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Rightmove sets sights on float

Property website 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.”


Quality mark

Concerning Broker Talkback in the August 14 edition of Money Marketing, I would like to correct an apparent misunderstanding regarding the use of risk assessment specialists and take the opportunity to explain our underwriting philosophy. Magian Underwriting seeks specialist risk assessment reports on a small proportion of the firms which are proposed to us and, […]

&#39IFAs could save £5m on phone bills&#39

IFAs could slash over £5.4m off the £32m they spend each year making business-related phone calls, according to research from BT. A study looking at 1.7 million phone bills across the UK carried out for BT by Deloitte & Touche found that if firms switched to more competitive phone plans available on the open market, […]

SLI replaces EFM to run small companies fund

Edinburgh Fund Managers has been sacked as manager of the Edinburgh small companies trust following a lengthy spell of underperformance. In yet another blow to EFM, the £62m trust has been taken over by Standard Life Investments. EFM was removed as manager of the £1bn Edinburgh investment trust last August. The small companies trust – […]

Challenge would benefit loan sector

A market in which one player establishes what seems like an unassailable lead may not be healthy and some intermediaries are concerned this is happening in mainstream mortgages. One of the UK&#39s best-established mortgage brokers Savills and lively recent arrival Hamptons hope that Abbey National&#39s chief executive Luqman Arnold can back up his “back to […]


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