Interim Results

Rightmove Plc 31 August 2007 RIGHTMOVE PLC 2007 INTERIM RESULTS Rightmove plc, the UK's no. 1 property website, announces Interim Results for the six months ended 30 June 2007. Financial Highlights for the six months ended 30 June 2007 Highlights • Revenue up 68% to £25.4m (2006: £15.1m) • Underlying operating profit * up 60% to £13.2m (2006: £8.3m) • Net cash of £17.5m (2006: £5.2m) • Underlying earnings per share up 70% to 8.2p (2006: 4.9p) • Interim dividend of 2.0p per ordinary share (2006:1.5p) • Share buy back programme initiated with 1.7m shares (at a cost of £10.5m) transferred into treasury by 26 July 2007 • Number of advertisers up 26% to 18,514 (2006: 14,680) • Visits to Rightmove.co.uk up 58% to 24.3m per month • Successful launch of Rightmove Choice products contributing to an increase in average revenue per advertiser per month of 29% to £234. * from continuing operations and excludes share-based payments expense, National Insurance on share options under issue and flotation costs Ed Williams, Group Managing Director, said: 'Rightmove continued to grow rapidly in the first half of the year as we increased our membership of agents and new homes developers. We introduced a suite of new products under the Rightmove Choice name, giving our members the opportunity to stand out from their competitors and further enhance the value for money of their online marketing spend. Rightmove has become an essential tool for all homebuyers with around nine out of ten properties available in the UK now presented on the website. Rightmove will continue to expand its advertising services both to property advertisers on Rightmove.co.uk and to a wider group of advertisers on our new mapping site, Aboutmyplace.co.uk. We also offer a service to holiday home owners who wish to advertise their properties for holiday letting, through our acquisition of a two-third stake in holidaylettings.co.uk. We are confident about the Company's prospects for the second half of the year.' Chairman and Group Managing Director's statement Overview The Interim Results reflect continued rapid and profitable growth in the Rightmove business. Revenue increased 68% to £25.4m compared to the same period last year, driven by strong growth in revenue per advertiser and in sales to new members. Underlying operating profit* grew by 60% to £13.2m. The number of advertisers grew 26% to 18,514 members compared with the first six months of 2006. Rightmove Choice was launched, allowing agents and developers to differentiate themselves by increasing their online profile. 2,900 Rightmove Choice products were in use at the mid-year. As at June 2007, the average revenue per advertiser per month, including Rightmove Choice products, increased by 29% to £234 (2006: £181). The operating margin for the first half of 2007 was 51.9% compared to 54.7% for the first half of 2006 and 52.1% for the whole of 2006. Operating margin is typically lower in the first half of the year than in the second half, making the 2007 first half number consistent with a further strengthening of margin in the full year. In the first half of 2006, operating margin reflected the estate agency sales force working on the sale of Home Information Packs (HIPs) rather than on the core business alone. Costs of continuing operations excluding share-based payment and National Insurance expenses for the first six months were up 79% compared to the same period twelve months ago at £12.2m (2006: £6.8m) due primarily to higher personnel costs associated with sales and technology, together with the planned increase in marketing spend in line with revenue growth. Membership growth The first six months have seen continued growth on all key metrics compared with the same period a year ago: • Overall membership up 26% to 18,514 • Estate agency membership up 19% to 12,295 • New homes developments up 47% to 3,478 • Letting agents up 47% to 2,234 • Overseas homes agents up 18% to 507 • Retention rate among members unchanged at 93% The percentage of estate agents who are members has increased from 74% a year ago to around 88%. The growth rates have been highest in Northern England, Scotland and in Wales, which started from a lower base. Evidence from the South East and East Anglia suggests there is no inherent reason why Rightmove cannot achieve close to 100% adoption among estate agents. Though Rightmove had already established a very strong position among the largest estate agency groups and new homes developers, there have nonetheless been some key customer gains of note. Kinleigh Folkard & Hayward, a major London estate agent, joined during 2007 which means that all 15 of the largest UK estate agents list on Rightmove. Among house builders, McCarthy and Stone joined resulting in 19 of the largest 20 house builders now also listing on Rightmove. Rightmove Choice Prior to February 2007, estate agents and developers could not invest more than the basic membership fee on their marketing with Rightmove. Furthermore, estate agents and developers primarily used traditional classified advertising media such as newspapers to promote their brand and attract new home listings. With the launch of Rightmove Choice, we now offer a selection of ways in which agents and developers can increase their marketing effectiveness and their online prominence on Rightmove. The initial three products BrandPlus, Premium Display and Showcase cost from £50 to £275 per month depending on the product type and number of properties listed. Adoption has exceeded expectations with over 2,900 products in use at the end of June 2007. This means that more than one in six estate agent offices and new homes developers have chosen to differentiate the way they present themselves and their properties on Rightmove. Based on the mix of sales achieved to date the average price per product per month is approximately £95. Revenue per advertiser The 12-month period from June 2006 to June 2007 has seen a substantial increase in the average revenue per advertiser which now stands at £234, up 29% on a year ago. Among the major contributors to this increase have been: • An increase on 1 January in our base membership price among estate agents from £195 to £250 per office per month, with similar percentage increases for new homes developers and letting agents • The significantly higher rates paid by new joiners than by our longer standing members who benefit from a loyalty discount (new joiners in the last 12 months comprising 26% of our total customers) • Adoption of Rightmove Choice products. Growth prospects The property industry's marketing spend is directed predominantly towards newspapers. Indeed, even with the strong revenue growth year-to-date, Rightmove accounts for a mere 10% of the total spend. Were Rightmove to achieve full penetration in its markets (implying a further increase of around a third over current membership levels) this spend would still only represent around 13% of the total. Rightmove continues to appear cost effective and demonstrable value for money. This can be seen by the sales growth and the retention rate despite increases in the basic membership charge on 1 January. It is further reinforced by the initial adoption of Rightmove Choice products. Holiday Lettings Limited In March 2007 we completed our acquisition of a 66.7% interest in Holiday Lettings Limited (www.holidaylettings.co.uk ), one of the leading three holiday homes rental advertising websites. Immediately following the acquisition, Rightmove's embryonic holiday lettings business was folded into the Holiday Lettings proposition. The acquisition gives Rightmove a level of know-how in the travel and tourism business which is as important in the holiday rentals sector as knowledge of the property market. The business has traded well ahead of both expectations and the projections used to make the investment case. Whilst currently driven by higher sales and higher retention rates than anticipated, we also believe there will be early opportunities to increase prices. Holiday Lettings is earlier in its development than Rightmove. It is achieving a doubling on most of its key metrics, just as Rightmove did two or three years ago. Already profitable, we see the prospect of the business generating 50% margins in two to three years' time. Expanding our advertising services During the first half of 2007 we have phased in our own mapping service based on Microsoft Virtual Earth TM technology. In terms of maps served, simply by people looking to identify the precise location of a property, Rightmove is already the UK's fifth largest mapping site. We have named this service 'Aboutmyplace' with its own URL www.aboutmyplace.co.uk. This gives us the flexibility to develop the service as a fully fledged mapping site and to widen the range of information and services we can provide without distracting or deflecting users of the Rightmove.co.uk website from their main objective of finding their right home. The first step in the commercialisation of Aboutmyplace has been the introduction of banner advertising around the maps, currently limited to two banners per page. This allows non-property advertisers to reach the Rightmove audience. With more than 20m pages of maps being served this provides an inventory of 40m banner adverts per month. Initial adoption by advertisers has been encouraging based on the demographics of our users generally and the interest of many advertisers to reach an audience which is specifically considering moving home. Dividend and shareholdings The Board intends to pay an interim dividend of 2.0p (2006:1.5p) in line with the declared progressive dividend policy. The interim dividend will be paid on 12 October 2007 to members on the register on 14 September 2007. In June 2007, Rightmove initiated a share buy back programme in addition to returning cash to shareholders by way of dividend. As at the end of June 2007, Rightmove had bought back into treasury 1.18m shares at an average price of 606p per share. The Board of Rightmove anticipates that, subject to market conditions, the share buy back programme will continue. The ability to buy back shares has been made possible by the significant increase in the proportion of shares in public hands which now approximates 60% of the total share capital, as compared to around 25% at the start of the year. This significant change has arisen as a result of Countrywide plc's distribution of Rightmove shares to its shareholders coincident with its acquisition by a private equity firm (returning their approximate 22% Rightmove interest to Countrywide's former investors) and the subsequent sell-down of approximately six million shares each by founding shareholders Connells Ltd and Halifax Estate Agencies Ltd (leaving each with around 21.3m shares). Board changes At the Annual General Meeting in May 2007, Jane Pridgeon stepped down from the Board as the Halifax Estate Agencies Ltd nominee and was replaced by Colin Kemp. We thank Jane for her support and guidance over the years and wish her well in retirement. Prospects for the second half of 2007 Whilst equity and debt markets have been turbulent in recent weeks, the outlook continues to be positive in terms of our 2007 performance. The Board also believes that Rightmove will continue to benefit from wider structural changes in the property advertising industry in which it operates. Scott Forbes Ed Williams Chairman Group Managing Director 31 August 2007 For further information please contact: Rightmove Ed Williams, Group Managing Director and Graham Zacharias, Group Finance Director 020 7087 0700 Maitland Neil Bennett / Brian Hudspith /Charlotte Walsh 020 7379 5151 Consolidated income statement for the six months ended 30 June 2007 6 months 6 months ended 30 June 2006 12 months ended 31 December 2006 ended 30 June 2007 Continuing Continuing Discontinued Total Continuing Discontinued Total Note operations operations operations operations operations £000 £000 £000 £000 £000 £000 £000 Revenue 25,425 15,099 - 15,099 33,626 - 33,626 -------- -------- -------- -------- -------- -------- ------- Administrative expenses (13,780) (9,020) (4,650) (13,670) (19,869) (6,668) (26,537) -------- -------- -------- -------- -------- -------- ------- Operating profit before share-based payments, NI on share options under issue and flotation costs 13,184 8,256 (4,650) 3,606 17,530 (6,668) 10,862 Share-based payments 4 (1,210) (794) - (794) (2,168) - (2,168) NI on share options under issue 4 (329) - - - - - - Flotation costs - (1,383) - (1,383) (1,605) - (1,605) -------- -------- -------- -------- -------- -------- ------- Operating profit 11,645 6,079 (4,650) 1,429 13,757 (6,668) 7,089 -------- -------- -------- -------- -------- -------- ------- Financial income 488 78 - 78 322 - 322 Financial expenses - - - - (66) - (66) -------- -------- -------- -------- -------- -------- ------- Net financial income 488 78 - 78 256 - 256 -------- -------- -------- -------- -------- -------- ------- Share of associate - 129 - 129 (77) - (77) profit / (loss) -------- -------- -------- -------- -------- -------- ------- Profit before tax 12,133 6,286 (4,650) 1,636 13,936 (6,668) 7,268 Income tax expense 6 (3,447) (2,532) 1,395 (1,137) (4,917) 1,993 (2,924) -------- -------- -------- -------- -------- -------- ------- Profit for the period 8,686 3,754 (3,255) 499 9,019 (4,675) 4,344 -------- -------- -------- -------- -------- -------- ------- Attributable to: Equity holders of the Parent 8,686 3,754 (3,255) 499 9,019 (4,675) 4,344 -------- -------- -------- -------- -------- -------- ------- Earnings per ordinary share (pence) Basic 5 7.00 3.11 (2.70) 0.41 7.37 (3.82) 3.55 Diluted 7.00 3.03 (2.63) 0.40 7.27 (3.77) 3.50 Consolidated statement of recognised income and expense for the six months ended 30 June 2007 6 months 6 months 12 months ended ended ended Note 30 June 2007 30 June 2006 31 Dec 2006 £000 £000 £000 Tax in respect of share options recognised directly in equity 6 857 3,305 4,681 -------- -------- -------- Net income recognised directly in equity 857 3,305 4,681 Profit for the period 8,686 499 4,344 -------- -------- -------- Total recognised income and expense for the period 9,543 3,804 9,025 -------- -------- -------- Consolidated balance sheet as at 30 June 2007 Note 30 June 2007 30 June 2006 31 Dec 2006 £000 £000 £000 Non-current assets Property, plant and equipment 1,511 998 1,375 Intangible assets 6,876 4,737 1,471 Investments - 185 - Deferred tax asset 2,262 3,012 1,241 --------- --------- --------- Total non-current assets 10,649 8,932 4,087 --------- --------- --------- Current assets Trade and other receivables 4,912 2,282 2,921 Income tax receivable 163 1,585 163 Cash and cash equivalents 17,464 5,206 14,881 --------- --------- --------- Total current assets 22,539 9,073 17,965 --------- --------- --------- Total assets 33,188 18,005 22,052 --------- --------- --------- Current liabilities Trade and other payables 7 (10,169) (5,371) (5,835) Income tax payable (3,692) - - Provisions (96) - (96) --------- --------- --------- Total current liabilities (13,957) (5,371) (5,931) --------- --------- --------- Non-current liabilities Deferred tax liabilities (126) - - Deferred consideration (2,202) - - Provisions (64) - (112) --------- --------- --------- Total non-current liabilities (2,392) - (112) --------- --------- --------- Net assets 16,839 12,634 16,009 --------- --------- --------- Equity Share capital 1,327 1,327 1,327 Share premium 105 18,711 - EBT own shares reserve (17,149) (17,707) (17,663) Retained earnings 32,556 10,303 32,345 --------- --------- --------- Total equity attributable to equity holders of the Parent 9 16,839 12,634 16,009 --------- --------- --------- Consolidated statement of cash flow for the six months ended 30 June 2007 6 months 6 months 12 months ended ended ended Note 30 June 2007 30 June 2006 30 Dec 2006 £000 £000 £000 Cash flows from operating activities Profit for the period 8,686 499 4,344 Adjustments for: Depreciation charges 218 368 385 Amortisation charges 185 - 304 Impairment of tangible and intangible assets - 971 1,011 Loss on sale of investment in associate - - 206 Investment income - (129) (129) Interest income (488) (78) (322) Interest expense - - 1 Share options charge 1,210 794 2,168 Income tax expense 3,447 1,137 2,924 ---------- ---------- ---------- Operating profit before changes in working capital 13,258 3,562 10,892 (Increase) / decrease in trade and other receivables (1,728) 172 (471) Increase / (decrease) in trade and other payables 1,117 (1,305) (839) (Decrease) / increase in provisions (48) - 208 ---------- ---------- ---------- Cash generated from operations 12,599 2,429 9,790 Income taxes (paid) / received - (164) 1,259 ---------- ---------- ---------- Net cash from operating activities 12,599 2,265 11,049 ---------- ---------- ---------- Cash flows from investing activities Interest received 488 78 322 Acquisition of property, plant and equipment (341) (307) (938) Acquisition of intangible assets (157) (222) (249) Acquisition of investment in associate - (3,243) (3,319) Acquisition of subsidiary (net of cash acquired) 10 (3,177) - - Proceeds from sale of investment in associate - - 3,243 ---------- ---------- ---------- Net cash from investing activities (3,187) (3,694) (941) ---------- ---------- ---------- Cash flows from financing activities Interest paid - - (1) Dividends paid (3,729) - (1,861) Purchase of treasury shares (4,043) - - Share issue 105 1,055 1,055 Proceeds on exercise of share options 838 - - ---------- ---------- ---------- Net cash from financing activities (6,829) 1,055 (807) ---------- ---------- ---------- Net increase / (decrease) in cash and cash equivalents 2,583 (374) 9,301 Cash and cash equivalents at 1 January 14,881 5,580 5,580 ---------- ---------- ---------- Cash and cash equivalents at period end 17,464 5,206 14,881 ---------- ---------- ---------- Notes 1 General information Rightmove plc is a Company incorporated in England and Wales No. 03997679, under the Companies Act 1985. 2 Basis of preparation This interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's financial statements for the year ended 31 December 2006. The financial statements are prepared on the historical cost basis. The financial statements for the half year ended 30 June 2007 have not been audited, although the auditor, KPMG Audit Plc, has carried out an independent review. The comparative figures for the financial year ended 31 December 2006 are extracted from the Group's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors: (i) was unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 3 Segmental reporting Due to the discontinuance of the Home Information Packs (HIPs) business in 2006 all activities in the current year relate to the property advertising segment. There are no other separately identifiable business segment income statement or balance sheet items. For the six months ended 30 June 2006 Property advertising HIPs Total £000 £000 £000 Income statement information Segmental revenue 15,099 - 15,099 Depreciation and amortisation 262 106 368 ---------- ---------- ---------- Segmental operating profit / (loss) 6,079 (4,650) 1,429 Financial income 78 - 78 Financial expenses - - - Income tax expense (2,532) 1,395 (1,137) Share of associate profit 129 - 129 ---------- ---------- ---------- Profit for the period 3,754 (3,255) 499 ---------- ---------- ---------- Balance sheet information Capital expenditure 3,565 207 3,772 Property, plant and equipment 998 - 998 Intangible assets 4,737 - 4,737 Total assets 17,591 414 18,005 Total liabilities (5,144) (227) (5,371) For the year ended 31 December 2006 Property advertising HIPs Total £000 £000 £000 Income statement information Segmental revenue 33,626 - 33,626 Depreciation and amortisation 550 139 689 ---------- ---------- ---------- Segmental operating profit / (loss) 13,757 (6,668) 7,089 Financial income 322 - 322 Financial expenses (66) - (66) Income tax expense (4,917) 1,993 (2,924) Share of associate loss (77) - (77) ---------- ---------- ---------- Profit for the year 9,019 (4,675) 4,344 ---------- ---------- ---------- Balance sheet information Capital expenditure 901 286 1,187 Property, plant and equipment 1,375 - 1,375 Intangible assets 1,471 - 1,471 Total assets 22,052 - 22,052 Total liabilities (5,612) (431) (6,043) Notes (continued) 4 Share-based payments In accordance with IFRS 2 a charge of £1,210,491 (30 June 2006: £794,000) is included in the income statement, being the amortisation of the value of the share options granted in 2006. Employer's National Insurance is being accrued at a rate of 12.8% on the difference between the share price at the balance sheet date and the average exercise price of the share options. 5 Earnings per share Earnings per ordinary share is based upon profit after taxation and on a weighted average of 124,136,849 shares in issue during the period (30 June 2006: 120,860,606). Underlying earnings per ordinary share which is calculated before the charge for HIPs costs, flotation costs, share-based payments and National Insurance on share options under issue was 8.24p for the six months to 30 June 2007 (six months to 30 June 2006:4.85p). 6 Taxation The Group's consolidated effective tax rate for the six months ended 30 June 2007 is 28% (30 June 2006: 69 %). The difference between the standard rate and the effective rate at 30 June 2006 was due to the high level of expenditure on which no tax relief was available. This consisted of mainly flotation costs and share-based payments. The deferred tax asset of £2,262,000 at 30 June 2007 is in respect of tax losses brought forward, share options and accelerated capital allowances. The deferred tax asset relating to share options at 30 June 2007 is £1,682,000 (1 January 2007: £320,000). This increase is mainly due to the Company's share price rising from £3.95 at 1 January 2007 to £6.28 at 30 June 2007. The deferred tax movement on this asset has been recognised in equity (£857,000) to the extent that it exceeds the related IFRS 2 charge reflected in the income statement. As at 1 January 2007, the Company had a deferred tax asset in respect of tax losses carried forward of £689,000. These losses crystallised as a result of the corporation tax deduction available under Schedule 23 in respect of share options exercised by employees. The large deduction resulted from options exercised when the Company listed on the London Stock Exchange. The deferred tax asset in respect of these losses was released directly to equity in accordance with the requirements of IFRS 2 and a notional charge of £345,000 was applied in the period ended 30 June 2007. 7 Trade and other payables 30 June 2007 30 June 2006 31 Dec 2006 £000 £000 £000 Trade payables 989 862 925 Amounts owed to related parties - - 4 Amounts accrued in relation to purchase of treasury shares 3,094 - - Trade accruals 2,060 949 1,472 Other creditors 373 - 339 Other taxation and social security 2,201 1,032 1,320 Deferred income from government contract 1,452 2,528 1,775 ---------- ---------- ---------- 10,169 5,371 5,835 ---------- ---------- ---------- 8 Share buy back In June 2007, the Company commenced a share buy back program to purchase its own shares. Treasury shares represent the aggregate cost of £7,136,921 of the Company's ordinary shares purchased as at 30 June 2007. These shares were acquired on the open market using funds provided by the Company. The maximum and minimum prices paid in respect of shares purchased were 612p and 600p per share respectively. The total number of shares bought back at 30 June 2007 was 1,176,966, representing 1% of the issued share capital. 9 Reconciliation of movements in shareholders' funds 6 months 6 months 12 months ended ended ended 30 June 2007 30 June 2006 31 Dec 2006 £000 £000 £000 At 1 January 16,009 5,622 5,622 Profit for the period 8,686 499 4,344 Dividends to shareholders (3,729) - (1,861) New shares issued 105 20,037 20,037 EBT own shares held 514 (17,707) (17,707) Bonus issue - (1,275) (1,275) Notional corporation tax charge recognised in reserves - 1,359 - Equity settled share options charge 1,210 794 2,168 Tax in respect of share options recognised directly in equity 857 3,305 4,681 Purchase of treasury shares (7,137) - - Gain on exercise of share options 324 - - ---------- ---------- ---------- Closing shareholders' funds 16,839 12,634 16,009 ---------- ---------- ---------- Notes (continued) 10 Acquisitions On 21 March 2007, the Company acquired 66.67% of the ordinary share capital of Holiday Lettings Limited (HLL), a provider of online advertising services to owners of holiday rental properties, for consideration of £3,216,208, including acquisition costs of £72,977. From the date of acquisition to 30 June 2007, the acquisition contributed £483,149 to Group revenue and £92,620 to Group profit. If the acquisition had been completed on the first day of the financial year, the acquisition would have contributed £952,217 to Group revenue and £258,179 to Group profit. In terms of the shareholders' agreement a put and call option exists to acquire the remaining 33.33%. The earliest opportunity HLL management has to exercise the put option is 30 June 2009 based on the audited accounts for the 12 months ending 31 December 2008. The deferred consideration element has been recognised based on management's best estimate of likely EBIT for the year then ending at a multiple of six times the agreed formula and discounted at a risk-free rate of 5.72%. All intangible assets were recognised at their respective values. The residual excess over the net assets acquired is recognised as goodwill in the financial statements. The adjustments applied to the book values of the assets and liabilities of HLL in order to present the net assets at fair values in accordance with Group accounting principles are as follows: Carrying Fair Fair values value values pre-acquisition adjustments £000 £000 £000 Net assets acquired Non-current assets Property, plant and equipment 12 1 13 Intangible assets - customer relationships - 514 514 ---------- ---------- ---------- 12 515 527 Current assets Trade and other receivables 279 (16) 263 Cash and other cash equivalents 36 - 36 ---------- ---------- ---------- 315 (16) 299 Current liabilities (207) 5 (202) Non-current liabilities Deferred tax liabilities (2) (124) (126) ---------- ---------- ---------- Fair value of net assets acquired 118 380 498 Purchase consideration - cash 3,213 Purchase consideration - accrued expenses 3 Purchase consideration - deferred 2,202 ---------- ---------- ---------- Total consideration 5,418 Goodwill 4,920 Included in the £4,920,003 of goodwill recognised are certain intangible assets that cannot be individually separated and reliably measured due to their nature. These items include an assembled workforce and operating synergies. 6 months ended Net cash flow on acquisition 30 June 2007 £000 Cash paid for subsidiary (3,213) Cash acquired 36 ---------- Net cash outflow (3,177) ---------- Independent review report to Rightmove plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2007 which comprises the primary financial statements and the related notes 1 to 10. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Listing Rules of the Financial Services Authority. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the UK. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Statements on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2007. KPMG Audit Plc Chartered Accountants Milton Keynes 31 August 2007 This information is provided by RNS The company news service from the London Stock Exchange GRU

Companies

Rightmove (RMV)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today