Rightmove chairman to step down as average agent monthly cost hits £1,000

first_imgHome » News » Marketing » Rightmove chairman to step down as average agent monthly cost hits £1,000 previous nextMarketingRightmove chairman to step down as average agent monthly cost hits £1,000Annual results from Rightmove reveal increased profits and turnover as well as a looming reshuffle at board level.Nigel Lewis1st March 20192 Comments3,949 Views Rightmove’s chairman Scott Forbes is to leave the company in 2020 after 14 years following a minor but significant shareholder revolt last year.The announcement is buried deep in its annual report for 2018 published this morning and comes despite results that reveal Rightmove now charges agents over £1,000 each a month on average.Also, Rightmove’s revenue increased by 10% to £243.3 million last year while profits also increased by 10% to £198.6 million, or nearly 82% of turnover.Such a staggering profit margin was in part driven by an £83 increase in average revenue per advertiser/agent (ARPA) to £1,005 a month, the first time it has crossed the £1,000 mark.This, and the return of £168.5 million to shareholders through dividends and share buybacks, hasn’t saved Scott Forbes.Shareholder revoltAt the company’s AGM last year a ‘significant minority’ of shareholders voted against the re-election of Forbes and his right hand man, senior independent director Peter Williams, over their board commitments.Following discussions with shareholders, Forbes is to step down as chairman prior to next year’s AGM, while Williams is not to stand for re-election again this year.“I’d like to personally thank Peter for his support and sage advice to me as Senior Independent Director as well as his valuable contributions to the Rightmove Board and all committees over the past five years,” says Forbes.Forbes has been chairman of Rightmove for nearly 14 years but is also chairman of two other companies, global information firm Ascential.com and vehicle selling portal Cars.com. Rightmove Peter williams Scott Forbes March 1, 2019Nigel Lewis2 commentsCambell Evans, Evans Bros Evans Bros 1st March 2019 at 12:39 pmJust to clarify, but is that £1,005 average spend per COMPANY or per OFFICE every month?Log in to ReplyNigel Lewis, Online Editor, The Negotiator Online Editor, The Negotiator 1st March 2019 at 12:47 pmHi Andrew – the industry tends to refer to ‘agent’ but Rightmove’s official line is ‘advertiser’ and I believe that’s how they work it – with differing costs depending on how many branches you have and listings.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

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