Rightmove has long been regarded as a proxy for the housing market. The shares reached an all-time high on December 30, fuelled by the stamp duty holiday and its aftermath, then started a two-month slide as investors anticipated a return to less frenetic post-Covid property trading. But there is more to the company than plain selling houses. It is rapidly spreading its wings into mortgages, insurance, commercial property and more sophisticated services for its true customers — estate and letting agents.
Underlying operating profit rose by 67 per cent to £231 million in 2021. Revenue rose to £304.8 million. The results were greeted on Friday with a 28p rise in the share price to 643p, which was extended to 672½p yesterday. Note how the profits
