for the Directors’ Remuneration Report at
the 2024 AGM and the Remuneration Policy at the 2023 AGM.
Votes for
%
Votes for Votes against % Votes against Votes withheld
(1)
Directors’
Remuneration
Report
600,304,655 96.63 20,940,911 3.37 181,707
Remuneration Policy
(2023)
548,568,121 91.73 49,465,976 8.27 102,165
1. A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast ‘For’ and
‘Against’ a resolution.
In line with the Company’s commitment to ongoing dialogue with its shareholders, the
Committee has corresponded with major shareholders to invite their feedback on the 2025
remuneration proposals.
Lorna Tilbian
Chair, Remuneration Committee
27 February 2025
Directors’ Remuneration Report continued
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The Directors submit their report together
with the audited financial statements for
the Company (number: 06426485) and its
subsidiary companies (the Group) for the year
ended 31 December 2024.
The Directors’ report includes these pages, the
sections of the Annual Report referred to in the
Corporate governance statement and other
information below, which are incorporated into
the Directors’ report by reference. The Board
has included certain disclosures in the Strategic
Report in accordance with section 414C(11) of
the Companies Act 2006 (the Act).
Corporate governance
statement
The Disclosure Guidance and Transparency Rules
(DTR) require certain information to be included
in a corporate governance statement in the
Directors’ report. Information that fulfils these
requirements can be found in the Corporate
governance report and is incorporated into the
Directors’ report by reference.
Strategic Report
The Strategic Report can be found on pages
2-66. The Act requires this Annual Report to
present a fair, balanced and understandable
view of Rightmove’s business during the year
ended 31 December 2024 and of the position
of the Group at the end of the financial period,
together with a description of the principal
risks and uncertainties facing the business. For
the purposes of compliance with DTR 4.1 the
required content of the management report
can be found in the Strategic Report and this
Directors’ report, including the sections of the
Annual Report incorporated by reference.
Directors’ duties
A statement of how the Directors have had
regard to the need to foster the Company’s
business relationships with suppliers, customers
and others, and the effect of that regard, including
on principal decisions taken by the Company, can
be found in our Section 172 statement.
Directors
The Directors of the Company as at the date
of this report are Andrew Fisher, Ruaridh Hook,
Jacqueline de Rojas, Andrew Findlay, Kriti Sharma,
Johan Svanstrom, Lorna Tilbian and Amit
Tiwari. Biographies of each Director can be
found in the Corporate governance report.
Share capital and shareholder
voting rights
The shares in issue, including 11,168,495 shares
of 0.1p held in treasury (2023: 11,709,197 shares)
at the year-end amounted to 794,676,864
shares of 0.1p (2023: 813,449,619 shares), with
a nominal value of £794,677 (2023: £813,449).
The rights and obligations attached to each 0.1p
ordinary share are as set out in the Company’s
Articles of Association. The holders of each
ordinary share in the Company are entitled to
receive dividends as declared from time to time
and are entitled to one vote per share at general
meetings of the Company. Other than the usual
regulations applicable for UK listed companies,
there are no restrictions on the transfer of the
Company’s shares.
Results and dividends
The Group reported operating profit before tax
for the year of £256.3m (2023: £258.0m). The
Directors are recommending a final dividend
for the year of 6.1 pence per share (2023: 5.7p)
amounting to £46.9m (2023: £45.3m).
The interim dividend for 2024 was 3.7p per share
(2023: 3.6p) bringing the total dividend for the
year to 9.8p per share (2023: 9.3p). Subject to
shareholder approval at the AGM on 9 May 2025,
the final dividend will be paid on 23 May 2025 to
shareholders on the register of members at the
close of business on 25 April 2025.
Share buyback
The Company’s share buyback programme
continued during 2024 and of the 10% authority
granted by shareholders at the 2024 AGM, a total
of 18,772,755 shares (2023: 23,951,466 shares)
were purchased in the year to 31 December
2024, being 2.4% (2023: 2.9%) of the shares in
issue (excluding shares held in treasury) at the
time the authority was granted. The average
price paid per share was £5.72 (2023: £5.43 per
share) with a total consideration paid (excluding
all costs) of £107,441,000 (2023: £130,000,000).
Since January 2008, 524,377,216 shares have
been purchased in total; 11,168,495 shares were
held in treasury as at 31 December 2024, the
remainder of which were cancelled. A resolution
seeking to renew this authority will be put to
shareholders at the AGM on 9 May 2025.
Shares held in trust
As at 31 December 2024, 1,833,148 shares
(2023: 1,029,919 shares) were held by the
Rightmove Employees’ Share Trust (EBT) for
the benefit of Group employees. These shares
had a nominal value at 31 December 2024 of
£1,833 (2023: £1,030) and a market value of
£11,765,143 (2023: £5,928,214). The shares held
by the EBT may be used to satisfy share-based
incentives for the Group’s employee share plans.
During 2024, 136,284 shares (2023: 346,044
shares) were transferred to Group employees
following the exercise of share options under
the Sharesave plan.
Additionally, 88,502 shares (2023: 127,240
shares) were purchased by the EBT for transfer
to the Rightmove Share Incentive Plan Trust
(SIP). The terms of the EBT provide that
dividends payable on the shares held by the
EBT are waived.
As at 31 December 2024, 1,320,429 shares
(2023: 1,167,227 shares) were held by the SIP
for the benefit of Group employees. These
shares had a nominal value at 31 December
2024 of £1,320 (2023: £1,167 ) and a market
value of £8,475,000 (2023: £6,718,000 ). The
shares held by the SIP are awarded as free
shares to eligible employees each year and are
held in trust for a period of three years before
an employee is entitled to take ownership of
the shares. During the year, 144,388 shares
(2023: 116,940 shares) were transferred to
Directors’ report
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Group employees under the SIP rules. Additionally,
209,088 shares (2023: 226,335 ) were purchased
by the SIP to partly satisfy the all-employee
Free Share Award in December 2024.
Research and development
The Group undertakes research and
development activity in order to develop
new products and to continually improve the
existing property platforms. Further details are
disclosed in Note 2 to the financial statements.
Political and charitable
donations
During the year the Group did not make donations
to any political party or other political organisation
and did not incur any political expenditure within
the meanings of sections 362 to 379 of the Act
(2023: £nil). Details of the Group’s charitable
donations are set out in the ESG report.
Annual General Meeting
The AGM of the Company will be held at the
offices of UBS, 5 Broadgate, London EC2M 2QS
on 9 May 2025 at 10am. The Notice of AGM will
be published in March 2025.
The resolutions being proposed at the 2025
AGM include the renewal for a further year of
the limited authority of the Directors to allot
unissued share capital of the Company and
to issue shares for cash other than to existing
shareholders (in line with the Pre-Emption
Group’s Statement of Principles). A resolution
will also be proposed to renew the Directors’
authority to purchase a proportion of the
Company’s own shares. The Company will
again seek shareholder approval to hold general
meetings (other than AGMs) at 14 days’ notice.
Resolutions will be proposed to renew these
authorities, which would otherwise expire at
the 2025 AGM.
Auditor
A resolution to re-appoint Ernst & Young LLP
(EY) as the auditor of the Group will be proposed
in the Notice of AGM (2025). In accordance with
section 489 of the Act, separate resolutions
for the appointment of EY and for the Audit
Committee to determine the auditor’s
remuneration will be proposed.
Audit information
So far as the Directors in office at the date of
this report are aware, there is no relevant audit
information of which the auditor is unaware and
each Director has taken all reasonable steps to
make themselves aware of any relevant audit
information and to establish that the auditor is
aware of that information.
Shareholder Nature of holding
Total voting
rights
% of total
voting rights
1
Kayne Anderson Rudnick
Investment Management, LLC
Direct
American Depository Receipts
40,312,566
37,798,163
5.15%
4.82%
Standard Life Aberdeen
(2)
Indirect
45,307,190 5.78%
Generation Investment
Management LLP
(2)
Indirect
45,181,680 5.77%
Axa Investment Managers SA
(2)
Indirect
44,413,780 5.67%
Contracts for difference 376,620 0.05%
BlackRock Inc Indirect
40,620,755 5.18%
American Depository Receipts
100,522 0.01%
Stock Lending
2,817,773 0.36%
Marathon Asset Management LLP
(2)
Indirect
42,877,709 5.47%
Lindsell Train Limited Indirect
39,949,500 5.10%
Baillie Gifford & Co Indirect
39,681,861 5.06%
1. The above percentages are based upon the voting rights share capital (being the shares in issue less shares held in
treasury) of 783,508,369 as at 27 February 2025.
2. Date of notification preceded the 2024 financial year.
Substantial shareholdings
As at the date of this report, the above beneficial
interests in 3% or more of the Company’s issued
ordinary share capital (excluding shares held in
treasury) held on behalf of the organisations
shown in the table above had been notified to the
Company pursuant to DTR 5.1. The information
provided above was correct as at the date of
notification; where indicated this was not in
the 2024 financial year. It should be noted that
these holdings are likely to have changed since
they were notified to the Company. However,
notification of any change is not required until
the next applicable threshold is crossed.
Articles of Association
Any amendment to the Articles may be made
in accordance with the provisions of applicable
English law concerning companies, specifically
the Act (as amended from time to time), by way
of special resolution at a general meeting of
the shareholders.
Directors’ report continued
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Indemnification of Directors
The Articles of Association of the Company allow
for a qualifying third-party indemnity provision
for the purposes of s234 of the Act between
the Company and its past and present Directors
and officers, which remains in force at the date
of this report. The Group has also arranged
Directors’ and officers’ insurance cover in respect
of legal action against the Directors. Neither our
indemnity nor the insurance provides cover in
the event that a Director is proven to have acted
dishonestly or fraudulently. The Company has a
Share Dealing Code setting out the process and
timing for dealing in shares, which is compliant
with the Market Abuse Regulation. The Share
Dealing Code applies to all Directors, who are
persons discharging managerial responsibility,
and other insiders.
Compensation for loss of office
There are no additional agreements between
the Company and its Directors or employees
providing for compensation for loss of office or
employment that occurs because of a takeover
bid, except that provisions of the Company’s
share plans may allow options and awards granted
to Directors and employees to vest on a takeover.
Transactions with related parties
During the year under review neither the
Company nor its subsidiaries entered into any
material transactions with any related parties,
other than those disclosed in Note 26 to the
financial statements.
The Directors’ report was approved by the
Board on 27 February 2025.
Signed on behalf of the Board
Johan Svanstrom
Chief Executive Officer
27 February 2025
Post-balance sheet events
There have been no balance sheet events since the end of the 2024 financial year.
Branches
Neither the Company nor its subsidiaries have branches outside the UK.
Other information
Information Location in Annual Report
Financial instruments and financial risk
management
Notes 3 and 24, Financial Statements
Appointment, removal and power of Directors Corporate governance report
Future developments of the Group’s business Strategic Report
(1)
Employee engagement Strategic Report:
ESG report
(1)
Employee share schemes Strategic Report:
ESG report
(1)
and Directors’ Remuneration report
Health and Safety and employee-related policies
including diversity and disability
Strategic Report:
ESG report
(1)
Movements in share capital Note 21, Financial Statements
Share-based incentives Note 23, Financial Statements
Long-term incentive plans Directors’ Remuneration Report
Energy and greenhouse gas report Strategic Report:
ESG report
(1)
Fair, balanced and understandable Audit Committee report and Directors’ statement
of responsibilities
Directors’ indemnities Corporate governance report
1. The Board has taken advantage of section 414C(11) of the Act to include disclosures in the Strategic Report on the
items indicated above.
Directors’ report continued
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The Directors are responsible for preparing
the Annual Report and the Group and parent
Company financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to
prepare Group and parent Company financial
statements for each financial year. Under that
law they are required to prepare the Group
financial statements in accordance with UK-
adopted international accounting standards
and applicable law and have elected to prepare
the parent Company financial statements
in accordance with UK GAAP Financial
Reporting Standard 101, ‘Reduced Disclosure
Framework’ (FRS 101). In addition, the Group
financial statements are required under the UK
Disclosure Guidance and Transparency Rules
to be prepared in accordance with UK adopted
International Financial Reporting Standards.
Under company law the Directors must not
approve the financial statements unless they
are satisfied that they give a true and fair view
of the state of affairs of the Group and parent
Company and of the Group’s profit or loss for
that period. In preparing each of the Group
and parent Company financial statements,
the Directors are required to:
• present information, including accounting
policies, in a manner that provides relevant,
reliable, comparable and understandable
information;
• provide additional disclosures when
compliance with the specific requirements
of the UK-adopted international accounting
standards is sufficient to enable users
to understand the impact of particular
transactions, other events and conditions on
the Group and Company financial position
and financial performance;
• select suitable accounting policies and then
apply them consistently;
• make judgements and estimates that are
reasonable, relevant and reliable;
• state whether they have been prepared in
accordance with UK-adopted international
accounting standards;
• assess the Group and parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters related
to going concern; and
• use the going concern basis of accounting
unless they either intend to liquidate the
Group or the parent
• The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the parent
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the parent Company and enable
them to ensure that its financial statements
comply with the Companies Act 2006. They
are responsible for such internal controls
as they determine are necessary to enable
the preparation of financial statements
that are free from material misstatement,
whether due to fraud or error, and have
general responsibility for taking such steps
as are reasonably open to them to safeguard
the assets of the Group and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing
a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and Corporate
Governance Statement that complies with that
law and those regulations. The Directors are
responsible for the maintenance and integrity
of the corporate and financial information
included on the Company’s website. Legislation
in the UK governing the preparation and
dissemination of financial statements may
differ from legislation in other jurisdictions.
Responsibility statement of
the Directors in respect of the
annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in
accordance with the UK adopted international
accounting standards, give a true and fair
view of the assets, liabilities, financial position
and profit or loss of the Company and the
undertakings included in the consolidation
taken as a whole; and
• the Strategic Report/Directors’ report
includes a fair review of the development and
performance of the business and the position
of the issuer and the undertakings included in
the consolidation taken as a whole, together
with a description of the principal risks and
uncertainties that they face.
We consider the Annual Report and Accounts,
taken as a whole, is fair, balanced and
understandable and provides the information
necessary for shareholders to assess the
Group’s position and performance, business
model and strategy.
Signed on behalf of the Board:
Johan Svanstrom
Chief Executive Officer
27 February 2025
Statement of Directors’ responsibilities in respect of the
Annual Report and the financial statements
Directors’ responsibilities statement
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Auditor’s report
Opinion
In our opinion:
• Rightmove plc’s Group financial statements and parent company financial statements (the
“financial statements”) give a true and fair view of the state of the Group’s and of the parent
company’s affairs as at 31 December 2024 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK adopted
international accounting standards;
• the parent company financial statements have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Rightmove plc (the ‘parent company’) and its
subsidiaries (the ‘Group’) for the year ended 31 December 2024 which comprise:
Group Parent company
Consolidated statement of financial position as
at 31 December 2024
Statement of financial position as at
31 December 2024
Consolidated statement of comprehensive
income for the year then ended
Statement of changes in shareholders’ equity for
the year then ended
Consolidated statement of changes in
shareholders’ equity for the year then ended
Related notes 1 to 11 to the financial statements
including material accounting policy information
Consolidated statement of cash flows for the
year then ended
Related notes 1 to 28 to the financial statements,
including material accounting policy information
The financial reporting framework that has been applied in the preparation of the Group financial
statements is applicable law and UK adopted international accounting standards. The financial
reporting framework that has been applied in the preparation of the parent company financial
statements is applicable law and United Kingdom Accounting Standards, including FRS 101
“Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities
under those standards are further described
in the Auditor’s responsibilities for the audit of
the financial statements section of our report.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our opinion.
Independence
We are independent of the Group and parent
in accordance with the ethical requirements
that are relevant to our audit of the financial
statements in the UK, including the FRC’s
Ethical Standard as applied to listed public
interest entities, and we have fulfilled our
other ethical responsibilities in accordance
with these requirements.
The non-audit services prohibited by the FRC’s
Ethical Standard were not provided to the
Group or the parent company and we remain
independent of the Group and the parent
company in conducting the audit.
Conclusions relating to going
concern
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation
of the financial statements is appropriate.
Our evaluation of the directors’ assessment
of the Group and parent company’s ability to
continue to adopt the going concern basis of
accounting included:
• Performing a risk assessment in relation to
going concern during the planning phase of
our audit, which we have updated at interim
and again during the year end phase;
• Understanding the process undertaken by
management to perform the going concern
assessment, including any impacts of the
macroeconomic environment;
• Obtaining management’s going concern
assessment, including the cash flow
forecasts based on board approved budgets
for the going concern period to 30 June 2026;
• Challenging the appropriateness of the
duration of the going concern assessment
period to 30 June 2026 and considering
the existence of any significant events
or conditions beyond this period based on
our knowledge arising from other areas of
the audit;
Independent auditor’s report to the members of Rightmove plc
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• Checking the arithmetical and logical
accuracy of management’s model;
• Assessing for consistency of the forecasts
with other areas of the audit including
impairment assessment;
• Agreeing the opening cash position in the
model to the audited 2024 closing position;
• Assessing the historical forecasting accuracy
of the Group by comparing actual revenue
and profit before tax to forecast for the
previous 3 years;
• Challenging the reasonableness of key
assumptions in relation to revenue
performance in management’s base
case, including testing key assumptions
in the forecasts by reference to historical
trends, price changes and changes in
customer numbers;
• Comparing current trading performance to
management’s going concern forecast by
obtaining the latest available management
accounts to identify corroboratory or
contradictory evidence in relation to going
concern forecasts;
• Challenging the impact of Rightmove’s climate
commitments on the cash flow forecasts;
• Recalculating the results of the sensitivity
testing performed by management to
determine the impact of reasonably possible
fluctuations in key assumptions on the
Group’s available liquidity and challenging the
severity of management’s scenarios in the
context of the revenue decline experienced
during COVID-19;
• Reperforming management’s reverse
stress testing to challenge whether the
likelihood of the level of change in revenue
necessary to cause a liquidity breach could
be considered remote;
• Considering the further mitigating actions
available to the Group, such as reducing
marketing and headcount costs and
challenging the feasibility of management
being able to execute such mitigating actions
when considering the likelihood of the
reverse stress testing scenario; and
• Reviewing the appropriateness of
management’s going concern disclosure in
describing its ability to continue to operate as
a going concern from the date of approval of
the financial statements to 30 June 2026.
We observed that in management’s base case
and in the downside sensitivities that there is
liquidity headroom without taking the benefit
of any identified controllable mitigations.
Furthermore, management’s reverse stress
test scenario, which models the extent of
revenue reduction compared to forecasts
required to exhaust available liquidity during the
going concern assessment period, is considered
by the Directors to be remote.
Based on the work we have performed, we
have not identified any material uncertainties
relating to events or conditions that, individually
or collectively, may cast significant doubt on the
Group and parent company’s ability to continue
as a going concern for a period to 30 June 2026.
In relation to the Group and parent company’s
reporting on how they have applied the UK
Corporate Governance Code, we have nothing
material to add or draw attention to in relation
to the directors’ statement in the financial
statements about whether the directors
considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities
of the directors with respect to going concern
are described in the relevant sections of this
report. However, because not all future events
or conditions can be predicted, this statement
is not a guarantee as to the Group’s ability to
continue as a going concern.
Overview of our audit approach
Audit scope We performed an audit
of the complete financial
information of three
components and audit
procedures on specific
balances for a further
three components.
Key audit
matters
Revenue recognition
Materiality Overall Group materiality of
£13.4m which represents 5%
of adjusted profit before tax.
An overview of the scope of the
parent company and group audits
Tailoring the scope
In the current year our audit scoping has been
updated to reflect the new requirements of ISA
(UK) 600 (Revised). We have followed a risk-based
approach when developing our audit approach to
obtain sufficient appropriate audit evidence on
which to base our audit opinion. We performed
risk assessment procedures to identify and
assess risks of material misstatement of the
Group financial statements and identified
significant accounts and disclosures. When
identifying components at which audit work
needed to be performed to respond to the
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identified risks of material misstatement of the
Group financial statements, we considered our
understanding of the Group and its business
environment, the potential impact of climate
change, the applicable financial framework, and
the Group’s system of internal control at the
entity level.
We then identified three components as
individually relevant to the Group either due to
a significant risk or an area of higher assessed
risk of material misstatement of the Group
financial statements being associated with the
components, or due to materiality or financial
size of the component relative to the Group.
For those individually relevant components,
we identified the significant accounts where
audit work needed to be performed at
these components by applying professional
judgement, having considered the reasons for
identifying the financial reporting component as
an individually relevant component and the size
of the component’s account balance relative
to the Group significant financial statement
account balance.
We then considered whether the remaining
group significant account balances not yet
subject to audit procedures, in aggregate, could
give rise to a risk of material misstatement of
the Group financial statements. We selected
three components of the Group to include in
our audit scope to address these risks.
Having identified the components for which
work will be performed, we determined the
scope to assign to each component.
Of the six components selected, we designed
and performed audit procedures on the entire
financial information of three components
(“full scope components”). For three
components, we designed and performed audit
procedures on specific significant financial
statement account balances or disclosures
of the financial information of the component
(“specific scope components”).
Our scoping to address the risk of material
misstatement for each key audit matter is
set out in the Key audit matters section of
our report.
Involvement with component teams
All audit work performed for the purposes of
the audit was undertaken by the Group audit
team.
Climate change
Stakeholders are increasingly interested in
how climate change will impact Rightmove
plc. The Group has determined that the most
significant future impacts from climate change
on their operations will be from transitional risks
(customers requiring additional resources to
complete due diligence, and the impact of new
boiler regulations on property stock availability)
and physical risks (such as data centre
disruption owing to extreme weather). These are
explained on pages 37-42 in the required Task
Force On Climate Related Financial Disclosures.
They have also explained their climate
commitments on pages 43-44. All of these
disclosures form part of the “Other information,”
rather than the audited financial statements.
Our procedures on these unaudited disclosures
therefore consisted solely of considering
whether they are materially inconsistent with the
financial statements or our knowledge obtained
in the course of the audit or otherwise appear
to be materially misstated, in line with our
responsibilities on “Other information”.
In planning and performing our audit we
assessed the potential impacts of climate
change on the Group’s business and any
consequential material impact on its financial
statements.
The Group has explained in Note 1 General
information how they have reflected the impact
of climate change in their financial statements
including how this aligns with their commitment
to the aspirations of the Paris Agreement to
achieve net zero emissions by 2050. There are
no significant judgements or estimates relating
to climate change in the notes to the financial
statements, as explained in Note 1.
Our audit effort in considering the impact of
climate change on the financial statements
was focused on evaluating management’s
assessment of the impact of climate risk,
physical and transition, and their climate
commitments. We have focused on the
adequacy of management’s disclosures in
the financial statements and their conclusion
that there are no significant judgements or
estimates in relation to climate change that
would impact the financial statements of
Rightmove plc. As part of this evaluation,
we performed our own risk assessment to
determine the risks of material misstatement
in the financial statements from climate change
which needed to be considered in our audit.
We also challenged the Directors’ considerations
of climate change risks in their assessment
of going concern and viability and associated
disclosures. Where considerations of climate
change were relevant to our assessment of
going concern, these are described above.
Based on our work we have not identified
the impact of climate change on the financial
statements to be a key audit matter or to
impact a key audit matter.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide
a separate opinion on these matters.
Risk Our response to the risk
Revenue recognition (£389.9m, 2023: £364.3m)
Refer to the Audit Committee Report (page 85);
Accounting policy (page 136); and Note 4 of the
Consolidated Financial Statements (page 142)
The Group reported revenues of £389.9m for the
year ended 31 December 2024. The key revenue
streams, being Agency and New Homes, consist of
subscription fees and customer spend on additional
advertising products in respect of properties listed
on Rightmove platforms.
There is a risk that revenue is recognised incorrectly,
as a result of fraud/error particularly where topside
adjustment entries are posted. Management reward
and incentive schemes based on achieving profit
targets may also place pressure on management to
manipulate revenue recognition.
Walkthroughs and controls
• We performed walkthroughs of each significant class of revenue transactions and assessed the design effectiveness of key financial reporting controls,
however, we did not test the operating effectiveness of these controls.
• We performed procedures to obtain an understanding of the IT environment and processes relevant to financial reporting, including billing and revenue
recognition.
Revenue recognition
• We adopted a data analysis approach in relation to revenue and receivables. Our procedures involved analysing full populations of data for all significant
revenue streams and included correlation analysis between invoiced revenue, receivables and cash journals, as well as analysis of credit notes. Where the
postings did not follow our expectation, we investigated and assessed their validity by agreeing a sample of transactions back to source documentation.
• To support our data analytics procedures, we tested a sample of the data inputs against 3rd party evidence, such as the contract with the customer, to
challenge whether revenue recognition is in line with IFRS 15.
• In respect of revenue deferred at the balance sheet date, we tested a sample of transactions to determine whether the amount of revenue recognised in the
year and the amount deferred at the balance sheet date were accurate.
• We have performed cut-off testing for a sample of revenue items and credit notes booked either side of the year end date to determine whether revenue
was recognised in the period in which the performance obligation was fulfilled.
Management override
• We performed specific procedures to address the risk of management override, including testing to identify unusual, new or significant transactions or
contractual terms and targeted testing over topside journal entries via consolidation adjustments to revenue.
Key observations communicated to the Audit Committee
Based on our procedures performed, we concluded that revenue recognised in the year, and revenue deferred as at 31 December 2024, is appropriate.
How we scoped our audit to respond to the risk
We performed full scope audit procedures over this risk in one component, Rightmove Group Limited, which covered 99% of the risk amount.
All audit work performed to address this risk was undertaken by the Group audit team.
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Our application of materiality
We apply the concept of materiality in planning
and performing the audit, in evaluating the
effect of identified misstatements on the audit
and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement
that, individually or in the aggregate, could
reasonably be expected to influence the
economic decisions of the users of the financial
statements. Materiality provides a basis for
determining the nature and extent of our
audit procedures.
We determined materiality for the Group to be
£13.4 million (2023: £13.0 million), which is 5%
(2023: 5%) of adjusted profit before tax (2023:
profit before tax). We believe that the use of
adjusted profit before tax in the current year
provides us with a more consistent year-on-
year basis for determining materiality and is
the most relevant performance measure to
the stakeholders of the entity. Detailed audit
procedures are performed on material non-
recurring items.
We determined materiality for the Parent
Company to be £10.7 million (2023: £10.6 million),
which is 2% (2023: 2%) of net assets.
During the course of our audit, we reassessed
initial materiality and as a result of one-off
transactions in the second half of the year we
have calculated materiality on an adjusted profit
before tax basis.
Performance materiality
The application of materiality at the individual
account or balance level. It is set at an amount
to reduce to an appropriately low level the
probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together
with our assessment of the Group’s overall
control environment, our judgement was that
performance materiality was 75% (2023: 75%)
of our planning materiality, namely £10.0m
(2023: £9.7m). We have set performance
materiality at this percentage due to our
assessment of the control environment and
lower likelihood of misstatements.
Audit work was undertaken for the components
for the purpose of responding to the assessed
risks of material misstatement of the Group
financial statements. The performance
materiality set for each component is based on
the relative scale and risk of the component to
the Group as a whole and our assessment of
the risk of misstatement at that component.
In the current year, the range of performance
materiality allocated to components was £9.9m
to £2.0m (2023: £9.6m to £1.9m).
Reporting threshold
An amount below which identified misstatements
are considered as being clearly trivial.
We agreed with the Audit Committee that we
would report to them all uncorrected audit
differences in excess of £0.7m (2023: £0.6m),
which is set at 5% of planning materiality,
as well as differences below that threshold
that, in our view, warranted reporting on
qualitative grounds.
We evaluate any uncorrected misstatements
against both the quantitative measures of
materiality discussed above and in light of other
relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the
information included in the annual report set out
on pages 1-122, including the Strategic Report
and Governance report other than the financial
statements and our auditor’s report thereon.
The directors are responsible for the other
information contained within the annual report.
Our opinion on the financial statements does
not cover the other information and, except
to the extent otherwise explicitly stated in
this report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other
information and, in doing so, consider whether
the other information is materially inconsistent
with the financial statements or our knowledge
obtained in the course of the audit or otherwise
appears to be materially misstated. If we
identify such material inconsistencies or
apparent material misstatements, we are
required to determine whether this gives rise
to a material misstatement in the financial
statements themselves. If, based on the
work we have performed, we conclude that
there is a material misstatement of the other
information, we are required to report that fact.
We have nothing to report in this regard.
Auditor’s report continued
Starting
basis
Profit before tax –
£258.4m
Adjustments
Non-recurring items –
£9.2m
Materiality
Adjusted profit before tax
– £267.6m
Materiality of £13.4m (5%
of adjusted profit before tax)
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Opinions on other matters
prescribed by the Companies
Act 2006
In our opinion, the part of the Directors’
Remuneration Report to be audited has been
properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in
the course of the audit:
• the information given in the strategic report
and the directors’ report for the financial
year for which the financial statements are
prepared is consistent with the financial
statements; and
• the strategic report and the directors’ report
have been prepared in accordance with
applicable legal requirements.
Matters on which we are
required to report by exception
In the light of the knowledge and understanding
of the Group and the parent company and
its environment obtained in the course of
the audit, we have not identified material
misstatements in the strategic report or
the directors’ report.
We have nothing to report in respect of the
following matters in relation to which the
Companies Act 2006 requires us to report
to you if, in our opinion:
• adequate accounting records have not been
kept by the parent company, or returns
adequate for our audit have not been
received from branches not visited by us; or
• the parent company financial statements
and the part of the Directors’ Remuneration
Report to be audited are not in agreement
with the accounting records and returns; or
• certain disclosures of directors’ remuneration
specified by law are not made; or
• we have not received all the information and
explanations we require for our audit
Corporate Governance
Statement
We have reviewed the directors’ statement in
relation to going concern, longer-term viability
and that part of the Corporate Governance
Statement relating to the Group and company’s
compliance with the provisions of the UK
Corporate Governance Code specified for
our review by the UK Listing Rules.
Based on the work undertaken as part of
our audit, we have concluded that each of
the following elements of the Corporate
Governance Statement is materially consistent
with the financial statements or our knowledge
obtained during the audit:
• Directors’ statement with regards to the
appropriateness of adopting the going
concern basis of accounting and any material
uncertainties identified set out on page 66;
• Directors’ explanation as to its assessment
of the company’s prospects, the period this
assessment covers and why the period is
appropriate set out on page 66;
• Directors’ statement on whether it has a
reasonable expectation that the Group will
be able to continue in operation and meets its
liabilities set out on page 66;
• Directors’ statement on fair, balanced and
understandable set out on page 122;
• Board’s confirmation that it has carried out
a robust assessment of the emerging and
principal risks set out on page 60;
• The section of the annual report that
describes the review of effectiveness of risk
management and internal control systems
set out on pages 59-60; and
• The section describing the work of the audit
committee set out on pages 85-91.
Responsibilities of directors
As explained more fully in the Directors’
Responsibility statement on page 122, the
directors are responsible for the preparation of
the financial statements and for being satisfied
that they give a true and fair view, and for such
internal control as the directors determine
is necessary to enable the preparation of
financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the
directors are responsible for assessing the
Group and parent company’s ability to continue
as a going concern, disclosing, as applicable,
matters related to going concern and using the
going concern basis of accounting unless the
directors either intend to liquidate the Group
or the parent company or to cease operations,
or have no realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs
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(UK) will always detect a material misstatement
when it exists. Misstatements can arise from
fraud or error and are considered material if,
individually or in the aggregate, they could
reasonably be expected to influence the
economic decisions of users taken on the basis
of these financial statements.
Explanation as to what extent
the audit was considered capable
of detecting irregularities,
including fraud
Irregularities, including fraud, are instances
of non-compliance with laws and regulations.
We design procedures in line with our
responsibilities, outlined above, to detect
irregularities, including fraud. The risk of not
detecting a material misstatement due to
fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery
or intentional misrepresentations, or through
collusion. The extent to which our procedures
are capable of detecting irregularities, including
fraud is detailed below.
However, the primary responsibility for the
prevention and detection of fraud rests with
both those charged with governance of the
company and management.
• We obtained an understanding of the
legal and regulatory frameworks that are
applicable to the Group and determined that
the most significant are those that relate
to the reporting framework (UK adopted
international accounting standards, the
Companies Act 2006 and UK Corporate
Governance Code), the relevant tax
compliance regulations in the UK, FCA
compliance for certain of the Group’s
activities, the UK General Data Protection
Regulation (GDPR), The Digital Markets,
Competition and Consumers Act, and ASA
CAP Code on Non-Broadcast Advertising.
• We understood how Rightmove plc is
complying with those frameworks by making
enquiries of management, internal audit,
those responsible for legal and compliance
procedures and the company secretary. We
corroborated our enquiries through our review
of board minutes and papers provided to the
Audit Committee, correspondence received
from regulatory bodies and attendance at
meetings of the Audit Committee, as well
as consideration of the results of our audit
procedures across the Group.
• We assessed the susceptibility of the
Group’s financial statements to material
misstatement, including how fraud might
occur by meeting with management from
various parts of the business to understand
where it considered there was susceptibility
to fraud. We also considered the
susceptibility to management bias relating
to performance targets and the opportunity
for management to manage earnings or
influence the perceptions of analysts. We
considered the programs and controls
that the Group has established to address
risks identified, or that otherwise prevent,
deter and detect fraud; and how senior
management monitors those programs and
controls. Where the risk was considered to
be higher, we performed audit procedures
to address each identified fraud risk. These
procedures included the procedures listed for
the Key Audit Matters above, testing topside
consolidation journals and were designed to
provide reasonable assurance that the financial
statements were free from fraud or error.
• Based on this understanding we designed
our audit procedures to identify non-
compliance with such laws and regulations.
Our procedures involved management
enquiries, review of legal correspondences,
journal entry testing, and review of board
meeting minutes.
A further description of our responsibilities for
the audit of the financial statements is located
on the Financial Reporting Council’s website at
https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required
to address
• Following the recommendation from the
audit committee we were appointed by the
company on 6 May 2022 to audit the financial
statements for the year ending 31 December
2022 and subsequent financial periods.
• The period of total uninterrupted
engagement including previous renewals
and reappointments is three years, covering
the years ending 31 December 2022 to
31 December 2024.
• The audit opinion is consistent with the
additional report to the audit committee.
Use of our report
This report is made solely to the company’s
members, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we
might state to the company’s members those
matters we are required to state to them in an
auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other
than the company and the company’s members
as a body, for our audit work, for this report, or
for the opinions we have formed.
Anup Sodhi (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory
Auditor
Luton
27 February 2025
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Consolidated statement of comprehensive income
As at 31 December 2024
2024 | 2023 | ||
| Note | £000 | £000 | |
Revenue | 4 | ||
Administrative expenses | ( | ( | |
Operating profit | 5 | ||
Underlying operating profit | 1 | ||
Share-based incentive charge | 23 | ( | ( |
Transaction-related charges | 5 | ( | |
Financial income | 7 | ||
Financial expenses | 8 | ( | ( |
Net financial income | |||
Profit before tax | |||
Income tax expense | 9 | ( | ( |
Profit for the year being total comprehensive income | |||
| Attributable to: | |||
Equity holders of the Parent | |||
| Earnings per share (pence) | |||
Basic | 10 | ||
Diluted | 10 |
The accompanying notes form part of these financial statements.
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Financial statements
Consolidated statement of financial position
As at 31 December 2024
2024 | 2023 | ||
| Note | £000 | £000 | |
| Non-current assets | |||
Property, plant and equipment | 12 | ||
Intangible assets | 13 | ||
Deferred tax asset | 15 | ||
| Total non-current assets | |||
| Current assets | |||
Trade and other receivables | 16 | ||
Contract assets | 4 | ||
| Income tax receivable | |||
Money market deposits | 17 | ||
Cash and cash equivalents | 17 | ||
| Total current assets | |||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 18 | ( ) | ( |
Lease liabilities | 19 | ( | ( |
Contract liabilities | 4 | ( | ( |
Total current liabilities | ( ) | ( | |
| Non-current liabilities | |||
Other non-current liabilities | 25 | ( | |
Lease liabilities | 19 | ( | ( |
Provisions | 20 | ( | ( |
| Total non-current liabilities | ( | ( | |
Total liabilities | ( ) | ( | |
Net assets | |||
| Equity | |||
Share capital | 21 | ||
| Other reserves | |||
| Retained earnings (net of own shares held) | |||
| Total equity attributable to the equity holders of the Parent |
The accompanying notes form part of these financial statements.
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Financial statements
Consolidated statement of cash flows
For the year ended 31 December 2024
2024 | 2023 | ||
| Note | £000 | £000 | |
| Cash flows from operating activities | |||
Profit for the year | |||
A djustments for: | |||
D epreciation charges | 12 | ||
Amortisation charges | 13 | ||
Financial income | 7 | ( | ( |
Financial expenses | 8 | ||
Fair value movements on investment | 25 | ||
Share-based payments | 23 | ||
Income tax expense | 9 | ||
Op erating cash flow before changes in working capital | |||
Decrease/(increase) in trade and other receivables | 16 | ( | |
Increase in trade and other payables | 18 | ||
Increase in contract assets | 4 | ( ) | ( |
Increase in contract liabilities | 4 | ||
C ash generated from operating activities | |||
Financial expenses paid | ( ) | ( | |
Income taxes paid | ( ) | ( | |
N et cash from operating activities | |||
| Cash flows used in investing activities | |||
I nterest received on cash and cash equivalents | |||
Acquisition of property, plant and equipment | 12 | ( ) | ( |
Acquisition of subsidiary, net of cash received | 25 | ( | |
Acquisition of investment | 25 | ( | |
Acquisition of intangible assets | 13 | ( ) | ( |
N et cash used in investing activities | ( ) | ( | |
| Cash flows used in financing activities | |||
Dividends | 11 | ( | ( |
Purchase of own shares for cancellation | 21 | ( ) | ( |
Purchase of own shares for share incentive plans | 22 | ( ) | ( |
Cost incurred on purchase of own shares | 21 | ( ) | ( |
Payment of principal portion of lease liabilities | 19 | ( | ( |
Proceeds on exercise of share-based incentives |
2024 | 2023 | ||
| Note | £000 | £000 | |
Net cash used in financing activities | ( ) | ( | |
Net increase/(decrease) in cash and cash equivalents | 17 | ( | |
Cash and cash equivalents at 1 January | |||
Cash and cash equivalents at 31 December | 17 |
The accompanying notes form part of these financial statements.
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Financial statements
Consolidated statement of cash flows
For the year ended 31 December 2024
Note
2024
£000
2023
£000
Cash flows from operating activities
Profit for the year
192,713
199,151
Adjustments for:
Depreciation charges
12
3,613
3,424
Amortisation charges
13
2,386
1,560
Financial income
7
(2,617)
(2,227)
Financial expenses
8
547
491
Fair value movements on investment
25
3,000
–
Share-based payments
23
7,439
5,886
Income tax expense
9
65,687
60,618
Operating cash flow before changes in working capital
272,768
268,903
Decrease/(increase) in trade and other receivables
16
2,429
(4,503)
Increase in trade and other payables
18
2,299
3,863
Increase in contract assets
4
(511)
(305)
Increase in contract liabilities
4
632
211
Cash generated from operating activities
277,617
268,169
Financial expenses paid
(538)
(479)
Income taxes paid
(65,809)
(60,979)
Net cash from operating activities
211,270
206,711
Cash flows used in investing activities
Interest received on cash and cash equivalents
2,404
1,694
Acquisition of property, plant and equipment
12
(1,055)
(2,018)
Acquisition of subsidiary, net of cash received
25
(7,552)
–
Acquisition of investment
25
(3,000)
–
Acquisition of intangible assets
13
(8,023)
(1,328)
Net cash used in investing activities
(17,226)
(1,652)
Cash flows used in financing activities
Dividends
11
(74,308)
(71,651)
Purchase of own shares for cancellation
21
(107,441)
(130,000)
Purchase of own shares for share incentive plans
22
(7,325)
(1,998)
Cost incurred on purchase of own shares
21
(804)
(922)
Payment of principal portion of lease liabilities
19
(2,781)
(2,530)
Proceeds on exercise of share-based incentives
735
594
Note
2024
£000
2023
£000
Net cash used in financing activities
(191,924)
(206,507)
Net increase/(decrease) in cash and cash equivalents
17
2,120
(1,448)
Cash and cash equivalents at 1 January
33,641
35,089
Cash and cash equivalents at 31 December
17
35,761
33,641
The accompanying notes form part of these financial statements.
Consolidated statement of changes in shareholders’ equity
For the year ended 31 December 2024
Reverse | |||||||
| Share | Own shares | Other | acquisition | Retained | Total | ||
| capital | held | reserves | reserve | earnings | equity | ||
| Note | £000 | £000 | £000 | £000 | £000 | £000 | |
At 1 January 2023 | ( | ||||||
| Total comprehensive income | |||||||
Profit for the year | |||||||
| Transactions with owners recorded directly in equity | |||||||
Share-based payments | 23 | ||||||
Tax credit in respect of share-based incentives recognised directly in equity | 9 | ||||||
Dividends | 11 | ( | ( | ||||
Exercise of share-based awards | 22 | ( | |||||
Purchase of shares for share incentive plans | 22 | ( | ( | ||||
Cancellation of own shares | 21 | ( | ( | ( | |||
Costs of shares purchases | 21 | ( | ( | ||||
At 31 December 2023 | ( | ||||||
At 1 January 2024 | ( | ||||||
| Total comprehensive income | |||||||
P rofit for the year | |||||||
T ransactions with owners recorded directly in equity | |||||||
Sha re-based payments | 23 | ||||||
Tax credit in respect of share-based incentives recognised directly in equity | 9 | ||||||
Dividends | 11 | ( | ( | ||||
Exercise of share-based awards | 22 | ( | |||||
Purchase of shares for share incentive plans | 22 | ( | ( | ||||
Cancellation of own shares | 21 | ( | ( ) | ( | |||
Costs of share purchases | 21 | ( ) | ( | ||||
At 31 December 2024 | ( |
The accompanying notes form part of these financial statements.
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Financial statements
Notes forming part of the Financial Statements
1 General information, judgements and estimates
domiciled in the United Kingdom (UK). The consolidated financial statements of the Company as at and
for the year ended 31 December 2024 comprise the Company and its interest in its subsidiaries (together
referred to as ‘the Group’). Its principal business is the operation of the Rightmove platforms, which have
statements of the Group as at and for the year ended 31 December 2024 are available upon request from
the Company Secretary from the Company’s registered office at 2 Caldecotte Lake Business Park,
at plc.rightmove.co.uk.
Statement of compliance
The Group financial statements have been prepared and approved by the Board of Directors in
accordance with UK-adopted international accounting standards (IFRS). The consolidated financial
statements were authorised for issue by the Board of Directors on 27 February 2025.
Basis of preparation
The Group financial statements have been prepared in accordance with UK-adopted international
accounting standards and the requirements of the Companies Act 2006. The financial statements have
been prepared on an historical cost basis except for equity investments which are carried at fair value.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change,
particularly in the context of the climate change risks identified in the Environmental section of the
Strategic Report and the Group’s stated target of Net Zero carbon emissions by 2040. These
considerations did not have a material impact on the financial reporting judgements and estimates in the
current year. This reflects the conclusion that climate change is not expected to have a significant impact
on the Group’s short-term or medium-term cash flows, including those considered in the going concern
and viability assessments, impairment assessments of the carrying value of non-current assets and the
estimates of future profitability used in our assessment of the recoverability of deferred tax assets.
Alternative performance measures
In the analysis of the Group’s financial performance, certain information disclosed in the financial
statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in
accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures
are reported in line with the way in which financial information is analysed by management and designed to
increase comparability of the Group’s year-on-year financial position, based on its operational activity.
The Directors believe that these alternative performance measures, which exclude charges or credits
that are not entirely driven by the principal operational activity of the Group, provide useful information to
investors and enhance the understanding of our results. The charges that are not entirely driven by the
principal operational activity of the Group include costs relating to share-based payments, transaction-
related charges – such as those in relation to acquisitions, investments or bid defence – and restructuring.
The Directors therefore consider underlying operating profit to be the most appropriate indicator of the
performance of the business and year-on-year trends.
The key alternative performance measures presented by the Group are:
• Underlying profit: which is defined as profit for the year before share-based payments charges
(including the related National Insurance) and transaction-related charges and the appropriate
tax adjustments;
• Underlying operating profit: which is defined as operating profit before share-based payments charges
(including the related National Insurance) and transaction-related charges;
• Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the weighted
average number of ordinary shares outstanding during the period;
• Underlying costs: which is defined as administrative expenses before share-based payments charges
(including the related National Insurance) and transaction-related charges; and
• Underlying operating margin: which is defined as the underlying operating profit as a percentage
of revenue.
A reconciliation of the underlying performance measures to the GAAP measures are shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is presented below:
2024 | 2023 | ||
| Note | £000 | £000 | |
Profit for the year | 192,713 | 199,151 | |
Share-based incentives charge | 23 | 7,439 | 5,886 |
NI on share-based incentives | 23 | 917 | 651 |
Legal, professional and transaction-related charges | 5 | 6,230 | – |
Investment fair value loss | 25 | 3,000 | – |
| Impact on tax charge | (3,152) | (1,008) | |
Underlying profit | 207,147 | 204,680 |
Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which is
underlying profit divided by the weighted average number of ordinary shares in issue for the period,
whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in
issue for the period (Note 10).
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Financial statements
Notes forming part of the Financial Statements
1 General information, judgements and estimates
Rightmove plc (the Company) is a public limited company registered in England (Company no. 6426485)
domiciled in the United Kingdom (UK). The consolidated financial statements of the Company as at and
for the year ended 31 December 2024 comprise the Company and its interest in its subsidiaries (together
referred to as ‘the Group’). Its principal business is the operation of the Rightmove platforms, which have
the largest audience of any UK property portal (as measured by time on site). The consolidated financial
statements of the Group as at and for the year ended 31 December 2024 are available upon request from
the Company Secretary from the Company’s registered office at 2 Caldecotte Lake Business Park,
Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE or are available on the corporate website
at plc.rightmove.co.uk.
Statement of compliance
The Group financial statements have been prepared and approved by the Board of Directors in
accordance with UK-adopted international accounting standards (IFRS). The consolidated financial
statements were authorised for issue by the Board of Directors on 27 February 2025.
Basis of preparation
The Group financial statements have been prepared in accordance with UK-adopted international
accounting standards and the requirements of the Companies Act 2006. The financial statements have
been prepared on an historical cost basis except for equity investments which are carried at fair value.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change,
particularly in the context of the climate change risks identified in the Environmental section of the
Strategic Report and the Group’s stated target of Net Zero carbon emissions by 2040. These
considerations did not have a material impact on the financial reporting judgements and estimates in the
current year. This reflects the conclusion that climate change is not expected to have a significant impact
on the Group’s short-term or medium-term cash flows, including those considered in the going concern
and viability assessments, impairment assessments of the carrying value of non-current assets and the
estimates of future profitability used in our assessment of the recoverability of deferred tax assets.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that
give it the ability to direct the relevant activities of an entity and affect the returns the Group will receive
as a result of its involvement with the entity. In assessing control, potential voting rights that are currently
exercisable or convertible are taken into account. The financial statements of subsidiaries are included in
the consolidated financial statements from the date that control commences until the date that control
ceases.
Alternative performance measures
In the analysis of the Group’s financial performance, certain information disclosed in the financial
statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in
accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures
are reported in line with the way in which financial information is analysed by management and designed to
increase comparability of the Group’s year-on-year financial position, based on its operational activity.
The Directors believe that these alternative performance measures, which exclude charges or credits
that are not entirely driven by the principal operational activity of the Group, provide useful information to
investors and enhance the understanding of our results. The charges that are not entirely driven by the
principal operational activity of the Group include costs relating to share-based payments, transaction-
related charges – such as those in relation to acquisitions, investments or bid defence – and restructuring.
The Directors therefore consider underlying operating profit to be the most appropriate indicator of the
performance of the business and year-on-year trends.
The key alternative performance measures presented by the Group are:
• Underlying profit: which is defined as profit for the year before share-based payments charges
(including the related National Insurance) and transaction-related charges and the appropriate
tax adjustments;
• Underlying operating profit: which is defined as operating profit before share-based payments charges
(including the related National Insurance) and transaction-related charges;
• Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the weighted
average number of ordinary shares outstanding during the period;
• Underlying costs: which is defined as administrative expenses before share-based payments charges
(including the related National Insurance) and transaction-related charges; and
• Underlying operating margin: which is defined as the underlying operating profit as a percentage
of revenue.
A reconciliation of the underlying performance measures to the GAAP measures are shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is presented below:
Note
2024
£000
2023
£000
Profit for the year
192,713
199,151
Share-based incentives charge
23
7,439
5,886
NI on share-based incentives
23
917
651
Legal, professional and transaction-related charges
5
6,230
–
Investment fair value loss
25
3,000
–
Impact on tax charge
(3,152)
(1,008)
Underlying profit
207,147
204,680
Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which is
underlying profit divided by the weighted average number of ordinary shares in issue for the period,
whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in
issue for the period (Note 10).
Notes forming part of the Financial Statements (continued)
1 General information, judgements and estimates (continued)
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is presented below:
| 2024 | 2023 | ||
| Note | £000 | £000 | |
Operating profit | 256,330 | 258,033 | |
Share-based incentives charge | 23 | 7,439 | 5,886 |
| NI on share-based incentives | 23 | 917 | 651 |
| Legal, professional and transaction-related charges | 5 | 6,230 | – |
| Investment fair value loss | 25 | 3,000 | – |
| Underlying operating profit | 273,916 | 264,570 |
Underlying operating profit is used to calculate the underlying operating margin, which is underlying
operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit
as a proportion of revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is presented below:
Note | 2024 | 2023 | |
| £000 | £000 | ||
Administration expenses | 133,552 | 106,283 | |
Share-based incentives charge | 23 | (7,439) | (5,886) |
NI on share-based incentives | 23 | (917) | (651) |
Legal, professional and transaction-related charges | 5 | (6,230) | – |
| Investment fair value loss | 25 | (3,000) | – |
| Underlying costs | 115,966 | 99,746 |
Going concern
The Directors have performed a detailed going concern review and tested the Group’s liquidity in a range
of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance
of £35.8m and money market deposits of £5.5m at 31 December 2024 (31 December 2023: cash balance
of £33.6m and money market deposits of £5.2m).
The Group bought back shares to the value of £107.4m during the period (2023: £130.0m) and paid
dividends totalling £74.3m in May and October 2024 (2023: £71.7m).
In reaching their assessment on going concern, the Directors have used the most recent Board approved
forecasts for the Group for the period to 30 June 2026 (‘the going concern period’), which have been
modelled to reflect the expected impact of current economic conditions on trading, as set out in these
financial statements.
In stress testing the future cash flows of the Group, the Directors modelled a range of scenarios
which considered the effect on the Group of reductions of varying severity in the number of housing
transactions for the period to 30 June 2026 and modelled the likely timing of cash flows from our
customers during the going concern period.
These included severe but plausible downside scenarios that are considered to pose the greatest threat
to the business model and future performance of the Group, such as: an economic shock, increased
competition and new disruptive technologies, or a cyber threat. The model considered the impact of
changes in the key drivers of the Group’s revenues, including customer numbers and average revenue
per advertiser (ARPA) – one scenario being a 30% reduction in revenue. Cost assumptions were also
considered in each of the severe but plausible scenarios, including an increase in marketing costs and IT
costs, employee recruitment and retention costs, and higher spend on innovation and protection of the
platform. The scenarios were stress tested individually and in combination. In all combinations of the
scenarios tested, the Group remained cash positive and debt-free.
The Directors also reviewed the results of a reverse stress test, which was undertaken to provide an
illustration of the scenario required to exhaust cash balances. The possibility of this scenario arising was
assessed to be highly remote and could arise only in extreme circumstances, much more severe than the
scenarios modelled above.
The Directors are confident that the Group will remain cash positive and will have sufficient funds to
continue to meet its liabilities as they fall due for at least the period to 30 June 2026 and have therefore
prepared the financial statements on a going concern basis.
Judgements and estimates
The preparation of the consolidated financial statements in accordance with UK Adopted International
accounting standards and the requirements of Companies Act 2006 requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience, and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from other sources. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods,
if applicable.
Management has determined that there are no areas of estimation uncertainty that have a significant
risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next
financial year or critical judgements in applying accounting policies that have a significant effect on the
amounts recognised in the consolidated financial statements.
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information
Existing accounting policies
The following accounting policies applied by the Group in these consolidated financial statements are the
same as those applied by the Group in its consolidated financial statements as at and for the prior year
ended 31 December 2023 except for those disclosed above that are applicable from 1 January 2024.
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information
New and revised standards and interpretations
There were no new standards adopted by the Group that had a material impact during the year.
The IASB have issued a number of amendments to IFRS that became mandatory in the period:
• IAS 1 regarding classification of liabilities as current or non-current and non-current liabilities
with covenants;
• IFRS 16 in relation to accounting for sale and leaseback transactions; and
• IAS 7 and IFRS 7 disclosure updates regarding supplier finance arrangements.
These amendments are either not applicable or have an immaterial impact on the Group.
The Group has evaluated further amendments to IFRS that will become mandatory in subsequent periods
and assessed that only IFRS 18 – Presentation and Disclosure in Financial Statements would have an
impact on presentation, which will be adopted in the year commencing 1 January 2027 when it becomes
effective. Whilst not expected to have an impact, the review of IFRS 9 and IFRS 7, Amendments to the
Classification and Measurement of Financial Instruments, is still ongoing.
Existing accounting policies
The following accounting policies applied by the Group in these consolidated financial statements are the
same as those applied by the Group in its consolidated financial statements as at and for the prior year
ended 31 December 2023 except for those disclosed above that are applicable from 1 January 2024.
Revenue
Revenue principally represents the amounts receivable from customers in respect of property products,
primarily membership of the Rightmove platforms, together with the provision of tenant referencing and
rent guarantee insurance. Rightmove also provides non-property services, which includes Data Services
and Third-Party advertising.
Revenue is recognised based upon the transaction price specified in a contract with a customer. It is
recognised at the point when the performance obligations are satisfied, through providing a customer
with access to the Rightmove platforms and/or products or other services.
(i) Property products: membership of Rightmove platforms
For membership listing services, customers pay monthly subscriptions to list their properties on the
Rightmove platforms. Contracts for these services are per branch location or branch equivalent for
Agency, Commercial and Overseas customers and per development for New Homes and Built for
Rent customers. They vary in length from one month to five years but are typically for periods of six
to 12 months.
Performance obligations are satisfied, and revenue recognised, from the point at which the customer has
access to the platform to allow them to list their properties. Subscription revenue is spread over the life of
the contract. Agency, Overseas and Commercial services are typically billed monthly in advance, from the
point the customer gains access to the platform, and New Homes and Built for Rent developers are billed
monthly in arrears.
Customers have the option to enhance their property listings and presence on Rightmove through
purchasing additional advertising products. For products that provide enhanced brand exposure over
a period of time, revenue is recognised over the life of the product, from the point the customer gains
access to the product. Invoices are sent on a monthly basis, in line with the core listing services. For
products with a one-off usage basis, revenue is recognised at the end of the month during which the
customer chose to apply and use the product.
Discounts may be offered to customers as part of membership or package offers, on a pro-rata basis,
and are taken into consideration in the transaction price for each product.
(ii) Property products: provision of tenant referencing and insurance broking commission
Referencing revenue relates to the supply of tenant referencing services, primarily to lettings agency
customers. Performance obligations are satisfied, and revenue is recognised, at the end of the month
during which the tenant referencing service is completed and the final report is passed to the customer.
Revenue related to insurance broking commission is generated on the sale of rent guarantee insurance to
lettings agents and landlord customers, where Rightmove acts as an agent. Revenue is recognised at the
start date of the insurance policy purchased and represents the commissions earned.
(iii) Non-property products
Data Services revenue relates to fees generated for a variety of different data and valuation products
and tools. Where the contract gives a customer access to use Rightmove’s property tools, revenue is
recognised on a monthly basis, over the life of the product, from the point the customer gains access to
the tools. Where the contract is to provide the customer with specific data, revenue is recognised at the
point that the data is transferred to the customer.
Discounts may be offered to customers on a pro-rata basis and are taken into consideration in the
transaction price for each performance obligation.
Third-Party advertising revenue represents amounts paid by customers to advertise non-property
products on the Rightmove platforms. Performance obligations are met once a customer is actively
advertising on the Rightmove platform. Revenue is recognised on a monthly basis over the life of the
contract. A small number of arrangements with Third-Party customers mean that Rightmove is acting as
an agent, in a principal-agency relationship. In any case where the Group is acting as an agent, revenue is
recognised as a net amount, reflecting the margin earned.
Contract assets and liabilities
Contract assets relate to the Group’s rights to consideration for services that have been provided at the
reporting date. Contract assets are transferred to receivables when the rights to consideration have
become unconditional.
Contract liabilities relate to the advance consideration received from Estate Agency, Overseas and
Commercial customers, for which revenue is recognised at a later date, as or when the services
are provided.
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair
value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset. For an asset that does not generate largely independent cash
flows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
For the purpose of impairment testing, assets that cannot be tested individually are grouped together
into the smallest group of assets that generate cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the ‘cash-generating unit’). The
goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-
generating units (’CGUs’). Goodwill acquired in a business combination is allocated to groups of CGUs
that are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognised in the income statement. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated
to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a
pro rata basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three
months or less. Where the original maturity exceeds three months, amounts are classified as money
market deposits and presented separately within the balance sheet.
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be reliably estimated and it is probable that an outflow of economic benefits will be
required to settle the obligation.
Dilapidation provisions are determined by discounting the expected future cash flows at a pre-tax rate
that reflects current market assessments of the time value of money and the risks specific to the liability.
Leases
When a contractual arrangement contains a lease, the Group recognises a lease liability and a
corresponding right of use asset at the commencement of the lease.
At the commencement date the lease liability is measured at the present value of the future lease
payments, discounted using the Group’s incremental borrowing rate where the interest rate in the lease
is not readily determined. Subsequently, the lease liability is adjusted by increasing the carrying amount to
reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and
remeasuring the carrying amount to reflect any reassessment or lease modifications.
The lease term is determined from the commencement date of the lease and covers the non-cancellable
term. If the Group has an extension option, which it considers it is reasonably certain to exercise, then the
lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination
option, which it considers it is reasonably certain to exercise, then the lease term will be considered to be
until the point the termination option will take effect.
At the commencement date the right of use asset is measured at an amount equal to the lease liability
plus any lease payments made before the commencement date and any initial direct costs, less any lease
incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the
terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, the right
of use asset is depreciated over the life of the lease term.
An adjustment is also made to the right of use asset to reflect any remeasurement of the corresponding
lease liability. The right of use assets are also subject to impairment testing under IAS 36. Short-term
leases and low value leases are not recognised as lease liabilities and right of use assets but are recognised
as an expense straight line over the lease term.
Employee benefits
(i) Pensions
The Group provides access to stakeholder pension schemes (defined contribution pension plans).
Obligations for contributions to defined contribution pension plans are recognised as an employee
benefit expense in the income statement when they are incurred.
(ii) Employee share schemes
The Group provides share-based incentive plans allowing Executive Directors and other employees to
acquire shares in the Company. An expense is recognised in the income statement, with a corresponding
increase in equity, over the period during which the employees become unconditionally entitled to acquire
equity-settled share-based incentives.
Fair value at the grant date is measured using either the Monte Carlo or Black Scholes pricing model as
is most appropriate for each scheme. Measurement inputs include: share price on measurement date;
exercise price of the instrument; expected volatility (based on weighted average historic volatility
adjusted for changes expected due to publicly available information); weighted average expected life
of the instruments (based on historical experience and general option behaviour); expected dividends; and
risk-free interest rates (based on government bonds). Service and non-market performance conditions
attached to the awards are not taken into account in determining the fair value of the
individual shares awarded.
For share-based incentive awards with non-vesting conditions, the grant date fair value of the share-
based incentives is measured to reflect such conditions and there is no true-up for differences between
expected and actual outcomes. When either the employee or the Company chooses not to meet the non-
vesting condition, the failure to meet the non-vesting condition is treated as a cancellation and the cost
that would have been recognised over the remainder of the vesting period is recognised immediately in
the income statement. For awards with market-related performance criteria (such as TSR), an expense is
recognised over the vesting period irrespective of whether the market condition is satisfied.
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
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Financial statements
Notes forming part of the Financial Statements (continued)
2 Material accounting policy information (continued)
Segmental reporting
Rightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating
Decision Maker separately monitors revenue for different business units, they do not separately monitor
business unit profit, operating costs, financial income, financial expenses and income taxes for these
areas of the business, instead monitoring this on a consolidated level.
The Group presents internal financial information that measures business performance to the Chief
Executive Officer, who is the Group’s Chief Operating Decision Maker. This information is used for the
purpose of making decisions about resources to be allocated and assessing performance. This financial
information includes information on revenue performance and specific monitoring of trade receivable
levels for each of the following business units:
• Agency, which provides resale and lettings property advertising services, rental operators advertising
and rental services on Rightmove’s platforms;
• New Homes, which provides property advertising services to new home developers and housing
associations on Rightmove’s platforms; and
• Other, which comprises Commercial and Overseas property advertising services; and non-property
advertising services which include our Third Party advertising and Data Services; and the Financial
Services (Mortgages) business.
All revenues in all periods are derived from third parties. The disaggregated revenue is included within
Note 4.
Financial income and expenses
Financial income comprises interest receivable on cash balances and money market deposits. Interest
income is recognised as it accrues, using the effective interest method.
Financial expenses comprise banking fees and bank charges and the unwinding of the discount on
provisions and lease liabilities.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary difference between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of other assets or liabilities in a transaction that affects neither the taxable profit nor the
accounting profit, other than in a business combination; and the differences relating to investments in
subsidiaries to the extent that the parent company is able to control the reversal and it is probable that
the temporary difference will not reverse in the foreseeable future. The initial recognition exception does
not apply to lease transactions which give rise to equal taxable and deductible temporary differences.
However, as the tax deductions relate to the lease assets, no temporary differences arose on these at
initial recognition.
In accordance with IAS 12, the Group policy in relation to the recognition of deferred tax on the exercise of
share-based incentives is to include the income tax effect of the tax deduction in the income statement,
up to the value of the income tax charge on the cumulative IFRS 2 charge. The remainder of the income
tax effect of the tax deduction is recognised in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and it is the intention to settle these on a net basis.
Dividends
Dividends unpaid at the reporting date are only recognised as a liability (and deduction to equity) at
that date to the extent that they are appropriately authorised and are no longer at the discretion of
the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the
financial statements.
Earnings per share (EPS)
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing
the profit or loss attributable to equity holders of the Company by the weighted average number of
ordinary shares outstanding during the year, adjusted for own shares held. For diluted EPS, the weighted
average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive
shares. The Group’s potential dilutive instruments are in respect of share-based incentives granted to
employees, which will be settled by ordinary shares held by the EBT, the SIP and shares held in treasury.
Notes forming part of the Financial Statements (continued)
3 Risk and capital management
Overview
The Group has exposure to the following risks from its use of financial instruments:
• credit risk
• liquidity risk
• market risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s
objectives, policies and processes for measuring and managing risk and the Group’s management of
capital. Further quantitative disclosures are included throughout these consolidated financial statements.
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Financial statements
Notes forming part of the Financial Statements (continued)
Agency | New Homes | Other | Total | |
| Year ended 31 December 2024 | £000 | £000 | £000 | £000 |
| Revenue stream | ||||
Property products | 279,989 | 69,198 | 20,118 | 369,305 |
| Non-property products | – | – | 20,577 | 20,577 |
279,989 | 69,198 | 40,695 | 389,882 |
Agency | New Homes | Other | Total | |
| Year ended 31 December 2023 | £000 | £000 | £000 | £000 |
| Revenue stream | ||||
Property products | 261,954 | 66,447 | 18,877 | 347,278 |
Non-property products | – | – | 17,038 | 17,038 |
261,954 | 66,447 | 35,915 | 364,316 |
2024 | 2023 | |||
| Trade | Trade | |||
| Revenue | receivables | Revenue | receivables | |
| £000 | £000 | £000 | £000 | |
UK | 384,112 | 21,796 | 358,470 | 24,480 |
Rest of the world | 5,770 | 21 | 5,846 | 11 |
389,882 | 21,817 | 364,316 | 24,491 |
| Contract | Contract | |
| assets | liabilities | |
| £000 | £000 | |
Contract balances as at 31 December 2022 | 454 | (2,325) |
Performance obligations satisfied in 2022 | (454) | – |
Performance obligations satisfied in 2023 | – | 2,114 |
Accrued/(deferred) during 2023 | 759 | (2,325) |
Contract balances as at 31 December 2023 | 759 | (2,536) |
Performance obligations satisfied in 2023 | (759) | – |
Performance obligations satisfied in 2024 | – | 2,470 |
Accrued/(deferred) during 2024 | 1,270 | (3,102) |
Contract balances as at 31 December 2024 | 1,270 | (3,168) |
2024 | 2023 | ||
| Note | £000 | £000 | |
| Operating profit is stated after charging: | |||
Employee benefits | 6 | 64,420 | 54,544 |
Depreciation of property, plant and equipment | 12 | 3,613 | 3,424 |
Amortisation of intangibles | 13 | 2,386 | 1,560 |
Trade receivables impairment charge | 24 | 1,629 | 1,712 |
Legal, professional and transaction-related charges | 25 | 6,230 | – |
Investment fair value loss | 25 | 3,000 | – |
| 2024 | 2023 | |
| Auditor’s remuneration | £000 | £000 |
| Fees payable to the Company’s auditor in respect of the audit | ||
Audit of the Company’s financial statements | 60 | 55 |
| Audit of the Company’s subsidiaries pursuant to legislation | 356 | 345 |
| Total audit remuneration | 416 | 400 |
| Fees payable to the Company’s auditor in respect of non-audit related services | ||
| Half year review of the condensed financial statements | 66 | 40 |
| Total non-audit remuneration | 66 | 40 |
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Financial statements
Notes forming part of the Financial Statements (continued)
4 Revenue
The Group’s operations and main revenue streams are those described in these annual financial
statements. The Group’s revenue is derived from contracts with customers.
Disaggregation of revenue
In the following table, revenue is disaggregated by property and non-property advertising revenue.
The table also includes a reconciliation of the disaggregated revenue with the Group’s business units.
Year ended 31 December 2024
Agency
£000
New Homes
£000
Other
£000
Total
£000
Revenue stream
Property products
279,989
69,198
20,118
369,305
Non-property products
–
–
20,577
20,577
279,989
69,198
40,695
389,882
Year ended 31 December 2023
Agency
£000
New Homes
£000
Other
£000
Total
£000
Revenue stream
Property products
261,954
66,447
18,877
347,278
Non-property products
–
–
17,038
17,038
261,954
66,447
35,915
364,316
Geographic information
In presenting information geographically, revenue and assets reflect the physical location of customers.
2024
2023
Revenue
£000
Trade
receivables
£000
Revenue
£000
Trade
receivables
£000
UK
384,112
21,796
358,470
24,480
Rest of the world
5,770
21
5,846
11
389,882
21,817
364,316
24,491
Contract balances
The contract assets primarily relate to the Group’s rights to consideration for services provided but not
invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and
the rights have become unconditional.
The contract liabilities primarily relate to the advance consideration received from Agency, Overseas and
Commercial customers, for which revenue is recognised as or when the services are provided.
The following table provides information about contract assets and contract liabilities from contracts
with customers:
Contract
assets
£000
Contract
liabilities
£000
Contract balances as at 31 December 2022
454
(2,325)
Performance obligations satisfied in 2022
(454)
–
Performance obligations satisfied in 2023
–
2,114
Accrued/(deferred) during 2023
759
(2,325)
Contract balances as at 31 December 2023
759
(2,536)
Performance obligations satisfied in 2023
(759)
–
Performance obligations satisfied in 2024
–
2,470
Accrued/(deferred) during 2024
1,270
(3,102)
Contract balances as at 31 December 2024
1,270
(3,168)
5 Operating profit
Note
2024
£000
2023
£000
Operating profit is stated after charging:
Employee benefits
6
64,420
54,544
Depreciation of property, plant and equipment
12
3,613
3,424
Amortisation of intangibles
13
2,386
1,560
Trade receivables impairment charge
24
1,629
1,712
Legal, professional and transaction-related charges
25
6,230
–
Investment fair value loss
25
3,000
–
Legal and professional fees in relation to transactions includes fees in relation to acquisitions and
investments (Note 25) as well as costs in relation to the unsolicited offer for Rightmove.
Auditor’s remuneration
2024
£000
2023
£000
Fees payable to the Company’s auditor in respect of the audit
Audit of the Company’s financial statements
60
55
Audit of the Company’s subsidiaries pursuant to legislation
356
345
Total audit remuneration
416
400
Fees payable to the Company’s auditor in respect of non-audit related services
Half year review of the condensed financial statements
66
40
Total non-audit remuneration
66
40
There were no other fees payable to Ernst & Young LLP (2023: no other fees payable).
Notes forming part of the Financial Statements (continued)
6 Employee numbers and costs
The average number of persons employed (including Executive Directors) during the year, analysed by
category, was as follows:
Number of employees | 2024 | 2023 |
Administration | 792 | 686 |
Management | 69 | 41 |
861 | 727 |
The aggregate payroll costs of these persons were as follows:
2024 | 2023 | |
| £000 | £000 | |
Wages and salaries | 54,529 | 46,420 |
Social security costs | 6,596 | 5,768 |
| Pension costs | 3,295 | 2,356 |
64,420 | 54,544 | |
Share-based payments cost (Note 23) | 8,356 | 6,537 |
| Total | 72,776 | 61,081 |
Wages and salaries include £28,029,000 (2023: £20,897,000) relating to the product development and
technology teams before the deduction of capitalised staff costs. These teams spend a proportion of
their time on research and development activities, including innovation of our product proposition and
enhancements to the Rightmove platforms, as well as on routine maintenance of the platforms.
Social security costs only include the National Insurance on wages and salaries; the National Insurance
charge of £917,000 (2023: charge of £651,000) relating to NI on share-based incentives is included within
the share-based payments cost shown above.
| 2024 | 2023 | |
| £000 | £000 | |
Interest income on cash and cash equivalents | 2,359 | 2,050 |
Interest income on money market deposits | 258 | 177 |
2,617 | 2,227 |
2024 | 2023 | |
| £000 | £000 | |
Bank charges | 397 | 287 |
Interest unwind on lease liabilities | 138 | 204 |
| Interest unwind on dilapidations | 12 | – |
547 | 491 |
9 Income tax expense
| 2024 | 2023 | |
| £000 | £000 | |
| Current tax expense | ||
Current year | 65,214 | 61,324 |
| Adjustment to current tax charge in respect of prior years | (210 ) | 149 |
65,004 | 61,473 | |
| Deferred tax (Note 15) | ||
| Origination and reversal of temporary differences | 578 | (455) |
Adjustment to deferred tax in respect of prior years | 105 | (324) |
Increase in tax rate at which deferred tax is being recognised | – | (76) |
683 | (855) | |
Total income tax expense | 65,687 | 60,618 |
Income tax recognised directly in equity
2024 | 2023 | |
| £000 | £000 | |
| Current tax | ||
Share-based incentives | (88 ) | (30) |
| Deferred tax | ||
| Share-based incentives | (409 ) | (95) |
Increase in tax rate at which deferred tax is being recognised | – | (8) |
(409 ) | (103) | |
Total income tax credit recognised directly in equity | (497 ) | (133) |
Reconciliation of effective tax rate
The Group’s consolidated effective tax rate for the year ended 31 December 2024 is 25.4% (2023: 23.3%)
which is higher than (2023: lower than) the standard rate of corporation tax in the UK due to the items
shown below:
| 2024 | 2023 | |
| £000 | £000 | |
Profit before tax | 258,400 | 259,769 |
Current tax at 25.0% (2023: 23.5%) | 64,600 | 61,098 |
| Increase in tax rate at which deferred tax is being provided | – | (76) |
Non-deductible expenses/(non-taxable income) | 1,068 | (44) |
Adjustment to deferred tax charge in respect of prior years | 105 | (324) |
Share-based incentives | 124 | (167) |
| Adjustment to current tax charge in respect of prior years | (210) | 149 |
| Difference between the current and deferred tax rates | – | (18) |
65,687 | 60,618 |
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Financial statements
Notes forming part of the Financial Statements (continued)
9 Income tax expense (continued)
Factors affecting future tax charge
The increase in the UK corporation tax rate from 19% to 25% was effective 1 April 2023 (substantively
enacted on 24 May 2021). This has increased the Group’s current tax rate accordingly. The deferred tax
at 31 December 2023 and 31 December 2024 has been calculated based on these rates, reflecting the
expected timing of reversal of the related temporary differences
10 Earnings per share (EPS)
| Pence per share | ||||
Note | £000 | Basic | Diluted | |
| Year ended 31 December 2024 | ||||
Profit for the year and EPS | 192,713 | 24.4 | 24.3 | |
Underlying profit and underlying EPS | 1 | 207,147 | 26.2 | 26.1 |
| Year ended 31 December 2023 | ||||
Profit for the year and EPS | 199,151 | 24.5 | 24.4 | |
Underlying profit and underlying EPS | 1 | 204,680 | 25.2 | 25.1 |
Weighted average number of ordinary shares (basic)
| 2024 | 2023 | |
| Number of | Number of | |
| shares | shares | |
| Issued ordinary shares at 1 January less ordinary shares | ||
| held by the EBT and SIP Trust | 811,252,473 | 835,094,530 |
Less own shares held in treasury at the beginning of the year | (11,709,197) | (12,185,222) |
Weighted effect of own shares purchased for cancellation | (8,933,806) | (9,991,531) |
Weighted effect of share-based incentives exercised | 363,417 | 433,805 |
| Weighted effect of shares purchased | (755,421) | (14,726) |
| Issued ordinary shares at 31 December less ordinary shares | ||
| held by treasury, SIP and the EBT | 790,217,466 | 813,336,856 |
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of all potentially dilutive shares. The Group’s potentially dilutive instruments are in respect
of share-based incentives granted to employees.
| 2024 | 2023 | |
| Number of | Number of | |
| shares | shares | |
| Weighted average number of ordinary shares (basic) | 790,217,466 | 813,336,856 |
Dilutive impact of share-based incentives outstanding | 2,384,515 | 2,002,000 |
792, 601,981 | 815,338,856 |
The average market value of the Group’s shares for the purposes of calculating the dilutive effect of
share-based incentives was based on quoted market prices during the period which the share-based
incentives were outstanding.
11 Dividends
Dividends declared and paid by the Company were as follows:
2024 | 2023 | |||
Pence | Pence | |||
per share | £000 | per share | £000 | |
2022 final dividend paid | 5.2 | 42,588 | ||
2023 interim dividend paid | 3.6 | 29,084 | ||
| 2023 final dividend paid | 5.7 | 45,226 | – | – |
| 2024 interim dividend paid | 3.7 | 29,112 | – | – |
9.4 | 74,338 | 8.8 | 71,672 | |
Unclaimed dividends returned | (30) | – | (21) | |
Net dividends included in the statement of cash flows | 74,308 | – | 71,651 |
After the reporting date, a final dividend of [6.1 ]p (2023: 5. 7 p) per qualifying ordinary share, being
£46,900,000 (2023: £45,330,000), was proposed by the Board of Directors. The final dividend will b
e paid, subject to shareholder approval, on 23 May 2025.
The 2023 final dividend of £45,226,000 (5.7p per qualifying share) was paid on 24 May 2024. It was
£104,000 lower than that reported in the 2023 Annual Report due to a decrease in the ordinary shares
entitled to a dividend between 2 March 2024 and the final dividend record date of 28 April 2024.
The 2024 interim dividend paid on 25 October 2024 was £29,112,000, being £412,000 higher than that
reported in the 2024 Half Year report of £28,700,000. This was due to an increase in the expected number
of ordinary shares entitled to a dividend between 30 June 2024 and the interim dividend record date of
27 September 2024.
The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived.
No provision was made for the final dividend in either year, and there are no income tax consequences.
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Annual report and accounts 2024Rightmove144
Financial statements
Notes forming part of the Financial Statements (continued)
9 Income tax expense (continued)
Factors affecting future tax charge
The increase in the UK corporation tax rate from 19% to 25% was effective 1 April 2023 (substantively
enacted on 24 May 2021). This has increased the Group’s current tax rate accordingly. The deferred tax
at 31 December 2023 and 31 December 2024 has been calculated based on these rates, reflecting the
expected timing of reversal of the related temporary differences
10 Earnings per share (EPS)
Pence per share
Note
£000
Basic
Diluted
Year ended 31 December 2024
Profit for the year and EPS
192,713
24.4
24.3
Underlying profit and underlying EPS
1
207,147
26.2
26.1
Year ended 31 December 2023
Profit for the year and EPS
199,151
24.5
24.4
Underlying profit and underlying EPS
1
204,680
25.2
25.1
Weighted average number of ordinary shares (basic)
2024
Number of
shares
2023
Number of
shares
Issued ordinary shares at 1 January less ordinary shares
held by the EBT and SIP Trust
811,252,473
835,094,530
Less own shares held in treasury at the beginning of the year
(11,709,197)
(12,185,222)
Weighted effect of own shares purchased for cancellation
(8,933,806)
(9,991,531)
Weighted effect of share-based incentives exercised
363,417
433,805
Weighted effect of shares purchased
(755,421)
(14,726)
Issued ordinary shares at 31 December less ordinary shares
held by treasury, SIP and the EBT
790,217,466
813,336,856
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of all potentially dilutive shares. The Group’s potentially dilutive instruments are in respect
of share-based incentives granted to employees.
2024
Number of
shares
2023
Number of
shares
Weighted average number of ordinary shares (basic)
790,217,466
813,336,856
Dilutive impact of share-based incentives outstanding
2,384,515
2,002,000
792,601,981
815,338,856
The average market value of the Group’s shares for the purposes of calculating the dilutive effect of
share-based incentives was based on quoted market prices during the period which the share-based
incentives were outstanding.
11 Dividends
Dividends declared and paid by the Company were as follows:
2024
2023
Pence
per share
£000
Pence
per share
£000
2022 final dividend paid
5.2
42,588
2023 interim dividend paid
3.6
29,084
2023 final dividend paid
5.7
45,226
–
–
2024 interim dividend paid
3.7
29,112
–
–
9.4
74,338
8.8
71,672
Unclaimed dividends returned
(30)
–
(21)
Net dividends included in the statement of cash flows
74,308
–
71,651
After the reporting date, a final dividend of [6.1]p (2023: 5.7p) per qualifying ordinary share, being
£46,900,000 (2023: £45,330,000), was proposed by the Board of Directors. The final dividend will b
e paid, subject to shareholder approval, on 23 May 2025.
The 2023 final dividend of £45,226,000 (5.7p per qualifying share) was paid on 24 May 2024. It was
£104,000 lower than that reported in the 2023 Annual Report due to a decrease in the ordinary shares
entitled to a dividend between 2 March 2024 and the final dividend record date of 28 April 2024.
The 2024 interim dividend paid on 25 October 2024 was £29,112,000, being £412,000 higher than that
reported in the 2024 Half Year report of £28,700,000. This was due to an increase in the expected number
of ordinary shares entitled to a dividend between 30 June 2024 and the interim dividend record date of
27 September 2024.
The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived.
No provision was made for the final dividend in either year, and there are no income tax consequences.
Notes forming part of the Financial Statements (continued)
| Office | ||||||
| equipment, | ||||||
| Land & | fixtures & | Computer | Leasehold | Motor | ||
| buildings* | fittings | equipment | improvements | vehicles* | Total | |
| Group | £000 | £000 | £000 | £000 | £000 | £000 |
| Cost | ||||||
At 1 January 2024 | 14,924 | 1,937 | 13,995 | 1,127 | 3,096 | 35,079 |
| Additions | – | 749 | 284 | 22 | – | 1,055 |
| Leased asset additions | – | – | – | – | 1,544 | 1,544 |
| Additions from business combinations | – | 1 | 13 | – | – | 14 |
| At 31 December 2024 | 14,924 | 2,687 | 14,292 | 1,149 | 4,640 | 37,692 |
| Depreciation | ||||||
At 1 January 2024 | (8,927) | (1,208) | (12,141) | (862) | (2,556) | (25,694) |
Charge for year | (1,779) | (320) | (912) | (79) | (523) | (3,613) |
At 31 December 2024 | (10,706) | (1,528) | (13,053) | (941) | (3,079) | (29,307) |
| Net book value | ||||||
At 31 December 2024 | 4,218 | 1,159 | 1,239 | 208 | 1,561 | 8,385 |
| At 31 December 2023 | 5,997 | 729 | 1,854 | 265 | 540 | 9,385 |
Office | ||||||
| equipment, | ||||||
| Land & | fixtures & | Computer | Leasehold | Motor | ||
| buildings* | fittings | equipment | improvements | vehicles (1) | Total | |
| Group | £000 | £000 | £000 | £000 | £000 | £000 |
| Cost | ||||||
At 1 January 2023 | 15,044 | 1,508 | 12,416 | 1,117 | 2,734 | 32,819 |
Additions | – | 429 | 1,579 | 10 | – | 2,018 |
Leased asset additions | – | – | – | – | 362 | 362 |
Disposal | (120) | – | – | – | – | (120) |
At 31 December 2023 | 14,924 | 1,937 | 13,995 | 1,127 | 3,096 | 35,079 |
| Depreciation | ||||||
At 1 January 2023 | (7,273) | (1,021) | (11,257) | (787) | (2,052) | (22,390) |
Charge for year | (1,774) | (187) | (884) | (75) | (504) | (3,424) |
Disposal | 120 | – | – | – | – | 120 |
At 31 December 2023 | (8,927) | (1,208) | (12,141) | (862) | (2,556) | (25,694) |
| Net book value | ||||||
At 31 December 2023 | 5,997 | 729 | 1,854 | 265 | 540 | 9,385 |
| Computer | Software | Customer | |||
| Goodwill | software | development | relationships | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| Cost | |||||
At 1 January 2024 | 16,516 | 8,999 | 892 | 4,521 | 30,928 |
| Additions | – | 6,066 | 1,957 | – | 8,023 |
| Additions from business combinations | 6,164 | 757 | – | 1,845 | 8,766 |
| At 31 December 2024 | 22,680 | 15,822 | 2,849 | 6,366 | 47,717 |
| Amortisation | |||||
At 1 January 2024 | – | (7,165) | – | (1,921) | (9,086) |
Charge for year | – | (1,766) | – | (620) | (2,386) |
At 31 December 2024 | – | (8,931) | – | (2,541 ) | (11,472) |
| Net book value | |||||
At 31 December 2024 | 22,680 | 6,891 | 2,849 | 3,825 | 36,245 |
| At 31 December 2023 | 16,516 | 1,834 | 892 | 2,600 | 21,842 |
Computer | Customer | |||
| Goodwill | software | relationships | Total | |
| £000 | £000 | £000 | £000 | |
| Cost | ||||
At 1 January 2023 | 16,516 | 8,563 | 4,521 | 29,600 |
Additions | – | 1,328 | – | 1,328 |
At 31 December 2023 | 16,516 | 9,891 | 4,521 | 30,928 |
| Amortisation | ||||
At 1 January 2023 | – | (6,056) | (1,470) | (7,526) |
Charge for year | – | (1,109) | (451) | (1,560) |
At 31 December 2023 | – | (7,165) | (1,921) | (9,086) |
| Net book value | ||||
At 31 December 2023 | 16,516 | 2,726 | 2,600 | 21,842 |
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Financial statements
Notes forming part of the Financial Statements (continued)
13 Intangible assets (continued)
Company | Nature of business | Country of | Registration | Holding | Class of | Trading |
| incorporation | number | shares | status | |||
Rightmove Group Limited | Online property | England and | 03997679 | 100% | Ordinary | Trading |
| advertising | Wales | |||||
| Rightmove Financial | Online rental services | England and | 11211259 | 100% | Ordinary | Trading |
| Services Limited* | Wales | |||||
| Rightmove Landlord and | Rental referencing and | England and | 07064255 | 100% | Ordinary | Trading |
| Tenant Services Limited* | insurance services | Wales | ||||
| Homeviews Platform | Residential review | England and | 10290376 | 100% | Ordinary | Trading |
| Limited* | services | Wales |
2024 | 2023 | |
| £000 | £000 | |
Deferred tax asset | 4,659 | 3,145 |
| Deferred tax liability | (3,210) | (762) |
At 31 December | 1,449 | 2,383 |
| Share-based | Property, plant | |||
| incentives | and equipment | Provisions | Total | |
| Deferred tax asset | £000 | £000 | £000 | £000 |
At 1 January 2024 | 2,773 | 166 | 206 | 3,145 |
Adjustment in respect of prior year | – | (196) | 88 | (108) |
Recognised in income | 906 | 302 | 9 | 1,217 |
| Recognised directly in equity | 405 | – | – | 405 |
| At 31 December 2024 | 4,084 | 272 | 303 | 4,659 |
At 1 January 2023 | 1,982 | 235 | 137 | 2,354 |
Adjustment in respect of prior year | – | 313 | 64 | 377 |
Recognised in income | 688 | (382) | 5 | 311 |
Recognised directly in equity | 103 | – | – | 103 |
At 31 December 2023 | 2,773 | 166 | 206 | 3,145 |
| Intangibles | Intangibles | |
| Deferred tax liability | 2024 | 2023 |
| £000 | £000 | |
| At 1 January | (762) | (894) |
| Prior year adjustment | (2) | (52) |
| Arising on business combination | (651) | – |
| Recognised in income | (2,013) | – |
| Recognised in income – amortisation | 218 | 184 |
| At 31 December | (3,210) | (762) |
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Financial statements
Notes forming part of the Financial Statements (continued)
13 Intangible assets (continued)
Management performed the annual impairment test. For the purposes of impairment testing,
goodwill is allocated to the Group’s lowest cash-generating unit which is the Agency only business unit.
The calculations used in the cash flow projections are based on the latest three-year business plan which
includes revenue per business unit, which has been updated to reflect the most recent developments
as at the reporting date. An allocation of costs is then estimated for impairment testing purposes
in accordance with IAS 36. The impairment test looked at cash flows over the coming three years.
The key assumptions used for modelling purposes were the long-term terminal growth rate of 2% for
years outside of the three-year business plan and the pre-tax discount rate used of 10% (2023: 10%).
The result of the impairment testing is that the recoverable amount was significantly higher than the
carrying amount and there is no impairment. This result is not sensitive to any reasonable possible
changes in the key assumptions used.
14 Investments
Company
Nature of business
Country of
incorporation
Registration
number
Holding
Class of
shares
Trading
status
Rightmove Group Limited
Online property
advertising
England and
Wales
03997679
100%
Ordinary
Trading
Rightmove Financial
Services Limited*
Online rental services
England and
Wales
11211259
100%
Ordinary
Trading
Rightmove Landlord and
Tenant Services Limited*
Rental referencing and
insurance services
England and
Wales
07064255
100%
Ordinary
Trading
Homeviews Platform
Limited*
Residential review
services
England and
Wales
10290376
100%
Ordinary
Trading
All the above subsidiaries are included in the Group consolidated financial statements. The registered
office for all subsidiaries of the Group is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive,
Caldecotte, Milton Keynes, MK7 8LE.
Rightmove Group Limited is a direct investment of Rightmove plc, whilst the remaining companies are
indirect as they consolidate into Rightmove Group Limited.
Audit exemption
The subsidiaries marked above are exempt from the requirements of the Companies Act 2006 relating
to the audit of individual accounts by virtue of Section 479A of that Act.
15 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Group intends to settle its current tax assets and liabilities on a net basis.
2024
£000
2023
£000
Deferred tax asset
4,659
3,145
Deferred tax liability
(3,210)
(762)
At 31 December
1,449
2,383
The deferred tax asset and deferred tax liability are attributable to the following:
Deferred tax asset
Share-based
incentives
£000
Property, plant
and equipment
£000
Provisions
£000
Total
£000
At 1 January 2024
2,773
166
206
3,145
Adjustment in respect of prior year
–
(196)
88
(108)
Recognised in income
906
302
9
1,217
Recognised directly in equity
405
–
–
405
At 31 December 2024
4,084
272
303
4,659
At 1 January 2023
1,982
235
137
2,354
Adjustment in respect of prior year
–
313
64
377
Recognised in income
688
(382)
5
311
Recognised directly in equity
103
–
–
103
At 31 December 2023
2,773
166
206
3,145
Deferred tax liability
Intangibles
2024
£000
Intangibles
2023
£000
At 1 January
(762)
(894)
Prior year adjustment
(2)
(52)
Arising on business combination
(651)
–
Recognised in income
(2,013)
–
Recognised in income – amortisation
218
184
At 31 December
(3,210)
(762)
The decrease in the net deferred tax assets at 31 December 2024 reflects the increased deferred tax
liability – principally arising from the impact of higher software additions and also intangible assets
generated upon business combinations – which more than offset the increase in the deferred tax asset in
relation to share-based incentives, arising from the impact of the increased share price and increased
number of unvested awards on the share-based payments.
The deferred tax as at 31 December 2024 has been calculated at 25% (2023: 25%) which represents the
average rate at which the assets and liabilities are expected to reverse in the future, based on
substantively enacted UK tax rates.
Notes forming part of the Financial Statements (continued)
16 Trade and other receivables
| 2024 | 2023 | ||
| Note | £000 | £000 | |
Trade receivables | 23,331 | 25,740 | |
Less provision for impairment of trade receivables | 24 | (1,514) | (1,249) |
Net trade receivables | 21,817 | 24,491 | |
Prepayments | 6,251 | 6,259 | |
| Interest receivable | 361 | 405 | |
| Other debtors | 572 | 319 | |
29,001 | 31,474 |
17 Cash and deposits
| 2024 | 2023 | |
| £000 | £000 | |
Cash and cash equivalents | 35,761 | 33,641 |
Money market deposits | 5,482 | 5,224 |
41,243 | 38,865 |
Cash balances with an original maturity of less than three months were held in current accounts during
the year and attracted interest at a weighted average rate of 3.9% (2023: 3.4%). The cash and cash
equivalents balance included: £100,000 (2023: £100,000) which is restricted to use in accordance with the
deeds of the EBT; £5,428,104 (2023: £5,183,573) which is held in a 30 day deposit account; and £417,000
which is ringfenced for the deferred consideration payable in February 2026 in relation to the acquisition
of HomeViews Platform Limited (Note 25).
All other cash and cash equivalents are available on demand.
Money market deposits with an original maturity of more than three months and less than a year attracted
interest at a weighted average rate of 4.8% (2023: 3.4%).
18 Trade and other payables
| 2024 | 2023 | |
| £000 | £000 | |
Trade payables | 1,326 | 2,057 |
Trade accruals | 9,270 | 7,662 |
| Other creditors | 3,033 | 1,510 |
| Other taxation and social security | 13,407 | 13,508 |
27,036 | 24,737 |
19 Leases
The Group leases assets, including land and buildings and motor vehicles, that are held within property,
plant and equipment (Note 12). Information about leases for which the Group is a lessee is presented
below.
2024 | 2023 | |
| Analysis of property, plant and equipment between owned and leased assets | £000 | £000 |
Net book value of property, plant and equipment owned | 2,606 | 2,848 |
Net book value of leased right of use assets | 5,779 | 6,537 |
8,385 | 9,385 |
| Property | Vehicles | Total | |
| Net book value of right of use assets | £000 | £000 | £000 |
At 1 January 2024 | 5,997 | 540 | 6,537 |
Additions | – | 1,544 | 1,544 |
| Depreciation charge | (1,779) | (523) | (2,302) |
At 31 December 2024 | 4,218 | 1,561 | 5,779 |
At 1 January 2023 | 7,771 | 682 | 8,453 |
Additions | – | 362 | 362 |
Depreciation charge | (1,774) | (504) | (2,278) |
At 31 December 2023 | 5,997 | 540 | 6,537 |
| 2024 | 2023 | |
| Lease liabilities included in the statement of financial position | £000 | £000 |
Current | 2,497 | 2,291 |
Non-current | 3,665 | 5,112 |
6,162 | 7,403 |
| 2024 | 2023 | |
| Amounts recognised in income statement | £000 | £000 |
Interest on lease liabilities | 138 | 192 |
Expenses relating to short-term leases | 241 | 255 |
| Expenses relating to low-value asset leases | ||
| (excl. short-term leases of low-value assets) | 17 | 24 |
396 | 471 |
2024 | 2023 | |
| Amount recognised in the statement of cash flows | £000 | £000 |
Total cash outflow for all leases | 3,175 | 2,996 |
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Financial statements
Notes forming part of the Financial Statements (continued)
19 Leases (continued)
Reconciliation of movement of lease liabilities to cash flows
| 2024 | 2023 | |
| £000 | £000 | |
At 1 January | 7,403 | 9,569 |
Payment of lease liabilities – capital | (2,781 ) | (2,530) |
| Payment of lease liabilities – interest | (141) | (187) |
Total changes arising from cash flows | (2,922 ) | (2,717) |
New leases | 1,544 | 362 |
| Interest | 138 | 192 |
| Other movements | (1) | (3) |
Total liability relating to other changes | 1,681 | 551 |
Balance as at 31 December | 6,162 | 7,403 |
2024 | |
| £000 | |
At 1 January | 841 |
Utilised | – |
| Released | – |
| Unwinding of discount | 12 |
| At 31 December | 853 |
Current | – |
Non-current | 853 |
2024 | 2023 | |||
| Amount | Number of | Amount | Number of | |
| £000 | shares | £000 | Shares | |
| In issue ordinary shares | ||||
At 1 January | 814 | 813,449,619 | 838 | 837,401,085 |
| Purchase and cancellation of shares | (19) | (18,772,755) | (24) | (23,951,466) |
At 31 December | 795 | 794,676,864 | 814 | 813,449,619 |
EBT shares | SIP shares | Treasury | ||
| reserve | reserve | shares | Total | |
| Own shares held – £000 | £000 | £000 | £000 | £000 |
Own shares held as at 1 January 2023 | (3,157) | (4,952) | (5,789) | (13,898) |
Shares purchased for share incentive plans | (725) | (1,273) | – | (1,998) |
Shares transferred to SIP | 725 | (725) | – | – |
Share-based incentives exercised in the year | 1,297 | 557 | 230 | 2,084 |
SIP releases in the year | – | 72 | – | 72 |
Own shares held as at 31 December 2023 | (1,860) | (6,321) | (5,559) | (13,740) |
Own shares held as at 1 January 2024 | (1,860) | (6,321) | (5,55 9) | (13,740) |
Shares purchased for share incentive plans | (5,910) | (1,415) | – | (7,325) |
Shares transferred to SIP | 594 | (594) | – | – |
| Share-based incentives exercised in the year | 66 | 713 | 260 | 1,039 |
| SIP releases in the year | – | 64 | – | 64 |
| Own shares held as at 31 December 2024 | (7,110) | (7,553) | (5,299) | (19,962) |
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Annual report and accounts 2024Rightmove148
Financial statements
Notes forming part of the Financial Statements (continued)
19 Leases (continued)
Reconciliation of movement of lease liabilities to cash flows
2024
£000
2023
£000
At 1 January
7,403
9,569
Payment of lease liabilities – capital
(2,781)
(2,530)
Payment of lease liabilities – interest
(141)
(187)
Total changes arising from cash flows
(2,922)
(2,717)
New leases
1,544
362
Interest
138
192
Other movements
(1)
(3)
Total liability relating to other changes
1,681
551
Balance as at 31 December
6,162
7,403
20 Provisions
The dilapidations provision is in respect of any of the Group’s leased properties where the Group has
obligations to make good dilapidations. The non-current liabilities are estimated to be payable over
periods from one to five years.
2024
£000
At 1 January
841
Utilised
–
Released
–
Unwinding of discount
12
At 31 December
853
Current
–
Non-current
853
21 Share capital
2024
2023
Amount
£000
Number of
shares
Amount
£000
Number of
Shares
In issue ordinary shares
At 1 January
814
813,449,619
838
837,401,085
Purchase and cancellation of shares
(19)
(18,772,755)
(24)
(23,951,466)
At 31 December
795
794,676,864
814
813,449,619
All issued shares are fully paid. The nominal value of a share is 0.1p. The holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share
at general meetings of the Company. Included within shares in issue at 31 December 2024 are 1,833,148
(2023: 1,029,919) shares held by the EBT, 1,320,429 (2023: 1,167,227) shares held by the SIP and
11,168,495 (2023: 11,709,197) shares held in treasury.
In June 2007, Rightmove plc commenced a share buyback programme to purchase its own ordinary
shares. The total number of shares bought back in 2024 was 18,772,755 (2023: 23,951,466) shares
representing 2.4% (2023: 2.9%) of the ordinary shares in issue (excluding shares held in treasury). All the
shares bought back in both years were cancelled. The shares were acquired on the open market at a total
consideration (excluding costs) of £107,441,000 (2023: £130,000,000). The maximum and minimum
prices paid were £6.84 (2023: £5.97) and £5.00 (2023: £4.73) per share respectively. The average price paid
was £5.72 (2023: £5.43). Costs incurred on purchase of own shares in relation to stamp duty charges and
broker expenses for share buybacks were £753,000 (2023: £910,000). Costs incurred on purchase of
own shares in relation to stamp duty charges and broker expenses for the SIP award were £14,000
(2023: £12,000) and for the RSP award were £37,000 (2023: £nil).
22 Reconciliation of movement in capital and reserves
Own shares held – £000
EBT shares
reserve
£000
SIP shares
reserve
£000
Treasury
shares
£000
Total
£000
Own shares held as at 1 January 2023
(3,157)
(4,952)
(5,789)
(13,898)
Shares purchased for share incentive plans
(725)
(1,273)
–
(1,998)
Shares transferred to SIP
725
(725)
–
–
Share-based incentives exercised in the year
1,297
557
230
2,084
SIP releases in the year
–
72
–
72
Own shares held as at 31 December 2023
(1,860)
(6,321)
(5,559)
(13,740)
Own shares held as at 1 January 2024
(1,860)
(6,321)
(5,559)
(13,740)
Shares purchased for share incentive plans
(5,910)
(1,415)
–
(7,325)
Shares transferred to SIP
594
(594)
–
–
Share-based incentives exercised in the year
66
713
260
1,039
SIP releases in the year
–
64
–
64
Own shares held as at 31 December 2024
(7,110)
(7,553)
(5,299)
(19,962)
Notes forming part of the Financial Statements (continued)
22 Reconciliation of movement in capital and reserves (continued)
| EBT shares | SIP shares | Treasury | ||
| Own shares held – number of shares | reserve | reserve | shares | Total |
Own shares held as at 1 January 2023 | 1,375,963 | 930,592 | 12,185,222 | 14,491,777 |
Shares purchased for share incentive plans | 127,240 | 226,335 | – | 353,575 |
Shares transferred to SIP | (127,240) | 127,240 | – | – |
Share-based incentives exercised in the year | (346,044) | (104,740) | (476,025) | (926,809) |
SIP releases in the year | – | (12,200) | – | (12,200) |
Own shares held as at 31 December 2023 | 1,029,919 | 1,167,227 | 11,709,197 | 13,906,343 |
Own shares held as at 1 January 2024 | 1,029,919 | 1,167,227 | 11,709,197 | 13,906,343 |
| Shares purchased for share incentive plans | 1,028,015 | 209,088 | – | 1,237,103 |
| Shares transferred to SIP | (88,502) | 88,502 | – | – |
| Share-based incentives exercised in the year | (136,284) | (132,413) | (540,702 ) | (809,399) |
SIP releases in the year | – | (11,975) | – | (11,975) |
Own shares held as at 31 December 2024 | 1,833,148 | 1,320,429 | 11,168,495 | 14,322,072 |
23 Share-based payments
The Group operates a number of share-based incentive schemes for Executive Directors and employees.
All share-based incentives are subject to a service condition. Such conditions are not taken into account
in the fair value of the service received. The fair value of services received in return for share-based
incentives is measured by reference to the fair value of share-based incentives granted.
The Group recognised a total share-based payments charge for the year of £7,439,000 (2023: £5,886,000)
as set out below. The NI charge for the year, relating to all awards, was £917,000 (2023: £651,000). The
share price at 31 December 2024 was £6.42 (2023: £5.76).
The total charge in relation to share-based payments was £8,356,000 (2023: £6,537,000):
2024 | 2023 | |
| £000 | £000 | |
Sharesave Plan | 495 | 382 |
Performance Share Plan (PSP) | 4 | 684 |
| Deferred Share Bonus Plan (DSP) | 2,640 | 3,197 |
| Share Incentive Plan (SIP) | 1,436 | 1,068 |
| Restricted Share Plan (RSP) | 2,864 | 555 |
| Total share-based payments charge | 7,439 | 5,886 |
NI on applicable share-based incentives at 13.8% | 917 | 651 |
Total charge in relation to share-based payments | 8,356 | 6,537 |
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Financial statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
Sharesave Plan
The Group operates an HMRC Approved Sharesave Plan under which employees of Rightmove plc and
Rightmove Group Limited are granted an option to purchase ordinary shares in Rightmove plc, at up to
20% less than the market price at invitation, in three years’ time, dependent on their entering into a
contract to make monthly contributions into a savings account over the relevant period. These savings
are used to fund the option exercise. No performance criteria are applied to the exercise of Sharesave
options. The assumptions used in the measurement of the fair value at grant date of the Sharesave Plan
are as follows:
| Share price at | Exercise | Dividend | Fair value per | ||||
| grant date | price | Option life | Volatility | Risk free rate | yield | option | |
| Grant date | (pence) | (pence) | (years) | (%) | (%) | (%) | (pence) |
1 October 2021 | 682.6 | 574.0 | 3.0 | 26.7 | 0.8 | 1.1 | 184.0 |
30 September 2022 | 482.2 | 482.0 | 3.0 | 29.4 | 5.2 | 1.8 | 130.0 |
29 September 2023 | 562.2 | 448.0 | 3.0 | 30.2 | 4.7 | 1.6 | 203.0 |
| 30 September 2024 | 617.4 | 442.0 | 3.0 | 31.1 | 3.75 | 1.8 | 232.0 |
The requirement that an employee must save in order to purchase shares under the Sharesave Plan is a
non-vesting condition. This feature has been incorporated into the fair value at grant date by applying a
discount to the valuation obtained from the Black Scholes pricing model. The discount has been
determined by estimating the probability that the employee will stop saving based on expected future
trends in the share price and past employee behaviour.
2024 | 2023 | ||||
Weighted | Weighted | ||||
| average | average | ||||
| exercise price | exercise price | ||||
Group | Number | (pence) | Number | (pence) | |
Outstanding at 1 January | 844,719 | 483.8 | 779,826 | 498.9 | |
Granted | 379,287 | 442.0 | 373,861 | 448.2 | |
| Lapsed or cancelled | (114,499) | 491.6 | (112,451) | 516.6 | |
| Forfeited | (47,177) | 465.2 | (57,649) | 497.5 | |
| Exercised | (136,284) | 540.1 | (138,868) | 440.2 | |
Outstanding at 31 December | 926,046 | 458.4 | 844,719 | 483.8 | |
Exercisable at 31 December | 38,949 | 5.63 | 129,754 | 510.5 |
The weighted average market value per ordinary share for Sharesave options exercised in 2024 was
572.2 pence (2023: 559.3 pence). The Sharesave options outstanding at 31 December 2024 have an
exercise price in the range of 430.0 pence to 574.0 pence (2023: 430.0 pence to 574.0 pence) and a
weighted average contractual life of years 2.0 years (2023: 2.2 years).
| Share price at | Exercise | Risk | Dividend | Fair value | |||
| grant date | price | Expected | Option | free rate | yield | per option | |
| Grant date | (pence) | (pence) | volatility (%) | life (years) | (%) | (%) | (pence) |
| 2 March 2022 | |||||||
(TSR dependent) | 684.6 | 0.0 | 30.3 | 3.0 | 1.7 | 0.0 | 247.4 |
| 2 March 2022 | |||||||
(EPS dependent) | 684.6 | 0.0 | 0.0 | 3.0 | 0.0 | 0.0 | 582.2 |
| 10 March 2023 | |||||||
(TSR dependent) | 540.8 | 0.0 | 32.9 | 3.0 | 4.3 | 0.0 | 227.8 |
| 10 March 2023 | |||||||
(EPS dependent) | 540.8 | 0.0 | 0.0 | 3.0 | 0.0 | 0.0 | 460.0 |
| 12 March 2024 | |||||||
(TSR dependent) (1) | 577.0 | 0.0 | 28.3 | 3.0 | 4.2 | 0.0 | 273.0 |
| 12 March 2024 | |||||||
(EPS dependent) (1) | 577.0 | 0.0 | 0.0 | 3.0 | 0.0 | 0.0 | 490.0 |
| 12 March 2024 | |||||||
(Revenue dependent) (1) | 577.0 | 0.0 | 0.0 | 3.0 | 0.0 | 0.0 | 490.0 |
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Financial statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
Sharesave Plan
The Group operates an HMRC Approved Sharesave Plan under which employees of Rightmove plc and
Rightmove Group Limited are granted an option to purchase ordinary shares in Rightmove plc, at up to
20% less than the market price at invitation, in three years’ time, dependent on their entering into a
contract to make monthly contributions into a savings account over the relevant period. These savings
are used to fund the option exercise. No performance criteria are applied to the exercise of Sharesave
options. The assumptions used in the measurement of the fair value at grant date of the Sharesave Plan
are as follows:
Grant date
Share price at
grant date
(pence)
Exercise
price
(pence)
Option life
(years)
Volatility
(%)
Risk free rate
(%)
Dividend
yield
(%)
Fair value per
option
(pence)
1 October 2021
682.6
574.0
3.0
26.7
0.8
1.1
184.0
30 September 2022
482.2
482.0
3.0
29.4
5.2
1.8
130.0
29 September 2023
562.2
448.0
3.0
30.2
4.7
1.6
203.0
30 September 2024
617.4
442.0
3.0
31.1
3.75
1.8
232.0
The requirement that an employee must save in order to purchase shares under the Sharesave Plan is a
non-vesting condition. This feature has been incorporated into the fair value at grant date by applying a
discount to the valuation obtained from the Black Scholes pricing model. The discount has been
determined by estimating the probability that the employee will stop saving based on expected future
trends in the share price and past employee behaviour.
2024
2023
Group
Number
Weighted
average
exercise price
(pence)
Number
Weighted
average
exercise price
(pence)
Outstanding at 1 January
844,719
483.8
779,826
498.9
Granted
379,287
442.0
373,861
448.2
Lapsed or cancelled
(114,499)
491.6
(112,451)
516.6
Forfeited
(47,177)
465.2
(57,649)
497.5
Exercised
(136,284)
540.1
(138,868)
440.2
Outstanding at 31 December
926,046
458.4
844,719
483.8
Exercisable at 31 December
38,949
5.63
129,754
510.5
The weighted average market value per ordinary share for Sharesave options exercised in 2024 was
572.2 pence (2023: 559.3 pence). The Sharesave options outstanding at 31 December 2024 have an
exercise price in the range of 430.0 pence to 574.0 pence (2023: 430.0 pence to 574.0 pence) and a
weighted average contractual life of years 2.0 years (2023: 2.2 years).
Performance Share Plan (PSP)
The PSP permits awards of nil cost options or contingent shares which will only vest in the event of prior
satisfaction of a performance condition.
335,970 PSP awards were made on 12 March 2024 (the grant date) subject to earnings per share (EPS),
total shareholder return (TSR) and revenue performance. Performance will be measured over three
financial years (1 January 2024 – 31 December 2026). The vesting on 12 March 2027 (vesting date)
of 50% of the 2024 PSP award will be dependent on a relative TSR performance condition measured
over the three-year performance period, with 25% dependent on the satisfaction of an EPS growth
target measured over the three-year performance period and the remaining 25% dependent on
revenue growth.
The PSP awards have been valued using the Monte Carlo model for the TSR element and the Black
Scholes model for the EPS and revenue elements. The resulting share-based payments charge is being
spread evenly over the three-year period between grant date and vesting date. PSP award holders are
entitled to receive dividends accruing between the grant date and the vesting date and this value will be
delivered in shares. The assumptions used in the measurement of the fair value at grant date of the PSP
awards are as follows:
Grant date
Share price at
grant date
(pence)
Exercise
price
(pence)
Expected
volatility (%)
Option
life (years)
Risk
free rate
(%)
Dividend
yield
(%)
Fair value
per option
(pence)
2 March 2022
(TSR dependent)
684.6
0.0
30.3
3.0
1.7
0.0
247.4
2 March 2022
(EPS dependent)
684.6
0.0
0.0
3.0
0.0
0.0
582.2
10 March 2023
(TSR dependent)
540.8
0.0
32.9
3.0
4.3
0.0
227.8
10 March 2023
(EPS dependent)
540.8
0.0
0.0
3.0
0.0
0.0
460.0
12 March 2024
(TSR dependent)
(1)
577.0
0.0
28.3
3.0
4.2
0.0
273.0
12 March 2024
(EPS dependent)
(1)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
12 March 2024
(Revenue dependent)
(1)
577.0
0.0
0.0
3.0
0.0
0.0
490.0
1. For details of TSR, EPS and revenue performance conditions refer to the Directors’ Remuneration Report.
Expected volatility, which only impacts the fair value of the TSR element of the award, is estimated by
considering historic average share price volatility at the grant date. The risk-free rate is only used as
an input to calculate the fair value of the TSR element of the award. The PSP awards accrue dividends
so there is no dividend yield used as an input to calculate the fair value. A discount rate of 15.0%
(2023: 15.0%) was applied to the fair value at grant date to reflect the two-year holding period that
applies post the vesting period and the lack of liquidity during that period.
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
| 2024 | 2023 | |
| Number | Number | |
Outstanding at 1 January | 750,175 | 683,330 |
Granted | 335,970 | 325,798 |
| Dividends awarded | 5,445 | 1,110 |
| Forfeited | (506,489) | (171,458) |
| Exercised | (62,602) | (88,605) |
Outstanding at 31 December | 522,499 | 750,175 |
Exercisable at 31 December | – | 21,487 |
The weighted average market value per ordinary share for options exercised in 2024 was 682.5 pence
(2023: 577.8 pence). The weighted average exercise price was nil in both years. The PSP awards
outstanding at 31 December 2024 have a weighted average contractual life of 1.5 years (2023: 1.3 years).
Deferred Share Bonus Plan (DSP)
In March 2009 a DSP was established which allows Executive Directors and other selected senior
management the opportunity to earn a bonus determined as a percentage of base salary settled in nil cost
deferred shares. The award of shares under the plan is contingent on the satisfaction of pre-set internal
targets relating to underlying drivers of revenue growth (the performance period). The right to the shares
is deferred for two years from the date of the award (the vesting period) and potentially forfeitable during
that period should the employee leave employment. The deferred share awards were valued using the
Black Scholes model and the resulting share-based payments charge is being spread evenly over the
combined performance period and vesting period of the shares, being three years.
The inputs used in the measurement of the fair value of the deferred share awards – which are initially
calculated at the date on which the potential DSP bonus is communicated to Directors and senior
management (the grant date) and are then updated at the date of the actual award – are as follows:
| Share price at | Exercise | Expected | Dividend | Fair value | ||
| award date | price | term | yield | per option | ||
Grant date | Award date | (pence) | (pence) | (years) | (%) | (pence) |
3 March 2021 | 2 March 2022 | 684.6 | 0.0 | 3.0 | 1.2 | 668.0 |
2 March 2022 | 10 March 2023 | 540.8 | 0.0 | 3.0 | 1.5 | 524.0 |
12 March 2023 | 12 March 2024 (1) | 577.0 | 0.0 | 3.0 | 1.6 | 559.0 |
12 March 2024 (2) | 12 March 2025 (3) | 577.0 | 0.0 | 3.0 | 1.6 | 549.0 |
1. Following the achievement of 79% of the 2023 internal performance targets, 602,218 nil cost shares were awarded to
Executives and senior management on 12 March 2024 (the award date) with the right to exercise the shares deferred until
March 2026.
2. The share price and fair value are disclosed at grant date until the point that the award is made on 12 March 2025, at which
point the valuation will be updated.
3. Based on the 2024 internal performance targets, the Remuneration Committee determined that 85% of the maximum award
in respect of the year will be made in March 2025. The number of shares to be awarded will be determined based on the share
price at the award date in March 2025.
| 2024 | 2023 | |
| Number | Number | |
Outstanding at 1 January | 1,029,016 | 870,666 |
Awarded | 605,476 | 545,770 |
| Forfeited | (126,982) | – |
| Exercised | (478,100) | (387,420) |
Outstanding at 31 December | 1,029,410 | 1,029,016 |
Exercisable at 31 December | – | – |
The weighted average market value per ordinary share for deferred shares exercised in 2024 was 587.9
pence (2023: 563.0 pence). The weighted average exercise price was nil in both years. The DSP awards
outstanding at 31 December 2024 have a weighted average contractual life of 1.4 years (2023: 1.4 years).
Share Incentive Plan
In 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). Employees in the Group
were offered 445 shares on 21 December 2024 (2023: 600 shares) subject to a three-year service period
(the vesting period). The SIP awards have been valued using the Black Scholes model and the resulting
share-based payments charge spread evenly over the vesting period of three years. The SIP shareholders
are entitled to dividends paid in cash over the vesting period. No performance criteria are applied to the
exercise of SIP options. The assumptions used in the measurement of the fair value at grant date of the
SIP awards are as follows:
| Share | |||||
| price at grant | |||||
| date | Exercise price | Option | Dividend yield | Fair value per | |
| Grant date | (pence) | (pence) | life (years) | (%) | option (pence) |
20 December 2020 | 651.6 | 0.0 | 3.0 | 0.0 | 651.6 |
20 December 2021 | 769.2 | 0.0 | 3.0 | 0.0 | 769.2 |
21 December 2022 | 526.8 | 0.0 | 3.0 | 0.0 | 526.8 |
20 December 2023 | 563.8 | 0.0 | 3.0 | 0.0 | 563.8 |
19 December 2024 | 654.2 | 0.0 | 3.0 | 0.0 | 654.2 |
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Financial statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
The SIP awards accrue dividends, so there is no dividend yield input into the fair valuation calculation.
2024 | 2023 | |
| Number | Number | |
Outstanding at 1 January | 1,159,700 | 913,440 |
Granted | 374,690 | 438,000 |
| Forfeited | (82,300) | (75,750) |
| Exercised | (148,165) | (115,990) |
Outstanding at 31 December | 1,303,925 | 1,159,700 |
Exercisable at 31 December | 287,935 | 276,900 |
The weighted average market value per ordinary share for SIP awards released and exercised in 2024
was 614.5 pence (2023: 562.67 pence). The weighted average exercise price in both years was nil.
The SIP options outstanding at 31 December 2024 have a weighted average contractual life of
2.1 years (2023: 2.3 years).
Restricted Share Plan (RSP)
The RSP awards nil cost deferred shares to selected senior management, subject only to service
conditions which typically vary between one to four years’ service. Participants are not entitled to receive
dividends on these awards. RSP awards have been valued using the Black Scholes model and the resulting
share-based payments charge is being spread evenly over the vesting period of the shares.
The assumptions used in the measurement of the fair value at grant date of the RSP awards are as follows:
| Share price at | Dividend | Fair value per | |||
| grant date | Exercise price | Option | yield | option | |
| Grant date | (pence) | (pence) | life (years) | (%) | (pence) |
20 September 2023 | 586.0 | 0.0 | 3.0 | 1.4 | 562.0 |
20 September 2023 | 586.0 | 0.0 | 4.0 | 1.5 | 553.0 |
20 December 2023 | 563.8 | 0.0 | 1.5 | 1.7 | 549.0 |
20 December 2023 | 563.8 | 0.0 | 3.0 | 1.6 | 536.0 |
1 March 2024 | 566.2 | 0.0 | 1.0 | 1.6 | 557.0 |
1 March 2024 | 566.2 | 0.0 | 2.0 | 1.6 | 548.0 |
1 March 2024 | 566.2 | 0.0 | 3.0 | 1.7 | 539.0 |
6 June 2024 | 565.0 | 0.0 | 1.5 | 1.5 | 552.0 |
26 July 2024 | 560.0 | 0.0 | 3.0 | 2.0 | 530.0 |
25 October 2024 | 618.2 | 0.0 | 3.0 | 1.7 | 588.0 |
| 2024 | 2023 | |
| Number | Number | |
Outstanding at 1 January | 874,442 | 544,101 |
Awarded | 397,849 | 541,664 |
| Forfeited | – | – |
| Exercised | – | (211,323) |
Outstanding at 31 December | 1,272,291 | 874,442 |
Exercisable at 31 December | – | – |
No RSP awards were exercised in 2024. The weighted average market value per ordinary share for RSP
awards exercised in 2023 was 530.9 pence. The RSP options outstanding at 31 December 2024 have a
weighted average contractual life of 1.4 years (2023: 2.5 years).
| 2024 | 2023 | ||
| Note | £000 | £000 | |
Net trade receivables | 16 | 21,817 | 24,491 |
Accrued interest receivable | 16 | 361 | 405 |
Contract assets | 4 | 1,270 | 759 |
Other debtors | 16 | 572 | 319 |
Cash and cash equivalents | 17 | 35,761 | 33,641 |
Money market deposits | 17 | 5,482 | 5,224 |
65,263 | 64,839 |
| 2024 | 2023 | ||
| Note | £000 | £000 | |
UK | 4 | 21,796 | 24,480 |
Rest of the world | 4 | 21 | 11 |
| 16 | 21,817 | 24,491 |
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Financial statements
Notes forming part of the Financial Statements (continued)
23 Share-based payments (continued)
The SIP awards accrue dividends, so there is no dividend yield input into the fair valuation calculation.
2024
Number
2023
Number
Outstanding at 1 January
1,159,700
913,440
Granted
374,690
438,000
Forfeited
(82,300)
(75,750)
Exercised
(148,165)
(115,990)
Outstanding at 31 December
1,303,925
1,159,700
Exercisable at 31 December
287,935
276,900
The weighted average market value per ordinary share for SIP awards released and exercised in 2024
was 614.5 pence (2023: 562.67 pence). The weighted average exercise price in both years was nil.
The SIP options outstanding at 31 December 2024 have a weighted average contractual life of
2.1 years (2023: 2.3 years).
Restricted Share Plan (RSP)
The RSP awards nil cost deferred shares to selected senior management, subject only to service
conditions which typically vary between one to four years’ service. Participants are not entitled to receive
dividends on these awards. RSP awards have been valued using the Black Scholes model and the resulting
share-based payments charge is being spread evenly over the vesting period of the shares.
The assumptions used in the measurement of the fair value at grant date of the RSP awards are as follows:
Grant date
Share price at
grant date
(pence)
Exercise price
(pence)
Option
life (years)
Dividend
yield
(%)
Fair value per
option
(pence)
20 September 2023
586.0
0.0
3.0
1.4
562.0
20 September 2023
586.0
0.0
4.0
1.5
553.0
20 December 2023
563.8
0.0
1.5
1.7
549.0
20 December 2023
563.8
0.0
3.0
1.6
536.0
1 March 2024
566.2
0.0
1.0
1.6
557.0
1 March 2024
566.2
0.0
2.0
1.6
548.0
1 March 2024
566.2
0.0
3.0
1.7
539.0
6 June 2024
565.0
0.0
1.5
1.5
552.0
26 July 2024
560.0
0.0
3.0
2.0
530.0
25 October 2024
618.2
0.0
3.0
1.7
588.0
2024
Number
2023
Number
Outstanding at 1 January
874,442
544,101
Awarded
397,849
541,664
Forfeited
–
–
Exercised
–
(211,323)
Outstanding at 31 December
1,272,291
874,442
Exercisable at 31 December
–
–
No RSP awards were exercised in 2024. The weighted average market value per ordinary share for RSP
awards exercised in 2023 was 530.9 pence. The RSP options outstanding at 31 December 2024 have a
weighted average contractual life of 1.4 years (2023: 2.5 years).
24 Financial instruments
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
Note
2024
£000
2023
£000
Net trade receivables
16
21,817
24,491
Accrued interest receivable
16
361
405
Contract assets
4
1,270
759
Other debtors
16
572
319
Cash and cash equivalents
17
35,761
33,641
Money market deposits
17
5,482
5,224
65,263
64,839
The trade receivables balance is spread across a significant number of different customers with no single
debtor representing more than 3% of the total balance due (2023: 2%).
The maximum exposure to credit risk for trade receivables at the reporting date by geographic
region was:
Note
2024
£000
2023
£000
UK
4
21,796
24,480
Rest of the world
4
21
11
16
21,817
24,491
Notes forming part of the Financial Statements (continued)
24 Financial instruments (continued)
2024 | 2023 | ||
| Note | £000 | £000 | |
Property products | 18,441 | 20,390 | |
Other | 3,376 | 4,101 | |
| 16 | 21,817 | 24,491 |
| Weighted- | Gross carrying | Loss | ||
| average loss | amount | allowance | Credit- | |
| 2024 | rate | £000 | £000 | impaired |
Current | 1.8% | 17,488 | (310 ) | No |
| Past due 1 – 30 days | 8.8% | 4,849 | (427) | No |
Past due 31 – 60 days | 8.8% | 1,009 | (89) | No |
| Past due 61 – 90 days | 19.5% | 369 | (72) | No |
| More than 91 days past due | 69.5% | 886 | (616 ) | No |
| 24,601 | (1,514) |
| Weighted- | Gross carrying | |||
| average loss | amount | Loss allowance | ||
| 2023 | rate | £000 | £000 | Credit -impaired |
Current | 1.1% | 16,140 | (177) | No |
Past due 1 – 30 days | 2.2% | 4,677 | (101) | No |
Past due 31 – 60 days | 6.5% | 1,612 | (104) | No |
Past due 61 – 90 days | 8.4% | 738 | (62) | No |
More than 91 days past due | 24.0% | 3,332 | (801) | No |
26,499 | (1,249) |
| 2024 | 2023 | ||
| Note | £000 | £000 | |
At 1 January | 1,249 | 845 | |
Charged during the year | 1,620 | 1,712 | |
| Utilised during the year | (1,355 ) | (1,308) | |
At 31 December | 16 | 1,514 | 1,249 |
| Carrying | Contractual | 6 months | 6-12 | |||
| amount | cash flows | or less | months | |||
| £000 | £000 | £000 | £000 | 1-2 years | 2-5 years | |
| At 31 December 2024 | ||||||
| Trade payables being non-derivative | ||||||
| financial liabilities | 1,326 | (1,326) | (1,326) | – | – | – |
| Trade accruals being non-derivative | ||||||
| financial liabilities | 9,270 | (8,170) | (8,170) | – | – | – |
| Lease liabilities | 6,162 | (6,383) | (1,337) | (1,337) | (2,703) | (1,006) |
Deferred consideration | 417 | (417) | – | – | (417) | – |
| Total | 17,175 | (16,296) | (10,833) | (1,337) | (3,120) | (1,006) |
| At 31 December 2023 | ||||||
| Trade payables being non-derivative | ||||||
financial liabilities | 2,057 | (2,057) | (2,057) | – | – | – |
| Trade accruals being non-derivative | ||||||
financial liabilities | 7,662 | (6,978) | (6,978) | – | – | – |
Lease liabilities | 7,403 | (7,830) | (1,293) | (1,293) | (2,437) | (2,808) |
Total | 17,122 | (16,865) | (10,328) | (1,293) | (2,437) | (2,808) |
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Financial statements
Notes forming part of the Financial Statements (continued)
24 Financial instruments (continued)
25 Business combinations and other acquisitions
HomeViews Platform Limited
On 1 February 2024, the Group acquired the entire ordinary share capital of HomeViews Platform Limited,
a business providing the UK's biggest community of verified resident reviews of property developments,
with a particular focus on the build to rent sector. This augments our existing Rental Operators
proposition, provides a basis for introducing resident reviews into other business units, and will leverage
the scale benefits that the Rightmove platform and customer base bring to the HomeViews’ existing
market. This acquisition has been treated in line with IFRS 3 – Business Combinations.
2024 | |
| £000 | |
Cash consideration | 8,471 |
Total consideration | 8,471 |
The following table provides a reconciliation of the amounts included in the consolidated statement of
cash flows:
2024 | |
| Net cash flow on acquisition | £000 |
Cash consideration | 8,471 |
Net of cash and cash equivalents acquired | (519) |
Net cash cost paid for subsidiary | 7,952 |
Deferred consideration | (400) |
Net cash outflow included in the statement of cash flows | 7,552 |
The total cash consideration of £8,471,000 excludes acquisition costs of £590,000, which have been
recognised as an expense in the period in the consolidated statement of comprehensive income
(£370,000 in the period and £220,000 in December 2023). Included within transaction costs on acquisition
of £590,000 are legal and due diligence fees and stamp duty. The deferred consideration will be payable
on the second anniversary of the completion date and has no performance obligations.
In the 11-month period to 31 December 2024, HomeViews contributed revenue of £1.3m and a
trading loss after tax of £0.2m to the Group’s results. If the acquisition had occurred on 1 January 2024,
management estimates that consolidated revenue would have been £1.4m and consolidated profit for
the period would have still been lowered by £0.2m. In determining these amounts, management has
assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition
would have been the same if the acquisition had occurred on 1 January 2024.
The deferred consideration of £400,000 has accrued £17,000 of interest in the post-acquisition period.
The following table details the final fair values of the assets and liabilities acquired at the date
of acquisition:
Carrying values | Fair value | ||
| pre-acquisition | adjustments | Fair values | |
| Net assets acquired | £000 | £000 | £000 |
| Non-current assets | |||
Property, plant and equipment | 14 | – | 14 |
Intangible assets – IT development costs | – | 757 | 757 |
Intangible assets – customer relationships | – | 1,845 | 1,845 |
Total non-current assets | 14 | 2,602 | 2,616 |
| Current assets | |||
Trade and other receivables | 150 | – | 150 |
Cash and cash equivalents | 519 | – | 519 |
Total current assets | 669 | – | 669 |
| Current liabilities | |||
Trade and other payables | (328) | – | (328) |
Total current liabilities | (328) | – | (328) |
Non-current liabilities – deferred tax | – | (650) | (650) |
Fair value of net assets acquired | 355 | 1,952 | 2,307 |
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Annual report and accounts 2024Rightmove154
Financial statements
Notes forming part of the Financial Statements (continued)
24 Financial instruments (continued)
Interest rate risk
The Group has exposure to interest rate risk on its cash and cash equivalent balances and money market
deposit balances. As at 31 December 2024 the Group had total cash of £35,761,000 (2023: £33,641,000)
and money market deposits of £5,482,000 (2023: £5,224,000).
The variation of 100 basis points in the interest rate on cash and cash equivalents (with all other variables
held constant) will increase or decrease pre-tax profit for the year by £0.6m (2023: £0.5m).
Fair values
The fair values of all financial instruments in both years are equal to the carrying values.
25 Business combinations and other acquisitions
HomeViews Platform Limited
On 1 February 2024, the Group acquired the entire ordinary share capital of HomeViews Platform Limited,
a business providing the UK's biggest community of verified resident reviews of property developments,
with a particular focus on the build to rent sector. This augments our existing Rental Operators
proposition, provides a basis for introducing resident reviews into other business units, and will leverage
the scale benefits that the Rightmove platform and customer base bring to the HomeViews’ existing
market. This acquisition has been treated in line with IFRS 3 – Business Combinations.
2024
£000
Cash consideration
8,471
Total consideration
8,471
The following table provides a reconciliation of the amounts included in the consolidated statement of
cash flows:
Net cash flow on acquisition
2024
£000
Cash consideration
8,471
Net of cash and cash equivalents acquired
(519)
Net cash cost paid for subsidiary
7,952
Deferred consideration
(400)
Net cash outflow included in the statement of cash flows
7,552
The total cash consideration of £8,471,000 excludes acquisition costs of £590,000, which have been
recognised as an expense in the period in the consolidated statement of comprehensive income
(£370,000 in the period and £220,000 in December 2023). Included within transaction costs on acquisition
of £590,000 are legal and due diligence fees and stamp duty. The deferred consideration will be payable
on the second anniversary of the completion date and has no performance obligations.
In the 11-month period to 31 December 2024, HomeViews contributed revenue of £1.3m and a
trading loss after tax of £0.2m to the Group’s results. If the acquisition had occurred on 1 January 2024,
management estimates that consolidated revenue would have been £1.4m and consolidated profit for
the period would have still been lowered by £0.2m. In determining these amounts, management has
assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition
would have been the same if the acquisition had occurred on 1 January 2024.
The deferred consideration of £400,000 has accrued £17,000 of interest in the post-acquisition period.
The following table details the final fair values of the assets and liabilities acquired at the date
of acquisition:
Net assets acquired
Carrying values
pre-acquisition
£000
Fair value
adjustments
£000
Fair values
£000
Non-current assets
Property, plant and equipment
14
–
14
Intangible assets – IT development costs
–
757
757
Intangible assets – customer relationships
–
1,845
1,845
Total non-current assets
14
2,602
2,616
Current assets
Trade and other receivables
150
–
150
Cash and cash equivalents
519
–
519
Total current assets
669
–
669
Current liabilities
Trade and other payables
(328)
–
(328)
Total current liabilities
(328)
–
(328)
Non-current liabilities – deferred tax
–
(650)
(650)
Fair value of net assets acquired
355
1,952
2,307
Notes forming part of the Financial Statements (continued)
25 Business combinations and other acquisitions (continued)
Goodwill
Goodwill arising from the acquisition has been recognised as follows:
| £000 | |
Total consideration | 8,471 |
Fair value of net assets acquired | (2,307) |
Goodwill | 6,164 |
The goodwill figure recognised above includes the knowledge and experience of HomeViews which
is established within the Rental Operators markets, their skilled workforce and the reputation of
the business.
This is together with the synergy benefits expected to the Group through leveraging the scale and reach
of the Rightmove customer base, its sales and marketing teams and technological capability. For the
purposes of impairment testing, goodwill is allocated to the relevant lowest cash-generating unit which
is the Agency only unit.
The Directors have considered the fair value of assets and liabilities acquired and have concluded that
there are no other intangible assets to be recognised other than goodwill, computer software and
customer relationships.
Investment in Coadjute Limited
During the period, the Group acquired a 7.4% holding in Coadjute Limited, a business providing a
nationwide infrastructure for the property market, connecting buyers, sellers and property professionals
with data, services and each other. Other investors include Lloyds Banking Group, Nationwide and
NatWest. The potential of a platform like Coadjute to, over time, digitise and transform the house
purchase journey – reducing the time to closure and providing greater visibility of the progress of the
transaction to buyers, sellers and lenders – is immense, but this is a journey that will take time.
For that reason, the investment is strategic and longer-term in its nature and the acquisition cost of
£3.0m is considered to have a fair value of £nil and is recognised in the income statement as a strategic
research-related cost.
2024 | 2023 | |
| £000 | £000 | |
Short-term employee benefits | 2,176 | 2,355 |
Post employment benefits | 68 | 55 |
| Share-based payments | 41 | 1,644 |
28 Subsequent events
There were no subsequent events between 31 December 2024 and the date when the financial
statements were authorised for issue.
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Financial statements
Company statement of financial position
As at 31 December 2024
Note
2024
£000
2023
£000
Non-current assets
Investments 4 575,536 568,139
Deferred tax asset 6
573 903
Total non-current assets
576,109 569,042
Current assets
Cash and cash equivalents 7 100 100
Total current assets
100 100
Total assets 576,209 569,142
Current liabilities
Trade and other payables 8
(42,623)
(37,161)
Total current liabilities
(42,623)
(37,161)
Net assets 533,586 531,981
Equity
Share capital 9
795 814
Other reserves
142,545 135,129
Retained earnings (net of own shares held)
390,246 396,038
Total equity attributable to the equity holders of the Parent
533,586 531,981
The profit for the year of the Company was £183,398,000 (2023: £193,245,000).
The accompanying notes form part of these financial statements.
Registered Company number: 6426485.
The financial statements were approved by the Board of Directors on 27 February 2025 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
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Financial statements
Company statement of financial position
As at 31 December 2024
Note
2024
£000
2023
£000
Non-current assets
Investments
4
575,536
568,139
Deferred tax asset
6
573
903
Total non-current assets
576,109
569,042
Current assets
Cash and cash equivalents
7
100
100
Total current assets
100
100
Total assets
576,209
569,142
Current liabilities
Trade and other payables
8
(42,623)
(37,161)
Total current liabilities
(42,623)
(37,161)
Net assets
533,586
531,981
Equity
Share capital
9
795
814
Other reserves
142,545
135,129
Retained earnings (net of own shares held)
390,246
396,038
Total equity attributable to the equity holders of the Parent
533,586
531,981
The profit for the year of the Company was £183,398,000 (2023: £193,245,000).
The accompanying notes form part of these financial statements.
Registered Company number: 6426485.
The financial statements were approved by the Board of Directors on 27 February 2025 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
Company statement of changes in shareholders’ equity
Note
Share capital
£000
Own shares
held
£000
Other
reserves
£000
Reverse
acquisition
reserve
£000
Retained
earnings
£000
Total equity
£000
At 1 January 2023 838 (10,744) 27,342 103,520 415,770 536,726
Total comprehensive income
Profit for the year – – – – 193,245 193,245
Transactions with owners recorded directly in equity
Share-based payments – – – – 1,644 1,644
Tax credit in respect of share-based incentives recognised directly in equity – – – – 100 100
Share-based payments to subsidiary employees – – 4,243 – – 4,243
Dividends to shareholders – – – – (71,651) (71,651)
Dividend in specie – (3,156) – – 3,156 –
Transfer of shares to SIP – (1,998) – – – (1,998)
Exercise of share-based incentives – 2,156 – – (1,562) 594
Cancellation of own shares (24) – 24 – (130,000) (130,000)
Costs of share purchases – – – – (922) (922)
At 31 December 2023 814 (13,742) 31,609 103,520 409,780 531,981
At 1 January 2024 814 (13,742) 31,609 103,520 409,780 531,981
Total comprehensive income
Profit for the year
– – – – 183,398 183,398
Transactions with owners recorded directly in equity
Share-based payments
– – – – 41 41
Tax credit in respect of share-based incentives recognised directly in equity
– – – – (88)
(88)
Share-based payments to subsidiary employees
– – 7,397 – – 7,397
Dividends to shareholders
– – – – (74,308)
(74,308)
Share purchase for RSP
– (5,316) – – – (5,316)
Transfer to or purchase of shares for the SIP
– (2,009) – – – (2,009)
Exercise of share-based incentives
– 1,103 – – (368)
735
Cancellation of own shares
(19) – 19 – (107,441)
(107,441)
Costs of share purchases
– – – – (804)
(804)
At 31 December 2024
795 (19,964) 39,025 103,520 410,210 533,586
The accompanying notes form part of these financial statements.
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Financial statements
Notes to the Company Financial Statements
1 General information, judgements and estimates
Statement of compliance
The financial statements of Rightmove plc (the ‘Company’) have been prepared in accordance with
Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the applicable legal
requirements of the Companies Act 2006 as applicable to companies using FRS 101. The financial
statements are prepared based on the historical cost convention except for certain financial assets and
liabilities, which are measured at fair value. Rightmove plc is a holding company for a group of companies
who operate the Rightmove platforms, which have the largest audience of any UK property portal
(as measured by time on site).
The Company is a public limited company (company number 6426485), incorporated and domiciled in the
United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol RMG.
The address of its registered office is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton
Keynes, MK7 8LE.
Basis of preparation
The transition to FRS 101 by the Company has resulted in no material impact. As permitted by FRS 101,
the Company has taken advantage of the disclosure exemptions available in relation to:
a. the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and
134 to 136 of IAS 1 ‘Presentation of Financial Statements’;
b. the requirements of IAS 7 ‘Statement of Cash Flows’;
c. the requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates and Errors';
d. the requirements of paragraphs 17 and 18A of IAS 24 ‘Related Party Disclosures’;
e. The requirements of paragraphs 45(b) and 46 to 52 of ‘IFRS 2 Share-based Payment’;
f. The requirements of IFRS 7 ‘Financial Instruments: Disclosures’, provided that equivalent
disclosures are included in the consolidated financial statements of the group in which the entity
is consolidated; and
g. the requirements of IAS 24 ‘Related Party Disclosures’ to disclose related party transactions
entered into between two or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of
Rightmove plc.
In accordance with Section 408 of the Companies Act 2006, the Company has taken advantage of the
exemption to present its own income statement and statement of comprehensive income.
2 Accounting policies
The material accounting policy information applied in the preparation of these Company financial
statements are the same as those set out in Note 1 to the consolidated financial statements with the
addition of the following.
Investments
Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary
undertakings incur charges for share-based payments in respect of share options and awards granted by
the Company (see Note 23 of the consolidated financial statements), a capital contribution for the same
amount is recognised as an investment in subsidiary undertakings with a corresponding credit to
shareholders’ equity in other reserves.
The recoverable amount of investments have been assessed to determine if there are any indicators of
impairment. The investment carrying amount recognised is not higher than its recoverable amount, see
Note 4 to the Company financial statements.
Amounts due from/to subsidiary undertakings
Amounts due from/to subsidiary undertakings are recognised initially at fair value, and subsequently at
amortised cost using the effective interest rate method.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary difference between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three
months or less.
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Notes to the Company Financial Statements
1 General information, judgements and estimates
Statement of compliance
The financial statements of Rightmove plc (the ‘Company’) have been prepared in accordance with
Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the applicable legal
requirements of the Companies Act 2006 as applicable to companies using FRS 101. The financial
statements are prepared based on the historical cost convention except for certain financial assets and
liabilities, which are measured at fair value. Rightmove plc is a holding company for a group of companies
who operate the Rightmove platforms, which have the largest audience of any UK property portal
(as measured by time on site).
The Company is a public limited company (company number 6426485), incorporated and domiciled in the
United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol RMG.
The address of its registered office is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton
Keynes, MK7 8LE.
Basis of preparation
The transition to FRS 101 by the Company has resulted in no material impact. As permitted by FRS 101,
the Company has taken advantage of the disclosure exemptions available in relation to:
a. the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and
134 to 136 of IAS 1 ‘Presentation of Financial Statements’;
b. the requirements of IAS 7 ‘Statement of Cash Flows’;
c. the requirements of paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates and Errors';
d. the requirements of paragraphs 17 and 18A of IAS 24 ‘Related Party Disclosures’;
e. The requirements of paragraphs 45(b) and 46 to 52 of ‘IFRS 2 Share-based Payment’;
f. The requirements of IFRS 7 ‘Financial Instruments: Disclosures’, provided that equivalent
disclosures are included in the consolidated financial statements of the group in which the entity
is consolidated; and
g. the requirements of IAS 24 ‘Related Party Disclosures’ to disclose related party transactions
entered into between two or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of
Rightmove plc.
In accordance with Section 408 of the Companies Act 2006, the Company has taken advantage of the
exemption to present its own income statement and statement of comprehensive income.
2 Accounting policies
The material accounting policy information applied in the preparation of these Company financial
statements are the same as those set out in Note 1 to the consolidated financial statements with the
addition of the following.
Investments
Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary
undertakings incur charges for share-based payments in respect of share options and awards granted by
the Company (see Note 23 of the consolidated financial statements), a capital contribution for the same
amount is recognised as an investment in subsidiary undertakings with a corresponding credit to
shareholders’ equity in other reserves.
The recoverable amount of investments have been assessed to determine if there are any indicators of
impairment. The investment carrying amount recognised is not higher than its recoverable amount, see
Note 4 to the Company financial statements.
Amounts due from/to subsidiary undertakings
Amounts due from/to subsidiary undertakings are recognised initially at fair value, and subsequently at
amortised cost using the effective interest rate method.
Taxation
Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the
income statement except to the extent that it relates to items recognised directly in equity, in which case
it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the period net of any charge or credit
posted directly to equity, using tax rates enacted or substantively enacted at the reporting date and any
adjustment to tax payable in respect of previous periods.
Deferred tax is provided in respect of temporary difference between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax
asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with original maturities of three
months or less.
Notes to the Company Financial Statements (continued)
2 Accounting policies (continued)
Share-based payments
The Company provides share-based incentive plans allowing Executive Directors and other employees to
acquire shares in the Company. An expense is recognised in the income statement, with a corresponding
increase in equity, over the period during which the employees become unconditionally entitled to acquire
equity-settled share-based incentives.
Share awards to employees are treated as equity-settled share-based payments: share-based payments
awards which are shareholder approved schemes (DSP and PSP) are settled via treasury shares. EBT
shares are used for the non-shareholder approved schemes (RSP) and for the SAYE shares. The SIP
shares are used to settle the SIP award of free shares to employees.
For full details of the measurement of the share-based payments and charge for the year, see Note 23 to
the consolidated financial statements.
Share capital and employee benefit trust
Ordinary shares are classified as equity. The Company has established an employee benefit trust for the
purposes of satisfying certain awards under share-based incentive schemes. Shares in the Company
acquired by the trusts are deducted from equity until the shares are cancelled or disposed.
The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP
is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of
Rightmove plc.
The Company bought treasury shares in 2008 and these shares may be used to satisfy share holder
approved share-based incentive awards.
Dividend income
Dividends received from investments in subsidiaries are recognised in the income statement when the
right to receive payment is established.
3 Employees
The aggregate payroll costs of the Company were as follows:
2024
£000
2023
£000
Wages and salaries 1,756 2,512
Social security costs 173 424
Pension costs
70 74
Total
1,999 3,010
The average number of employees in the parent company were 10 (2023: 10), including six Non-Executive
Directors (2023: six) and four employees within management roles (2023: four).
4 Investments
The subsidiaries of the Company as at 31 December 2024 are disclosed in Note 14 to the Group financial
statements:
2024
£000
2023
£000
Investment in subsidiary undertakings
At 1 January 568,139 563,896
Additions – subsidiary share-based payments charge
7,397 4,243
At 31 December
575,536 568,139
In 2008, the Company became the holding company of Rightmove Group Limited (formerly Rightmove
plc, Company no. 03997679) and its subsidiaries pursuant to a Scheme of Arrangement under s425 of the
Companies Act 2006, by way of a share-for-share exchange. Following the Scheme of Arrangement, the
Company underwent a court-approved capital reduction. The consolidated assets and liabilities of the
Group immediately after the Scheme were substantially the same as the consolidated assets and liabilities
of the Group immediately prior to the Scheme.
Following the capital reconstruction in 2008, all employees’ share-based incentives were transferred to
the new holding company, Rightmove plc. In addition, certain Directors’ contracts of employment were
transferred from Rightmove Group Limited to Rightmove plc, whilst all other employees remained
employed by its subsidiaries. Accordingly, the share-based payments charge has been split between
the Company and its subsidiaries with £7,397,000 (2023: £4,243,000) being recognised in the Company
accounts as a capital contribution to its subsidiaries.
The recoverable amount of the investment balance has been assessed for impairment. Management
compared the carrying amount of the investment to the market capitalisation of the Group, as
Rightmove Group Limited contains 99% the Group’s trading operations. There was no impairment as
at 31 December 2024 – the market capitalisation of the Group was more than seven times greater than
the Company’s investment in Its subsidiaries.
5 Dividends
The dividends paid and proposed by the Company are set out in Note 11 to the consolidated
financial statements.
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Notes to the Company Financial Statements
6 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Company intends to settle its current tax assets and liabilities on a net basis. The
Company only has deferred tax in relation to share-based payments.
The deferred tax asset is attributable to the following:
Deferred tax asset
2024
£000
2023
£000
At 1 January 903 478
Adjustment in respect of prior year – –
Recognised in income
(242
)
340
Recognised directly in equity (88
)
85
At 31 December 573 903
7 Cash and deposits
2024
£000
2023
£000
Cash and cash equivalents 100 100
100 100
The Company cash and cash equivalents relate to monies held by the employee benefit trust (EBT).
The main trading entity is Rightmove Group Limited which generates the Group cash inflows, directs
payments to suppliers and returns excess to shareholders in line with the capital returns policy and
decides on timing of these transactions. These transactions are paid from Rightmove Group Limited.
8 Trade and other payables
2024
£000
2023
£000
Trade accruals 1,015 1,175
Inter-Group payables 41,608 35,986
42,623 37,161
Inter-Group payables are repayable on demand and accrue interest at 0.5% above the Bank of England
base rate.
9 Share capital
The movements on these accounts are disclosed in Notes 21 and 22 to the consolidated financial
statements.
Reverse acquisition reserve
This reserve resulted from the acquisition of Rightmove Group Limited by Rightmove plc and represents
the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the
shares issued.
Other reserves
Awards relating to share-based incentives made to Rightmove Group Limited employees have been
treated as a deemed capital contribution (Note 3). The principal movement in other reserves for the
year comprises £7,397,000 (2023: £4,243,000) in respect of the share-based incentives charge for
employees of Rightmove Group Limited. Other reserves also include £499,000 (2023: £480,000) of capital
redemption reserve. A movement of £19,000 (2023: £24,000) has been recorded in relation to the nominal
value of ordinary shares cancelled during the year.
10 Related party disclosures
The Company is exempt from disclosing related party transactions with companies that are wholly owned
within the Group. Transactions with related parties which are not wholly owned are disclosed within Note
26 to the Group financial statements. Remuneration to key management personnel has been disclosed
within Note 26 to the Group financial statements.
11 Subsequent events
There were no subsequent events between 31 December 2024 and the date when the financial
statements were authorised for issue.
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Financial statements
Notes to the Company Financial Statements
6 Deferred tax asset and deferred tax liability
Net deferred tax position
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax
authority and the Company intends to settle its current tax assets and liabilities on a net basis. The
Company only has deferred tax in relation to share-based payments.
The deferred tax asset is attributable to the following:
Deferred tax asset
2024
£000
2023
£000
At 1 January
903
478
Adjustment in respect of prior year
–
–
Recognised in income
(242)
340
Recognised directly in equity
(88)
85
At 31 December
573
903
7 Cash and deposits
2024
£000
2023
£000
Cash and cash equivalents
100
100
100
100
The Company cash and cash equivalents relate to monies held by the employee benefit trust (EBT).
The main trading entity is Rightmove Group Limited which generates the Group cash inflows, directs
payments to suppliers and returns excess to shareholders in line with the capital returns policy and
decides on timing of these transactions. These transactions are paid from Rightmove Group Limited.
8 Trade and other payables
2024
£000
2023
£000
Trade accruals
1,015
1,175
Inter-Group payables
41,608
35,986
42,623
37,161
Inter-Group payables are repayable on demand and accrue interest at 0.5% above the Bank of England
base rate.
9 Share capital
The movements on these accounts are disclosed in Notes 21 and 22 to the consolidated financial
statements.
Reverse acquisition reserve
This reserve resulted from the acquisition of Rightmove Group Limited by Rightmove plc and represents
the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the
shares issued.
Other reserves
Awards relating to share-based incentives made to Rightmove Group Limited employees have been
treated as a deemed capital contribution (Note 3). The principal movement in other reserves for the
year comprises £7,397,000 (2023: £4,243,000) in respect of the share-based incentives charge for
employees of Rightmove Group Limited. Other reserves also include £499,000 (2023: £480,000) of capital
redemption reserve. A movement of £19,000 (2023: £24,000) has been recorded in relation to the nominal
value of ordinary shares cancelled during the year.
10 Related party disclosures
The Company is exempt from disclosing related party transactions with companies that are wholly owned
within the Group. Transactions with related parties which are not wholly owned are disclosed within Note
26 to the Group financial statements. Remuneration to key management personnel has been disclosed
within Note 26 to the Group financial statements.
11 Subsequent events
There were no subsequent events between 31 December 2024 and the date when the financial
statements were authorised for issue.
Advisers and shareholder information
Contacts
Registered office
Corporate advisers
Chief Executive Officer:
Johan Svanstrom
Rightmove plc
Financial adviser
Chief Financial Officer:
Company Secretary:
Website:
Ruaridh Hook
Carolyn Pollard
https://plc.rightmove.co.uk
2 Caldecotte Lake
Business Park
Caldecotte Lake Drive
Caldecotte
Milton Keynes
MK7 8LE
UBS Investment Bank
Joint brokers
UBS AG London Branch
Peel Hunt LLP
Registered in
England no. 06426485
Auditor
Ernst & Young LLP
Financial calendar 2025
2024 full-year results
Final dividend record date
Annual General Meeting
Final dividend payment
Half-year results
28 February 2025
25 April 2025
9
May 2025
2
3 May 2025
2
5 July 2025
Bankers
Barclays Bank plc
Santander UK plc
HSBC UK Bank plc
Lloyds Banking Group plc
Solicitors
EMW LLP
Linklaters LLP
Herbert Smith Freehills LLP
Registrar
MUFG Corporate Markets
(1)
Shareholder enquiries
The Company’s registrar is MUFG Corporate Markets. They will be pleased to deal with any questions
regarding your shareholding or dividends. Please notify them of your change of address or other personal
information. Their contact details are shown below.
Shareholder helpline: 0371 664 0300. Calls are charged at the standard geographic rate and will vary by
provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are
open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Signal Shares shareholder portal: www.signalshares.com
Address: MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder portal, a service offered by
MUFG Corporate Markets at www.signalshares.com. The shareholder portal is an online service enabling
you to quickly and easily access and maintain your shareholding online – reducing the need for paperwork
and providing 24 hour access for your convenience. You may:
• View your holding balance and get an indicative valuation
• View the dividend payments you have received
• Cast your proxy vote on the AGM resolutions online
• Update your address
• Register and change bank mandate instructions so that dividends can be paid directly to your bank
account
• Elect to receive shareholder communications electronically
• Access a wide range of shareholder information and download shareholder forms
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