By Joe Hoppe
Rightmove PLC said Friday that pretax profit for 2020 fell on the back of discounts given to clients during the coronavirus pandemic, despite a record number of visitors.
The U.K. online real-estate portal said pretax profit for the year was 134.8 million pounds ($188.9 million), compared with GBP213.7 million in 2019.
Revenue fell 29% to GBP205.7 million, which the company said reflected the discount support offered to its customers between April and September.
Average revenue per advertiser--a closely watched metric--decreased 28% to GBP778 a month, the company said, though it rose 2% year-on-year in December to GBP1,103. Traffic to the company's site was up 31% to 2.1 billion visits over the course of the year.
"Whilst there is clearly still significant macro uncertainty, with record traffic levels, a strong product suite and our ongoing commitment to delivering more innovation, the board is confident in the resilience of our business and the outlook for 2021 and beyond," Chief Executive Peter Brooks-Johnson said.
Rightmove declared a final dividend of 4.5 pence a share, having cancelled its 4.4 pence a share the previous year to conserve cash.
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