Long-range targets should be viewed with a hint of scepticism even in easy trading conditions. The property advertising titan Rightmove has set out plans to accelerate sales and profit, just as the competitive stakes have shifted.
Rightmove’s market update is well-timed, even if it does insist that plans were well under way before the emergence of a deal between one of its rivals and a deep-pocketed US property group. The takeover of the number three player, OnTheMarket, by CoStar just five weeks ago wiped more than a tenth off the FTSE 100 constituent’s market value.
In only his second update as Rightmove boss, Johan Svanström has unveiled plans to produce annual revenue of more than £600 million and underlying operating profits north of £420 million
