Advertising spend boosts Rightmove

BRITAIN'S biggest property website pushed up profit hopes yesterday after a "substantial increase" in average spend per advertiser in January.

In an unscheduled trading update, Rightmove predicted that profits will be above current City expectations in 2010, although it warned that this hinged on there being no significant change in market conditions.

Shares jumped 5 per cent as analysts revised their profit forecasts to match Rightmove's increased confidence. Numis Securities now expects profits of 50 million in 2010, up 5m on its previous guidance and 10m higher than the 40m it expects for the 2009 results due out later this month.

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Rightmove said the improved outlook reflected higher spending by existing customers, continuing the trend in the latter part of 2009.

It also benefited from an increase in agency listing fees and a "healthy uptake" of its recently launched display advertising products.

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