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Rightmove sets sights on float

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.”

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