Rightmove Raises Minimum 2026 Earnings-per-Share Growth Forecast to 7%
Key Facts
Rightmove, the UK property portal operator, raised its forecast for underlying earnings-per-share growth in 2026 to at least 7%, from a previous floor of 5%, in a trading update issued on November 6. The company kept its revenue growth forecast at 6% to 7%, within its previous range of 6% to 8%. It also forecast underlying operating profit growth of at least 3%, within the previous range of 3% to 5%. The company said revenue and operating profit remained within its previous guidance, while it raised its earnings-per-share estimate. The update highlights the company’s ability to raise its profitability forecast as indicators of property demand weaken.
The earnings-per-share adjustment follows Rightmove’s interim results, in which it cut its full-year revenue growth range to 6%–8% from 8%–10%, attributing the change entirely to lower development volumes in the new homes market. In that update, the company kept its forecast for underlying earnings-per-share growth at at least 5%. In May, it said year-on-year growth in the second half of 2026 was expected to be stronger than in the first half, which was affected by fewer new homes projects and a strong comparison in the mortgage market. The revenue guidance in the November update, at 6% to 7%, sits within the range cut in the interim results. The update therefore combines an improved floor for the earnings-per-share forecast with continued caution on revenue estimates.
On revenue per customer, Rightmove cut its forecast for average revenue per advertiser growth to 100–110 pounds, from 110–120 pounds, citing spending trends among new homes developers. It left its forecast for this metric at estate agencies unchanged. The lower range for advertisers points to pressure in one component of commercial activity alongside the upward adjustment to the earnings-per-share forecast. The company also said expected revenue growth in 2026 was between 6% and 7%, compared with a previous forecast of between 6% and 8%. Underlying operating profit growth is still expected to be at least 3%, within its previous range of 3% to 5%.
The market data reported by Rightmove reflect weaker activity in the four months ended October 31. Buyer demand fell 10% and agreed sales declined 9% compared with the same period a year earlier. The average home price on October 31 was 0.3% below its level a year earlier. The average five-year fixed mortgage rate rose to 5.5% on October 31, from 5% on June 30. This coincided with a 6% decline in the number of homes under construction on October 31 compared with December 31, 2025, while rents rose 2.9% year on year.
The company also provided its forecasts for 2027, expecting revenue growth similar to its forecast for 2026. It estimates underlying operating profit growth of between 4% and 7%, with a margin of at least 67%. Underlying earnings-per-share growth is expected to be at least 10%. This follows the increase in the minimum earnings-per-share growth forecast for 2026, alongside a cut to the average revenue per advertiser growth range. Rightmove’s half-year report set the date for its full-year results announcement as February 26, 2027, when the company will present its full-year results and its next update to investors.