Property website Rightmove.co.uk has signalled that it is taking the first steps towards flotation with plans in place to increase revenues by 50 per cent to £4.8m.
Rightmove, which charges estate agents to list their properties on its website and accounts for about 35 per cent of all properties online, saw bottom-line profits increase to £80,000 in the first half of 2003 from a loss of £492,000 in the first half of last year.
The company plans to increase its revenue by 50 per cent this year to £4.8m from £3.2m in 2002.
Managing director Ed Williams says the time is right to start discussions about a flotation and 29 per cent shareholder Countrywide Assured is in agreement.
He says: “Any decision on whether and when we float will be a matter for our four investors – Countrywide Assured, Halifax, Royal & Sun Alliance and Connells.”